QUIZ - Chapter 1

The Internet has transferred power from ________ to ________. individuals; governments governments; businesses businesses; individuals individuals; businesses businesses; governments

BUSINESSES; INDIVIDUALS

In recent years, the speedy flow of information through technology has ensured that the United States is unrivaled by other companies in all industries. created a borderless world with global competitors, customers, and citizens. strengthened national boundaries and made countries more self-contained. made the real flow of financial activity align with political boundaries between countries. made it harder for people worldwide to see how others work and live.

CREATED A BORDERLESS WORLD WITH GLOBAL COMPETITORS, CUSTOMERS, AND CITIZENS

By occasionally monitoring external events, companies should be able to identify when change is required. True False

FALSE

Most traditional retailers have tried in vain to use their online sales to boost in-store sales. True False

FALSE

What types of skills are especially critical for successful strategy implementation? Visionary Marketing Conceptual Technical Interpersonal

INTERPERSONAL

What are guides to decision making that address repetitive or recurring situations called? Goals Policies Rules Strategies Objectives

POLICIES

According to Greenley, some of the benefits of strategic management are increased discipline, enhanced communication, and more effective allocation of time and resources. True False

TRUE

Firms, like organisms, must be "adept at adapting" or they will not survive. True False

TRUE

The terms strategic management and strategic planning are used synonymously in this text.

TRUE

Which of the following is NOT a reason given for poor or no strategic planning in an organization? Content with current success Too busy "firefighting" to plan ahead Planning is viewed as a waste of time Trust of management makes it unnecessary No monetary rewards for planning

TRUST OF MANAGEMENT MAKES IT UNNECESSARY