Strategic Management Comprehensive
Questions with Answers
The focus of strategic management is ✔the integration of all the functional
areas of the business to achieve its organizational success
The logical starting point for strategic management is to ✔identify the existing
vision, mission, objectives, and strategies
The strategic management process begins with ✔strategy formulation
In which stage of the strategic management process is an organization likely
to develop a mission statement? ✔strategy formulation
Analytical thinking and intuitive thinking ✔complement each other
The strategic-management process can be described as an objective,
logical, systematic approach for making major decisions in an
organization. However, it is generally recognized that is essential
to making good strategic decisions
✔intuition
Apple's financially lean position with regard to manufacturing facilities
provides the firm with a over Sony, which invests heavily in
manufacturing facilities. ✔competitive advantage
What element of strategic management answers the question "What do we
want to become?" ✔a vision statement
One benefit of strategic planning is that it allows a firm to be in shaping
its own future ✔proactive
Three primary intrinsic benefits of strategic planning include
✔enhanced communication, deeper understanding, and greater
commitment
Some firms view planning as a waste of time because ✔no product or
service is produced
Which of the following is a reason some firms do not engage in strategic
planning?
✔they receive no formal training in strategic management
1
,Which of the following is a pitfall of strategic planning? ✔being so formal in
planning that flexibility and creativity are stifled
Which of the following is NOT a pitfall of strategic planning? ✔involving key
employees in all phases of planning
Historically, where did strategic planning originate? ✔The military
Business strategy is based on the assumption of competition. Upon which
assumption is military strategy based? ✔conflict
One specific skill students can gain from this course is ✔formulating
strategies using a SWOT analysis
One broad skill students can gain by taking this course is ✔to define
and solve problems and make decisions about a particular situation
The Excel strategic planning template includes all the following analyses
EXCEPT
✔benchmarking
What is the primary benefit for professors when students use the Excel
student template? ✔it makes interacting with students easier
What is the primary benefit for students of using the Excel student
template? ✔it take the mechanics, such as drawing circles and multiplying
weights by ratings, out of the project
What analysis is included in the excel student template that aims to assist
students in determining the extent that debt versus equity should be used to
finance a set of recommendations? ✔EPS-EBIT analysis
Even when students use the excel student template, they still must do
the
in preparing a strategic plan. ✔research and thinking
Warby parker underwent as it devised policies, motivated employees, and
allocated resources so that formulated strategies could be executed efficiently
✔strategy implementation
At first, warby parker sold eyeglasses online; then it sold eyeglasses with a
"virtual try- on" option. Finally, it offered a "try on at home" approach. Each
of these changes were precipitated by the founders engaging in which of
the following? ✔strategy evaluation
2
, When warby parker's founders formulated, implemented, and evaluated cross-
functional decisions that enabled them to meet their organizational objectives
of providing less expensive eyeglasses, they engaged in ✔strategic
management
Warby parker established a vision and mission that included selling at lower
price points than other sources and helping those who could not afford lower
price points. This process was part of the company's exercise in ✔strategy
formulation
Warby parker's founders hated paying $500 or more for eyeglasses and
knew the eyeglass market was dominated by a few multinational
companies. When they developed their $95 strategy for eyeglasses and
accompanying technology solution as well as a strategy for providing
eyeglasses for those in need they were ✔establishing their competitive
advantage
The term strategic planning is used synonymously in this text with what other
term?
✔strategic management
A firm can achieve sustained competitive advantage by ✔effectively
formulating, implementing, and evaluating strategies that capitalize
on changes in trends and internal capabilities
Who said, "perfection is not attainable. But if we chase perfection, we can
catch excellence"? ✔Vince Lombardi, head coach green bay packers (1959-67)
Recent research by rose and cray examined the strategic management
process and concluded that perhaps the most important "activity" is what?
✔the feedback loop
According to the model used in this text, what should be answered when
developing a strategic plan? ✔where are we now, where do we want to go,
and how are we going to get there?
Which of the following activities is included in strategy implementation?
✔develop a strategy-supportive culture and create an effective
organizational structure
A fundamental strategy evaluation activity includes ✔reviewing external
and internal factors that are the bases for current strategies, measuring
performance, and taking corrective actions
Strategic management is based on the idea that organizations should
monitor internal and external trends ✔continually
Guidelines, rules, and procedures established to support implementation
efforts are called ✔policies
3
Questions with Answers
The focus of strategic management is ✔the integration of all the functional
areas of the business to achieve its organizational success
The logical starting point for strategic management is to ✔identify the existing
vision, mission, objectives, and strategies
The strategic management process begins with ✔strategy formulation
In which stage of the strategic management process is an organization likely
to develop a mission statement? ✔strategy formulation
Analytical thinking and intuitive thinking ✔complement each other
The strategic-management process can be described as an objective,
logical, systematic approach for making major decisions in an
organization. However, it is generally recognized that is essential
to making good strategic decisions
✔intuition
Apple's financially lean position with regard to manufacturing facilities
provides the firm with a over Sony, which invests heavily in
manufacturing facilities. ✔competitive advantage
What element of strategic management answers the question "What do we
want to become?" ✔a vision statement
One benefit of strategic planning is that it allows a firm to be in shaping
its own future ✔proactive
Three primary intrinsic benefits of strategic planning include
✔enhanced communication, deeper understanding, and greater
commitment
Some firms view planning as a waste of time because ✔no product or
service is produced
Which of the following is a reason some firms do not engage in strategic
planning?
✔they receive no formal training in strategic management
1
,Which of the following is a pitfall of strategic planning? ✔being so formal in
planning that flexibility and creativity are stifled
Which of the following is NOT a pitfall of strategic planning? ✔involving key
employees in all phases of planning
Historically, where did strategic planning originate? ✔The military
Business strategy is based on the assumption of competition. Upon which
assumption is military strategy based? ✔conflict
One specific skill students can gain from this course is ✔formulating
strategies using a SWOT analysis
One broad skill students can gain by taking this course is ✔to define
and solve problems and make decisions about a particular situation
The Excel strategic planning template includes all the following analyses
EXCEPT
✔benchmarking
What is the primary benefit for professors when students use the Excel
student template? ✔it makes interacting with students easier
What is the primary benefit for students of using the Excel student
template? ✔it take the mechanics, such as drawing circles and multiplying
weights by ratings, out of the project
What analysis is included in the excel student template that aims to assist
students in determining the extent that debt versus equity should be used to
finance a set of recommendations? ✔EPS-EBIT analysis
Even when students use the excel student template, they still must do
the
in preparing a strategic plan. ✔research and thinking
Warby parker underwent as it devised policies, motivated employees, and
allocated resources so that formulated strategies could be executed efficiently
✔strategy implementation
At first, warby parker sold eyeglasses online; then it sold eyeglasses with a
"virtual try- on" option. Finally, it offered a "try on at home" approach. Each
of these changes were precipitated by the founders engaging in which of
the following? ✔strategy evaluation
2
, When warby parker's founders formulated, implemented, and evaluated cross-
functional decisions that enabled them to meet their organizational objectives
of providing less expensive eyeglasses, they engaged in ✔strategic
management
Warby parker established a vision and mission that included selling at lower
price points than other sources and helping those who could not afford lower
price points. This process was part of the company's exercise in ✔strategy
formulation
Warby parker's founders hated paying $500 or more for eyeglasses and
knew the eyeglass market was dominated by a few multinational
companies. When they developed their $95 strategy for eyeglasses and
accompanying technology solution as well as a strategy for providing
eyeglasses for those in need they were ✔establishing their competitive
advantage
The term strategic planning is used synonymously in this text with what other
term?
✔strategic management
A firm can achieve sustained competitive advantage by ✔effectively
formulating, implementing, and evaluating strategies that capitalize
on changes in trends and internal capabilities
Who said, "perfection is not attainable. But if we chase perfection, we can
catch excellence"? ✔Vince Lombardi, head coach green bay packers (1959-67)
Recent research by rose and cray examined the strategic management
process and concluded that perhaps the most important "activity" is what?
✔the feedback loop
According to the model used in this text, what should be answered when
developing a strategic plan? ✔where are we now, where do we want to go,
and how are we going to get there?
Which of the following activities is included in strategy implementation?
✔develop a strategy-supportive culture and create an effective
organizational structure
A fundamental strategy evaluation activity includes ✔reviewing external
and internal factors that are the bases for current strategies, measuring
performance, and taking corrective actions
Strategic management is based on the idea that organizations should
monitor internal and external trends ✔continually
Guidelines, rules, and procedures established to support implementation
efforts are called ✔policies
3
