Question 1

Differentiate between the strategic planning process and strategic thinking.

Accepted Answer

The strategic planning process is comprised of the "formal planning elements that result in a strategic plan." This process "tends to be rather rigid and unimaginative." Strategic thinking is "a creative and intuitive process that leads to creative solutions and new ideas."

Question 2

The intuitive, creative process that synthesizes stimuli from the environment to create "an integrated perspective of the enterprise" is known as _____.

Accepted Answer

A)  strategic planning 
B)  strategic analysis 
C)  strategic formulation 
D)  strategic thinking 
E)  strategic decision making 
A)  strategic planning 
B)  strategic analysis 
C)  strategic formulation 
D)  strategic thinking 
E)  strategic decision making D

Question 3

Developing the details of how resource areas should be used to implement competitive strategies and achieve competitive advantage is _____.

Accepted Answer

A)  strategy formulation 
B)  functional-level strategy formulation 
C)  business-level strategy formulation 
D)  corporate-level strategy formulation 
E)  vision formulation 
A)  strategy formulation 
B)  functional-level strategy formulation 
C)  business-level strategy formulation 
D)  corporate-level strategy formulation 
E)  vision formulation B

Question 4

Strategic management is a process where organizations analyze and learn from the _____.

Accepted Answer

A)  internal environment 
B)  external environment 
C)  internal and external environment 
D)  international environment 
E)  top management team 
A)  internal environment 
B)  external environment 
C)  internal and external environment 
D)  international environment 
E)  top management team

Question 5

Groups or individuals who can significantly affect an organization's activities are called _____.

Accepted Answer

A)  directors 
B)  stakeholders 
C)  employees 
D)  competitors 
E)  customers 
A)  directors 
B)  stakeholders 
C)  employees 
D)  competitors 
E)  customers

Question 6

Elements of strategic thinking include all of the following except _____.

Accepted Answer

A)  comprehensive 
B)  opportunistic 
C)  long-term oriented 
D)  hypothesis driven 
E)  resource based view 
A)  comprehensive 
B)  opportunistic 
C)  long-term oriented 
D)  hypothesis driven 
E)  resource based view

Question 7

The resource-based approach to strategic management theorizes that firms can gain competitive advantage by possessing _____.

Accepted Answer

A)  superior employees 
B)  superior resources 
C)  superior stakeholders 
D)  superior strategies 
E)  superior environment 
A)  superior employees 
B)  superior resources 
C)  superior stakeholders 
D)  superior strategies 
E)  superior environment

Question 8

Discuss why deliberate and emergent strategies are both needed for the success of a firm.

Accepted Answer

Both deliberate and emergent strategies

Question 9

Management theory in the United States historically has focused on _____.

Accepted Answer

A)  external stakeholders 
B)  bank stakeholders 
C)  shareholding stakeholders 
D)  international stakeholders 
E)  internal stakeholders 
A)  external stakeholders 
B)  bank stakeholders 
C)  shareholding stakeholders 
D)  international stakeholders 
E)  internal stakeholders

Question 10

The analytical process aimed at carrying out strategies that have already been identified is _____.

Accepted Answer

A)  strategic thinking 
B)  strategic formulation 
C)  strategic planning 
D)  strategic analysis 
E)  strategic decision making 
A)  strategic thinking 
B)  strategic formulation 
C)  strategic planning 
D)  strategic analysis 
E)  strategic decision making

Question 11

The travel and tourism industry is composed of _____.

Accepted Answer

A)  only hotels and restaurants 
B)  exclusively airlines and other transportation businesses like trains 
C)  only travel agents, tour operators, and those directly related to reservations 
D)  every type of business in the world 
E)  traditional hospitality businesses and a broad range of businesses 
A)  only hotels and restaurants 
B)  exclusively airlines and other transportation businesses like trains 
C)  only travel agents, tour operators, and those directly related to reservations 
D)  every type of business in the world 
E)  traditional hospitality businesses and a broad range of businesses

Question 12

Managing stakeholder relationships and organizational resources in a manner that moves business toward the successful execution of its strategies, consistent with its strategic direction is _____.

Accepted Answer

A)  strategy implementation 
B)  strategic planning 
C)  situation analysis 
D)  strategy formulation 
E)  vision formulation 
A)  strategy implementation 
B)  strategic planning 
C)  situation analysis 
D)  strategy formulation 
E)  vision formulation

Question 13

A mental model should include _____.

Accepted Answer

A)  a plan of action 
B)  an understanding of stakeholders 
C)  an understanding of resources 
D)  an understanding of both the internal and external organization 
E)  aids in remembering the firm's mission 
A)  a plan of action 
B)  an understanding of stakeholders 
C)  an understanding of resources 
D)  an understanding of both the internal and external organization 
E)  aids in remembering the firm's mission

Question 14

Compared to the strategic management process strategic thinking is _____.

Accepted Answer

A)  rigid 
B)  deliberate 
C)  the same 
D)  a stakeholder 
E)  flexible 
A)  rigid 
B)  deliberate 
C)  the same 
D)  a stakeholder 
E)  flexible

Question 15

Industry revolutionaries are _____.

Accepted Answer

A)  individuals who seek radical change inside the firm 
B)  firms that pursue re-engineering 
C)  industries that emerge in new domains 
D)  firms that emerge in former communist countries 
E)  firms that invent new business concepts 
A)  individuals who seek radical change inside the firm 
B)  firms that pursue re-engineering 
C)  industries that emerge in new domains 
D)  firms that emerge in former communist countries 
E)  firms that invent new business concepts

Question 16

Thinking in time refers to _____.

Accepted Answer

A)  recognizing that the past, present, and future are all relevant to making good strategic decisions 
B)  reacting quickly to problems that arise in a firm 
C)  reacting quickly to opportunities that arise in the firm's environment 
D)  being sure to prepare a strategic plan within the year needed 
E)  focusing on today's problems not too far in the future 
A)  recognizing that the past, present, and future are all relevant to making good strategic decisions 
B)  reacting quickly to problems that arise in a firm 
C)  reacting quickly to opportunities that arise in the firm's environment 
D)  being sure to prepare a strategic plan within the year needed 
E)  focusing on today's problems not too far in the future

Question 17

Which approach to strategic management consists of analyzing the internal and external environments of a company to arrive at organizational strengths, weaknesses, opportunities and threats?

Accepted Answer

A)  the traditional approach 
B)  the resource-based approach 
C)  the stakeholder approach 
D)  the strategic approach 
E)  the environmental determinism approach 
A)  the traditional approach 
B)  the resource-based approach 
C)  the stakeholder approach 
D)  the strategic approach 
E)  the environmental determinism approach

Question 18

One's view of how the world works is often referred to as _____.

Accepted Answer

A)  strategic intent 
B)  opportunism 
C)  a mental model 
D)  long-term orientation 
E)  strategic thinking 
A)  strategic intent 
B)  opportunism 
C)  a mental model 
D)  long-term orientation 
E)  strategic thinking

Question 19

The perspective that firms can influence their environments is called _____.

Accepted Answer

A)  environmental determinism 
B)  strategic management 
C)  situation analysis 
D)  enactment 
E)  SWOT 
A)  environmental determinism 
B)  strategic management 
C)  situation analysis 
D)  enactment 
E)  SWOT

Question 20

Strategic intent is similar to the concept of _____.

Accepted Answer

A)  strategic mission 
B)  strategic vision 
C)  strategic plan 
D)  strategic formulation 
E)  strategic thinking 
A)  strategic mission 
B)  strategic vision 
C)  strategic plan 
D)  strategic formulation 
E)  strategic thinking

Differentiate between the strategic planning process and strategic thinking.

The intuitive, creative process that synthesizes stimuli from the environment to create "an integrated perspective of the enterprise" is known as _____.

Developing the details of how resource areas should be used to implement competitive strategies and achieve competitive advantage is _____.

Strategic management is a process where organizations analyze and learn from the _____.

Groups or individuals who can significantly affect an organization's activities are called _____.

Elements of strategic thinking include all of the following except _____.

The resource-based approach to strategic management theorizes that firms can gain competitive advantage by possessing _____.

Discuss why deliberate and emergent strategies are both needed for the success of a firm.

Management theory in the United States historically has focused on _____.

The analytical process aimed at carrying out strategies that have already been identified is _____.

The travel and tourism industry is composed of _____.

Managing stakeholder relationships and organizational resources in a manner that moves business toward the successful execution of its strategies, consistent with its strategic direction is _____.

A mental model should include _____.

Compared to the strategic management process strategic thinking is _____.

Industry revolutionaries are _____.

Thinking in time refers to _____.

Which approach to strategic management consists of analyzing the internal and external environments of a company to arrive at organizational strengths, weaknesses, opportunities and threats?

One's view of how the world works is often referred to as _____.

The perspective that firms can influence their environments is called _____.

Strategic intent is similar to the concept of _____.

The Environment and External Stakeholders

Strategic Direction

Organizational Resources and Competitive Advantage

Strategy Formulation at the Business-Unit Level

Corporate-Level Strategy and Restructuring

Strategy Implementation Through Interorganizational Relationships and Management of Functional Resources

Strategy Implementation Through Organizational Design and Control

Strategies for Entrepreneurship and Innovation

Global Strategic Management and the Future

Filters

Exam 1: Strategic Management

Differentiate between the strategic planning process and strategic thinking.

The intuitive, creative process that synthesizes stimuli from the environment to create "an integrated perspective of the enterprise" is known as _____.

Developing the details of how resource areas should be used to implement competitive strategies and achieve competitive advantage is _____.

Strategic management is a process where organizations analyze and learn from the _____.

Groups or individuals who can significantly affect an organization's activities are called _____.

Elements of strategic thinking include all of the following except _____.

The resource-based approach to strategic management theorizes that firms can gain competitive advantage by possessing _____.

Discuss why deliberate and emergent strategies are both needed for the success of a firm.

Management theory in the United States historically has focused on _____.

The analytical process aimed at carrying out strategies that have already been identified is _____.

The travel and tourism industry is composed of _____.

Managing stakeholder relationships and organizational resources in a manner that moves business toward the successful execution of its strategies, consistent with its strategic direction is _____.

A mental model should include _____.

Compared to the strategic management process strategic thinking is _____.

Industry revolutionaries are _____.

Thinking in time refers to _____.

Which approach to strategic management consists of analyzing the internal and external environments of a company to arrive at organizational strengths, weaknesses, opportunities and threats?

One's view of how the world works is often referred to as _____.

The perspective that firms can influence their environments is called _____.

Strategic intent is similar to the concept of _____.

The Environment and External Stakeholders

Strategic Direction

Organizational Resources and Competitive Advantage

Strategy Formulation at the Business-Unit Level

Corporate-Level Strategy and Restructuring

Strategy Implementation Through Interorganizational Relationships and Management of Functional Resources

Strategy Implementation Through Organizational Design and Control

Strategies for Entrepreneurship and Innovation

Global Strategic Management and the Future

Filters