MNGT 301

Which of the following statements is true about strategic plans?

They focus on the broad future of the organization.

Which of the following is the purpose of operational plans?

They translate tactical plans into specific goals/actions for small organizational units.

An external analysis, the second step of the strategic management process, helps identify ________.

a company's opportunities and threats

In the process of strategic management, the ________ strategy determines what business or businesses the firm wishes to operate.

corporate-level

SockUp is a company that manufactures socks of different sizes, types, and colors for men, women, and children. The company aims at being the lowest-cost provider and charges slightly lower than the market price. This is an example of ________.

cost leadership strategy

A ________ facilitates the use of modular products, each of which is different but which contain some of the same parts. Thus, modular parts are produced and assembled in different ways to produce several different products.

division structure

Ferrari differentiates its products based on style and performance and targets a narrow segment of customers. Ferrari is pursuing a(n) ________.

focused differentiation strategy

Multinational firms usually use ________ structures when customer needs for a given product are similar throughout the international markets in which the firm participates.

global product

Which of the following makes up the three main types of corporate strategies?

growth, stability, renewal

Campacola is a soda company that is seeking to enter the market by introducing an unusual line of sodas that contain granules that pop in the mouth. It intends to sell these sodas at no greater cost than normal sodas. What strategy is the company using in entering the soda market?

integrated differentiation-cost leadership strategy

When a firm decides to outsource its manufacturing operations, a ________ allows it to maintain close contact with the firms to which it is outsourcing the work.

network structure

Which of the following types of plans is the least complex and rarely has a direct effect on other plans outside of the department or unit for which they were developed?

operational plans

A firm's value chain consists of ________.

primary and support activities

A bank organizes itself around the basic services it provides: personal banking, corporate and business banking, and rural banking. Each service group has its own finance, marketing, operations, and human resource management departments. The bank is using a ________.

product structure

The ________ specifies the number of employees reporting to a given supervisor.

span of control

A(n) ________ provides a view of the firm over the long term and what it should achieve in the future.

strategic vision

SWOT analysis stands for ________.

strengths, weaknesses, opportunities, and threats

Growth strategies include _______

vertical integration, horizontal integration, concentration, diversification

________ is the the process of assessing an organization's strategy and environmental demands and then determining the appropriate organizational structures.

Organizational design

________ is a decision-making process that focuses on the future of an organization and how it will achieve its goals.

Planning