Putting Together a Capable Top Management Team with the Right

question 20

Multiple Choice

Putting together a capable top management team with the right mix of experiences, skills, and abilities

• A)should take top priority in building competitively valuable core competencies.
• B)is particularly important when the firm is pursuing unrelated diversification or making a number of new acquisitions in related businesses.
• C)is important in building an organization capable of proficient strategy execution, but is nearly always less crucial than doing a superior job of training and retraining employees.
• D)entails filling key managerial slots with smart people who are clear thinkers, good at figuring out what needs to be done, and who are skilled in "making it happen" and delivering good results.
• E)is particularly essential for executing a strategy to keep a company's costs lower than rivals and become the industry's low-cost leader.

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Definitions:

American Market Economy

An economic system where decisions regarding investment, production, and distribution are based on supply and demand, with minimal government intervention.

Government Planning

The process by which a government sets priorities, establishes goals, and devises strategies to achieve economic, social, and political objectives.

Voluntary Actions

Behaviors or actions undertaken by choice or will without external coercion.

Civil Society

The realm of organized social life that is voluntary, not-for-profit, and outside of the government, which can include NGOs, clubs, and other nonprofit entities.