According to the romantic Field 1Field 1 romantic , Correct Unavailable view of leadership, the leader is assumed to be the most
important element in a company's success or failure.
The ______ view of leadership assumes that outside factors, over which the leader has limited influence, positively or negatively
affect a firm's success. ( external control)
The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain
competitive advantages. ( strategic management)
During the analysis step of the strategic management process, managers are concerned with the company's ______. (vision. Mission,
and strategic objectives)
The second step in the strategic management process is ______. (decisions)
The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business.
(romantic)
Managers execute or implement their decisions as ______ in the third step of the strategic management process. (actions)
The external control view of leadership emphasizes the role of which of the following types of factors in the success or failure of a
firm? ( economic downturns or upturns , governmental legislation , new technologies)
Strategic management of an organization entails which of the following ongoing processes? (Check all that apply.) ( actions,
analyses , decisions)
The essence of strategic management is the study of why some firms ______. ( outperform others )
Which of the following are evaluated during the analysis process of strategic management? (Check all that apply.) (
external environment, strategic goals , internal environment)
______ is performing similar activities better than rivals do. ( operational effectiveness)
During the ______ step in the strategic management process, managers answer two questions: what industries should we
compete in and how should we compete in those industries? ( decisions)
The third step of the strategic management process is the ______ step. (actions)
Strategic management is directed toward a company's ______. ( goals and objectives)
Organizational goals and objectives should represent what is best for ______. ( the entire organization)
Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term.
(competitive)
Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of
organizational versus individual Field 1Field 1 individual , Correct Unavailable rationality.
Which of the following statements about operational effectiveness are correct? (Check all that apply.) Companies that
are operationally effective perform similar tasks better than their competitors. Total quality, benchmarking, and
business process reengineering are ways that companies can be operationally effective. A sustainable competitive
advantage is not achieved through operational effectiveness alone.)
Which of the following is the most inclusive term for the individuals, groups, and organizations that have a claim in the
success of an organization? (stakegholders)
Managers must consider their company's ______ and ______ operations during the decisions step of the strategic
management process. (domestic; international)
Financial markets often place an emphasis on managers meeting ______ performance goals. ( short-term)
Which of the following are key attributes of strategic management? (Check all that apply.) Includes multiple
stakeholders in decision making Directs the organization toward overall goals and objectives Incorporates both shortterm and long-term perspectives
Efficiency, in terms of strategic management, can best be described as ______. (doing things right)
Strategic management is directed toward the overall organization's goals Field 1Field 1 goals , Correct
Unavailable and objectives Field 2Field 2 objectives , Correct Unavailable.
Match the strategic management process with its corresponding term. analyses matches strategy analysis
decisions matches strategy formulation
actions matches strategy implementation
Strategic management adheres to the perspective that what might be seemingly ideal for one functional area of an
organization might not be in the best interest of the total organization. This perspective is known as ______.
organizational versus individual rationality
______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms.
(intended)
Which of the following are stakeholder groups that managers should consider when making decisions? (Check all that
apply.) board of directors the community stockholders
Realized Field 1Field 1 Realized , Correct Unavailable strategy is a combination of deliberate and emergent strategies.
(Remember to type only one word in the blank.)
Studies show that managers often focus on short-term goals to the detriment of creating ______ shareholder value. (long
term)
Strategies often fail when managers fail to do which of the following? (Check all that apply.) conduct a thorough
analysis of the external and internal environments analyze the company's overarching goals
In strategic management, effectiveness can best be described as ______. doing the right thing
Which of the following state the goals and intentions that help define a firm's competitive advantage? (Check all that
apply.) The firm's mission The firm's strategic objectives The firm's vision
Which of the following statements about the strategic management process is true? The three processes are highly
interdependent.
Managers are analyzing the firm's ______ when managers are studying its competitors. external environment
True or false: Intended strategy rarely survives in its original form. True
Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive
______. Advantage
Strategy in which organizational decisions are determined by both analysis and unforeseen environmental
developments is called ______ strategy. Realized
Which of the following is an example of a firm's intellectual asset? the knowledge worker
______ analysis is the starting point of the strategic management process and includes the advanced work that must be
done to effectively formulate and execute strategies. Strategy
What are the four levels of a company's strategy formulation? business, corporate, international, and entrepreneurial
A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______.
competitive advantage
Business-level strategy is concerned with how companies ______. (Check all that apply.) achieve and sustain a
competitive advantage compete and outperform rivals
In terms of analyzing the external environment of the firm, the industry environment consists of ______ and other
organizations that may threaten the company's success. Competitors
Which of the following statements regarding corporate-level strategy are correct? (Check all that apply.) It determines
how to manage the company's portfolio of businesses to create synergies among business units. It determines which
business(es) should be in the company's portfolio.
Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage.
Internal
In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth.
Entrepreneurial
A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage.
Intellectual
Strategy implementation involves ______. (Check all that apply.) the organization having a commitment to excellence
coordinating and integrating activities within the firm and with suppliers and customers establishing appropriate
controls and organizational designs
Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of
operations that create and sustain a competitive advantage. formulation
Firms must exercise which of the following two types of strategic controls? (Check all that apply.) informational
behavioral
Which of the following are examples of business-level strategies? (Check all that apply.) differentiation cost leadership
focus on niche market
Which of the following must a firm's strategy be consistent with? (Check all that apply.) the firm's design the firm's
organizational structure
Corporate-level strategy focuses on ______. what business(es) should the company compete in
Corporate governance is the relationship among ______ in determining the direction and performance of corporations.
shareholders, management, and the board of directors
Which of the following are needed in order for entrepreneurial initiatives to be successful? (Check all that apply.)
effective strategies viable opportunities
The two opposing ways of examining stakeholder management are called ______ and ______. symbiosis; zero sum
Sound strategies are of no value if they ______. are not properly implemented
Social responsibility is the expectation that businesses or individuals will strive to ______. improve the overall welfare of
society
Which of the following statements regarding behavioral controls are correct? (Check all that apply.)
They involve balancing culture and boundaries or constraints. They involve balancing rewards and incentives.
The triple bottom line measures the performance of which of the following? (Check all that apply.) social environmental
Financial
When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. internal; external
Managers must take a(n) ______ view of the organization and assess how functional areas and activities fit together so
that the organization can achieve its goals and objectives. integrative
The three primary participants in corporate governance are the ______, management, and board of directors.
Shareholders
Local line leaders have significant profit-and-loss responsibility Executive leaders guide ideas, create a learning
infrastructure, and call for action Internal networkers have little formal authority, inspire others with conviction and
clarity of ideas
The ______ view of stakeholder management views the management process as groups competing for the organization's
resources. zero sum
A firm's hierarchy of goals include its ______. (Check all that apply.) vision strategic objectives mission
Which of the following are social responsibility expectations that go beyond a firm's product and service quality? the
need to be vigilant concerning public safety environmental sustainability
Vision statements represent ______. a destination that is driven by and evokes passion
Which statement about the triple bottom line is true? Companies have realized that failure to measure it can negatively
affect the company and its community.
Which of the following are reasons vision statements sometimes fail? (Check all that apply.) he walk does not match the
talk. There is too much focus on finding a singular solution. The vision lack real-world relevance.
Strategic management requires that ______. people throughout the organization strive toward overall goals
A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. mission
statement
True or false: The most effective organizations have strong leaders at the top who make all the decisions that the rest of
the organization then carries out. False
In order for strategic objectives to be meaningful they need to be ______. (Check all that apply.) timely specific
measurable
A firm's vision, mission, and strategic objectives form a hierarchy of goals Field 1Field 1 goals , Correct Unavailable.
(Enter one word in the blank.)
Which of the following are characteristics of a well-written organizational vision statement? (Check all that apply.)
long-term overarching massively inspiring
A vision statement can lead to missed opportunities when it ______. has too much focus
mission Field 1Field 1 mission , Correct Unavailable statements, like vision statements, should be massively inspiring to
an organization's main stakeholders and include the purpose of the organization, its scope of operations, and the basis
of its competitive advantage.
______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined
time frame. Strategic objectives
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