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Exam 1: Strategic Management: Creating Competitive Advantages

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Question 31

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The four key attributes of strategic management include the idea that a

A) 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 one specific area of an organization.
D) strategy must focus on competitor strengths.

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

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Question 32

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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 their needs."
C) "Clear, Simple, First, True, Profitable, Proud."
D) "The world's best quick service restaurant."

E) A) and D)
F) A) and C)

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Question 33

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Decisions by boards of directors are always consistent with shareholder interests.

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

Vision statements are used to create a better understanding of the organization's overall purpose and direction.Vision statements

Effective vision statements include

Globalization is impacting most firms today.Discuss what "globalization" means and how and why it impacts today's firms.

Members of boards of directors are

Operational effectiveness includes all except

Social responsibility for Suncor Energy of Calgary means accountability to customers but NOT to employees.

Sears has developed a sophisticated quantitative model that can predict the relationship between employee satisfaction,customer satisfaction,and financial results.This is an example of a symbiotic approach to strategic management.

The text argues that a strategic perspective in an organization should be emphasized

Shareholders,employees,and the community at large are among a firm's stakeholders.

The text discusses several characteristics of effective strategic objectives.List several of these and discuss why a firm's strategic objectives should meet these criteria.

According to the text,formulating strategy includes taking into consideration strategy at the business,international,digital,and corporate levels.

It is important for organizations to primarily focus on financial objectives and be less concerned about other objectives and goals.