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BUS 411 > CH 1 T F > Flashcards

CH 1 T F Flashcards

1
Q

Optimizing for tomorrow the trends of today is the purpose of strategic management

A

F

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2
Q

Resource allocation is included in strategy- formulation activities

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3
Q

Although the internet has increased in popularity, it has actually led to increases in company expense

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F

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4
Q

Most traditional retailers have tried in vain to use their online sales to boost in-store sales.

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5
Q

The middle manager is the most visible and critical strategic management

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6
Q

In multidivisional firm, objectives should be established for the overall company and not for each division

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7
Q

The changes that occurred at Disney after Robert Iger took over as CEO exemplify the fact that more organizations are centralizing the strategic- management process

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8
Q

Many organizations mistakenly spend more time and effort on the implementation of a plan, than on the formulation of the plan itself

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9
Q

Effective strategic management is ritualistic, predictable and formal.

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10
Q

The underpinnings of strategic management hinge on managers gaining an understanding of competitors,
markets, prices, suppliers, distributors, governments, creditors, shareholders and customers worldwide.

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11
Q

The purpose of strategic management is optimizing for tomorrow the trends of today.

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12
Q

Resource allocation is included in strategy-formulation activities.

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13
Q

The terms strategic management and strategy implementation are synonymous.

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14
Q

A vision statement is, in essence, a company’s game plan.

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15
Q

Strategy implementation is often considered to be the most difficult stage in the strategic-management process,
because it requires personal discipline, commitment and sacrifice

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16
Q

The final stage in strategic management is strategy implementation.

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17
Q

In a large diversified organization, strategy formulation, implementation and evaluation activities occur at three
hierarchical levels: corporate, divisional and functional.

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18
Q

One of the fundamental strategy evaluation activities is to review the external and internal factors which are the bases for current strategies.

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19
Q

A way to describe the strategic-management process is as an objective, logical, systematic approach for making major decisions in an organization.

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20
Q

Strategic-management process is an attempt to organize qualitative and quantitative information in a way that
allows effective decisions to be made under conditions of uncertainty.

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21
Q

Analytical and intuitive thinking should complement each other.

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22
Q

Management by intuition can be defined as operating from the “I’ve-already-made-up-my-mind-don’t-bother-
me-with-the-facts “ mode.

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23
Q

By monitoring external events, companies should be able to identify when change is required.

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24
Q

Anything a firm does especially well compared to rival firms could be considered a competitive advantage.

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25
Q

Once a firm acquires a competitive advantage, they are usually able to sustain it for an extended period of
time.

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26
Q

Although the Internet has increased in popularity, it has actually led to increases in company expenses.

A

F

27
Q

Consumer e-commerce is five times greater than business-to-business e-commerce.

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28
Q

Currently, online shopping accounts for almost 15 percent of all shopping.

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29
Q

In order for a firm to achieve sustained competitive advantage, a firm must continually adapt to changes in external trends and events and effectively formulate, implement, and evaluate strategies that capitalize upon
those factors.

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30
Q

Strategists are usually found in higher levels of management and have considerable authority for decision-
making in the firm.

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31
Q

All strategists have similar attitudes, values, ethics and concerns for social responsibility.

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F

32
Q

A vision statement answers the question, “What is our business?,” whereas a mission statement answers,
“What do we want to become?

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33
Q

In the last five years, the position of chief strategy officer (CSO) has diminished in comparison to other top
management ranks of many organizations.

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F

34
Q

A clear mission statement describes the values and priorities of an organization.

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35
Q

Strengths and weaknesses are determined relative to competitors.

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36
Q

In a multidivisional firm, objectives should be established for the overall company and not for each division.

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F

37
Q

Objectives should be measurable, quantitative, challenging, realistic, consistent and prioritized.

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38
Q

Annual objectives are long-term milestones that organizations must achieve to reach short-term objectives.

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39
Q

Annual objectives are especially important in strategy formulation.

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40
Q

Identifying an organization’s existing vision, mission, objectives and strategies is the final step for the strategic management process

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41
Q

35) Once an effective strategy is designed, modifications are rarely required.

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42
Q

Application of the strategic-management process is typically more formal in larger, well-established
organizations.

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43
Q

Understanding is the most important benefit of strategic management, followed by commitment.

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T

44
Q

The changes that occurred at Disney after Robert Iger took over as CEO exemplify how more and more
organizations are centralizing the strategic-management process.

A

F

45
Q

Firms which have planning systems that more closely resemble strategic-management theory generally exhibit
superior long-term financial performance relative to their industry.

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46
Q

Low-performing firms typically underestimate their competitor’s strengths and overestimate their own strengths.

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47
Q

The poor reward structure is one reason managers do not engage in strategic planning

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48
Q

Crises and fires in an organization allow managers the training and time for effective strategic planning.

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F

49
Q

One pitfall which managers should avoid in strategic planning is top managers making many intuitive decisions that conflict with the formal plan.

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50
Q

Managers must be very formal in strategic planning because formality induces flexibility and creativity.

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F

51
Q

An integral part of strategy implementation must be to evaluate the quality of the strategic management
process.

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52
Q

Strategic management must be a self-reflective learning process that familiarizes managers and employees in the organization with key strategic issues and with feasible alternatives for resolving those issues.

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53
Q

Today, managers and employees can be found personally liable if they ignore, conceal, or disregard a pollution
problem.

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T

54
Q

Merely having a code of ethics is not sufficient to ensure ethical business behavior.

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T

55
Q

An integral part of the responsibility of all managers is to provide ethical leadership by constant example and
demonstration.

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56
Q

In most situations, business strategy is very different than military strategy.

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57
Q

International operations can be as simple as exporting a product to a single foreign country.

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58
Q

53) One risk in international operations is that nationalistic factions could seize the operations.

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59
Q

All organizations have a strategy from their inception, even if the strategy is informal, unstructured, and
sporadic.

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T

60
Q

Nonprofit organizations have less need for strategic management because they are not interested in making a
profit.

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F

61
Q

Firms can be more proactive with strategic management.

A

T

BUS 411 (13 decks)

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