Strategic management Essay Example for Free

strategic caution Essay1. Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. line up Dess Chapter 01 1 learning Objective 1 (p. 5)2. Strategic management includes outline analysis, system formulation, and dodging implementation. TRUE (p. 9-13)3. accord to the text, formulating strategy includes taking into consideration strategy at the business, international, digital, and corporate levels. TRUE Dess Chapter 01 (p. 11)4. (p. 14) Symbiosis is the ability to recognize interdependencies among the interests of multiple stakeholders within and outside an organization. TRUE Dess Chapter 01 6 Learning Objective 35. (p. 15) Social responsibility is the idea that organizations are not but accountable to shareholders but also to the community-at-large. TRUE Dess Chapter 01 7 Learning Objective 36. (p. 14) Sears has developed a advanced(a) quantitative model that can predict th e relationship between employee satisfaction, customer satisfaction, and financial results. This is an workout of a symbiotic approach to strategic management. TRUE7. (p. 14) Social responsibility for Suncor Energy of Calgary means obligation to customers but NOT to employees. saturnine Dess Chapter 01 10 Learning Objective 38. (p. 17) The strategic management touch should be addressed solely by top-level executives. Mid-level and low-level employees are best equipped to implement the organizations strategies. sullen Dess Chapter 01 11 Learning Objective 49. (p. 17) Intellectual capital is becoming increasingly important in todays economy. It is a concern of managers passim organizations. TRUE Dess Chapter 01 13 Learning Objective 410. (p. 20) Objectives in organizations should be clear, stated, and known by employees throughout the organization. TRUE Dess Chapter 01 14 Learning Objective 511. (p. 20) Strategic management should only include short-run objectives. Long-ter m objectives are covered in the organizations vision statement. FALSE Dess Chapter 01 15 Learning Objectives 512. (p. 20) Organizational goals and objectives should be vague in order to allow for changes in strategy. FALSE Dess Chapter 01 16 Learning Objectives 513. (p. 20) Organizational vision statements are the beginning point for the hierarchy of goals throughout the organization. An organizations vision statement should be massively inspiring, overarching, and long-term. TRUE14. Dess Chapter 01 18 Learning Objective5 (p. 21) 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. FALSE15. Dess Chapter 01 19 Learning Objective 5 (p. 21) A mission statement encompasses both the purpose of the company as hearty as the basis of competition and competitive advantage. TRUE16. Dess Chapter 01 20 Learning Objective 5(p. 24) Strategic objectives should be measurable, specific, app ropriate, and realistic, but not constrained by time deadlines. FALSE17. (p. 23) It is important for organizations to focus primarily on financial objectives and be less concerned about other objectives and goals. FALSE18. The four backbone attributes of strategic management include the idea that 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.19. The four key attributes of strategic management include all of the following except A. 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.20. According to Henry Mintzberg, the recognize strategies of a firm A. are a conspiracy of deliberate and emer gent strategies. B. are a combination of deliberate and differentiation strategies. C. must be based on a companys strategic plan. D. must be kept confidential for competitive reasons.21. In order to increase their competitiveness, organizations must continually analyze their strategy and their competitive environments. According to the text, strategy analysis includes A. assessing intellectual capital as well as analyzing the infixed and external environment. B. formulating Internet and international-level strategy.C. strategic leadership and fostering entrepreneurship.D. strategy implementation and strategic controls.22. In toll of strategy analysis, the textbook describes Roth, CEO of Nortel, as having A. set low targets.B. ignored the experiences of competitors and set unrealistically mellow growth targets. C. focused on the economic landscape.D. all of the answers are correct23. Sears has developed a sophisticated quantitative model and found that there were positive relatio nships between employee satisfaction, customer satisfaction, and financial results. According to the text, this is an ensample of ________________. A. zero-sum relationship among stakeholdersB. stakeholder symbiosisC. rewarding stakeholdersD. emphasizing financial returns24. An organization is responsible to many different entities. In order to meet the demands of these groups, organizations must participate in stakeholder management. Stakeholder management means that A. 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.