Chapters 1-4 Study Guide

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1. Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. TRUE Dess - Chapter 01 #1 Learning Objective: 1 (p. 5)

2. Strategic management includes strategy analysis, strategy formulation, and strategy implementation. TRUE (p. 9-13)

3. According 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: 3

5. (p. 15) Social responsibility is the idea that organizations are not only accountable to shareholders but also to the community-at-large. TRUE Dess - Chapter 01 #7 Learning Objective: 3

6. (p. 14) 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. TRUE

7. (p. 14) Social responsibility for Suncor Energy of Calgary means accountability to customers but NOT to employees. FALSE Dess - Chapter 01 #10 Learning Objective: 3

8. (p. 17) The strategic management process should be addressed only by top-level executives. Mid-level and low-level employees are best equipped to implement the organization's strategies. FALSE Dess - Chapter 01 #11 Learning Objective: 4

9. (p. 17) Intellectual capital is becoming increasingly important in today's economy. It is a concern of managers throughout organizations. TRUE Dess - Chapter 01 #13 Learning Objective: 4

10. (p. 20) Objectives in organizations should be clear, stated, and known by employees throughout the organization. TRUE Dess - Chapter 01 #14 Learning Objective: 5

11. (p. 20) Strategic management should only include short-term objectives. Long-term objectives are covered in the organization's vision statement. FALSE Dess - Chapter 01 #15 Learning Objectives: 5

12. (p. 20) Organizational goals and objectives should be vague in order to allow for changes in strategy. FALSE Dess - Chapter 01 #16 Learning Objectives: 5

13. (p. 20) Organizational vision statements are the beginning point for the hierarchy of goals throughout the organization. An organization's vision statement should be massively inspiring, overarching, and long-term. TRUE

14. Dess - Chapter 01 #18 Learning Objective:5 (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. FALSE

15. Dess - Chapter 01 #19 Learning Objective: 5 (p. 21) A mission statement encompasses both the purpose of the company as well as the basis of competition and competitive advantage. TRUE

16. Dess - Chapter 01 #20 Learning Objective: 5(p. 24) Strategic objectives should be measurable, specific, appropriate, and realistic, but not constrained by time deadlines. FALSE

17. (p. 23) It is important for organizations to focus primarily on financial objectives and be less concerned about other objectives and goals. FALSE

18. The four key 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...
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