Question 1

Strategic implementation involves

Accepted Answer

Strategic implementation involves taking actions at multiple levels - functional, business, and corporate levels - to achieve the objectives set forth in the strategy. Comparing company performance with leading companies in the industry is a part of benchmarking and not necessarily a part of the implementation process. Analyzing the macroenvironment may be a part of the implementation process, but it is not limited to last-minute changes. Therefore, Option A is the best choice.

Question 2

Identify and discuss the criticisms of the traditional strategic planning process and why it is useful to view strategy as an emergent process.

Accepted Answer

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Question 3

Systematic errors in the decision-making process are caused by

Accepted Answer

Systematic errors in the decision-making process are largely caused by cognitive biases on the part of decision makers, such as confirmation bias or overconfidence bias. While inadequate information, information overload, and poor data collection procedures can all contribute to decision-making errors, they are not typically considered systematic errors.

Question 4

Competition from industry to industry

Accepted Answer

Competition from industry to industry is characterized by different competitive conditions in different industries. Each industry has its own unique competitive structure, which can be affected by various factors such as the number of competitors, the level of market concentration, the degree of product differentiation, and the barriers to entry. Therefore, the level and nature of competition can vary significantly from one industry to another.

Question 5

Which of the following is not a characteristic of emotional intelligence?

Accepted Answer

Self-esteem is not considered as a characteristic of emotional intelligence. Emotional intelligence refers to the ability to understand and manage one's emotions, as well as recognizing and responding effectively to the emotions of others. Self-awareness, self-regulation, empathy, and social skills are all key components of emotional intelligence.

Question 6

Explain the formal strategic planning process.Name each step in the process and describe the specific activities included in each step and the relationship between the steps.

Accepted Answer

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Question 7

Holly owns a landscape company and is thinking about expanding her services to include outdoor water features (waterfalls,streams,ponds).If,before making this decision,she looks at the experience of similar firms that have added outdoor water features,she is employing

Accepted Answer

Holly is employing the outside view technique by examining the experience of similar firms that have added outdoor water features. The outside view involves looking at examples of similar situations to gain insight and information.

Question 8

Describe at least three characteristics of strong strategic leaders.Explain how each of the three characteristics would help motivate and lead an organization's personnel.

Accepted Answer

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Question 9

Which of the following is not a characteristic of well-constructed goals?

Accepted Answer

While involving a group decision process can be beneficial and promote buy-in, it is not a necessary characteristic for well-constructed goals. The other characteristics listed are all essential for well-constructed goals.

Question 10

Identify the levels of strategic managers and discuss their role in the strategic management process.

Accepted Answer

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Question 11

A company's mission

Accepted Answer

The answer of A company's mission
...

Question 12

An emergent strategy is

Accepted Answer

An emergent strategy is an unplanned response to unforeseen circumstances that arises as a result of the organization's interaction with its environment. It is often developed in response to unexpected challenges or opportunities and is not a result of a deliberate, planned strategy.

Question 13

Good strategic leaders

Accepted Answer

Good strategic leaders recognize the importance of delegation and empowering subordinates to make decisions and take action. This not only helps to relieve the leader of some of the burdens of decision making and implementation, but also allows for a more diverse range of perspectives and ideas to be considered. Controlling all facets of decision making (B) and assuring uniformity of purpose through the exercise of power (D) can stifle creativity and innovation within the organization. Confidence in one's decision making ability without consulting others (C) can lead to missed opportunities and potential pitfalls. The ability to be inconsistent (E) is generally not a desirable trait in a strategic leader, as consistency and reliability are important for establishing trust and credibility.

Question 14

Describe at least three of the cognitive biases that individual decision makers experience.Then describe a real or hypothetical situation for each of the three biases,explaining how the bias is evident in the situation.

Accepted Answer

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Question 15

The primary goal of a SWOT analysis is to

Accepted Answer

The primary goal of a SWOT analysis is to create, affirm or fine-tune a company-specific business model, which involves identifying the strengths, weaknesses, opportunities, and threats facing the organization. It is not primarily intended for benchmarking, forcing creative thinking, forecasting future events, or developing short-run goals, although these may be outcomes of the analysis.

Question 16

A component of strategy implementation is

Accepted Answer

Strategy implementation involves putting a plan into action, which requires designing the most suitable organizational structure, culture, and control systems. This creates a framework that guides the behavior of employees and enables them to execute the strategy effectively. The other options are not the components of strategy implementation.

Question 17

Devil's advocacy

Accepted Answer

Devil's advocacy involves one group member being responsible for questioning the assumptions of a plan, which can lead to a more robust and well-considered final plan. It is not necessarily simpler than the expert approach, an example of ivory tower planning, or a source of unproductive conflict. While the final plan may incorporate elements of the counterplan, it is not necessarily a combination of the two.

Question 18

In the typical scenario planning exercise,

Accepted Answer

In scenario planning, it is important to consider both optimistic and pessimistic scenarios to ensure a comprehensive analysis of potential outcomes. Narrowing the focus to only worst-case or best-case outcomes may lead to bias and neglect of certain important factors. Therefore, option C is the most suitable choice.

Question 19

The first step in the strategic management process is to

Accepted Answer

The first step in the strategic management process is to select the corporate mission and major corporate goals. This provides a clear direction for the organization and helps in decision making for the rest of the process. Analyzing the competitive environment, examining the organizational structure, and analyzing internal strengths and weaknesses are all important steps in the process, but they come after setting the corporate mission and goals.

Question 20

An important first step in the process of formulating a company's mission is to

Accepted Answer

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Quiz 1: Strategic Leadership: Managing the Strategy-Making Process for Competitive Advantage