Formal strategic planning process.

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. Explain the formal strategic planning process. Name each step in the process, and describe the specific activities included in each step and the relationship between the steps.

2. Which of the following are characteristics of good strategic leaders?
a. They possess a willingness to delegate and empower subordinates.
b. They control all facets of decision making.
c. Each make decisions without consulting others.
d. Good leaders ensure uniformity of purpose through the authoritarian exercise of power.
e. They are usually inconsistent in their approach to individual employees.

3. Which of the following statements about the feedback loop in the context of strategy implementation is true?
a. It provides managers with input for the next round of strategy formulation and implementation.
b. It emerges within an organization without prior planning and in response to unforeseen circumstances.
c. It cannot reveal whether a business model is working.
d. It carries information from corporate-level managers to functional-level managers.
e. It indicates that the strategy implementation process has ended.

4. Which of the following statements about strategic leadership is true?
a. It is the primary responsibility of the functional managers of an organization.
b. It does not consider the task of maximizing shareholder value.
c. It is involved with making decisions regarding how to create competitive advantage.
d. It is a concept that does not apply to multidivisional companies with several business units.
e. It is essentially about supervising workers at a manufacturing unit of an organization.

5. Which of the following is NOT one of the main criticisms of the formal planning model?
a. The unpredictability of the real world
b. The role that lower-level managers can play in the strategic management process
c. The fact that many successful strategies are often the result of serendipity, not rational strategizing