Chapter 6

Vision

A ________ statement is a forward-thinking statement which defines what a company wants to become and/or where it is going. A. mission B. vision C. financial D. computer E. printed

Vision

A __________ is an overall explanation of why an organization exists and where it is trying to head. A. tactical plan B. prime directive C. corporate charter D. vision

Mission statement

Employees often work with managers to develop a(n) __________ that outlines the fundamental purposes of their organization. A. organization chart B. value statement C. mission statement D. PERT diagram

Economic

In formulating and implementing strategy in the social economy, managers must ensure that their actions guide the ______ activity of the not-for-profit (NFP), as well as other strategy considerations. A. emotional B. psychological C. economic D. philosophical E. ideological

Individually, holistically

Developing a business strategy looks at each of the six areas _______, but also ________, in determining the road which an organization should take. A. alone, holistically B. individually, together C. individually, holistically D. alone, simultaneously E. individually, simultaneously

Seek out acquisitions, collaborations and strategic alliances which complement existing products and capabilities

A key component of the operating plan development process is: A. Identification of required staffing, infrastructure, and process B. Identification of the up-front and ongoing cost commitments which must be made in order to develop the market opportunity which the business has decided to focus on C. Seek out acquisitions, collaborations, and strategic alliances which complement existing products and capabilities D. Expand current market presence E. Identify what businesses to compete in

Self concept and company philosophy

A meaningful mission statement should address topics such as the organization's: A. form of ownership and methods of financing. B. self-concept and company philosophy. C. advertising strategy and distribution plan. D. tactical plans and contingency plans.

An explanation of why the company exist and where it wants to go

A vision for a company is: A. an explanation of why the company exists and where it wants to go. B. the same thing as an objective. C. a detailed plan that outlines the major organizational structure of the firm. D. very relevant for the short-term, but less useful for the long-term.

All of the above

In formulating and implementing strategy in the social economy, managers must ensure that their actions, in addition to guiding the economic activity of the not-for-profit (NFP), effectively respond to the following: A. Maintain the balance between the economic base and the social mission and goals B. Enhance the vitality of the organization C. Maintain the atmosphere of collective entrepreneurship D. Enhance the rootedness of the organization E. All of the above

Game Plan

In order for an organization to be successful over the long term, managers need to have a ___________ as to where and how to compete in the markets in which they intend to serve. A. strategic direction B. business strategy C. game plan D. business goal E. business mission

Strategic Planning

Jamal is part of a management group that is examining whether his company, State Engineering, should offer some important new services that would broaden its business by appealing to a different group of potential clients. Jamal's group is involved with: A. contingency planning. B. operational planning. C. strategic planning. D. tactical planning.

Operational Planning

Karen Jobs is a supervisor who deals directly with a group of production line workers. She spends several hours each week developing specific work assignments and production schedules for the coming week so that the production department can meet its short-term production objectives. This suggests that a significant component of Karen's job involves: A. strategic planning. B. contingency planning. C. tactical planning. D. operational planning.

Strategies and Tactics

Like for-profit entities, not-for-profits must develop ________ which produce positive financial results for the organization. A. competitive advantage B. substitutes C. opportunities D. operational tactics E. strategies and tactics

Shareholders; collective

Rather than having __________, not-for-profits' actions are being assessed by some organized ______ (membership base, government entity, or community board). A. stakeholders; collective B. shareholders; enclave C. shareholders; collective D. stakeholders; group E. patrons; collective

a, b, and c

Small and medium-size business owners need to assess and anticipate the changes which are occurring: A. within their markets B. with the needs for their products C. with new opportunities D. with their suppliers E. a), b) and c)

Operational

Strategic planning looks at the organization as a whole, while ________ planning focuses on specific supervisors, department managers, and individual employees. A. tactical B. strategic C. mission D. operational

Business

The _________ level of planning would be determining specific objectives which it hopes to achieve for each of its identified business initiatives and/or business units. A. Strategic B. Tactical C. Operating D. Corporate E. Business

Identification of competitive advantages which the organization possesses

The following are key components of the operating plan development process, except: A. Specifics as to how to compete (for each business initiative or business unit) B. Identification of the key revenue drivers and an assessment of the total potential revenue forecasts which the business can expect from a particular initiative C. Identification of the up-front and ongoing cost commitments which must be made in order to develop the market opportunity which the business has decided to focus on. D. Identification of the required market position and marketing communication initiatives required to support the business initiative or unit in question E. Identification of competitive advantages which the organization possesses

Be skilled communicators and team players

The revolution in management that is currently underway suggests that the most effective managers of the future will: A. be very strict in their treatment of workers. B. emphasize individual initiative rather than teamwork. C. specialize in performing one of the four management functions. D. be skilled communicators and team players.

All resources

Today, managers have to make allocation decisions around the use of which scarce resources, A. financial B. human C. natural D. all resources

Corporate, business, operating

What are the three parts of formulating the strategic plan? A. Strategic, Tactical, and Operating B. Corporate, Tactical, and Operating C. Strategic, Business, and Operating D. Corporate, Business, and Operating E. Establishment, Tactical, and Design

Assess position in the marketplace

What is a key component of the operating plan development process? A. identification of competitive advantage B. identify threats C. identify opportunities D. assess position in the marketplace E. Identification of required staffing, infrastructure, and process

Identifying anticipated moves by competitors

What is a key outcome of the I/E Analysis? A. identification of competitive advantage B. identify threats C. identify opportunities D. assess position in the marketplace E. identifying anticipated moves by competitors

b) and c)

What is a key requirement of the strategy execution phase? A. monitor the cash flowing into and out of the business B. continuously monitor the success of the implementation of the strategy C. take corrective action quickly in the event that things are not going well D. monitor and manage processes and material purchases E. b) and c)

Operating Plans

What is developed after the corporate level and business level strategies and objectives have been identified? A. operational goals B. operating plans C. business goals D. business level tactics E. corporate level tactics

Strategy Execution

What is the final phase of the strategic planning process? A. Operational activities aligned B. Strategy execution C. Directional lock-out D. Directional lock-in E. Operational goals set

Identify the things it does well as an organization and the things it needs to improve

When a firm makes use of SWOT analysis, one of its objectives is to: A. identify the best employees to fill each position within the organization. B. set specific short-term performance standards for each department. C. evaluate the desirability of issuing stocks or bonds in the current financial climate. D. identify the things it does well as an organization and the things it needs to improve.

all of the above

Which of the following do organizations NOT commit their capital resources for within the execution phase? A. building plants B. retooling existing plants C. delivering products and services to customers D. building new equipment E. all of the above

Industry

Which of the following is NOT one of the key areas in which the I/E Analysis is assessing business risk and change? A. macro-economic B. industry C. demographics D. competitor E. company

Assets

Which of the following is NOT one of the six key areas that business managers answer in the development of a business strategy. A. Mission B. Purpose C. Markets D. Products and Services E. Assets

Understanding what is influencing markets today

Which of the following is NOT part of the strategic planning process and its organizing framework? A. assess what is changing in its macro-economic environment B. understanding what is influencing markets today C. assess what strategies its competitors are pursuing D. assess who its customers are and how they are changing E. assess what are its capabilities, competencies and advantages

all of the above

Why can't small and medium-size business owners, seem to take the time to plan strategically? A. act as the marketing, human resource, operations, and financial managers, all rolled into one B. focused on fighting fires or fixing problems C. focused on short-term planning efforts, generally geared towards current year initiatives D. lack access to the expertise and/or resources needed to undertake a strategy review E. all of the above

To whom the management team of the organization needs to respond to

With respect to the overall mission of the organization, what is the difference between for-profit entities and not-for-profits? A. That the products and services offered are priced at levels which ensure their accessibility B. To whom the management team of the organization needs to respond to C. Maintain the balance between the need and social mission and goals D. Maintain an atmosphere of collective entrepreneurship E. Enhance the vitality of the organization

Business Level

_______ strategy objectives, which defined how to accomplish the stated corporate objectives. A. Business level B. Strategic level C. Tactical level D. Operating level E. Corporate level

Planning

________ involves setting the organization's vision, goals, and objectives. A. Organizing B. Planning C. Controlling D. Directing

SWOT

_________ analysis is used to help companies evaluate their economic environments, assess their strengths and weaknesses, and identify competitive threats and market opportunities. A. WISH B. SWAMP C. ASSET D. SWOT

Goals

___________ are broad, long-term accomplishments an organization wants to achieve. A. Goals B. Objectives C. Directives D. Agendas

Objectives

____________ are specific, short-term results an organization needs to achieve in order to fulfill its long term goals. A. Directives B. Opportunity targets C. Objectives D. Mission complements

Responsibility and Accountability

______________ refers to identifying who, within the business, will be responsible for each aspect of the strategic plan. A. Business System Configuration B. Resources C. Products and Services D. Responsibility and Accountability E. Markets