Question 1

Discuss what is meant by recognizing trade-off between efficiency and effectiveness and provide an example of how this attribute of strategic management could influence the strategic decisions of a firm.

Accepted Answer

The answer of Discuss what is meant by recognizing trade-off...

Question 2

Objectives in organizations should be clear,stated,and known by employees throughout the organization.

Accepted Answer

Clear and well-communicated objectives help employees understand how their work contributes to the overall goals of the organization, and can increase motivation and productivity.

Question 3

Globalization is the flow of capital,people,and information throughout the world.

Accepted Answer

Globalization refers to the increasing interconnectedness and interdependence of the world's economies, societies, and cultures through the flow of capital, people, goods, services, and information.

Question 4

A firm has a variety of different stakeholders.Identify several possible stakeholders a firm may have and discuss how the firm may achieve stakeholder symbiosis.

Accepted Answer

The answer of A firm has a variety of different...

Question 5

Strategic management should only include short-term objectives.Long-term objectives are covered in the organization's vision statement.

Accepted Answer

Strategic management includes both short-term and long-term objectives. While short-term objectives focus on immediate, tangible results, long-term objectives are strategic goals that align with the organization's vision and help guide decision-making over a longer period of time. The vision statement may provide a broad direction for the organization, but it is the strategic management process that takes that direction and turns it into actionable goals and plans.

Question 6

A mission statement encompasses both the purpose of the company as well as the basis of competition and competitive advantage.

Accepted Answer

A mission statement typically includes a statement of the company's purpose or reason for existence, as well as how it plans to compete in its industry and what gives it a competitive advantage.

Question 7

Organizational goals and objectives should be vague in order to allow for changes in strategy.

Accepted Answer

Organizational goals and objectives should be specific and measurable in order to guide strategy and measure progress towards success. While strategies may change over time, clear and specific goals and objectives provide a foundation for decision making and assessing progress.

Question 8

The text discusses several characteristics of effective strategic objectives.List several of these and discuss why a firm's strategic objectives should meet these criteria.

Accepted Answer

The answer of The text discusses several characteristics of effective...

Question 9

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.

Accepted Answer

A mission statement is a set of organizational goals that includes the purpose of the organization, its scope of operations, and the basis of its competitive advantage.

Question 10

Intellectual capital is becoming increasingly important in today's economy.It is a concern of managers throughout organizations.

Accepted Answer

Intellectual capital, which includes knowledge, skills, and expertise possessed by individuals within an organization, is becoming a key driver of business success in the knowledge economy. As a result, managers at all levels are increasingly concerned with identifying, acquiring, and leveraging intellectual capital to gain a competitive advantage.

Question 11

The strategic management process includes strategy analysis,strategy formulation,and strategy implementation.Discuss each of these steps.

Accepted Answer

The answer of The strategic management process includes strategy analysis,strategy...

Question 12

It is important for organizations to primarily focus on financial objectives and be less concerned about other objectives and goals.

Accepted Answer

While financial objectives are important for the success and sustainability of an organization, it is equally important to consider other objectives and goals such as social responsibility, environmental sustainability, and employee satisfaction. Ignoring these aspects can lead to negative impacts on the organization's reputation, employee morale, and long-term success.

Question 13

Globalization is impacting most firms today.Discuss what "globalization" means and how and why it impacts today's firms.

Accepted Answer

The answer of Globalization is impacting most firms today.Discuss what...

Question 14

Strategic objectives should be measurable,specific,appropriate,and realistic,but not constrained by time deadlines.

Accepted Answer

Timely is one of the five criteria that strategic objectives must meet in order to be considered meaningful. There must be a time frame for achieving the objective.

Question 15

Although vision statements vary from organization to organization,vision statements are intended to motivate and inspire employees to work toward a general goal.

Accepted Answer

This is true, as vision statements are meant to create a shared sense of purpose and direction for employees to work towards.

Question 16

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.

Accepted Answer

Organizational vision statements are intended to be inspiring and overarching, providing long-term direction for the organization.

Quiz 1: Strategic Management: Creating Competitive Advantages