Chapter 1 Discussion

1. In an organization, at which three hierarchal levels would strategy formulation,

implementation, and evaluation activities occur?
2. Explain Einstein’s rationale for saying “Imagination is more important than
knowledge.” Would you agree with Einstein? Why or why not?
3. Strategic management is all about gaining and maintaining competitive
advantage. Explain whether you agree or disagree with the help of examples
4. Strategic management is not a panacea for success and can be dysfunctional if
conducted haphazardly. In this context, give five examples of potential
“haphazard” aspects of the planning process.
5. Explain how and why firms use social networks these days to gain a competitive
advantage.
6. Compare and contrast vision statements with mission statements.
7. Identify the top 10 external factors that you feel are affecting your university.
Rank them with one being most important.
8. In order of importance, list six benefits of a firm engaging in strategic
management.
9. Rank six reasons, in order of their importance, why firms don’t have strategic
plans.
10. Identify six guidelines required while conducting strategic management
activities.
11. Discuss how relevant you think Sun Tzu’s Art of War writings are, for firms
today, in developing and carrying out a strategic plan.
12. Would strategy formulation or strategy implementation concepts differ more
across countries? Why?
13. Which three activities comprise strategy evaluation? Why is strategy evaluation
important, even for successful firms?