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Exam 1: Strategic Management: Creating Competitive Advantages

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Question 71

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In strategic management,both the short-term and long-term perspectives need to be considered because

A) shareholder value is only measured by short-term returns.
B) shareholders only care about long-term returns.
C) long-term vision precludes the analysis of present operating needs.
D) the creative tension between the two forces managers to develop more successful strategy.

E) A) and B)
F) A) and D)

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Question 72

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Strategy formulation at the business level addresses best how to compete in a given business:

A) to attain competitive advantage
B) to reduce costs
C) to decrease buyer power
D) to thwart entry of new rivals

E) B) and D)
F) A) and B)

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Question 73

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Environmental sustainability is a value embraced by the most competitive and successful multinational companies.

Strategic objectives are more specific than vision statements.

Corporate level strategy focuses on what businesses to compete in and

A key stakeholder group that appears to be particularly susceptible to corporate social responsibility (CSR)initiatives is customers.

According to the text,a mission statement is an overarching statement that is massively inspiring,long term,and only discusses the purpose of the company.

Sustainability programs often find their success beyond company boundaries,thus ______ systems and _____ metrics cannot capture all of the relevant numbers.

Local line leaders have __________ responsibility.

In large organizations,conflicts can arise between functional areas.In order to resolve these conflicts,strategic objectives

Making trade-off decisions between effectiveness and efficiency is central to the practice of strategic management.

Many of the benefits from sustainability projects are intangible,making it difficult to calculate the ROI.

According to Henry Mintzberg,a management scholar,most firms realize their original intended strategy.

The Clorox Green Works line of plant-based cleaning materials captured 42 percent of the natural cleaning products market in its first year.This is an example of the benefit of

Leadership is a necessary (but not sufficient) condition for organizational success.Leaders should emerge at which level(s) of an organization?

The intangible benefits of sustainability projects,such as reducing risks,staying ahead of regulations,pleasing communities,and enhancing employee morale,are substantial even when they are difficult to quantify.

Social responsibility is the idea that organizations are not only accountable to stockholders but also to the community-at-large.

The three primary participants in corporate governance are: (1)the shareholders, (2)the management (led by the chief executive officer),and (3)the employees.

Strategic management consists of the analyses,decisions,and actions an organization undertakes in order to create and sustain competitive advantages.

Objectives in organizations should be clear,stated,and known by employees throughout the organization.