Strategy Formulation And Execution

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The World of Innovative Management
The Evolution of Management Thinking
The Environment and Corporate Culture
Managing in a Global Environment
Managing Ethics and Social Responsibility
Managing Start-Ups and New Ventures
Planning and Global Setting
Strategy Formulation and Execution
Managerial Decision Making
Designing Organization Structure
Managing Change and Innovation
Managing Human Resources
Managing Diversity
Understanding Invidividual Behavior
Leadership
Motivating Employees
Managing Communication
Leading Teams
Managing Quality and Performance

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Question 1

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Research has shown that strategic thinking and planning positively affect a firm's performance and financial success.

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Question 2

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Strategic thinking is more important in for-profit businesses than for nonprofit organizations.

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Question 3

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The essence of formulating strategy is choosing how the organization will be different.

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Question 4

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In for-profit firms, strategic planning pertains to events in the external environment.

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Question 5

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Competitive advantage refers to the set of decisions and actions used to formulate and execute strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals.

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Question 6

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The interaction of the Production and Sales departments working together to produce profit greater than the total of both working separately is an example of synergy.

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Question 7

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Core competence is the plan of action that describes resource allocation and activities for dealing with the environment, achieving a competitive advantage, and attaining the organization's goals.

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Question 8

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The combination of benefits received and costs paid by the customer refers to value.

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Question 9

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Corporate-level strategy pertains to the organization as a whole and the combination of business units and product lines that makes up the corporate entity.

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Question 10

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"How do we compete?" is a question asked when managers are considering functional-level strategy.

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Question 11

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The three levels of strategy are business, corporate, and global.

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Question 12

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One key to effective strategy execution is entrenchment, which means there is a deep understanding and acceptance of organizational direction and purpose throughout the organization.

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Question 13

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The biggest factor that contributes to failed strategy execution is an inadequate budget or resources.

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Question 14

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Strategy implementation includes the planning and decision making that lead to the establishment of the firm's goals.

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Question 15

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Factors that alter a company's ability to achieve its goals are called strategic issues.

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Question 16

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The administration and implementation of the strategic plan is strategy execution.

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Question 17

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The strategic management process begins when executives scan the organization's internal and external environments and identify strategic issues that might require change.

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Question 18

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Executives acquire information about external opportunities and strengths from a variety of reports, including budgets, financial ratios, profit and loss statements, and surveys of employee attitudes and satisfaction.

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Question 19

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For the social networking site Facebook, technological know-how and an aggressive and innovative culture are significant strengths to include in its SWOT analysis.

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Question 20

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Threats are characteristics of the internal environment that may prevent the organization from achieving its strategic goals.

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