BUS 450 Chapter 1 Quiz

Who said "Perfection is not attainable. But if we chase perfection, we can catch excellence"?

Vince Lombardi, Head Coach Green Bay Packers (1959-1967).

Strengths and weaknesses can be determined by elements of being rather than performance. For example, _________.

a strength may involve ownership of natural resources.

Which of the following four types of strategies are developed in a SWOT (Strengths-Weaknesses-Opportunities-Threats) Analysis? a) SO, WO, ST, WT b) SW, ST, WO, WT c) OT, WO, ST, WT d) ST, WT, SW, OT e) WT, WO, WS, SW

a) SO, WO, ST, WT

Strategic management is based on the idea that organizations should monitor internal and external trends ________.

continually.

To survive and prosper, a business must gain and sustain ________ major competitive advantages over rival firms.

at least several.

Guidelines, rules, and procedures established to support implementation efforts are called _________.

policies

Generally, in war, the best policy is to take a state intact rather than to ruin it. Likewise, the best objective is to capture the enemy's army, regiment, company, or squad intact rather than destroy them. Winning 100 victories in 100 battles is not the epitome of skill. What is the epitome of skill?

to subdue the enemy without fighting.

According to Chapter 1, _______ may be the most important word in management.

communication

Dale McConkey said, "Plans are less important than planning." What does this statement mean?

communication, understanding, and commitment are vitally important in strategic planning.

According to recent research by Cuddy, Fiske, and Glick, what ethics variable(s) is most important in doing business?

trustworthiness.

According to the chapter, a pitfall to watch for and avoid in strategic planning is:

doing strategic planning only to satisfy accreditation or regulatory requirements.

Recent research by Rose and Cray examined the strategic-management process and concluded that perhaps the most important "activity" is what?

the feedback loop.

Unskilled leaders work out their conflicts in courtrooms and battlefields. Brilliant strategists rarely go to battle or to court. How do they usually achieve their objectives?

through tactical positioning well in advance of any confrontation.

According to the model used in this text, what should be answered when developing a strategic plan?

where are we now, where do we want to go, and how are we going to get there?

Which of the following activities is included in strategy implementation? a) redirect marketing efforts and prepare a vision statement. b) motivate employees and establish a mission statement. c) develop a strategy-supportive culture and create an effective organizational structure. d) develop a SWOT matrix. e) establish annual objectives and develop a vision statement.

c) develop a strategy-supportive culture and create an effective organizational structure.

What is often considered the first step in strategic planning?

developing a vision statement.

A firm can achieve sustained competitive advantage by __________.

effectively formulating, implementing, and evaluating strategies that capitalize on changes in trends and internal capabilities.

________ is the act of strengthening employees' sense of effectiveness by encouraging them to participate in decision making and to exercise initiative and imagination, and then rewarding them for doing so.

empowerment.

Which of the following is listed in the chapter as a reason often given for poor or no strategic planning in a firm?

laziness

Official business failure calculations include __________.

liquidations and court-mandated receiverships.

According to the chapter, the worst thing strategists can do is to develop strategic plans and then _______.

present the plans to operating managers to execute.

A fundamental strategy-evaluation activity includes ________.

reviewing external and internal factors that are the bases for current strategies, measuring performance, and taking corrective actions.

The term strategic planning is used synonymously in this text with what other term?

strategic management.

Building four new manufacturing plants in Europe is an example of a(n) ________.

strategy

_______ is the science of planning and directing large-scale military operations, of maneuvering forces into the most advantageous position prior to actual engagement with the enemy.

strategy.