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Defining Strategic Management

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Questions and Answers

What does social responsibility expect of businesses or individuals?

To ignore stakeholders

To avoid measuring performance

To focus solely on financial results

To improve the overall welfare of society (correct)

What does a triple bottom line assessment measure?

Social performance only

Financial performance only

Financial, social, and environmental performance (correct)

Environmental performance only

According to Coherence in Strategic Direction, what do strategic objectives do?

Form a hierarchy of goals

Operationalize the mission statement with specific yardsticks (correct)

Guide ideas

Operationalize the vision

What is required for strategic management according to Empowered Strategic Management?

An integrative view of the organization Signup and view all the answers

Who are the local line leaders according to Empowered Strategic Management?

Leaders with profit & loss responsibility Signup and view all the answers

'Vision' in the context of Coherence in Strategic Direction does what?

Evokes compelling mental images of a shared future Signup and view all the answers

'Mission' in Coherence in Strategic Direction encompasses what?

Current purpose, basis of competition, & competitive advantage Signup and view all the answers

'Internal networkers' in Empowered Strategic Management are characterized by what?

'Little positional power, but have conviction & clarity of ideas' Signup and view all the answers

'Coherence in Strategic Direction' suggests that organizations express priorities best through what?

'Stated goals & objectives that form a hierarchy of goals' Signup and view all the answers

'Jump to Appendix 3' in the text most likely contains what type of information?

'Long description related to strategic management' Signup and view all the answers