Question 1

The _____ includes a clear purpose and states why the organization is in existence.

Accepted Answer

A)  Mission 
B)  Vision 
C)  Goals 
D)  Objectives

Question 2

Power and politics drive which school of thought?

Accepted Answer

A)  Cognitive school 
B)  Configuration school 
C)  Power school 
D)  Learning school

Question 3

Mission statement is where the company wants to go.

Accepted Answer

A) True 
 B)False

Question 4

Which school of thought do you most align with? Why?

Accepted Answer

The answer of Which school of thought do you most...

Question 5

Which school of thought on strategy focuses on resources and capabilities as the sources of competitive advantage?

Accepted Answer

A)  Planning school 
B)  Entrepreneurial school 
C)  Power school 
D)  Cultural school

Question 6

The overall objective of the business is to create value for its stakeholders.

Accepted Answer

A) True 
 B)False

Question 7

Which phase of strategic management includes the assessment of how far the organization has achieved their goals?

Accepted Answer

A)  Strategic analysis 
B)  Strategy formulation 
C)  Strategy implementation 
D)  Strategic control/evaluation

Question 8

Strategy formation is deliberate and definitive is the approach of which school of strategy?

Accepted Answer

A)  Environment school 
B)  Configuration school 
C)  Positioning school 
D)  Cognitive school

Question 9

Objectives must be definite and linked to ______

Accepted Answer

A)  Mission 
B)  Vision 
C)  Goals 
D)  Value

Question 10

Goals and objectives must be linked to each other.

Accepted Answer

A) True 
 B)False

Question 11

_____ are planned over the short and long terms.

Accepted Answer

A)  Mission 
B)  Vision 
C)  Goals 
D)  Objectives

Question 12

What is the difference between goals and objectives? Explain by providing specific examples of goals and objectives.

Accepted Answer

The answer of What is the difference between goals and...

Question 13

Define strategic management in your own words.

Accepted Answer

The answer of Define strategic management in your own words....

Question 14

What are the four main phases of strategic management?

Accepted Answer

The answer of What are the four main phases of...

Question 15

List the main schools of thought, and explain their premises on strategic management.

Accepted Answer

The answer of List the main schools of thought, and...

Question 16

The planning school of strategic management focuses on a structured and step by step approach.

Accepted Answer

A) True 
 B)False

Question 17

At which level is the firm's objective to sustain its advantage by focusing on efficiencies related to production, operations, administration, marketing, human resources, and other support functions?

Accepted Answer

A)  Corporate level 
B)  Business level 
C)  Functional level 
D)  Organizational level

Question 18

Different phases of strategic management overlap and go hand in hand.

Accepted Answer

A) True 
 B)False

Question 19

Value is created for the firms:

Accepted Answer

A)  Immediate or primary stakeholders and for its secondary stakeholders 
B)  Only for immediate or primary stakeholders 
C)  Only for secondary stakeholders 
D)  Value is not considered among either immediate, primary or secondary stakeholders

Question 20

Which school of thought on strategy focuses on organizational capabilities at the core of competitive advantage?

Accepted Answer

A)  Design school 
B)  Positioning school 
C)  Learning school 
D)  Cultural school

Exam 1: Introduction to Strategic Management

The _____ includes a clear purpose and states why the organization is in existence.

Power and politics drive which school of thought?

Mission statement is where the company wants to go.

Which school of thought do you most align with? Why?

Which school of thought on strategy focuses on resources and capabilities as the sources of competitive advantage?

The overall objective of the business is to create value for its stakeholders.

Which phase of strategic management includes the assessment of how far the organization has achieved their goals?

Strategy formation is deliberate and definitive is the approach of which school of strategy?

Objectives must be definite and linked to ______

Goals and objectives must be linked to each other.

_____ are planned over the short and long terms.

What is the difference between goals and objectives? Explain by providing specific examples of goals and objectives.

Define strategic management in your own words.

What are the four main phases of strategic management?

List the main schools of thought, and explain their premises on strategic management.

The planning school of strategic management focuses on a structured and step by step approach.

At which level is the firm's objective to sustain its advantage by focusing on efficiencies related to production, operations, administration, marketing, human resources, and other support functions?

Different phases of strategic management overlap and go hand in hand.

Value is created for the firms:

Which school of thought on strategy focuses on organizational capabilities at the core of competitive advantage?