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

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Question 21

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One of the factors that distinguish organizations in the nonprofit sector from profit-making businesses is the lack of a need for strategic management.

A) True
B) False

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Question 22

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The feedback loop in the model of the strategic management process indicates that the process is ongoing; it never ends.

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B) False

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Question 23

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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.

Strategy formulation refers to the:

Mintzberg maintains that emergent strategies are often successful and may be more appropriate than intended strategies.

Which of the following cognitive biases refers to the fact that decision makers who have strong pre-existing beliefs about the relationship between two variables tend to make decisions on the basis of these beliefs,even when presented with evidence that their beliefs are wrong?

The values of a company state how managers and employees should conduct themselves.

Emergent strategies are the unplanned responses to unforeseen circumstances.

_____ refers to the investment that shareholders make in a company that cannot be recovered if the company fails and goes bankrupt.

Ralph is a well-liked manager at Aries Inc.He eloquently communicates the goals of the organization and has been successful in making the organization's vision part of its culture.Which of the following characteristics of good strategic leaders can be observed in Ralph?

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 actually bought the game.The managers at Beta Corp.decided to redesign their marketing strategies to position the game as something that people of all ages would enjoy.The company's decision to modify its product positioning demonstrates:

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

The CEO is a company's principal general manager.

Between 2005 and 2011,Blue Drinks,a multinational beverage corporation,increased its return on investment from $5 million to $25 million.The company was able to do this by expanding its product line to include a wider variety of flavors.The $20 million increase in its return on investment between 2005 and 2011 can be referred to as which of the following?

Describe the steps involved in the formal strategic planning process.

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

In practice,the strategies of most organizations are probably a combination of the intended and emergent strategies.

Which of the following statements is true about competitive advantage?

General managers bear responsibility for the overall performance of the company or for one of its major self-contained subunits or divisions.

A component of strategy implementation is: