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Exam 1: Strategic Management: Creating Competitive Advantages

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Question 1

True/False

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Effective mission statements incorporate the concept of stakeholder management,suggesting that organizations must respond to a single constituency.

A) True
B) False

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Question 2

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Stockholders,employees,and the community-at-large are among the stakeholders of a firm.

A) True
B) False

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Question 3

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The Sustainable Apparel Coalition accounts for more than one-third of the global

Strategy implementation involves actions that carry out the formulated strategy including proper strategic controls,organizational designs,and leadership.

For many successful firms,environmental values are not central to the company culture and management processes.

Supplier stakeholders are concerned with

International strategy involves decisions concerning appropriate entry strategy and attaining competitive advantage in international markets.

Internal networks have great positional power and formal authority.

Auditors,banks,and analysts are external control mechanisms to ensure effective corporate governance.

Visions need to be anchored in reality in order to be successful.

Executive leaders champion and guide ideas by

Entrepreneurial activity aimed at new value creation is not a major engine for economic growth.

To effect transformational change in an organization,managers must communicate extensively and provide incentives,training,and development.

Ensuring effective corporate governance requires an effective and engaged board of directors,uninvolved shareholders,and proper managerial rewards and incentives.

Two types of strategic control that firms must exercise for good strategy implementation are

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.

Transformational change involves

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.

WellPoint Health Network states: WellPoint will redefine our industry: through a new generation of consumer-friendly products that put individuals back in control of their future.This is an example of a

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.