Business Strategy Chapter 1 Review
Questions
Why Do firms move too hastily from vision and mission development to devising alternative strategies? -
correct answer ✔✔Some strategists spend almost every moment of every day on administrative and
tactical concerns and rush through this process.
Why are strategic-planning retreats often conducted away from the work site? How often should firms
have a retreat, and who should participate in them? - correct answer ✔✔To encourage more creativity
and candor from participants. More employees will result in more possibility of ideas; however, too
many could be overwhelming and have a negative effect. I think it would be a good idea to have multiple
retreats a year and vary who participates. For example, 1 retreat could be for only top management, a
second retreat could be for top and mid-level management , etc.
What strategies do you believe can save newspaper from extinction? - correct answer ✔✔Charge for an
online subscription or make the newspaper free and charge more for advertising since more people
would be reading the paper
Why do you think some chief executive officers fail to use a strategic-management approach to decision
making? - correct answer ✔✔1. No formal training in strategic management
2. No understanding or appreciation for the benefits of planning
3. No monetary rewards for doing planning
4. No punishment for not planning
5. Too busy firefighting (resolving internal crisis) to plan ahead
6. View planning as a waste of time since no product or service is made
7. Laziness; effective planning takes time and effort
8. Content with current success
9. Overconfident
10. Prior bad experience with strategic planning
Questions
Why Do firms move too hastily from vision and mission development to devising alternative strategies? -
correct answer ✔✔Some strategists spend almost every moment of every day on administrative and
tactical concerns and rush through this process.
Why are strategic-planning retreats often conducted away from the work site? How often should firms
have a retreat, and who should participate in them? - correct answer ✔✔To encourage more creativity
and candor from participants. More employees will result in more possibility of ideas; however, too
many could be overwhelming and have a negative effect. I think it would be a good idea to have multiple
retreats a year and vary who participates. For example, 1 retreat could be for only top management, a
second retreat could be for top and mid-level management , etc.
What strategies do you believe can save newspaper from extinction? - correct answer ✔✔Charge for an
online subscription or make the newspaper free and charge more for advertising since more people
would be reading the paper
Why do you think some chief executive officers fail to use a strategic-management approach to decision
making? - correct answer ✔✔1. No formal training in strategic management
2. No understanding or appreciation for the benefits of planning
3. No monetary rewards for doing planning
4. No punishment for not planning
5. Too busy firefighting (resolving internal crisis) to plan ahead
6. View planning as a waste of time since no product or service is made
7. Laziness; effective planning takes time and effort
8. Content with current success
9. Overconfident
10. Prior bad experience with strategic planning
