ch. 9 quiz

"R" in SMART Framework refers to which of these? a. Reasonable b. Relevant c. Retention d. Results e. Rates

b. relevant

For ABC Products, to launch a new product is an example of which of these? a. Vision b. Mission c. Threat d. Strategic objectives e. External competencies

d. strategic objectives

Strategic objectives usually identify why a firm exists. True/False

false

PESTEL, Porter's Five Forces, and Resources and Capabilities are three important strategic analysis tools managers can utilize in formulating the strategies. True/False

true

The strategic management process is the set of activities that firm managers undertake in order to try to put their firms in the best possible position to compete successfully in the marketplace. True/False

true

"A" in SMART Framework refers to which of these? a. Achievable b. Action c .Administration d. Adaptation e. Advisory

a. achievable

Which of the following represents the broadest level of strategy, and is concerned with decisions about growing, maintaining, or shrinking very large companies? a. Corporate strategy b. BCG Matrix c. SMART framework d. International strategy e. Business-level strategy

a. corporate strategy

According to the BCG Matrix, business units that are doing poorly in a low growth market are called ______. a. Dogs b. Stars c. Cash Cows d. Question Marks e. None of these

a. dogs

A ____ is a decision to carry out a particular action in order to achieve a specific goal. a. plan b. strategy c. strategic objective d. SMART framework e. mission

a. plan

A business-level strategy is the framework a firm uses to organize its activities, and it is developed by the firm's top managers. True/False

true

The strategy cycle is a process managers use to achieve an advantage in the marketplace, and the measurement and evaluation stage tells managers whether the advantage is being achieved. True/False

true

Which of the following is the first step of strategic management process? a. Strategic analysis b. Vision and Mission statements c. Measure and evaluate performance d. Create and choose strategies e. Develop objectives

b. Vision and Mission statements

When a company decide to shrink its operations to reduce costs in order to survive, it is employing a ____ strategy. a. stability b. defensive c. intensive d. growth e. integration

b. defensive

According to the BCG Matrix, business divisions that are in a high market share, high growth quadrant are called ______. a. Dogs b. Stars c. Cash Cows d. Question Marks e. None of these

b. stars

Which of the following refers to the systematic examination of a firm's internal and external situation that informs managerial decision-making? a. Objective statement b. VRIO c. Strategic analysis d. Mission statement e. SMART framework

c. strategic analysis

A ______ strategy involves developing plans to increase the size of the firm in terms of revenue, market share, or geographic reach. a. stability b. defensive c. divestiture d. growth e. retrenchment

d. growth

Which of these takes the why of a vision statement and gives a broad description of how the firm will try to make its vision a reality? a. Objective statement b. SWOT c. Strategic analysis d. Mission statement e. SMART framework

d. mission statement

Which term describes the set of activities that firm managers undertake in order to try to put their firms in the best possible position to compete successfully in the marketplace? a. Strategic analysis b. strategic positioning c. Value chain d. Strategic management process e. SWOT

d. strategic management process

_____ is (are) the big-picture goals for the company. a. Vision b. Mission c. Opportunities d. Strategic objectives e. External competencies

d. strategic objectives

ABC Products is interested in understanding if new firms were coming into their market. ABC should use which of the following strategic analysis tools? a. SWOT b. Vision and Mission c. Resources and Capabilities d. PESTEL e. Porter's 5 Forces

e. Porter's 5 Forces