Chapter 8: An introduction to strategy creation and planning

Strategy creation involves three strands. Which of the following is not one of the three stands?
1. a. Planning
2. b. Vision
3. c. Entrepreneurship
4. d. Emergent strategies
Which of the following is not one of the three elements of strategy creation?
1. Sales
2. Innovation
3. Planning
4. Leadership
What is an emergent strategy?
1. One with clear objectives leading to a clear strategy
2. One with no specific objectives, that is fully flexible, using opportunism to 'seize the main chance' at the right moment
3. One with a formal approach to adaptive strategy creation, so that in a turbulent environment objectives and strategies can be adjusted
4. One that has a clear mission, and directional objectives, but that also recognizes the need for flexibility
What must the strategic visionary leader avoid, in order to ensure the prolonged success of a strategy?
1. Becoming blinkered by the success of one strategy, to the detriment of others
2. Depending too heavily on colleagues
3. Becoming too ambitious
4. Being adaptable
What is an incremental strategy?
1. One that is formalized from the beginning and adhered to exactly, along the way
2. One that evolves, according to past experiences and changing circumstances
3. One that is formalized, but is slightly flexible if necessary
4. One that has the potential to open up new opportunities along the way, which can be incorporated into the long term strategy
Name one of the strategic pressures that could weaken an unprepared organization?
1. Exploitation of opportunities
2. Lax controls that indulge flexibility
3. Adaptation along the strategic path
4. Too many controls at the expense of flexibility
In military analogy, what is the outcome if, in strategy creation, the organization has both capability and intent?
1. Capacity
2. Credibility
3. Emergent strategy
4. Intended strategy
5. Incremental strategy
What is the key variable, in executing visionary strategy creation at the competitive strategy level?
1. Seizing the opportunities presented
2. Formalized planning
3. Innovation
4. Learning
If unprepared, what strategic pressures are recognized as key factors that can weaken the organization?
1. Competitive and environmental pressures
2. Control at the expense of flexibility
3. Lack of planners
4. Poor strategic leadership and excessive control
5. Competitive and environmental pressures, and excessive control
What is said to be the key factor in maintaining organizational growth (e.g., Hurst 1995)?
1. Entrepreneurial vision
2. Planning
3. Innovation
4. Flexibility
Which of the following is the best reason, as to why strategic planning is still important today?
1. Without a formal strategic plan, a company cannot expect to compete effectively
2. Without a strategic plan, an organization can drift without purpose or definition
3. Without it, companies would exist without cause or co-ordination
4. Because of slower economic growth, globalization and technological change
Which of the following is true for small businesses, in relation to strategic planning?
1. It belongs in all organizations
2. It is too expensive
3. It only belongs in large organizations
4. The benefits are too long term
5. It has no usefulness in small businesses
According to Ringbakk (1971), and Steiner (1972), which of the following should be avoided when creating a formal plan?
1. Seeing planning as a support activity in strategic decision making
2. Seeing planning as a once-a-year ritual
3. Flexibility
4. Involving implementers in planning
What does SPACE stand for?
1. Sales. Position. Action Evaluation
2. Strategic Profit And Credit Evaluation
3. Sales. Profit. Action Evaluation
4. Strategic Position. Action Evaluation
What is the planning gap?
1. A concept that is used to clarify the extent of revenue, or profits gap, that might emerge if current strategies are left unchanged
2. The time between the strategic plan being devised, and the time it is actually implemented
3. The time between the conception of a strategic plan, and the formalization of it
4. Any part of a plan that has not been formalized, which allows for flexibility and the introduction of any new developments, that could enhance the current strategy