MAN 4720 CH 1
What step in the strategic management process involves mobilizing employees and managers to put strategies into action? A. Strategy formulation B. Strategy evaluation C. Strategy implementation D. Strategic advantage E. Competitive advantage
Answer: C
Because of the success of the iPad and the iPhone, Apple has tremendous brand recognition. Brand recognition is one of Apple's A. weaknesses. B. opportunities. C. strengths. D. threats. E. strategies.
C
An important activity in is taking corrective action. A. strategy evaluation B. strategy implementation C. strategy formulation D. strategy leadership E. strategic analysis
Answer: A
Strategic management enables an organization to , instead of just responding to threats in its business environment. A. be proactive B. be immune to threats C. avoid responsibility for shaping its future D. relinquish control over its destiny E. be reactive
Answer:A
Uber has fewer fixed assets than the typical taxi fleet company. This type of benefit that a company such as Uber has is called a(n) P) business moat. Q) first-mover advantage. R) asset margin. S) strategic advantage. T) competitive advantage.
T
During what stage of strategic management is a firm's specific internal strengths and weaknesses determined? a)Formulation b)Implementation c)Evaluation d)Feedback e)Goal-setting
Answer: A
Generally, external opportunities and threats are A. uncontrollable by a single organization. B. unable to have a significant impact on an organization. C. not worth monitoring and evaluating. D. key functions in strategy implementation. E. key functions in strategy exploitation.
Answer: A
In which phase of strategic management are long-term objectives especially important? a. Formulation b. Control c. Evaluation d. Implementation e. Management
Answer: A
Strategy evaluation is necessary because A. internal and external factors are constantly changing. B. the SEC requires strategy evaluation. C. success today is a guarantee of success tomorrow. D. the IRS requires strategy evaluation. E. firms have limited resources.
Answer: A
What types of skills are especially critical for successful strategy implementation? A. Interpersonal B. Marketing C. Technical D. Conceptual E. Visionary
Answer: A
Which individuals are most responsible for the success and failure of an organization? A. Strategists B. Financial planners C. Personnel directors D. Stakeholders E. Human resource managers
Answer: A
is NOT a strategy-implementation activity. A. Taking corrective actions B. Establishing annual objectives C. Devising policies D. Allocating resources E. Motivating employees
Answer: A
Through involvement in the strategic-planning process, must become "owners" of the strategy. A. line managers B. shareholders C. customers D. suppliers E. stakeholders
Answer: A Answer: T
Organizations using strategic management are generally than those that do not. A. more profitable B. more complex C. less profitable D. less successful E. less complex
Answer: A Diff: 2
What are the means by which long-term objectives will be achieved? A. Strategies B. Strengths C. Weaknesses D. Policies E. Opportunities
Answer: A Diff: 2
The fact that Apple has no manufacturing facilities of its own Z) has caused it to build up massive debt on its balance sheet. AA) has enabled it to remain financially lean. BB) has been problematic for Apple in terms of debt. CC) illustrates that having more fixed assets than rival firms, can provide major competitive advantages in a global recession. DD) means that it is in the same position as Sony.
Answer: AA
What are enduring statements of purpose that distinguish one business from other similar firms? A. Policies B. Mission statements C. Objectives D. Rules E. Employee conduct guidelines
Answer: B
Which phase of strategic management is most strongly associated with "action"? A. Strategy formulation B. Strategy implementation C. Strategy evaluation D. Competing advantages E. Measuring performance
Answer: B
1) The goal of strategic management is to A) achieve competitive advantage. B) maintain competitive advantage. C) achieve and maintain competitive advantage. D) eliminate competitive advantage. E) eliminate and abolish competitive advantage.
Answer: C
How do line managers become "owners" of the strategy? A. By attending top manager meetings B. By executing plans formulated by other people C. By involvement in the strategic-management process D. By becoming a shareholder of the firm E. By buying off top managers
Answer: C
In which phase of strategic management are annual objectives especially important? A. Reduction B. Formulation C. Implementation D. Evaluation E. Policy
Answer: C
Sometimes is used to refer to strategic formulation, implementation and evaluation, with referring only to strategic formulation. F) strategic planning; strategic management G) strategic planning; strategic processing H) strategic management; strategic planning I) strategic management; strategic processing J) strategic implementation; strategic focus
Answer: C
Which of the following is NOT a type of strategy developed from a SWOT analysis? A. Strengths/Opportunities B. Strengths/Threats C. Threats/Opportunities D. Weaknesses/Opportunities E. Weaknesses/Threats
Answer: C
Which statement best describes intuition? a. It alone should be used in decision making. b. It represents a minor factor in decision making integrated with analysis. c. It should be coupled with analysis in decision making. d. It is better than analysis in decision making. e. It is management by ignorance.
Answer: C
The strategic-management process represents a(n) , , and approach for determining an enterprise's future direction. a. logical; systematic; subjective b. intuitive; disorganized; subjective c. logical; systematic; objective d. intuitive; disorganized; objective e. inconsistent; systematic; subjective
Answer: C B.
7) The strategic-management process A) occurs once a year. B) is a semiannual process. C) is a continuous process. D) applies mostly to companies with sales greater than $100 million. E) applies mostly to small businesses.
Answer: C''
3) What can be defined as the art and science of formulating, implementing and evaluating cross- functional decisions that enable an organization to achieve its objectives? A) Strategy formulation B) Strategy evaluation C) Strategy implementation D) Strategic management E) Strategic leading
Answer: D
An organization's vision statement A. is a constant reminder to its employees of why the organization exists. B. broadly charts the future direction of an organization. C. addresses the basic question: "What is our business?" D. answers the question: "What do we want to become?" E. is mandated by law.
Answer: D
Annually, businesses in the United States fail. A. exactly 100 B. less than 1,000 C. about 10,000 D. more than 100,000 E. almost 10 million
Answer: D
Strategic management offers all of the following benefits EXCEPT A. increased discipline. B. enhanced communication. C. increased synergy. D. increased resistance to change. E. more effective allocation of time and resources.
Answer: D
There is a dramatic shift in mass retailing to A. "trading up" and taking customers from more exclusive stores. B. selling only the most expensive merchandise. C. opening dramatically larger supercenters. D. operating stores with less square footage. E. cutting back on their online presence.
Answer: D
More than businesses in the United States fail annually. A. 25,000 B. 50,000 C. 75,000 D. 100,000 E. 125,000
Answer: D Diff: 2
6) An organization should take a(n) approach in its industry. A) adversarial rather than a collegial B) collegial rather than an adversarial C) reactive rather than a proactive D) proactive rather than a reactive E) cooperative rather than a competitive
Answer: D'''
2) Strategic management focuses on integrating functional areas to achieve organizational success. Which of the following is NOT one of the functional areas that is the focus of strategic management? A) marketing B) finance and accounting C) production and operations D) research and development E) organizational behavior
Answer: E
5) The strategic-management process is becoming more widely used by A) small firms. B) nonprofit institutions. C) governmental organizations. D) multinational conglomerates. E) all types of organizations.
Answer: E'''
Which of the following is often considered to be the first step in strategic planning? K) Developing a vision statement L) Establishing goals and objectives M) Making a profit N) Developing a mission statement O) Determining opportunities and threats
Answer: K
Anything that a firm does especially well compared to rival firms is referred to as U) competitive advantage. V) comparative disadvantage. W) opportunity cost. X) unsustainable advantage. Y) an external opportunity.
Answer: U
4) To gain firms need to provide unique products and services. A) a bank loan B) governmental legitimacy C) a sustainable competitive advantage D) competitors E) export orders
Answer:C'''
Long-term objectives should be all of the following EXCEPT A. measurable. B. continually changing. C. reasonable. D. challenging. E. consistent.
B
Internal are controllable activities in an organization that are performed especially well. A. opportunities B. incompetencies C. strengths D. objectives E. factors
C
Specific results an organization seeks to achieve in pursuing its basic mission are A. strategies. B. rules. C. objectives. D. policies. E. tenets.
C