Strategic Management : Creating Competitive Advantages 4th Canadian Edition Test Bank

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1Student: ___________________________________________________________________________1.The four key attributes of strategic management include the idea that aA.strategy must be directed toward overall organizational goals andobjectives.B.strategy must be focused on long-term objectives.C.strategy must be focused on one specific area of an organization.D.strategy must focus on competitor strengths.2.The four key attributes of strategic management include all of the followingexceptA.including multiple stakeholder interests in decision making.B.incorporating both short-term and long-term perspectives.C.recognizing thetrade-offs between effectiveness and efficiency.D.emphasis on the attainment of short-term objectives.3.Stakeholders areA.a new way to describe shareholders.B.individuals, groups, and organizations who have a stake in thesuccess of the organization.C.creditors who hold a lien on the assets of the organization.D.attorneys and their clients who sue the organization.4.Operational effectiveness includes allexceptA.benchmarking.B.performing different activities than rivals.C.business process re-engineering.D.just-in-time.

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5.According to Henry Mintzberg, the realized strategies of a firmA.are a combination of deliberate and emergent strategies.B.are acombination of deliberate and differentiation strategies.C.must be based on a company's strategic plan.D.must be kept confidential for competitive reasons.6.In order to increase their competitiveness, organizations mustcontinually analyze their strategyand their competitive environments. Strategy analysis includesA.assessing intellectual capital as well as analyzing the internal and external environment.B.formulating Internet and international-level strategy.C.strategic leadership and fostering entrepreneurship.D.strategy implementation and strategic controls.7.In terms of strategy analysis, the textbook describes Roth, CEO of Nortel, as havingA.set low targets.B.ignored theexperiences of competitors and set unrealistically high growth targets.C.focused on the economic landscape.D.all of these are correct8.Sears has developed a sophisticated quantitative model and found that there were positiverelationships between employee satisfaction, customer satisfaction, and financial results.According to the text, this is an example ofA.zero-sum relationship among stakeholders.B.stakeholder symbiosis.C.rewarding stakeholders.D.emphasizing financial returns.

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9.An organization is responsible to many different entities. In order to meet the demands of thesegroups, organizations must participate in stakeholder management. Stakeholder managementmeans thatA.interests of the shareholders are not the only interests that matter.B.stakeholders are second in importance to the shareholders.C.stakeholders and managers inevitably work at cross-purposes.D.all stakeholders receive financial rewards.10.While working to prioritize and fulfill their responsibilities, members of an organization's board ofdirectors shouldA.represent their own interests.B.represent the interests of the shareholders.C.direct all actions of the CEO.D.emphasize the importance of short-term goals.11.Members of boards of directors areA.appointed by the Securities and Exchange Commission.B.elected by the shareholders as their representatives.C.elected by the public.D.only allowed to serve one term of four years.12.Managers should do more than just focus on short-term financial performance. One concept thathelps managers do this is stakeholder symbiosis. This means thatA.stakeholders aredependent on each other for their success.B.stakeholders look out for their individual interests.C.one can only gain at the expense of someone else.D.all stakeholders want to maximize shareholder returns.

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13.Firms must be aware ofgoals other than short-term profit maximization. One area of concernshould be social responsibility which isA.the expectation that business will strive to improve the overall welfare of society.B.the idea that organizations are solely responsible to local citizens.C.the fact that court costs could impact the financial bottom line.D.the idea that businesses are responsible to maintain a healthy social climate for theiremployees.14.According to the text, the "triple bottomline" approach to corporate accounting includes whichthree componentsA.financial, environmental, and customer.B.financial, organizational, and customer.C.financial, environmental, and social.D.financial,organizational, and psychological.15.Firms must be concerned with many types of capital. In the broader sense, these could includeA.employee goals.B.organizational vision.C.mission statements.D.ecological, material, andsocial.16.Many organizations have a large number of functional areas with very diverse, and sometimescompeting, interests. Such organizations will be most effective ifA.each functional area focuses on achieving their own goals.B.functional areas work together to attain overall goals.C.goals are defined at the bottom and implemented at the top.D.management and employees have separate goals.17.The text argues that a strategic perspective in anorganization should be emphasizedA.at the top of the organization.B.at the middle of the organization.C.throughout the organization.D.from the bottom up.

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18.As our world increases in complexity, the global environment isincreasingly competitive andchallenging. The key to effective globalization isA.managing the flow of goods.B.more people speaking more languages.C.managing the flow of capital, people, and information.D.governmentalregulations.19.As firms work to become more efficient and effective in the global business environment, they areforced to continually innovate. Innovation in an organizationA.will always increase a firm's performance.B.mayenhance or destroy a firm's capabilities.C.should not be pursued by industry leaders.D.happens only incrementally.20.Peter Senge, of MIT recognized three types of leaders. _____ are individuals that, althoughhaving littlepositional power and formal authority, generate their power through the convictionand clarity of their ideas.A.Local line leadersB.Executive leadersC.Internal networkersD.Shop floor leaders21.Leadership is a necessary (butnot sufficient) condition for organizational success. Leadersshould emerge at which level(s) of an organization?A.Only at the topB.In the middleC.Throughout the organizationD.Only during times of change

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22.Thehierarchy of organizational goals is in this order (least specific to most specific)A.vision statements, strategic objectives, and mission statements.B.mission statements, strategic objectives, and vision statements.C.vision statements, mission statements, and strategic objectives.D.mission statements, vision statements, and strategic objectives.23.Wellpoint Health Networks states: "Wellpoint will redefine our industry: through a new generationofconsumer-friendly products that put individuals back in control of their future." This is anexample of aA.strategic objective.B.vision statement.C.vague statement of direction.D.line manager's individual goal.24.Effective vision statements includeA.all strategic directions of the organization.B.a brief statement of the company's direction.C.strategic posturing and future objectives.D.financial objectives and projected figures.25.Examples of _____ include "To be the happiest place on earth" (Disney), and "Restoring patientsto full life" (Medtronics).A.vision statementsB.mission statementsC.strategic objectivesD.operational objectives26.Incontrast to an organization's vision, its mission shouldA.be shorter in length.B.encompass both the purpose of the company as well as the basis of competition.C.encompass all the major rules and regulations of the corporate workforce.D.be less detailed.

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27.Which "organizational vision" did the text credit belonging to BCE Bell Canada Enterprises?A."Restoring patients to full life."B."Providing Canadians with a one-stop destination in meeting theirneeds."C."Clear, Simple, First, True, Profitable, Proud."D."The world's best quick service restaurant."28.Vision statements are used to create a better understanding of the organization's overall purposeand direction. VisionstatementsA.are very specific.B.provide specific objectives.C.set organizational structure.D.evoke powerful and compelling mental images.29.Fortune Brands states they will "cut corporate costs by $30 million a year." This isan example ofaA.nonfinancial strategic objective.B.financial strategic objective.C.vision statement.D.mission statement.30.Strategic management consists of the analysis, decisions, and actions an organizationundertakes in order to create and sustain competitive advantages.TrueFalse31.Strategic management includes strategy analysis, strategy formulation, and strategyimplementation.TrueFalse32.According to the text, formulating strategy includes taking into consideration strategy at thebusiness, international, digital, and corporate levels.TrueFalse

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33.Shareholders in a company are the only individuals with an interest in the financial performancein the company.TrueFalse34.Shareholders, employees, and the community at large are among a firm's stakeholders.TrueFalse35.Symbiosis is the ability to recognize interdependencies among the interests of multiplestakeholders within and outside an organization.TrueFalse36.Social responsibility is the idea that organizations are not only accountable to shareholders butalso to the community at large.TrueFalse37.Sears has developed a sophisticated quantitative model that canpredict the relationship betweenemployee satisfaction, customer satisfaction, and financial results. This is an example of asymbiotic approach to strategic management.TrueFalse38.Decisions by boards of directors are always consistent with shareholder interests.TrueFalse39.Social responsibility for Suncor Energy of Calgary means accountability to customers but NOT toemployees.TrueFalse40.The strategic management process should be addressed only by top-level executives. Mid-leveland low-level employees are best equipped to implement the organization's strategies.TrueFalse41.Globalization is the flow of capital, people, and information throughout the world.TrueFalse

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42.Intellectualcapital is becoming increasingly important in today's economy. It is a concern ofmanagers throughout organizations.TrueFalse43.Objectives in organizations should be clear, stated, and known by employees throughout theorganization.TrueFalse44.Strategic management should only include short-term objectives. Long-term objectives arecovered in the organization's vision statement.TrueFalse45.Organizational goals and objectives should be vague in order to allow forchanges in strategy.TrueFalse46.Organizational vision statements are the beginning point for the hierarchy of goals throughout theorganization. An organization's vision statement should be massively inspiring, overarching, andlong-term.TrueFalse47.Although vision statements vary from organization to organization, vision statements are intendedto motivate and inspire employees to work toward a general goal.TrueFalse48.According to the text, a missionstatement is an overarching statement that is massively inspiring,long-term, and only discusses the purpose of the company.TrueFalse49.A mission statement encompasses both the purpose of the company as well as the basis ofcompetition and competitive advantage.TrueFalse50.Strategic objectives should be measurable, specific, appropriate, and realistic, but notconstrained by time deadlines.TrueFalse

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51.It is important for organizations to primarily focus on financial objectives and be less concernedabout other objectives and goals.TrueFalse52.The strategic management process includes strategy analysis, strategy formulation, and strategyimplementation. Discuss each of these steps.53.Discuss what is meant by recognizing trade-off between efficiency and effectiveness and providean example of how this attribute of strategic management could influence the strategic decisionsof a firm.54.A firm has a variety of different stakeholders. Identify several possible stakeholders a firm mayhave and discuss how the firm may achieve stakeholder symbiosis.

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55.Globalization is impacting most firms today. Discuss what "globalization" means and how andwhy itimpacts today's firms.56.The text discusses several characteristics of effective strategic objectives. List several of theseand discuss why a firm's strategic objectives should meet these criteria.

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1Key1.The four key attributes of strategic management include the idea that aA.strategy must be directed toward overall organizational goals and objectives.B.strategy must be focused on long-term objectives.C.strategy must be focused on onespecific area of an organization.D.strategy must focus on competitor strengths.Accessibility: Keyboard NavigationDess-Chapter 01 #1Learning Objective: 01-02 The four key attributes of strategic management and the three principal andinterrelated activities of the strategic managementprocess.2.The four key attributes of strategic management include all of the followingexceptA.including multiple stakeholder interests in decision making.B.incorporating both short-term and long-term perspectives.C.recognizing the trade-offs between effectiveness and efficiency.D.emphasis on the attainment of short-term objectives.Accessibility: Keyboard NavigationDess-Chapter 01 #2Learning Objective: 01-02 Thefour key attributes of strategic management and the three principal and interrelated activities of the strategic managementprocess.3.Stakeholders areA.a new way to describe shareholders.B.individuals, groups, andorganizations who have a stake in the success of the organization.C.creditors who hold a lien on the assets of the organization.D.attorneys and their clients who sue the organization.Accessibility: Keyboard NavigationDess-Chapter 01 #3Learning Objective: 01-03 The vital role of corporate governance and stakeholder management in the strategic management process and the long-termsuccess of all organizations.

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4.Operational effectiveness includes allexceptA.benchmarking.B.performing different activities than rivals.C.business process re-engineering.D.just-in-time.Accessibility: Keyboard NavigationDess-Chapter 01 #4Learning Objective: 01-01 The essence and definitions ofstrategy; strategic management; and competitive advantage.5.According to Henry Mintzberg, the realized strategies of a firmA.are a combination of deliberate and emergent strategies.B.are a combination of deliberate anddifferentiation strategies.C.must be based on a company's strategic plan.D.must be kept confidential for competitive reasons.Accessibility: Keyboard NavigationDess-Chapter 01 #5Learning Objective: 01-02 The four key attributes ofstrategic management and the three principal and interrelated activities of the strategic managementprocess.6.In order to increase their competitiveness, organizations must continually analyze theirstrategy and their competitiveenvironments. Strategy analysis includesA.assessing intellectual capital as well as analyzing the internal and external environment.B.formulating Internet and international-level strategy.C.strategic leadership and fostering entrepreneurship.D.strategy implementation and strategic controls.Accessibility: Keyboard NavigationDess-Chapter 01 #6Learning Objective: 01-02 The four key attributes of strategic management and the three principal and interrelated activities of thestrategic managementprocess.7.In terms of strategy analysis, the textbook describes Roth, CEO of Nortel, as havingA.set low targets.B.ignored the experiences of competitors and set unrealistically high growth targets.C.focused on the economic landscape.D.all of these are correctAccessibility: Keyboard NavigationDess-Chapter 01 #7Learning Objective: 01-01 The essence and definitions of strategy; strategic management; and competitive advantage.

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8.Sears has developed a sophisticated quantitative model and found that there were positiverelationships between employee satisfaction, customer satisfaction, and financial results.According to the text, this is an example ofA.zero-sum relationship among stakeholders.B.stakeholder symbiosis.C.rewarding stakeholders.D.emphasizing financial returns.Accessibility: Keyboard NavigationDess-Chapter 01 #8Learning Objective: 01-03 The vital role of corporate governance andstakeholder management in the strategic management process and the long-termsuccess of all organizations.9.An organization is responsible to many different entities. In order to meet the demands ofthese groups, organizations mustparticipate in stakeholder management. Stakeholdermanagement means thatA.interests of the shareholders are not the only interests that matter.B.stakeholders are second in importance to the shareholders.C.stakeholders and managersinevitably work at cross-purposes.D.all stakeholders receive financial rewards.Accessibility: Keyboard NavigationDess-Chapter 01 #9Learning Objective: 01-03 The vital role of corporate governance and stakeholder management in thestrategic management process and the long-termsuccess of all organizations.10.While working to prioritize and fulfill their responsibilities, members of an organization's boardof directors shouldA.represent their own interests.B.represent the interests of the shareholders.C.direct all actions of the CEO.D.emphasize the importance of short-term goals.Accessibility: Keyboard NavigationDess-Chapter 01 #10Learning Objective: 01-03 The vital role ofcorporate governance and stakeholder management in the strategic management process and the long-termsuccess of all organizations.

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11.Members of boards of directors areA.appointed by the Securities and Exchange Commission.B.elected bythe shareholders as their representatives.C.elected by the public.D.only allowed to serve one term of four years.Accessibility: Keyboard NavigationDess-Chapter 01 #11Learning Objective: 01-03 The vital role of corporategovernance and stakeholder management in the strategic management process and the long-termsuccess of all organizations.12.Managers should do more than just focus on short-term financial performance. One conceptthat helps managers do this is stakeholder symbiosis. This means thatA.stakeholders are dependent on each other for their success.B.stakeholders look out for their individual interests.C.one can only gain at the expense of someone else.D.all stakeholders want tomaximize shareholder returns.Accessibility: Keyboard NavigationDess-Chapter 01 #12Learning Objective: 01-03 The vital role of corporate governance and stakeholder management in the strategic management process and the long-termsuccess of all organizations.13.Firms must be aware of goals other than short-term profit maximization. One area of concernshould be social responsibility which isA.the expectation that business will strive to improve the overall welfare of society.B.the idea that organizations are solely responsible to local citizens.C.the fact that court costs could impact the financial bottom line.D.the idea that businesses are responsible to maintain a healthy social climate for theiremployees.Accessibility: Keyboard NavigationDess-Chapter 01 #13Learning Objective: 01-04 The importance of social responsibility; including environmental sustainability; and how it can enhance a corporationsinnovation strategy.

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