431 Quiz 1 Questions & Answers

Which of the following illustrates the self-concept component of a mission statement?

"We are committed to leapfrogging ongoing competition within 1,000 days by unleashing the constructive and creative abilities and energies of each of our employees"

What IS part of an external audit? :)

-Analyzing competitors -Analyzing available technologies -Studying the political environment -Analyzing social, cultural, demographic and natural environment forces

An effective mission statement should do all of the following

-be inspiring -reveal that the firm is environmentally responsible -identify the utility of a firm's products -be reconciliatory

What is the maximum total weighted score in an External Factor Evaluation Matrix?

4

________ is NOT part of an external audit

Analyzing financial ratios

What is NOT one of Michael Porter's five competitive forces?

Bargaining power of unions

Anything that a firm does especially well compared to rival firms is referred to as

Competitive Advantage

All of the following are basic duties of management EXCEPT

Consolidating

The following excerpt from a mission statement illustrates which of the nine essential components of a mission statement? - "We believe our first responsibility is to the doctors, nurses, patients, mothers, and all others who use our products and services"

Customers

During what stage of strategic management are a firm's specific internal strengths and weaknesses determined?

Formulation

Whenever new firms can easily enter a particular industry, the intensity of competitiveness among firms tends to

Increase

According to I/O theorists, which of the following contributes least to firm's performance?

Internal resources

What are enduring statements of purpose that distinguish one business from other similar firms?

Mission Statements

The three all-encompassing internal resource categories used in the resource-based view are physical resources, human resources, and

Organizational Resources

Identifying and evaluating key social, political, economic, technological and competitive trends and events comprise ________

Performing an external audit

When an industry relies heavily on government contracts, which forecasts can be the most important part of an external audit?

Political

According to Porter, what is usually the most powerful of the five competitive forces?

Rivalry among competing firms

What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives?

Strategic Management

________ is used to refer to strategic formulation, implementation and evaluation, with ________ referring only to strategic formulation

Strategic Management; Strategic Planning

What happens to American goods in overseas markets when there is a strong dollar?

They are more expensive

What question is asked in conjunction with the philosophy component of a mission statement?

What are the basic beliefs, values, aspirations, and ethical priorities of the firm?

An organization's vision statement

answers the question: "What do we want to become?"

The first step in strategic planning is generally

developing a vision statement

All stakeholders

have claims and concerns about an organization, but these claims and concerns vary

The ideal length of a vision statement is

one sentence

Usually, external opportunities and threats are

uncontrollable by a single organization.