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

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 _____.

The first component of the strategic management process is:

Explain the difference between general and functional managers. Provide an example of each from your college or university.

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

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?

Which of the following dimensions is encompassed by a company's business model?

Which of the following statements is true about strategic leadership?

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

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?

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

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: 

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

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.

Identify and discuss the criticisms of the traditional strategic planning process and why it is useful to view strategy as an emergent process.

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.

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

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

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

The mission of a company lays out some desired future state and articulates what the company would like to achieve.