Deck 1: Strategic Management

Question 1

Groups or individuals who can significantly affect an organization's activities are called _____.

A) directors
B) stakeholders
C) employees
D) competitors
E) customers

Answer 1

stakeholders

Question 2

Strategic management is a process where organizations analyze and learn from the _____.

A) internal environment
B) external environment
C) internal and external environment
D) international environment
E) top management team

Answer 2

internal and external environment

Question 3

Compared to the strategic management process strategic thinking is _____.

A) rigid
B) deliberate
C) the same
D) a stakeholder
E) flexible

Answer 3

flexible

Question 4

Which strategic management perspective relies on an economic view of the firm?

A) resource base
B) stakeholder
C) emergent
D) traditional
E) deliberate

Question 5

The perspective that the most successful organization will be the one that best adapts to existing forces is called _____.

A) environmental determinism
B) situation analysis
C) strategic management
D) enactment
E) strategic thinking

Question 6

The perspective that firms can influence their environments is called _____.

A) environmental determinism
B) strategic management
C) situation analysis
D) enactment
E) SWOT

Question 7

Which approach to strategic management consists of analyzing the internal and external environments of a company to arrive at organizational strengths, weaknesses, opportunities and threats?

A) the traditional approach
B) the resource-based approach
C) the stakeholder approach
D) the strategic approach
E) the environmental determinism approach

Question 8

The resource-based approach to strategic management theorizes that firms can gain competitive advantage by possessing _____.

A) superior employees
B) superior resources
C) superior stakeholders
D) superior strategies
E) superior environment

Question 9

An emergent strategy is _____.

A) one that takes place in emergent markets
B) one that is intended
C) one that is not planned or intended
D) one that employs a resource based approach
E) one that relies on a board of directors

Question 10

The resources of a firm include all of the following except _____.

A) financial
B) physical
C) human resource
D) organization knowledge
E) industry

Question 11

The approach to strategic management that envisions the firm at the center of a network of constituencies is known as the _____.

A) traditional approach
B) stakeholder approach
C) resource-based approach
D) strategic approach
E) industrial organization approach

Question 12

Management theory in the United States historically has focused on _____.

A) external stakeholders
B) bank stakeholders
C) shareholding stakeholders
D) international stakeholders
E) internal stakeholders

Question 13

What defines the purposed for which a company exists and operates?

A) strategic vision
B) strategic mission
C) strategic direction
D) strategic formulation
E) strategic thinking

Question 14

How many different levels of strategy formulation are there?

A) two
B) four
C) five
D) one
E) three

Question 15

Defining a company's domain for activity by selecting business areas in which the company will compete is called _____.

A) corporate-level strategy formulation
B) strategy formulation
C) vision formulation
D) business-level strategy formulation
E) functional-level strategy formulation

Question 16

Determining how business should compete in the areas they have selected is called _____.

A) vision formulation
B) strategy formulation
C) corporate-level strategy formulation
D) business-level strategy formulation
E) functional-level strategy formulation

Question 17

Developing the details of how resource areas should be used to implement competitive strategies and achieve competitive advantage is _____.

A) strategy formulation
B) functional-level strategy formulation
C) business-level strategy formulation
D) corporate-level strategy formulation
E) vision formulation

Question 18

Managing stakeholder relationships and organizational resources in a manner that moves business toward the successful execution of its strategies, consistent with its strategic direction is _____.

A) strategy implementation
B) strategic planning
C) situation analysis
D) strategy formulation
E) vision formulation

Question 19

The analytical process aimed at carrying out strategies that have already been identified is _____.

A) strategic thinking
B) strategic formulation
C) strategic planning
D) strategic analysis
E) strategic decision making

Question 20

Industry revolutionaries are _____.

A) individuals who seek radical change inside the firm
B) firms that pursue re-engineering
C) industries that emerge in new domains
D) firms that emerge in former communist countries
E) firms that invent new business concepts

Question 21

The intuitive, creative process that synthesizes stimuli from the environment to create "an integrated perspective of the enterprise" is known as _____.

A) strategic planning
B) strategic analysis
C) strategic formulation
D) strategic thinking
E) strategic decision making

Question 22

Strategic intent is similar to the concept of _____.

A) strategic mission
B) strategic vision
C) strategic plan
D) strategic formulation
E) strategic thinking

Question 23

Elements of strategic thinking include all of the following except _____.

A) comprehensive
B) opportunistic
C) long-term oriented
D) hypothesis driven
E) resource based view

Question 24

One's view of how the world works is often referred to as _____.

A) strategic intent
B) opportunism
C) a mental model
D) long-term orientation
E) strategic thinking

Question 25

A mental model should include _____.

A) a plan of action
B) an understanding of stakeholders
C) an understanding of resources
D) an understanding of both the internal and external organization
E) aids in remembering the firm's mission

Question 26

Thinking in time refers to _____.

A) recognizing that the past, present, and future are all relevant to making good strategic decisions
B) reacting quickly to problems that arise in a firm
C) reacting quickly to opportunities that arise in the firm's environment
D) being sure to prepare a strategic plan within the year needed
E) focusing on today's problems not too far in the future

Question 27

The means to encourage strategic thinking include all the following except _____.

A) strategic thinking training
B) rewarding employees that generate new ideas
C) incorporating strategic thinking into strategic planning
D) demoting or firing those employees who do not demonstrate strategic thinking
E) encouraging firms to take risks

Question 28

The travel and tourism industry is composed of _____.

A) only hotels and restaurants
B) exclusively airlines and other transportation businesses like trains
C) only travel agents, tour operators, and those directly related to reservations
D) every type of business in the world
E) traditional hospitality businesses and a broad range of businesses

Question 29

Differentiate between the strategic planning process and strategic thinking.

Question 30

Discuss why deliberate and emergent strategies are both needed for the success of a firm.

Question 31

Define and briefly discuss the benefits of the stakeholder approach to strategic management.