Question 1

If a company focuses on its customers and creates incentives for employee productivity, the company will likely be successful in delivering shareholder value.

Accepted Answer

A) True 
 B)False

Question 2

Dave's Construction Company conducted a SWOT analysis which resulted in a need to implement business strategies that increase customer awareness and widen their customer base through better customer service to gain a competitive advantage in their industry. Which of the following business strategies would this describe?

Accepted Answer

A)   Functional-level strategies
B)   Business-level strategies
C)   Global strategies
D)   Corporate-level strategies
E)   None of the strategies are correct. A

Question 3

Scenario planning is a technique for coping with the problem of:

Accepted Answer

A)   uncertainty.
B)   planning equilibrium.
C)   bottom-up planning.
D)   strategic fit.
E)   cognitive bias.

Question 4

Making a general business decision about where to manufacture a product based on the result of a single survey of one small focus group is a cognitive bias known as illusion of control.

Accepted Answer

A) True 
 B)False  False

Question 5

A company's mission:

Accepted Answer

A)   describes the marketing strategies the company intends to use to sell its products.
B)   outlines the manner that employees and managers should conduct themselves.
C)   defines how strategies will be developed and goals achieved.
D)   describes what the company does.
E)   describes the benefits offered to the shareholders.

Question 6

Contrast the purpose and environments included in an external and an internal analysis. How are these used together in the business model?

Accepted Answer

The essential purpose of the external an...

Question 7

Identify the correct process for strategy-making.

Accepted Answer

A)   Formulation; Designing, delivering, and supporting products; Improving the efficiency and effectiveness of operations; Designing a company's organizational structure, control systems, and culture.
B)   Designing, delivering, and supporting products; Improving the efficiency and effectiveness of operations; Designing a company's organizational structure, control systems, and culture; Formulation
C)   Designing, delivering, and supporting products; Formulation; Improving the efficiency and effectiveness of operations; Designing a company's organizational structure, control systems, and culture
D)   Designing, delivering, and supporting products; Improving the efficiency and effectiveness of operations; Formulation; Designing a company's organizational structure, control systems, and culture
E)   Designing, delivering, and supporting products; Improving the efficiency and effectiveness of operations; Designing a company's organizational structure, control systems, and culture

Question 8

Return on invested capital (ROIC) is a measure of how efficiently and effectively managers use the capital at their disposal to produce profitability.

Accepted Answer

A) True 
 B)False

Question 9

The scenario approach to strategic planning involves:

Accepted Answer

A)   devising plans for coping with several different possible future states of the world.
B)   designing the best organizational structure and the best culture and control systems to put a chosen strategy into action.
C)   functional-level managers setting key corporate objectives.
D)   anticipating the reoccurrence of problems that were previously encountered and designing solutions accordingly.
E)   designing plans for problems that the company believes it will most certainly face in the immediate future.

Question 10

What are the reasons that profit-making companies make maximizing shareholder value one of their ultimate goals? Compare long-run and short-run profit strategies for maximizing shareholder value. Which one is best for maximizing shareholder value? Explain your answer.

Accepted Answer

Maximizing shareholder value is the ulti...

Question 11

Roza Munoz oversees the overall operations of Maxwell House, which is one of the divisions of the Kraft Heinz Company. Roza is also responsible for the overall performance of the business division. Which of the following is NOT likely to be one of Roza's responsibilities?

Accepted Answer

A)   Turning corporate-level strategy into action
B)   Defining Kraft Heinz's mission statement
C)   Deciding how to compete in the coffee industry
D)   Supervising functional-level managers
E)   Developing a business-level strategy

Question 12

Which of the following identifies the difference between a mission and a vision statement?

Accepted Answer

A)   A mission statement describes where the company wants to be in the community while a vision statement declares the purpose the company serves to its' customer.
B)   A mission statement describes the "what", "who" and "why" while the vision statement describes the "where".
C)   A mission statement expresses the aspirations upon achievement of goals while a vision statement expresses functions and objectives.
D)   A mission statement illustrates results while a vision statement illustrates actions.
E)   A mission statement and a vision statement are interchangeable.

Question 13

The planning model suggests that a company's strategies are the result of a plan from a highly structured process orchestrated by top management.

Accepted Answer

A) True 
 B)False

Question 14

Beta Corp., a gaming software company, recently launched a new game. The target audience identified by the company was the age group of 12-18 years. The advertising and marketing strategies were designed exclusively to target this age group. However, sales data revealed individuals who belong to the age bracket 18-25 years were the ones who bought the game. The managers at Beta Corp. decided to redesign their marketing strategies to position the game as a product that people of all ages would enjoy. The company's decision to modify its product positioning demonstrates which of the following strategies?

Accepted Answer

A)   downsizing
B)   emergent
C)   deliberate
D)   concurrency control
E)   unrealized

Question 15

Philip oversees the processes of the research and development department of his company. He is responsible for all the activities and tasks undertaken by the department. In the context of strategic management, Philip is most likely to be a:

Accepted Answer

A)   corporate-level general manager.
B)   functional manager.
C)   managing director.
D)   chief executive officer (CEO) .
E)   business development manager.

Question 16

A component of strategy implementation is:

Accepted Answer

A)   designing the organization's control and reward systems.
B)   providing the number and kind of periodic reports that must be submitted by functional-level managers.
C)   defining the goals and objectives of the organizations.
D)   answering the question, "What is our business?"
E)   eliminating the feedback loop.

Question 17

Changing the process of submitting and receiving purchase orders in the production division of a company would primarily be the responsibility of a functional-level manager.

Accepted Answer

A) True 
 B)False  True

Question 18

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

Accepted Answer

The three levels of strategic managers a...

Question 19

Good strategic leaders:

Accepted Answer

A)   possess a willingness to delegate and empower subordinates.
B)   control all facets of decision making.
C)   make decisions without consulting others.
D)   ensure uniformity of purpose through the authoritarian exercise of power.
E)   are usually inconsistent in their approach.

Question 20

Which of the following statements about strategic leadership is true?

Accepted Answer

A)   It is the primary responsibility of the functional managers of an organization.
B)   It does not consider the task of maximizing shareholder value.
C)   It is involved with making decisions regarding how to create competitive advantage.
D)   It is a concept that does not apply to multidivisional companies with several business units.
E)   It is essentially about supervising workers at a manufacturing unit of an organization.

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

If a company focuses on its customers and creates incentives for employee productivity, the company will likely be successful in delivering shareholder value.

Correct Answer
verified

Correct Answer
verified
A

Scenario planning is a technique for coping with the problem of:

Correct Answer
verified

Making a general business decision about where to manufacture a product based on the result of a single survey of one small focus group is a cognitive bias known as illusion of control.

Correct Answer
verified
False

A company's mission:

Correct Answer
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Contrast the purpose and environments included in an external and an internal analysis. How are these used together in the business model?

Correct Answer
verified
The essential purpose of the external an...
View Answer

Identify the correct process for strategy-making.

Correct Answer
verified

Return on invested capital (ROIC) is a measure of how efficiently and effectively managers use the capital at their disposal to produce profitability.

Correct Answer
verified

The scenario approach to strategic planning involves:

Correct Answer
verified

What are the reasons that profit-making companies make maximizing shareholder value one of their ultimate goals? Compare long-run and short-run profit strategies for maximizing shareholder value. Which one is best for maximizing shareholder value? Explain your answer.

Correct Answer
verified
Maximizing shareholder value is the ulti...
View Answer

Roza Munoz oversees the overall operations of Maxwell House, which is one of the divisions of the Kraft Heinz Company. Roza is also responsible for the overall performance of the business division. Which of the following is NOT likely to be one of Roza's responsibilities?

Correct Answer
verified

Which of the following identifies the difference between a mission and a vision statement?

Correct Answer
verified

The planning model suggests that a company's strategies are the result of a plan from a highly structured process orchestrated by top management.

Correct Answer
verified

Correct Answer
verified

Philip oversees the processes of the research and development department of his company. He is responsible for all the activities and tasks undertaken by the department. In the context of strategic management, Philip is most likely to be a:

Correct Answer
verified

A component of strategy implementation is:

Correct Answer
verified

Changing the process of submitting and receiving purchase orders in the production division of a company would primarily be the responsibility of a functional-level manager.

Correct Answer
verified
True

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

Correct Answer
verified
The three levels of strategic managers a...
View Answer

Good strategic leaders:

Correct Answer
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Which of the following statements about strategic leadership is true?

Correct Answer
verified

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

If a company focuses on its customers and creates incentives for employee productivity, the company will likely be successful in delivering shareholder value.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedA

Scenario planning is a technique for coping with the problem of:

Correct AnswerverifiedShow Answer

Making a general business decision about where to manufacture a product based on the result of a single survey of one small focus group is a cognitive bias known as illusion of control.

Correct AnswerverifiedFalse

A company's mission:

Correct AnswerverifiedShow Answer

Contrast the purpose and environments included in an external and an internal analysis. How are these used together in the business model?

Correct AnswerverifiedThe essential purpose of the external an...View AnswerShow Answer

Identify the correct process for strategy-making.

Correct AnswerverifiedShow Answer

Return on invested capital (ROIC) is a measure of how efficiently and effectively managers use the capital at their disposal to produce profitability.

Correct AnswerverifiedShow Answer

The scenario approach to strategic planning involves:

Correct AnswerverifiedShow Answer

What are the reasons that profit-making companies make maximizing shareholder value one of their ultimate goals? Compare long-run and short-run profit strategies for maximizing shareholder value. Which one is best for maximizing shareholder value? Explain your answer.

Correct AnswerverifiedMaximizing shareholder value is the ulti...View AnswerShow Answer

Roza Munoz oversees the overall operations of Maxwell House, which is one of the divisions of the Kraft Heinz Company. Roza is also responsible for the overall performance of the business division. Which of the following is NOT likely to be one of Roza's responsibilities?

Correct AnswerverifiedShow Answer

Which of the following identifies the difference between a mission and a vision statement?

Correct AnswerverifiedShow Answer

The planning model suggests that a company's strategies are the result of a plan from a highly structured process orchestrated by top management.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Philip oversees the processes of the research and development department of his company. He is responsible for all the activities and tasks undertaken by the department. In the context of strategic management, Philip is most likely to be a:

Correct AnswerverifiedShow Answer

A component of strategy implementation is:

Correct AnswerverifiedShow Answer

Changing the process of submitting and receiving purchase orders in the production division of a company would primarily be the responsibility of a functional-level manager.

Correct AnswerverifiedTrue

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

Correct AnswerverifiedThe three levels of strategic managers a...View AnswerShow Answer

Good strategic leaders:

Correct AnswerverifiedShow Answer

Which of the following statements about strategic leadership is true?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
A

Correct Answer
verified

Correct Answer
verified
False

Correct Answer
verified

Correct Answer
verified
The essential purpose of the external an...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Maximizing shareholder value is the ulti...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
True

Correct Answer
verified
The three levels of strategic managers a...
View Answer

Correct Answer
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Correct Answer
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