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Which of the following statements accurately describe the process of executing a business strategy? - โ โ 1. executing a business strategy is an action-driven activity
- Executing a business strategy requires managers who work effectively with colleagues
What three key actions are required to build an organization capable of good strategy execution? - โ โ 1. developing strong management and finding the right employees for the organization
- implementing sound structure within the organization
- finding and growing the needed resources and skills necessary for strong strategy execution
True or false: when implementing a new strategic initiative, business managers rarely encounter resistance to change. - โ โ false
The process fo executing strategy ______ - โ โ usually involves all value chain activities
True or false: when executing strategy, managers make use of a basic action agenda that serves as a recipe for successful strategy execution. - โ โ false
Which of the following statements best describes the process of crafting a business strategy? - โ โ crafting a business strategy is based on the analysis of market conditions and the company's resources
Which of the following are basic managerial tasks associated with executing business strategy? - โ โ
- linking incentives to achieving the financial goals of the strategy
- creating a culture within the organization that promotes effective strategy execution
- installing systems that allow personnel to carry out their roles in the strategy execution process
Staffing the organization of a company involves - โ โ assembling a management team and hiring employees
When implementing a business strategy, a manager needs the skill to ___ - โ โ 1. build a consensus and keep projects moving
- integrate the work of different groups into a cohesive whole
Which of the following groups are involved in executing a new business strategy? - โ โ 1. mid-level managers
- senior managers
When devising an action agenda, each manager within an organization needs to determine ____. - โ โ 1. how to accomplish the various things that must get done in order to execute the strategy
- what needs to be accomplished in his or her area of responsibility in order to carry out the strategy
Which of the following statements regarding the execution of a strategy are true? - โ โ 1. many of the policies and procedures in a business strategy need to be customized to fit the particulars of a company's situation
- some managers have more success than other managers with certain approaches to implementing strategy
Which of the following statements about executing business strategy is the most accurate? - โ โ certain managerial tasks must always be carried out in order to execute strategy effectively.
In small organizations, top managers are typically required to ______. - โ โ establish action steps and interact directly with frontline managers and employees.
Which of the following is an action that is likely to be taken by a strong manager? - โ โ scheduling a weekly meeting with mid-level managers to check on the progress of frontline employees
What is a company's best source of creative ideas for ground-level improvements that lead to operating excellence? - โ โ knowledgeable and engages employees
Many high tech companies are seeking employees who ______. - โ โ are imaginative and bring positive energy to the work environment
Which of the following statements about the benefits of assembling a highly capable management team is correct? - โ โ managers who work well together can produce better results than one or two managers working on their own
True or false: many progressive companies looking to find talented and energetic employees discourage new hires from challenging existing ways of thinking. - โ โ false
Deloitte has been recognized on lists of the best companies to work for due to its ______. - โ โ close attention to finding, keeping, and developing skilled employees.
Which of the following statements about developing resources and capabilities is true? - โ โ If a company is relying on a strategy that has succeeded in the past, managers may still need to refresh the company's resources and capabilities.
Which of the following are some regularly used methods of capability building? - โ โ 1. developing capabilities within a company
- merging with other companies
- establishing partnerships with other companies
What strategies do leading companies use to attempt to staff their companies with the right kinds of personnel? - โ โ 1. recruit the most qualified people
- offer competitive compensation packages
Which of the following statements about the process of developing capabilities internally is correct? - โ โ developing capabilities internally is a collaborative process that often happens though the combined efforts of different departments
In order to get the mix of characteristics that suit their business strategy and work environment, many of the industry-leading tech firms focus on hiring _________. - โ โ people in their 20s and 30s
In order to maintain a talented and energetic workforce, many companies _______. - โ โ 1. offer opportunities for employees to work internationally
- provide training opportunities for employees throughout their careers.
During the early period of capability building, progress is often _____. - โ โ fitful and delayed by mistakes
When crafting and executing strategy, good managers need to ____. - โ โ 1. upgrade resources and capabilities are necessary
- put the resources and capabilities in place that will enable the strategy to succeed
Developing an organizational capability into a tried and true competence requires _____. - โ โ 1. mastering the ability through repetition and sustained time on task
- maintaining appropriate levels of resource investment
Firms can become proficient at developing capabilities through _____. - โ โ regular practice
Which of the following are risks for a company that transfers capabilities through mergers to acquisitions? - โ โ 1. incompatibilities between the two formerly separate companies may disrupt the transfer process
- the new company may experience a prolonged slump in stock price if the transfer process does not go smoothly
During the early period of capability building, progress is often ____. - โ โ fitful and delayed by mistakes
When attempting to collaborate through a joint venture or strategic alliance, a company should ____. - โ โ select a partner based on the degree of compatibility between the two companies
Acquiring capabilities through a merger or an acquisition _____. - โ โ often allows a company to add capabilities more quickly than developing new capabilities internally
Which of the following are common measures that companies have taken to demonstrate their commitment to ongoing training? - โ โ 1. establishing internal universities
- reimbursing employees for tuition payments for additional college training in their field
In general, companies seeking to update and remodel existing capabilities find it less time-consuming to begin the process by doing which of the following? - โ โ 1. working from an established template
- recombining proven company capabilities
Capability transfer through a merger or an acquisition can be challenging because _____. - โ โ capabilities are developed and sustained through routines that often cannot be transferred readily from one company to another
Effective strategy execution can _____. - โ โ allow a company to control a new market for a period of time
Which of the following are ways that a company can access a capability through a collaborative partnership? - โ โ 1. by collaborating with a company, internalizing its methods, and acquiring its capabilities
- by engaging in a joint venture with another firm that has a complementary set of capabilities
- by outsourcing the value chain activity in which the company's capabilities are substandard
Which of the following are ensured by a skilled manager regarding training? - โ โ 1. training involves employees at all levels
- training is effective and adequately funded
Which of the following statements about the organization structure of a business is true? - โ โ it is a hard and fast rule that a firm's organizational structure should be matched to the particular requirements of its strategy implementation
Which of the following is an example of outsourcing a value chain activity? - โ โ a winery contracts farmers to produce grapes
Excellence in strategy execution can provide competitive advantage by _____. - โ โ allowing a firm to get products to market faster than competitors
The structural organization of a firm ____ - โ โ 1. reflects prior organizational patterns and internal circumstances
- is, in part, a product of executive judgements
A company may choose to outsource certain value chain activities because ____ - โ โ 1. another company may have the capability to perform those activities more efficiently
- outsourcing an activity may allow a company to concentrate its efforts on activities that are at the core of its strategy
A company's organizational structure has ____ - โ โ significant impact on management's capacity to coordinate activities
The type of organizational structure that best suits a firm depends on which of the following? - โ โ the firm's size and complexity
Characteristics of the simple structure include ____ - โ โ 1. minimal use of training
- few rules
Which of the following statements about a functional organizational structure are true? - โ โ 1. the main advantage of functional structure over simple structure is greater task specialization
- functional structures are known as departmental structures
Which of the following statements about the relationship between value chain activities are true? - โ โ 1. companies should make critical value chain activities the centerpieces of their organizational structure
- some value chain activities are more critical than others for effective strategy execution
What are the four basic types of organizational structure? - โ โ 1. functional
- multidivisional
- matrix
- simple
A simple organizational structure is ____ - โ โ a structure in which a central executive handles all major decisions and oversees organizational operations
A functional organizational structure is ____. - โ โ a structure that is organized along functional lines, where a function represents a major component of the firm's value chain
Which of the following statements about multidivisional organizational structures are true? - โ โ 1. each division within a multidivisional structure is essentially a business
- the individual divisions within a multidivisional organization often operate as independent profit centers
If strategy critical activities are the centerpiece of a company's organizational structure, it is likely that ____ - โ โ the company will dedicate the necessary resources to those activities
The main disadvantage of a multidivisional business structure is that it can ____. - โ โ inhibit cross- business collaboration
A multidivisional organizational structure is ____ - โ โ a decentralized structure consisting of a set of operating divisions with a central headquarters that monitors divisional activities
Which of the following statements regarding the matrix organizational structure is true? - โ โ an employee in a matrix structure may be required to report to several different managers
Which of the following are advantages of a multidivisional organizational structure? - โ โ 1. a hierarchical structure that allows executives to oversee a diverse set of operations
- improved decision making within each division
Which of the following are advantages of the matrix organizational structure? - โ โ 1. matrix structures can help companies realize economies of scope
- matrix structures facilitate collaboration and allow for sharing key resources.
Which of the following correctly describe the two extremes of organizational decision-making latitude? - โ โ 1. to centralize decision making, which gives top executives considerable control over daily operations
- centralized decision making can give top leaders the power to act effectively in a crisis
Which of the following statements concerning the disadvantages of a decentralized system are true? - โ โ 1. top level executives may experience difficulty monitoring the actions of personnel under their supervision
- managers and employees can more readily make decisions that undermine the interests of other areas of the company
Which of the following statements are true concerning a centralized organizational system? - โ โ 1. top level managers may have difficulty interpreting technical information that is key to operations in lower levels of the company
- top level managers have difficulty in obtaining all the information they need in an efficient manner
Which of the following scenarios best corresponds to characteristics of decentralized organizational system? - โ โ 1. a company experiences a sustained period of high morale because people feel empowered to direct their own work
- quarterly profits fall because of minimal collaboration among different units in the company
cross business strategic fit can be defined as ____ - โ โ the efficient coordination of individual business units in a corporation
The many roles of a relationship manager include which of the following? - โ โ 1. facilitating communication and cooperation
- getting the right poeple together for an initiative
A business network structure is ____ - โ โ the relationship between several independent organizations involves in a shared objective
In a diversified company, the corporate parent ____ - โ โ may need to centralize certain operations to achieve a cross-business strategic fit among its separate businesses
The main task of a relationship manager is to ____ - โ โ build bridges with external partners so that business ventures achieve their goals
To match structure to strategy effectively, a strategy implementer does which of the following? - โ โ
- sets up the communication and reporting mechanisms that will best help the company execute its strategy
- supplements the organizational designs with task forces and teams to facilitate coordination
- picks an organizational design and alters the design appropriately to meet the company's needs
Which of the following are characteristic of a well managed business network structure? - โ โ 1. it encourages cooperation and collaboration among partners
- it often has one firm playing the central role of coordinating activity among partners
Some companies avoid establishing ideal organizational relationships in order to ____. - โ โ keep existing reporting relationships intact
