OrgLCH9 Quiz

At any one time only one central, guiding plan is put into operation to achieve an organizational goal. This is known as

Unity

The belief that, at any time, only one central, guiding plan is put into operation to achieve an organizational goal is ______.

Unity

When organizations move into a new industry that is not related to their current businesses, this is ______ diversification.

Unrelated

What is it called when top management decides the industries and national markets in which their organization plans to compete?

A corporate-level strategy

Top managers at an expanding digital provider outlines a method for how adding popular programming with top stars to their streaming video programming will help them outperform their competitors. These managers are working on a(n)

Business

Managers build and refine their previous plans at the corporate, business and functional levels to put together a broad framework. This ongoing planning process is referred to as ______.

Cont

True or false: Managers only need to identify their customers when defining a business.

False

Which of the following are principal corporate-level strategies? (Check all that apply.)

International expansion Concentration on a single industry Diversification Vertical integration

From a managerial perspective, what is the purpose of formulating a set of corporate strategies?

To help them achieve the corporation's mission

True or false: Divisional managers create business-level plans to establish goals for their divisions.

True

True or false: The low-cost strategy drives down an organization's costs below those of its competitors. This strategy is aimed at serving a broad market.

True

A corporate-level strategy is a plan of action that involves choosing in which industries and countries a company should invest its resources to achieve its: (Choose all that apply.)

goals. mission.

The business-level plan details both ______.

long-term divisional goals and division-level strategy

When managers make the decision to price their products below that of their competitors, they are using a ______ strategy.

low-cost

Henri Fayol defined the quality of continuity during planning to mean that the company should focus on ______.

refining previous plans and continually modifying plans at all levels so they fit together

When companies utilize a global strategy for international expansion, they will undertake _______ of their products to suit the specific needs of customers in different countries.

related diversification

Jeremy forecasts what might happen if his company were to launch their new product into the market according to different schedules, prices, and features. He's thinking of making decisions to customize based on what he knows of his competitors' schedules and features. Jeremy is engaging in ______ planning.

scenario

When the same situation occurs repeatedly, ______ plans are used.

standing

The CEO and top managers use ______ to communicate to their managers and other employees a compelling vision of what they want the organization to accomplish.

strategic leadership

The development of a set of corporate, business, and functional strategies that allow an organization to accomplish its mission and achieve its goals is known as ______.

strategy formulation

The SWOT analysis components that are used to anticipate potential problems or opportunities for business growth outside an organization are ______, and for internal problems or assets of an organization are ______.

threats and opportunities; weaknesses and strengths

In large organizations, planning usually takes place at ______ level(s) of management.

three

In general, corporate-level planning and strategy are the primary responsibility of ______.

top managers

While defining a business and answering questions about their company's products, managers can identify: (Choose all that apply.)

who their true competitors are. future customer needs. present customer needs.

A time horizon is the intended ______ of a plan.

duration

To perform the planning task, managers must first ______.

establish where the organization is at the present time

Managers pursuing a ______ strategy serve one or a few segments of the overall market and aim to make their organization the lowest-cost company serving that segment.

focused low-cost

Michael Porter suggests that when managers choose a business-level strategy, their organization should ______ in a particular market.

gain a competitive advantage

Managers need to decide to what extent the organization should customize its products for different national conditions. The product can be standardized in all markets in which the organization competes; this is called a ______ strategy. If the company customizes its products and marketing tactics to different national conditions, it is called a ______ strategy.

global; multidomestic

A plan that indicates in which industries and national markets an organization intends to compete is a ______ strategy.

corporate-level

The type of plan that defines an organization's mission and goals, overall strategy, and structure is the ______.

corporate-level plan

Managers use a ______ strategy to distinguish their products from those of their competitors by focusing on characteristics such as design, quality, and after-sale service.

differentiation

A plan that indicates how a division intends to compete against its rivals in an industry is a ______-level strategy.

business

A plan to gain a competitive advantage in a particular market or industry is a ______ strategy.

business-level