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

Daryl works for Delta Corp.He is involved in all of the important decision-making processes of the company and is also responsible for the overall performance of the company.In the context of strategic management,Daryl is most likely to be a _____.

Feelings of personal responsibility for a project are most likely to lead to:

The comparison of strengths,weaknesses,opportunities,and threats is normally referred to as a SWOT analysis.

Which of the following cognitive biases occurs when decision-makers allocate even more resources to a project after they receive feedback that the project is failing?

Strategic leadership is concerned with how to most effectively manage a company's strategy-making process to create competitive advantage.

Which of the following best defines shareholder value?

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:

More people seem to fear a snake bite than a dog bite,and yet statistically one is more likely to be bitten by a dog than by a snake.This is because people tend to estimate the probability of an outcome based on how easy the outcome is to imagine.This represents which of the following cognitive biases?

Rules of thumb,or heuristics,always help to avoid severe and systematic errors in the decision-making process.

Within a diversified company,the responsibilities of corporate-level strategic managers include:

The scenario approach to strategic planning involves:

Mike,the CEO of a retail chain,wanted to keep costs low.To set an example for others,he drove his own car and furnished his office with plain,metal desks.In this case,Mike was displaying:

The final component of the strategic management process is crafting the organization's mission statement,which provides the framework or context within which strategies are formulated.

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.

Karen,a manager at Libra Inc,had noticed that her subordinates were experiencing a lot of stress.After conducting a meeting with her subordinates,Karen realized that they were extremely overworked and intimidated by close deadlines.Determined to reduce their stress,she introduced a new process that eliminated time-consuming activities and gave them more flexibility for work timelines.This action taken by Karen demonstrates which of the following aspects of emotional intelligence?

A firm obtains competitive advantage when its strategy results in superior performance compared to its competitors.

Edward Wrapp's ideas about the astuteness of power suggest that successful strategic managers:

A company,at its inception,states that its goal is "to provide the best customer service possible." Which of the following best describes this objective?

The profit growth of a company can be measured by the increase in net profit over time.

Research finds that leaders who exhibit a high degree of emotional intelligence tend to be significantly less effective than those who do not.