Deck 1: Introduction to Strategic Management

Question 1

Which school of thought in the strategic management field combines the other 9 schools of thought?

A) Positioning
B) Cognitive
C) Learning
D) Configuration

Answer 1

D

Question 2

Which phase of strategic management involves the analysis of the general environment?

A) Strategic analysis
B) Strategy formulation
C) Strategy implementation
D) Strategic control/evaluation

Answer 2

A

Question 3

Which phase of strategic management includes the assessment of how far the organization has achieved their goals?

A) Strategic analysis
B) Strategy formulation
C) Strategy implementation
D) Strategic control/evaluation

Answer 3

D

Question 4

Allocating resources, recruitment, hiring, and training are parts of which phase of strategic management?

A) Strategic analysis
B) Strategy formulation
C) Strategy implementation
D) Strategic control/evaluation

Question 5

During which time frame was strategic management viewed from a general management perspective, with emphasis on the role of the leader?

A) 1950s and 1960s
B) 1970s
C) 1980s
D) 1990s

Question 6

Strategic alliances became a focal point of strategic management literature during which time frame?

A) 1970s
B) 1980s
C) 1990s
D) 2000s

Question 7

During which time frame was there an increase emphasis on corporate social responsibility within strategic management?

A) 1970s
B) 1980s
C) 1990s
D) 2000s

Question 8

Which school of thought on strategy focuses on organizational capabilities at the core of competitive advantage?

A) Design school
B) Positioning school
C) Learning school
D) Cultural school

Question 9

Which school of thought on strategy focuses on resources and capabilities as the sources of competitive advantage?

A) Planning school
B) Entrepreneurial school
C) Power school
D) Cultural school

Question 10

Strategy formation is deliberate and definitive is the approach of which school of strategy?

A) Environment school
B) Configuration school
C) Positioning school
D) Cognitive school

Question 11

Which school focuses on mission, vision, goals, and strategies?

A) Configuration school
B) Design school
C) Planning school
D) Cognitive school

Question 12

Power and politics drive which school of thought?

A) Cognitive school
B) Configuration school
C) Power school
D) Learning school

Question 13

Which school of thought focuses on transformational leadership at its core?

A) Learning school
B) Cultural school
C) Power school
D) Configuration school

Question 14

The leader's vision and leadership style dictate which school of thought?

A) Learning school
B) Power school
C) Entrepreneurial school
D) Positioning school

Question 15

Firms must be able to create _______ value at the outset by being able to connect with its primary stakeholders.

A) Experiential
B) Economic
C) Product
D) Service

Question 16

At which level is the firm's objective to sustain its advantage by focusing on efficiencies related to production, operations, administration, marketing, human resources, and other support functions?

A) Corporate level
B) Business level
C) Functional level
D) Organizational level

Question 17

At which level is strategy about asking questions regarding what business the firm is in or would like to be in?

A) Corporate level
B) Business level
C) Functional level
D) Organizational level

Question 18

The _____ includes a clear purpose and states why the organization is in existence.

A) Mission
B) Vision
C) Goals
D) Objectives

Question 19

The _____ describes where the organization wants to go from where it is at present.

A) Mission
B) Vision
C) Goals
D) Objectives

Question 20

_____ are planned over the short and long terms.

A) Mission
B) Vision
C) Goals
D) Objectives

Question 21

The overall objective of the business is to create _____ for its stakeholders.

A) Mission
B) Goals
C) Value
D) Vision

Question 22

Objectives must be definite and linked to ______

A) Mission
B) Vision
C) Goals
D) Value

Question 23

Firms define strategic management by a process including:

A) Missions, Visions, Goals and Objectives
B) Intent, Plans, Purposes, and Ideas
C) Objectives, Plans, Goals, and Purpose
D) Aspirations, Missions, Objectives, and Ideas

Question 24

Value is created for the firms:

A) Immediate or primary stakeholders and for its secondary stakeholders
B) Only for immediate or primary stakeholders
C) Only for secondary stakeholders
D) Value is not considered among either immediate, primary or secondary stakeholders

Question 25

Strategic Management includes the following phases:

A) Strategic analysis, strategy formulation, strategy implementation, and strategy control/evaluation
B) Examination, Concept Analysis, Interpretation, and Strategy Critiques
C) Dissection Analysis, Inquiry Formulation, Strategy Implementation, and Judgements
D) Inspection, Investigation, Review, and Judgements

Question 26

A firm is in business to:

A) Create value for its stakeholders
B) To compete in their market
C) To create new concepts and ideas to gain an advantage over competitors
D) All the above

Question 27

Strategic management originated with military war strategy.

Question 28

Vision statement is the reason behind the company's existence.

Question 29

Mission statement is where the company wants to go.

Question 30

Goals and objectives must be linked to each other.

Question 31

The overall objective of the business is to create value for its stakeholders.

Question 32

Experiential value is profitability related.

Question 33

Strategy implementation is the process of putting strategy into action.

Question 34

Different phases of strategic management overlap and go hand in hand.

Question 35

The planning school of strategic management focuses on a structured and step by step approach.

Question 36

Strategic management does not include prioritizing what is important to a firm and does not provide a holistic view of an organization.

Question 37

Define strategic management in your own words.

Question 38

What are the four main phases of strategic management?

Question 39

What is the difference between goals and objectives? Explain by providing specific examples of goals and objectives.

Question 40

Which school of thought do you most align with? Why?

Question 41

Why is experiential value important for strategic management of H&T companies?

Question 42

Explain the origins of strategy and strategic management.

Question 43

List the main schools of thought, and explain their premises on strategic management.

Question 44

Why are there different schools of thought on strategic management? Do you think it is confusing to have several different views on strategic management?

Question 45

Define strategic management, vision, mission, values, goals, objectives, strategy, and tactics.

Question 46

Do you think it is important for H&T companies to have such statements? If yes, why? If no, why not?

Question 47

What is value creation and how is it historically defined? How has a shift in the definition of value creation come about and how can it be effectively used by H&T companies?