Strategic Management

Only available on StudyMode
  • Download(s) : 221
  • Published : March 18, 2013
Open Document
Text Preview
Strategic Management: Concepts and Cases, 13e (David) Chapter 1 The Nature of Strategic Management 1) Strategic management focuses on integrating management, marketing, finance/accounting, production/operations, research and development, and information systems to achieve organizational success. Answer: TRUE Diff: 1 Page Ref: 6 Topic: Introduction Objective: 1.01 Describe the strategic-management process. 2) Optimizing for tomorrow the trends of today is the purpose of strategic management. Answer: FALSE Diff: 1 Page Ref: 6 Topic: What Is Strategic Management? Objective: 1.01 Describe the strategic-management process. 3) Even though useful, strategic planning has been cast aside by corporate America since the early 1990s. Answer: FALSE Diff: 2 Page Ref: 6 Objective: 1.01 Describe the strategic-management process. 4) Resource allocation is included in strategy-formulation activities. Answer: TRUE Diff: 2 Page Ref: 6 Topic: What Is Strategic Management? Objective: 1.01 Describe the strategic-management process. 5) The terms strategic management and strategic planning are synonymous in this text. Answer: TRUE Diff: 1 Page Ref: 6 Topic: What Is Strategic Management? Objective: 1.01 Describe the strategic-management process. 6) A vision statement is, in essence, a company's game plan. Answer: FALSE Diff: 1 Page Ref: 11 Topic: What Is Strategic Management? Objective: 1.03 Define and give examples of key terms in strategic management.

1
Copyright © 2011 Pearson Education, Inc.

7) Strategy implementation is often considered to be the most difficult stage in the strategicmanagement process because it requires personal discipline, commitment, and sacrifice. Answer: TRUE Diff: 3 Page Ref: 7 Topic: What Is Strategic Management? Objective: 1.04 Describe the nature of strategy formulation, implementation, and evaluation activities. 8) The final stage in strategic management is strategy implementation. Answer: FALSE Diff: 2 Page Ref: 7 Topic: What Is Strategic Management? Objective: 1.04 Describe the nature of strategy formulation, implementation, and evaluation activities. 9) Strategy formulation, implementation and evaluation activities occur at three hierarchical levels in a large diversified organization: corporate, divisional and functional. Answer: TRUE Diff: 2 Page Ref: 7 Topic: What Is Strategic Management? Objective: 1.04 Describe the nature of strategy formulation, implementation, and evaluation activities. 10) One of the fundamental strategy evaluation activities is reviewing external and internal factors that are the bases for current strategies. Answer: TRUE Diff: 2 Page Ref: 7 Topic: What Is Strategic Management? Objective: 1.04 Describe the nature of strategy formulation, implementation, and evaluation activities. 11) An objective, logical, systematic approach for making major decisions in an organization is a way to describe the strategic-management process. Answer: TRUE Diff: 2 Page Ref: 7 Topic: What Is Strategic Management? Objective: 1.02 Explain the need for integrating analysis and intuition in strategic management. 12) Strategic management is an attempt to organize qualitative and quantitative information in a way that allows effective decisions to be made under conditions of uncertainty. Answer: TRUE Diff: 2 Page Ref: 7 Topic: What Is Strategic Management? Objective: 1.02 Explain the need for integrating analysis and intuition in strategic management.

2
Copyright © 2011 Pearson Education, Inc.

13) Analytical and intuitive thinking should complement each other. Answer: TRUE Diff: 1 Page Ref: 8 Topic: What Is Strategic Management? Objective: 1.02 Explain the need for integrating analysis and intuition in strategic management. 14) According to Albert Einstein, "Knowledge is far more important than intuition." Answer: FALSE Diff: 3 Page Ref: 8 Topic: What Is Strategic Management? Objective: 1.02 Explain the need for integrating analysis and intuition in strategic management. 15) Management by intuition...
tracking img