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| According to Henry Mintzberg, the realized strategies of a firm |
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| are a combination of deliberate and emergent strategies. |
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| In large organizations, conflicts can arise between functional areas. In order to resolve these conflicts, strategic objectives |
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| help resolve conflicts through their common purpose |
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| Leadership is a necessary (but not sufficient) condition for organizational success. Leaders should emerge at which level(s) of an organization? |
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| throughout the organization |
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| __________ may be considered the "advance work" that must be done in order to effectively formulate and implement strategies |
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| Peter Senge, of M.I.T., recognized three types of leaders. __________ are individuals that, although having little positional power and formal authority, generate their power through the conviction and clarity of their ideas |
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| individuals, groups, and organizations who have a stake in the success of the organization. |
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| The four key attributes of strategic management include the idea that |
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| strategy must be directed toward overall organizational goals and objectives. |
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| The text argues that a strategic perspective in an organization should be emphasized |
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| throughout the organization. |
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| There are several perspectives of competition. One perspective is zero-sum thinking. Zero-sum thinking means that |
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| one can only gain at the expense of someone else. |
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| Wellpoint Health Networks 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 |
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| A mission statement encompasses both the purpose of the company as well as the basis of competition and competitive advantage. |
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| According to the text, a mission statement is an overarching statement that is massively inspiring, long-term, and only discusses the purpose of the company |
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| According to the text, formulating strategy includes taking into consideration strategy at the business, international, and corporate levels. In addition managers must formulate effective entrepreneurial initiatives. |
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| Although vision statements vary from organization to organization, vision statements are intended to motivate and inspire employees to work toward a general goal. |
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| Business-level strategy focuses on two issues, (1) what businesses to compete in, and (2) how businesses can be managed to achieve synergy. |
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| Corporate-level strategy addresses how firms compete and outperform their rivals as well as achieve and sustain competitive advantages. |
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| Strategic management includes strategy analysis, strategy formulation, and strategy implementation. |
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| Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. |
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| Strategic management should only include short-term objectives. Long-term objectives are covered in the organization's vision statement |
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| The three primary participants in corporate governance are: (1) the shareholders; (2) management (led by the chief executive officer); and, (3) employees. |
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