1. The success Apple, Inc. achieved over the past decade was a direct result of the
creative and forceful leadership of its late CEO, Steve Jobs. According to the text, this
would be an example of the "romantic" perspective of leadership.
True False
2. Strategic management consists of the analyses, decisions, and actions an
organization undertakes in order to create and sustain competitive advantages.
True False
3. The three interrelated and principal activities of strategic management are: strategy
analysis, strategy formulation, and strategy implementation.
True False
4. According to the textbook, strategic management does not consist of the analyses
that an organization undertakes in order to create and sustain competitive
advantages.
True False
5. Management innovations such as total quality, just-in-time, benchmarking, business
process reengineering, and outsourcing are important, but not enough for building
sustainable competitive advantage.
True False
6. Strategic management recognizes the trade-offs between effectiveness and
efficiency.
,7. According to Henry Mintzberg, a management scholar, most firms realize their original
intended strategy.
True False
8. According to the text, formulating strategy includes taking into consideration strategy
at the business, corporate, and international levels.
True False
9. Business-level strategy focuses on (1) what businesses to compete in, and (2) the
management of the business portfolio to create synergy among its businesses.
True False
10. Corporate-level strategy addresses how firms compete and outperform their rivals as
well as achieve and sustain competitive advantages.
True False
11. Effective leadership can play a large role in fostering corporate entrepreneurship.
Corporate entrepreneurship can have a very positive impact on the bottom line of a
firm.
True False
12. The three primary participants in corporate governance are: (1) the shareholders, (2)
the management (led by the chief executive officer), and (3) the employees.
True False
13. Decisions by boards of directors are always consistent with shareholder interests.
True False
14. Former Chrysler vice chairman Robert Lutz observed that companies exist to serve
the shareholder and create shareholder value. He insisted that the only person who
owns the company is the person who paid good money for it. This is an example of a
symbiotic approach to stakeholder management.
True False
15. Stockholders in a company are the only individuals with an interest in the financial
performance of the company.
, 16. Stockholders, employees, and the community-at-large are among the stakeholders of
a firm.
True False
17. Symbiosis is the ability to recognize interdependencies among the interests of
multiple stakeholders within and outside an organization.
True False
18. Procter and Gamble developed a laundry detergent compaction technique that
appeals to consumers, retailers, shipping and wholesalers, and environmentalists.
This is an example of stakeholder symbiosis.
True False
19. Social responsibility is the idea that organizations are not only accountable to
stockholders but also to the community-at-large.
True False
20. The concept of shared value redefines the purpose of the corporation as creating
shared value in order to create a more even distribution of the profits to all
employees, not just top level executives.
True False
21. Shell, NEC, and Procter and Gamble have been measuring their performance
according to what has been called a triple bottom line. This technique involves an
assessment of financial, social, and environmental performance.
True False
22. The strategic management process should be addressed only by top-level executives.
Mid-level and low-level employees are best equipped to implement the strategies of
the organization.
True False
23. The vision of an organization is the top level of its hierarchy of organizational goals.
The vision statement should be massively inspiring, overarching, and long term.
True False
24. Strategic objectives are more specific than vision statements.
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