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Topic: Strategic Management
80.
Management is obligated to monitor new external developments, evaluate the company's progress, and
make corrective adjustments in order to
81.
The leadership challenges that top executives face in making corrective adjustments when things are not
going well include
82.
The task of top executives when the company faces disruptive changes in its environment is to not only
raise questions about the appropriateness of its direction and strategy, but also to
83.
In the strategy-making, strategy-executing process, effective corporate governance requires a company's
board of directors to
84.
The key duties of a company's board of directors in the strategy-making, strategy-executing process
include
85.
Which one of the following is NOT among the chief duties/responsibilities of a company's board of
directors insofar as the strategy-making, strategy-executing process is concerned?
86.
Every corporation should have a strong independent board of directors that does all of the following
EXCEPT
87.
Corporate governance failures at Fannie Mae and Freddy Mac included all of the following EXCEPT
88.
Proficient strategy execution does NOT include
Essay Questions
89.
What are the five integrated stages of the strategy-making, strategy-executing process, and which tasks
does each stage entail?
90.
Define and briefly explain what is meant by each of the following terms.
a) strategic vision
b) stretch objectives
c) strategic objective
d) balanced scorecard
e) strategic intent
91.
A well-conceived strategic vision helps prepare a company for the future. True or false? Explain and
justify your answer.
92.
Explain why an organization needs a strategic vision. What purpose does a strategic vision serve?
93.
What is the managerial value of a good strategic vision?
94.
Is there a difference between a strategic vision and a mission statement? Please explain.
95.
Sheryl, the CEO of REBBL, manufacturer and marketer of herbal elixirs and tonics, decides to express
the essence of her organization's vision with the help of a slogan. How does this help her and her
organization?
96.
Identify the key characteristics of a well-stated organizational objective.
97.
What is meant by the term "stretch objectives"? Is it important that companies establish stretch
objectives? Why or why not?
98.
Why does an organization need both financial and strategic objectives?
99.
Explain the difference between financial objectives and strategic objectives. Give examples of each.
100.
Margot is in the process of developing financial and strategic objectives for her luxury jewelry and
accessories company. She realizes she needs to add short-term and longer-term performance targets. Is
it important for her to spell out both short-term and long-term performance targets? Which time frame is
more important? Are there tradeoffs involved? Explain.
101.
The achievement of financial objectives tends to be a leading indicator of a company's performance,
while the achievement of strategic objectives tends to be a lagging indicator of a company's future
financial performance. True or false? Support and explain your answer.
102.
What is the meaning of the term "balanced scorecard"? What are the merits of using a balanced
scorecard in judging a company's performance?
103.
Which is more important to a company's future financial performance—the achievement of strategic
objectives or the achievement of financial objectives? Why?
104.
What is the role and responsibility of a company's CEO in the strategy-making, strategy-executing
process?
105.
Briefly compare and contrast the role and responsibility of a company's CEO and the board of directors
in the strategy-making, strategy-executing process.
106.
The task of crafting a company's strategy is typically a job for the company's whole management team,
not just a small group of senior executives. True or false? Explain and support your answer.
107.
Explain why a company's strategy is really a collection of strategies.
108.
What is the strategy-making hierarchy for a diversified company? How does it differ from the strategy-
making hierarchy for a single business company?
109.
Discuss the meaning of each of the following levels of strategy and indicate what level of management
tends to take the lead responsibility for crafting the strategy at each of the four levels.
a. corporate strategy
b. business strategy
c. functional-area strategy
d. operating strategy
110.
An organization's strategic plan consists of the actions which management plans to take in the near
future. True or false? Explain and justify your answer.
111.
Identify and explain three actions that top executives can take to help instill a spirit of high achievement
into the corporate culture and mobilize organizational energy behind the drive for good strategy
execution and operating excellence.
112.
Identify and explain four actions that top executives can take that are key elements in directing
organizational action and building capabilities behind the drive for good strategy execution to meet or
beat performance targets.
113.
What are the duties of a company's board of directors in the strategy-making, strategy-executing
process?
114.
List and briefly discuss at least three obligations of a company's board of directors in corporate
governance and the strategy-making, strategy-executing process.
115.
Ali is a business unit head of a soap manufacturing company. Explain the strategy he could use to
strengthen his market position and build a competitive advantage over his rivals. Differentiate between
his strategy and a corporate strategy.
116.
Identify and briefly discuss at least two examples of faulty oversight by a company's board of directors
in corporate governance and/or the strategy-making, strategy-executing process.
