Strategic Management FINAL

Which of the following is the process of influencing people to accomplish specific objectives?

Motivating

Equity in a Non-Profit organization is usually referred to as:

Net Assets

When would a company purchase Treasury Stock?

Part of a stock buy-back strategy

Of the following four basic activities that comprise management, which is the task that managers most commonly neglect:

Planning

The process of performing an internal audit, compared to the external audit, provides more opportunity for participants to understand how their jobs, departments, and divisions fit into the whole organization

TRUE

The purpose of matching key factors is to generate feasible alternative strategies

TRUE

Important strategy-formulation techniques can be integrated into what three-stage decision making framwork?

1) Input; 2) Matching; 3) Decision

The goal of strategic management is to

Achieve and maintain competitive advantage

Your father works in the finance department of a public company. During a recent visit he mentioned to you that they were in negotiations to sell the company; but it had not been announced yet. Operating on that tip, you bought 1,000 shares of the company's stock anticipating the price will go up once the sale is announced. This is an example of:

An anchoring bias, an illegal transaction

The purpose of a mission statement is to declare all of these EXCEPT

An annual financial plan

The mix of debt and equity or proportion of debt to equity on a balance sheet is often referred to as a firm's

Capital structure

The Boston Consulting Group (BCG) Matrix is deigned specifically to enhance which type of firm's efforts to formulate strategies?

Companies with more than one division

Business analytics is sometimes also called

Data mining

The four Types of alternative strategies that and organization could pursue can be categorized into 11 actions are:

Defensive, Intensive, Integration, Diversification

What is the first step in the comprehensive strategic-management model?

Developing vision and mission statements

A firm's strengths that cannot be easily matched or imitated by competitors are called

Distinctive competencies

Market segmentation is:

Dividing a market into distinct subsets of customers that differ from one another in product needs and buying habits

Which of the following is NOT a key question that can reveal internal strengths and weaknesses regarding a firm's marketing function?

Does the firm have good liquidity?

Operating income is sometimes also called

EBIT

Performing a(n) ________ analysis is a common way to determine the appropriate capital structure needed.

EPS/EBIT

An external audit focuses on identifying and evaluating trends and events within the control of management

FALSE

Assumptions have no place in planning.

FALSE

Coca Cola Company's Vision and Mission statement are enduring statements that have not changed in over a decade and are given on their corporate website

FALSE

Diana Donohoe, CFO of Daon, is an Irish national based in both Ireland and Virginia

FALSE

Four common corporate Valuation methods are the Net Worth Method, the Net Income Method, the Gross Income Method, and the Outstanding Shares Method.

FALSE

The Mann Gulch Fire case study and the Mallak article both address strategy formulation in governmental organizations

FALSE

Panera installing online ordering and delivery from their restaurants is an example of which type of strategy?

Forward integration

Individuals treat risks concerning perceived gains (saving lives or winning money) differently from risks concerning perceived losses (losing lives or losing money). This is an example of what type of judgmental bias.

Framing

Which organizational structure is the most widely used?

Functional

When the products being purchased are standard or undifferentiated, it results in ________ bargaining power of consumers.

Higher

Competition in virtually all industries is

Intense

Which statement best describes intuition?

It represents a minor factor in decision making integrated with analysis

Market segmentation is important in strategy implementation because

It's often too expensive to market to everyone

Generally, external opportunities and threats are

Key functions in strategy implementation

What is the most widely used and often most sustainable energy

Low-Cost Leadership

Which strategy seeks to increase market share for present products or services in present markets through greater marketing efforts?

Market penetration

What step in the strategic management process involves mobilizing employees and managers to put strategies into action?

Strategy implementation

According to Porter, strategies allow organizations to gain competitive advantage from three different bases: cost leadership, differentiation, and decentralization

TRUE

Advantages of doing business globally include learning different ways to do things, larger, and more varied labor pool, and a bigger addressable market

TRUE

Annual objectives are key components in the strategic-management process because they dictate how resources will be allocated.

TRUE

Application of the strategic-management process is typically more formal in larger and well established organizations

TRUE

Cultures includes the set of shared values, beliefs, attitudes, customs, norms, rites, rituals, personalities, heroes, and heroines that describe a firm

TRUE

Long-term objectives represent the results expected from pursuing certain strategies

TRUE

Marketing mix is a combination of a company's product/service, place, promotion, and price

TRUE

Objectives should be measurable, challenging, reasonable, consistent, and clear

TRUE

Organizational culture must foster competence and enthusiasm among managers and employees

TRUE

Resistance to change can be considered the single greatest threat to successful strategy implementation

TRUE

Resource allocation can be defined as distributing an organization's "assets" across products, regions, and segments according to priorities established by annual objectives

TRUE

Strategic management is an attempt to organize qualitative and quantitative information in a way that allows effective decisions to be made under conditions of uncertainty

TRUE

Strategy implementation is often considered to be the most difficult stage in the strategic-management process

TRUE

The basic premise of the research-based view is that the mix, type, amount, and nature of a firm's internal resources should be considered first and foremost in devising strategies that can lead to sustainable competitive advantage

TRUE

The five major categories of variables known as external forces are: 1) economic forces, 2) social, cultural, demographic, and natural environment forces, 3) political, governmental, and legal forces, 4) technological forces, and 5) competitive forces

TRUE

What term is defined as the product of multiplying the weights by the Attractiveness Scores in each row of the QSPM

Total Attractiveness Scores

Under which condition would a cost leadership strategy be especially effective?

When the products of rival sellers are essentially identical and supplies are readily available from any of several eager sellers

The average total weighted score in both the EFE and IFE Matrices is

2.5

The following facts for DICK'S SPORTING GOODS for 2021 are as follows:

3.3

Genesis Corporation had a net income of $700,000. If it had 140,000 shares outstanding, its EPS was $____

5

What is the first step in designing an External Factor Evaluation (EFE) Matrix?

Identifying key external factors

Which strategy is appropriate when an organization competes in an industry characterized by rapid technological developments?

Product development

World class organizations globally select Daon, an Irish company for:

Proven identity trust platform

In performing strategic planning and case analysis, relevant SCDE factors for a particular firm must be __________ and actionable to be useful

Quantifiable

Which strategy should an organization use when its products are currently in the declining stage of the product's life cycle?

Related diversification

Who should perform an internal audit/scan for purposes of the Strategic Management process?

Representative managers and employees from throughout the firm

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

Rivalry among competing firms

The strategic management process is just as vital for small companies as for large companies

TRUE

The term "glass ceiling" refers to the invisible barrier in may firms that limits women and minorities from top-level positions

TRUE

The thesis of Kotter's article "Leading Change - Why Transformation Efforts Fail" is that leaders who successfully transforms businesses do eight things right (and do them in the right order)

TRUE

Which section of the SWOT Matrix involves matching internal strengths with external opportunities?

The SO cell

Which of the following statements most accurately captures the "thesis" of the Michael Porter article "What is Strategy?"

The essence of strategy is choosing to perform activities differently than rivals do

An organization's vision statement

answers the question: "What do we want t become"