In the context of the twenty-first-century challenges, the textbook authors advocate for a strategic management process that is primarily what?
Explanation
The textbook takes a clear stance on the 'art vs. science' debate, promoting a structured, analytical, and deliberate approach to strategic management while still acknowledging that good judgment and intuition are necessary components.
Other questions
What are the three fundamental activities that comprise strategy evaluation?
According to Richard Rumelt, which criterion for evaluating a strategy addresses the need to examine sets of trends and the adaptive response to the external environment?
Which of Rumelt's criteria for evaluating strategies is primarily concerned with whether a strategy overtaxes a firm's resources or creates unsolvable subproblems?
In the Strategy-Evaluation Framework, what is the first activity in reviewing the underlying bases of a firm's strategy?
What are contingency plans defined as in the context of strategy evaluation?
The Balanced Scorecard is a strategy evaluation tool that allows firms to evaluate strategies from four perspectives. Three of these are financial performance, customer knowledge, and internal business processes. What is the fourth perspective?
Which of the following is identified as a reason why strategy evaluation is becoming increasingly difficult?
What is the primary purpose of an audit as a tool in strategy evaluation?
What is meant by the term 'future shock' as described by Alvin Toffler?
In the discussion of the twenty-first-century challenge of 'art versus science' in strategic management, what does the 'science' perspective advocate?
Regarding the twenty-first-century challenge of whether strategies should be visible or hidden, what is a primary reason given for keeping strategies open and visible to stakeholders?
In the debate over top-down versus bottom-up strategy development, what do proponents of the top-down approach contend?
Which of the following is NOT listed as one of the eight key attributes used by Fortune magazine in its 'America's Most Admired Companies' evaluation?
What is a characteristic of an effective strategy evaluation system?
What is the key difference between GAAP and IFRS standards as described by the number of pages they comprise?
Based on the Strategy-Evaluation Assessment Matrix in Table 9-3, what should a firm do if major changes have occurred in its internal position, but not in its external position, and it is progressing satisfactorily toward its stated objectives?
According to the chapter, which company was ranked by Fortune as the most admired in the food services industry in 2009?
What is one of the major benefits of contingency planning reported by Linneman and Chandran for firms like DuPont and Dow Chemical?
Which of the following is NOT a corrective action listed in Table 9-5 that a firm might need to take in response to unfavorable variances?
In the Strategy-Evaluation Assessment Matrix, what outcome is suggested if there have been no major changes in either the internal or external strategic position, and the firm is progressing satisfactorily?
Which company, noted for its upscale fashion, experienced lawsuits and fines when employees underreported hours worked to increase their sales per hour, a primary performance criterion?
According to the seven-step contingency planning process suggested by Linneman and Chandran, what is the second step after identifying potential events?
What is the primary characteristic of the 'top-down' approach to strategy?
In the discussion on Rumelt's criteria, which type of advantage is described as being 'self-sustaining' as long as key internal and environmental factors remain stable?
What does the text suggest is a major challenge in measuring organizational performance using quantitative criteria like financial ratios?
According to the Family Dollar Stores example, what was the company's same-store sales growth in the second quarter of 2009?
A key difference between a revised IFE Matrix and a revised EFE Matrix in the strategy evaluation process is that:
Which of the following would NOT be considered a qualitative criterion for evaluating strategy?
The chapter highlights a significant drop in revenues for Molson Coors Brewing in 2008 vs. 2007. What was the percentage drop?
What does Robert Waterman suggest successful companies have a 'voracious hunger' for?
In the Strategy-Evaluation Framework presented in Figure 9-2, if significant differences are found when reviewing the underlying bases of strategy, what is the next step?
Which company, in response to underperforming, implemented 'lean production/operations' in its 11,000 U.S. stores to eliminate idle employee time and unnecessary motions?
What is a primary risk of a strategy evaluation system that relies too heavily on quantitative criteria?
According to the chapter, what was the approximate drop in profits experienced by CBS in 2008 versus 2007?
What is the primary aim of the Balanced Scorecard approach to strategy evaluation?
Which of Rumelt's four criteria for evaluating strategy would most likely be violated if a company's marketing department's success in launching a high-cost, high-quality product means failure for the manufacturing department's goal of minimizing production costs?
What is the primary critique of the 'art' or 'crafting' view of strategy, as presented from the 'science' perspective in the textbook?
In what year did the Sarbanes-Oxley Act, which resulted in scores of boardroom overhauls and increased director accountability, get introduced?
Which of the following is an argument for making a firm's strategy visible rather than hidden?
Which company, in the chapter's opening vignette, was noted for having a rising stock price in 2008 and targeting women shopping for a family that earns less than 30,000 dollars a year?
The text states that the upcoming switch from GAAP to IFRS in the United States could cost businesses millions in fees, software upgrades, and what other major expense?
What is the term for a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions to ascertain the degree of correspondence with established criteria?
The sample Balanced Scorecard in Table 9-6 lists six key areas of objectives for a company to evaluate its strategies. Which of the following is NOT one of those six areas?
According to research by Erez and Kanfer, individuals accept change best under what conditions?
Which company, the largest U.S. chemical company by revenue, was cited as pursuing an aggressive retrenchment strategy by closing 20 plants and laying off more than 5,000 employees?
Why does the chapter suggest that strategy evaluation should be performed on a continuous basis rather than a periodic one?
According to the table on organizational demise, which company experienced a revenue drop of 90 percent in 2008 vs. 2007?
What is the final step in the seven-step process for effective contingency planning?
The text mentions that in its March issue each year, Fortune magazine publishes its strategy-evaluation research in an article with what title?