Quiz 3

_____ plans specify how a company will use resources, budgets, and people to accomplish specific goals within its mission. a. Visionary b. Operational c. Strategic d. Tactical e. Single-use

D. Tactical

Budgets are a type of ____ plans. a. operational b. strategic c. actionable d. tactical e. policy

A. Operational

The term _____ refers to the overall organizational strategy that addresses the question "What business or businesses are we in or should we be in?" a. portfolio strategy b. industry-level strategy c. operations strategy d. firm-level strategy e. corporate-level strategy

E. Corporate- level strategy

_____ strategy is a corporate-level strategy that minimizes risk by diversifying investment among various businesses or product lines. a. Portfolio b. Deskilling c. Industry d. Divesting e. Grand

A. Portfolio

______ are the assets, capabilities, processes, information, and knowledge that an organization uses to improve its effectiveness and efficiency, to create and sustain competitive advantage, and to fulfill a need or solve a problem. a. Resources b. Competitive advantages c. Strategic stances d. Distinctive competencies e. Grand strategies

A. Resources

According to the S.M.A.R.T. guidelines, goals should be ____. a. task-oriented b. synergistic c. maximized d. role-related e. unattainable

A. Task- oritented

​_____ is the rivalry between two companies that offer similar products and services, acknowledge each other as rivals, and act and react to each other's strategic actions. a. ​Character of the rivalry b. ​Direct competition c. ​Distinctive competence d. ​Competitive inertia e. ​Differentiation

B. Direct competition

Which of the following is the first step in management by objectives? a. Preparing worker schedules b. Discussing possible goals c. Developing operational plans d. Centralizing decision making power e. Reviewing progress towards goal achievement

B. Discussing possible goals

____ is a systematic process of defining problems, evaluating alternatives, and choosing optimal solutions. a. Multivariable selection b. Rational decision making c. Keystoning d. Benchmarking e. Problem identification

B. Rational decision making

The second step in a retrenchment strategy is _____. a. stability b. recovery c. investment d. growth e. merger

B. Recovery

Significant cost reductions, layoffs of employees, closing of poorly performing stores, offices, or manufacturing plants, or closing or selling entire lines of products or services would be characteristic of a _____ strategy. a. stability b. retrenchment c. firm-level d. growth e. portfolio

B. Retrenchment

Which of the adaptive strategies tends to result in the poorest performance? a. Defenders b. Niche marketers c. Reactors d. Prospectors e. Analyzers

Reactors

The purpose of a _____ strategy is to increase profits, revenues, market share, or the number of places (stores, offices, locations) in which the company does business. a. retrenchment b. niche c. recovery d. growth e. divestment

D. Growth

Groupthink occurs in ____. a. groups in which members have dissimilar backgrounds b. newly formed groups whose members were arbitrarily selected and who are assigned to make programmed decisions c. standing committees whose members are under no pressure to agree d. highly cohesive groups where there is a great deal of pressure to agree with each other e. groups whose members are elected to serve as figureheads

D. Highly cohesive groups where there is a great deal of pressure to agree with each other

_____ consists of the strategic actions that a company takes to return to a growth strategy. a. Portfolio b. Differentiation c. Focus d. Recovery e. Stability

D. Recovery

____ is the emotional reaction that can occur when disagreements become personal rather than professional. a. Organizational disharmony b. C-type conflict c. Norm disruption d. Emotive empowerment e. A-type conflict

E. A-type conflict

The ____ is a decision-making method in which a panel of experts responds to questions and to each other until an agreement is reached on how a specific issue should be handled. a. feedback method b. dialectical inquiry technique c. electronic brainstorming technique d. nominal group technique e. Delphi technique

E. Delphi technique

Under conditions of _____, a competitive attack by a rival is more likely to produce sustained competitive advantage. a. high market commonality b. low market commonality c. high competitive autonomy d. high resource similarity e. low resource similarity

E. Low resource similarity

The last step in effective planning is to _____. a. develop long-term action plans b. acculturate the employees c. track progress toward goal achievement d. develop goal commitment e. maintain flexibility in planning

E. Maintain flexibility in planning

_____ plans are the day-to-day plans for producing or delivering the organization's products and services. a. Tactical b. Strategic c. Standing d. Single-use e. Operational

E. Operational

_____ is choosing a goal and developing a method or strategy to achieve a goal.​ a. ​Commanding b. ​Organizing c. ​Coordinating d. ​Leading e. ​Planning

E. Planning

_____ is a discrepancy between a company's intended strategy and the strategic actions managers take when actually implementing that strategy. a. Cstomer inertia b. Differentiation discrepancy c. Competitive inertia d. Competitive dissonance e. Strategic dissonance

E. Strategic dissonance

Top management is responsible for developing ____. a. appraisal reports b. worker schedules c. strategic plans d. operational plans e. tactical plans

E. Strategic plans

One of the important conditions that a firm must meet in order to gain a sustainable competitive advantage with its capital is: a. the firm's organization must be highly centralized. b. the firm's product prices must be high. c. the firm's overhead costs must be high. d. the firm's production technology should be obsolete. e. the firm's resources must be imperfectly imitable.

E. The firm's resources must be imperfectly imitable

The _____ is a measure of the degree to which barriers to entry make it easy or difficult for new companies to get started in an industry. a. bargaining power of suppliers b. bargaining power of new buyers c. scope of new SBUs d. character rivalry e. threat of new entrants

E. Threat of new entrants