Management

Business

Quiz 6 :
Strategic Management: How Exceptional Managers Realize a Grand Design

Quiz 6 :
Strategic Management: How Exceptional Managers Realize a Grand Design

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A 2013 survey found that the use of mission and vision statements is popular among managers.
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True False
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Answer:

True
Explanation: A 2013 survey found that the most widely used management tool in 2012 was used 12,even 14 years earlier-namely,strategic planning,thought to be effective by about 80% of the senior managers surveyed.The use of mission and vision statements also continued to be popular,also favored by about 80%.

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Developing a program focused on individual aspects of an organization for short-term success is the focus of strategic planning.
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True False
Answer:

Answer:

False
Explanation: Strategic planning is concerned with developing a comprehensive program for long-term success.

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Writer Geoffrey Colvin stated that successful managers need to be able to make large,painful decisions and radically alter their business design,such as "exiting businesses,firing people,admitting you were wrong (or at least not omniscient)."
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True False
Answer:

Answer:

True
Explanation: Because of fast-spreading world conditions,such as the threat of products becoming commodities,rapidly increasing productivity,and global overcapacity,managers must be able to make difficult decisions.The writer Geoffrey Colvin puts it as,"The future will demand ever more people with the golden trait,the fortitude to accept and even seek psychic pain."

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To provide direction and momentum,encourage new ideas,and develop a sustainable competitive advantage are reasons why an organization should adopt strategic management and strategic planning.
True False
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Sustainable competitive advantage occurs when an organization is able to get and stay ahead in being responsive to customers,in innovating,in quality,and in effectiveness.
True False
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The Strategic Management Society voted Michael Porter,a Harvard Business School professor,the most influential living economist.
True False
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According to Harvard Business School professor Michael Porter,strategic positioning "means performing different activities from rivals,or performing similar activities in different ways" to achieve sustainable competitive advantage.
True False
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Donna's Restaurant is a popular café that specializes in home-cooked meals,friendly service,and a menu that contains vegan and vegetarian dishes,something no other restaurant in the area does.Donna's is engaging in strategic positioning by offering the unique menu items of vegan and vegetarian dishes.
True False
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Jiffy Lube provides only lubricants,but it provides them to all kinds of people with all kinds of motor vehicles.This is an example of how a strategic position can result from serving the few needs of many customers.
True False
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ABC Bowling Centers has a policy of opening locations only in small cities,where there are broad needs and many customers.This is one source of strategic positioning.
True False
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Most strategies are compatible.Therefore,organizations need only to choose what strategies to follow.
True False
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An analysis of several studies found that strategic planning was appropriate only for large firms and companies with more than 500 employees,where the improvement in financial performance was also quite large.
True False
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A and B Supply,a small family-owned company,sells high-priced pens,some as expensive as $2,500,to executives in its area.Very few companies have chosen to market this product,and A and B has enjoyed record profits over the last 25 years.A and B Office Supply is an example of a company that would typically not choose not to utilize strategic planning.
True False
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Research has shown that companies seldom start utilizing strategic management after a crisis,but rather when profits are high and their industries become less competitive.
True False
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Lily,the CEO of Beautiful Flowers,is interested in using strategic management in her florist shops nationwide.When she attended the workshop on strategic management,the speaker suggested to first establish the mission and the vision,second to assess the current reality,and third to formulate the grand strategy as the first three steps in the strategic-management process.
True False
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The five steps of (1)establishing the mission and the vision, (2)assessing the current reality, (3)formulating the grand strategy, (4)implementing the strategy,and (5)maintaining strategic control and the feedback loop make up the organizational-management process.
True False
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Frank is interested in rewriting the vision for his antique shops,and he wants his employees and his business to grow.So the vision for Frank's stores should be positive and inspiring,and it should stretch the company and his employees to achieve objectives that they believe are not possible.
True False
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When Pablo and his partner wrote the mission for their fitness center,like any good mission statement it did not include descriptions of their customers or the products and services they offer.
True False
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According to Burt Nanus,"powerful mission and vision statements challenge and inspire people in the organization and help to align their energies in multiple directions."
True False
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The vision is an organization's purpose or reason for being,and a company's mission statement is its long-term goal of what it wants to become.
True False
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