Mngt 301 Quiz 2

Which of the following statements is true about strategic plans? a. They focus on the immediate functional aspects of an organization. b. They have moderate interdependence and cross-functional relevance. c. They focus on the broad future of the organization. d. They have a narrow scope, a departmental focus, and a short time frame.

They focus on the broad future of the organization.

Which of the following is the purpose of operational plans? a. They focus on the broad future of the organization. b. They align tactical planning with the overall strategic direction of the company. c. They underscore the interdependence of tactical and strategic plans. d. They translate tactical plans into specific goals/actions for small organizational units.

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. the long-term goals of a company b. a company's concern for its employees c. a company's opportunities and threats d. the products that a company makes

a company's opportunities and threats

In the process of strategic management, the ________ strategy determines what business or businesses the firm wishes to operate. a. unit-level b. functional c. corporate-level d. business-level

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 ________. a. multipoint competition strategy b. cost leadership strategy c. differentiation strategy d. integrated leadership strategy

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. a. matrix structure b. division structure c. customer structure d. regional structure

division structure

Ferrari differentiates its products based on style and performance and targets a narrow segment of customers. Ferrari is pursuing a(n) ________. a. focused cost leadership strategy b. multipoint competition strategy c. integrated differentiation-cost leadership strategy d. focused differentiation strategy

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. a. multiproduct b. global product c. functional d. divisional

global product

Which of the following makes up the three main types of corporate strategies? a. renewal, retrenchment, diversification b. growth, retrenchment, renewal c. growth, stability, renewal d. growth, vertical integration, horizontal integration

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? a. cost leadership strategy b. multipoint differentiation strategy c. integrated differentiation-cost leadership strategy d. focused differentiation strategy

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. a. geographic structure b. functional structure c. division structure d. network structure

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? a. tactical plans b. operational plans c. strategic plans d. directional plans

operational plans

A firm's value chain consists of ________. a. primary and secondary activities b. regional and global activities c. primary and support activities d. observable and surreptitious activities

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 ________. a. matrix structure b. functional structure c. product structure d. division structure

product structure

The ________ specifies the number of employees reporting to a given supervisor. a. unity of command b. Organizational chart c. line of authority d. span of control

span of control

A(n) ________ provides a view of the firm over the long term and what it should achieve in the future. a. annual report b. strategic vision c. multipoint competitive analysis d. differentiated leadership strategy

strategic vision

SWOT analysis stands for ________. a. strengths, weaknesses, opportunities, and tools b. strengths, weaknesses, opportunities, and threats c. strengths, weaknesses, organizations, and tools d. strengths, weaknesses, organizations, and threats

strengths, weaknesses, opportunities, and threats

Growth strategies include ________. a. diversification, concentration, integration, stabilization b. vertical integration, horizontal integration, lateral integration, horizontal concentration c. vertical integration, horizontal integration, concentration, diversification d. integration, renewal, horizontal diversification, vertical diversification

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. a. Organizational development b. Organizational chartering c. Organizational structuring d. Organizational design

Organizational design

_______ is a decision-making process that focuses on the future of an organization and how it will achieve its goals. a. Implementation b. Budgeting c. Planning d. Programming

Planning