Strategic Management Answers for BUS 475 Final Exam 2017

The four key attributes of strategic management include the idea that:

Strategy must be directed toward overall organizational goals and objectives.

Explanation: Strategic management is all about setting the specific mission, vision, and core values of the organization. Strategy is very board and encompasses the entire organization and its stakeholders.

 
  • Student: Barry Tadworth
  • Textbook: Multiple Textbooks Combined
  • Course: BUS 475 (2017-18)
 

Firms must be aware of goals other than short-term profit maximization.

One area of concern should be social responsibility which is:

the expectation that business will strive to improve the overall welfare of society

Explanation:  Social responsibility defines a set of ethics that are expected for businesses and legal entities, the overall welfare of society is the single most fundamental concept in this framework.

What involves ensuring proper strategic controls and organizational designs?

Strategy implementation

Explanation: Strategic implementation relies on controls and tactical designs to ensure the objectives are executed successfully.

Shaw Industries, a giant carpet manufacturer, increases its control over raw materials by producing much of its own polypropylene fiber, a key input to its manufacturing process.

This is an example of _______________.

using related diversification to achieve value by integrating vertically in order to attain economies of scope

Explanation: The company is integrating vertically and using an economy of scope to manufacture two goods that are collectively less expensive to produce.

WellPoint Health Network 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:

Vision statement

Explanation: A vision statement typically makes inferences about the future based on the company’s core mission and strategy.

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