COB 487 Exam 1 (with Complete Answers)

In large organizations, conflicts can arise between functional areas. In order to resolve these conflicts, strategic objectives correct answers help resolve conflicts through their common purpose Strategy formulation at the business level addresses best how to compete in a given business correct answers to attain competitive advantage The final realized strategy of a firm is a combination of deliberate and time-tested strategies only. correct answers False The text addresses two perspectives of leadership as well as their implications. These two perspectives are correct answers romantic and external control There are several perspectives of competition. One perspective is zero-sum thinking. Zero-sum thinking means that correct answers one can only gain at the expense of something else 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. correct answers True Vision statements are used to create a better understanding of the overall purpose and direction of the organization. Vision statements correct answers are massively inspiring The vision and mission statements of a company set the overall direction of the organization. Strategic objectives serve what role? correct answers operationalize the mission statement A CEO made a lot of mistakes in assessing the market and the competitive conditions and improperly redesigning the organization into numerous business units. Such errors led to significant performance declines. According to the text, this example illustrates the ________ perspective of leadership correct answers romantic Social responsibility is the idea that organizations are only accountable to stockholders. correct answers False Stockholders are correct answers individuals, groups, and organizations who have a stake in the success of the organization. According to Henry Mintzberg, a management scholar, most firms do not realize their original intended strategy. correct answers True What is the most important success factor for a firm? correct answers Growth What is the normative argument about? correct answers Saying that it is the right thing to do.