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business
essentials of strategic management

Questions and Answers of Essentials Of Strategic Management

1. Evaluate this mission statement in light of the material contained in this chapter. Does it clearly state what Merck’s basic strategic goal is? Do the values listed provide a good guideline for
15. The task of analyzing the organization’s external and internal environment and then selecting appropriate strategies is known as _____.a. strategy implementationb. strategy formulationc. SWOTd.
14. _____ bear responsibility for the overall performance of the company or for that of one of its major selfcontained subunits or divisions.a. Functional managersb. Business managersc. General
13. _____ is one of the techniques for enhancing the effectiveness of strategic decision making.a. Dialectic inquiryb. Sustained superior performancec. Formal strategic planningd. Commitmente. A
12. A well-known cognitive bias, _____, occurs when decision makers, having already committed significant resources to a project, commit even more resources if they receive feedback that the project
11. _____ involves formulating plans that are based upon asking “what if . . . ?”about the future.a. Scenario planningb. Cognitive biasc. Ivory tower planningd. Planning under uncertaintye.
10. According to Henry Mintzberg, emergent strategies _____.a. are less likely to be successful than the intended strategiesb. arise from autonomous action by individual managers deep within the
9. The first step of the strategic planning process is _____.a. to select the corporate mission and major corporate goalsb. to analyze the organization’s internal operating environmentc. to analyze
8. _____ refers to the fact that decision makers who have strong prior beliefs about the relationship between two variables tend to make decisions on the basis of these beliefs, even when presented
_____ 7. Scenario planning involves formulating plans that are based upon “what if” scenarios about the future. True/False
_____ 6. Emergent strategies are planned responses to unforeseen circumstances. True/False
_____ 5. A business unit is a self-contained division (with its own functions—for example, finance) that provides a product or service for a particular market. True/False
_____ 4. The chief executive officer (CEO) is the principal general manager of the organization. True/False
_____ 3. General managers are responsible for supervising a particular function—that is, a task, activity, or operation like accounting, marketing, R&D, information technology, or logistics.
_____ 2. The profitability of a company can be measured by the return that it makes on the capital invested in the enterprise. True/False
_____ 1. A strategy is a set of actions that managers take to increase their company’s performance relative to rivals. True/False
5. What must Chrysler do now if it is to regain its footing in this industry?
4. Why did Chrysler get its forecasts for product sales and earnings so badly wrong in 2006? What does this teach you about the nature of planning?
3. What opportunities and threats was Chrysler facing in 2005 and 2006? What were Chrysler’s strengths and weaknesses? Did its product strategy make sense, given these?
2. In retrospect, Daimler-Benz’s plans for Chrysler seem overly optimistic.What decision-making errors might Daimler-Benz have made in its evaluation of Chrysler? How might those errors have been
1. What was the planned strategy at Daimler-Benz for Chrysler in 1998?
4. It will drive the formulation of detailed action plans, and these plans will be subsequently linked to the company’s annual operating budget.
3. It will lead to the generation of three to five key strategies for the company.
2. It will help to build a sense of shared vision within the company about how to continue to grow rapidly.
1. It will be democratic, involving as many key employees as possible in the process.
5. Explain the nature and functions of strategic control systems
4. Discuss the importance of integration and the relationship between differentiation and integration
3. Distinguish between vertical and horizontal differentiation
2. Explain the building blocks of organization structure
5. Appreciate the special issues associated with using a joint venture to structure a strategic alliance
4. Discuss how to limit the risks associated with internal new ventures, acquisitions, and strategic alliances
2. Appreciate the need to analyze a company’s set of businesses from a portfolio of competences perspective
4. Explain the pros and cons of different modes for entering foreign markets
3. Review the different strategies that companies use to compete in the global marketplace
2. Discuss firms’ motives for expanding internationally
4. Show how trends in the macroenvironment can shape the nature of competition in an industry
3. Discuss how industries evolve over time, with reference to the industry life cycle model
2. Explore the concept of strategic groups and illustrate its implications for industry analysis
5. Explain the nature of distinctive competences
3. Discuss the concept of the value chain
5. Discuss how managers can ensure that the strategic decisions they make are consistent with good ethical principles
4. Review the causes of poor business ethics
3. Explain the role played by corporate governance mechanisms in the management of a company
2. Discuss the components of a corporate mission statement
6. Discuss the role played by strategic leaders in the strategy-making process
4. Discuss the main pitfalls of planning, and how those pitfalls can be avoided
levels in an organization 3. Identify the main steps in a strategic planning process
2. Discuss the strategic role of managers at different
=+What specifi c cultural traits would you like your company to exhibit? Explain.
=+what would you tell them about the kind of corporate culture you would like to have at your company?
=+ 4. If you were making a speech to company personnel,
=+ If the productivity gains have not translated into lower labor costs, then is it fair to say that your company’s use of incentive compensation is a failure?
=+indicating that the productivity gains have resulted in lower labor costs?
=+there any hard evidence you can cite that indicates your company’s use of incentive compensation techniques has worked? For example, have your company’s compensation incentives actually
=+ 3. Does your company have opportunities to use incentive compensation techniques? If so, explain your company’s approach to incentive compensation. Is
=+areas? If so, explain how these investments have contributed to good strategy execution and improved company performance.
=+ 2. Have you and your co-managers allocated ample resources to strategy-critical
=+more by consensus, with all co-managers having input? What do you see as the advantages and disadvantages of the decision-making approach your company is e mploying?
=+1. How would you describe the organization of your company’s top management team? Is some decision making decentralized and delegated to individual managers? If so, explain how the
=+type of work climate that management is actually trying to create? Explain your answer.
=+on this Web site appear to be just recruiting propaganda, or does it convey the
=+ 3. Go to the Jobs section at www.intel.com and see what Intel has to say about its culture under the links for Careers, Diversity, and The Workplace. Does what’s
=+identify compensation methods and work practices that are different from those cited in Concepts & Connections 10.1 .
=+and reward them for good strategic and fi nancial performance. You should
=+fortune.com to access the list) and identify at least fi ve compensation incentives and work practices that these companies use to enhance employee motivation
=+ 2. Consult t he l atest i ssue o f Fortune containing the annual “100 Best Companies to Work For” (usually a late January or early February issue, or else go to www.
=+one-page report to your instructor detailing how Six Sigma is being used in various companies and what benefi ts these companies are reaping from Six Sigma implementation.
=+1. Read some of the recent Six Sigma articles posted at isixsigma.com. Prepare a
=+ LO8. Understand what constitutes effective managerial leadership in achieving superior strategy execution.
=+the drive for profi cient strategy execution and operating excellence.
=+ LO7. Gain an understanding of how and why a company’s culture can aid
=+can be management’s single most powerful tool for promoting operating excellence.
=+ LO6. Learn how and why the use of well-designed incentives and rewards
=+company personnel to carry out their strategic roles profi ciently.
=+ LO5. Recognize the role of information and operating systems in enabling
=+performance of value chain activities help an organization achieve operating excellence.
=+ LO4. Understand why and how the tools for continuously improving the
=+ LO3. Understand why policies and procedures should be designed to facilitate good strategy execution.
=+ LO2. Learn why resource allocation should always be based on strategic priorities.
=+ What specifi c actions could your company take that would make an even greater contribution to environmental sustainability?
=+3. Is your company conducting its business in an environmentally sustainable manner?
=+indicate what additional actions you think your company ought to consider t aking
=+ Could (should) the list of things your company is doing be longer? If so,
=+2. In what ways, if any, is your company exercising social responsibility and good corporate citizenship?
=+Is there anything that your company is doing that could be considered as “shady” by your competitiors?
=+1. Is your company’s strategy ethical? Why or why not?
=+ How do these initiatives relate to the company’s principles, values, and culture and its approach to competing in the food industry?
=+How is the company addressing sustainable social development?
=+What are Nestlé’s key sustainable environmental policies?
=+3. Go to www.nestle.com and read the company’s latest sustainability report.
=+Why is this important to Microsoft s hareholders?
=+ How does Microsoft plan to improve social and economic empowerment in developing countries through its Unlimited Potential program?
=+How does the company’s commitment to global citizenship provide positive benefi ts for its stakeholders?
=+2. Review Microsoft’s statements about its corporate citizenship programs at www.microsoft.com/about/corporatecitizenship .
=+inventories of banned pajamas and fl ameproof materials to East European distributors. Would you comply if you felt that your job would be in jeopardy if you didn’t?
=+East European countries where there are no restrictions against the material’s use. Your superiors instruct you to make the necessary arrangements to sell the
=+banned from sale in the European Union and the United States, but senior executives of your company learn that the children’s pajamas in inventory and the remaining fl ameproof material can be
=+sleepwear products for children. Company personnel discover that the chemicals used to fl ameproof the company’s line of children’s pajamas might cause cancer if absorbed through the skin.
=+1. Assume that you are the sales manager at a European company that makes
=+companies balance these duties with economic responsibilities to shareholders.

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