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Staking out a desired leadership position that far exceeds a company's current resources and capabilities is called what?


A) Strategic planning
B) Strategic management
C) Strategic intent
D) Strategic process

E) A) and B)
F) A) and C)

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Intended strategy is the combination of emergent and realized strategies.

A) True
B) False

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Explain the three different approaches that managers rely on when it comes to strategizing for competitive advantage.

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(1)Strategic (or long-range)planning: Th...

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Nucor Corporation is the largest steel company in the U.S.,has been profitable for decades,and has never laid off an employee.Yet,Nucor has no written strategic plan,no written mission statement and no written objectives.What does this tell us?


A) Nucor should have had written these down but they were fortunate because they had first-mover advantages.
B) Nucor is a monopoly and therefore it is not important to have written plans, mission statements, or objectives.
C) Not having a written strategic plan does not indicate a lack of strategy; it is the pattern of actions across the organization that is important.
D) Not having a written strategic plan could make Nucor vulnerable in the future because it does not have a strong organizational culture.

E) B) and C)
F) A) and D)

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Some firms have customer-oriented missions,while others have product-oriented missions.What is the difference between the two and which one is most often preferred?

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(1)Customer-oriented.Company's make this...

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Understanding the Resource Allocation Process (RAP) will have large effects on shaping a firm's realized strategy.Which of the following is an example of such an allocation of resources?


A) Starbucks' launch of iced drinks
B) Teach For America's mission statement
C) Shell's prediction about future energy sources
D) Intel's rule to "maximize margin-per-wafer-start"

E) C) and D)
F) A) and C)

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When it comes to a firm's vision,mission,and values,it can be said that:


A) Once instituted in the organization, the vision, mission, and values of a firm should be left alone, regardless of whether the company is successful or not.
B) New firms have to create these by using a driving vision to shape their mission and values, and existing firms should fine-tune their mission and values and reaffirm their values periodically.
C) New firms should modify their vision, mission, or values as they grow, but established firms should stick to what has worked in the past.
D) Existing firms should regularly discard their vision and mission in a renewal process.

E) B) and C)
F) A) and C)

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As noted in Strategy Highlight 2.1,the small Japanese company with the electric rice cooker became the highly successful firm Sony.However,more recently Sony has not performed very well.To what can this be attributed?


A) Large competitive pressures in their strategic group has cost Sony much market share and thus revenue opportunity.
B) A failure to set new stretch goals after accomplishing many of their older ones.
C) The strategic planning process was highly flawed.
D) The recent economic downturn was too much for the firm to adjust to.

E) A) and B)
F) A) and C)

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Visionary companies differ from their competition in that:


A) Employees in visionary organizations find meaning in their work and are motivated.
B) A visionary company focuses on scenario planning and future competitive threats.
C) In a visionary company it is the CEO's managerial style that gives the company its emergent strategy.
D) Visionary companies typically emphasize measuring financial performance.

E) B) and C)
F) B) and D)

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A mission describes what an organization actually does,what its business is,and why it does it.

A) True
B) False

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Explain why some firms may use strategic intent.

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Strategic intent is (1)staking out a des...

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The strategic management process describes the method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage.

A) True
B) False

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How does a mission statement differ from a firm's values?

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A mission statement describes what an or...

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A business statement defined in terms of a good or service provided is called a _______________.


A) customized mission
B) service-centered mission
C) product-oriented mission
D) customer-centered mission

E) All of the above
F) A) and B)

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Disney's mission is to make people happy.Better World Books' mission is to collect and sell books online to fund literacy initiatives worldwide.How have these mission statements impacted firm performance? Do mission statements affect competitive advantage?

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The research is mixed when it comes to t...

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Better World Books (BWB) wanted to fight illiteracy by donating 50 percent of its revenues,as stated in its mission.The fact that it had to later reduce the donation amount to between 7-10 percent is a reflection of the fact that:


A) The declared mission of an organization can sometimes negatively impact its financial performance.
B) The declared mission of an organization is often too complicated to execute.
C) The declared mission of an organization needs to be product-oriented.
D) The declared mission of an organization should not include financial measurements.

E) None of the above
F) All of the above

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Firms that are willing to pursue exploring and developing new products and processes,and thus new markets or new ventures,by definition use a(n) _________________.


A) emergent strategy
B) developing strategy
C) dominant strategic plan
D) strategic initiative

E) A) and C)
F) B) and C)

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Real options is a business decision and is seen as _______________.


A) a right and an obligation
B) a right and not an obligation
C) risky and mandatory
D) a requirement for doing business

E) C) and D)
F) A) and C)

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Johnson Homes was a real estate development firm with $25 million in available capital.The owner's mission was to "develop the highest-quality housing communities that deliver the ultimate lifestyle." His goal was to build high-end homes on a lake and develop biking trails and other recreational offerings.In order to accomplish this,he needed to pay 15 million dollars for a 10-year project to put in new water facilities,pave new entry and exit roads,and hire consultants to help him navigate state,city,and county regulations.Four years into the project,the owner did not hire the consultants and had only invested 25 percent of the required capital to build the water facility.In addition,he began to travel frequently and did not listen to his employees' complaints.Not surprisingly,the company went bankrupt.Which of these statements is most likely to be true?


A) The company failed because it did not have sufficient financial resources.
B) The company failed because it was too diversified.
C) The company failed because it was not backed up with strategic commitment.
D) The company failed because it was not a visionary company.

E) All of the above
F) A) and D)

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Strategic intent is considered to be forward-looking and future-oriented.It is most useful in situations where _______________.


A) large firms are close competitors with others
B) all the firms competing in a market are very similar
C) small firms are wanting to compete against bigger, more established firms
D) the dominant plan from a scenario planning process is identified

E) A) and B)
F) None of the above

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