MAN 3025 Ch 3 Quiz

Which of the following is an organizational strength possessed by only a small number of competing firms?

A distinctive competence

What is the advantage of setting business-level strategies?

Ability to focus efforts in a targeted manner

What is the difference between a standard operating procedure (SOP) and rules and regulations?

An SOP typically describes a sequence of activities, whereas rules and regulations focus on one activity.

When a firm identifies a weakness within its organization, what can it do to address that weakness?

It can modify its mission.

What is the first step in developing contingency plans?

Consider contingency events when developing strategic, tactical, and operational plans

When a new line of organic salad dressing was launched, it was very successful. Competitors soon began to produce a similar product. What should the organization do to keep its competitive advantage?

Develop strategies to slow the entry of competitors

Eli makes custom-made leather handbags and wallets in a small shop. He is known for his fine leather products and hand stitching, as well as the lifetime warranty he offers on his products. His items are expensive, and he has no desire to increase the size of his shop. What has Eli developed within his shop?

Distinctive competence

Due to an explosion at a supplier's plant, L'Meese will no longer be able to achieve goals set by her division manager. What should L'Meese remember about goals?

Goals are targets, not absolute objectives.

Mikel is a middle-level manager who is in the process of determining goals and objectives for his managers. He has set goals he feels are necessary to achieve the strategic goals given to him. Which of the following will these goals focus on?

How to operationalize actions

Which types of events are used in the contingency-planning process?

Only those that will impact the organization

A cell phone company manager has a goal of boosting the profitability of her store in the next year. Which type of goal has the manager set?

Operational

What is a standing plan that specifies the organization's general response to a designated problem or situation?

Policy

Which is the most common type of diversification strategy for larger businesses in the United States?

Related

Petra is uncertain where to begin in formulating strategy for her division. What is a good place for her to start?

SWOT analysis

When developing tactical plans, what should be included so they can be properly executed?

Step-by-step processes

Raj has empowered his senior managers and asked them to increase profitability by 20 percent over the next five years. What has Raj set for his senior managers?

Strategic goal

Amina is working on developing and implementing ideas in order to take advantage of business opportunities and challenges in the market. Which skills will Amina need to use to approach those challenges and opportunities?

Strategic management

How does strategy formulation relate to strategy implementation?

Strategy formulation is the set of processes involved in creating an organization's strategies, whereas strategy implementation is the methods by which those strategies are operationalized.

Rumi has found that selling gluten-free products at her bakery has been an effective strategy and has allowed her to achieve some of her strategic goals for sales. Which of the following makes this an effective strategy for Rumi?

Superior alignment with her environment

How do tactical plans differ from strategic plans?

Tactical plans focus on people and action.

Why do organizations have a difficult time focusing on weaknesses?

They might indicate poor managerial skills.

Which of the following is true of tactical plans?

They must specify resources and time frames.

As part of Sushil's performance review, she was given a list of goals and objectives. How will her work on these goals affect her in the future?

They will serve as a mechanism for performance evaluation.

In which way can managers use information from the product life cycle?

To determine which strategies for products need to evolve

Why is it important that a manager continuously monitor ongoing activities tied to a tactical plan?

To ensure they achieve desired results

What does proper execution of tactical plans depend on?

Vertical and horizontal communication