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Strategic Management Chapter 1

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Questions and Answers

What is the main focus of strategic management?

Implementing short-term goals
Making minor changes to improve efficiency
Being reactive to change and making minor adjustments
Creating and sustaining competitive advantages (correct)

What is the purpose of analyzing internal and external environments in strategic management?

To develop strategies for sustainable competitive advantages (correct)
To anticipate change and make dramatic adjustments
To refine the organization's vision and mission
To make minor adjustments to operational efficiency

What is the key factor in determining how a firm will compete to obtain sustainable competitive advantages?

Creating competitive advantages in the marketplace
Analyzing strategic goals (correct)
Reacting quickly to market changes
Implementing short-term objectives

What is the primary purpose of strategic decisions in the context of strategic management?

To determine the industries the firm should compete in and how to compete in them (A) Signup and view all the answers

What is the obligation paradox mentioned in the text?

The conflict between prioritizing employees and meeting short-term shareholder or customer needs (D) Signup and view all the answers

According to Henry Mintzberg, what constitutes the intended strategy?

Strategies resulting from analysis and seldom survive in their original form (C) Signup and view all the answers

What is the concept of 'ambidexterity' as mentioned in the text?

The challenge of aligning resources to take advantage of existing product markets (D) Signup and view all the answers

What characterizes a realized strategy?

Strategies that are a combination of deliberate and emergent strategies (A) Signup and view all the answers

Why does the text mention that the business environment is far from predictable?

To explain the limitations of analysis in strategic management (D) Signup and view all the answers

What is emphasized by the statement 'It’s not enough to draw up plays for a quarterback. Can you get rid of the ball?'

The significance of strategy implementation for successful outcomes (D) Signup and view all the answers

What is the primary focus of strategic management?

Creating sustainable competitive advantages in the marketplace (C) Signup and view all the answers

What does the text suggest about operational effectiveness in creating sustainable competitive advantage?

It alone does not create sustainable competitive advantage (B) Signup and view all the answers

What can lead to destructive price competition in the marketplace?

Emulating rivals' strategies (A) Signup and view all the answers

What is the role of stakeholders in strategic decision making?

To incorporate short-term and long-term perspectives (A) Signup and view all the answers

What does strategic management recognize in terms of efficiency and effectiveness?

The need to balance short-term efficiency with long-term expansion (B) Signup and view all the answers

What is the main challenge faced by leaders in strategic management, as per the text?

Choosing between short-term gains and long-term value creation (D) Signup and view all the answers

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