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Question
Outsourcing in noncore functions of modular companies offers the advantage of decreased overall costs, but the company will be unable to focus on scarce resources in the areas where it holds competitive advantage.
Answer
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The three interrelated and principal activities of strategic management are: strategy analysis, strategy formulation, and strategy implementation.
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In contrast to the vision of an organization, its mission should:
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B. encompass both the purpose of the company as well as the basis of competition
C. encompass all the major rules and regulations of the corporate work force
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Examples of __________ include: To be the happiest place on earth (Disneyland), and Restoring patients to full life (Medtronic).
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The hierarchy of organizational goals is in this order (least specific to most specific):
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B. mission statements, strategic objectives, vision statements
C. vision statements, mission statements, strategic objectives
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Strategy formulation and implementation is a challenging ongoing process. To be effective, it should not involve:
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D. only allowed to serve one term of four years
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Objectives in organizations should be clear, stated, and known by employees throughout the organization.
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Strategic objectives should be measurable, specific, appropriate, and realistic, but not constrained by time deadlines.
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B. Develop managerial role models.
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B. Traditional strategic controls are usually inappropriate.
C. Complacency about predetermined milestones can prevent adaptability.
D. Detailed plans are needed to maintain order.