Strategic Management - Ch. 9

What are the five​ issues, beyond​ financial, a firm uses to evaluate its strategies when developing a balanced​ scorecard? A. ​Customers, Managers/Employees,​ Operations/ Processes,​ Community/Social Responsibility, and Business​ Ethics/Natural Environment B. ​Customers, Marketing,​ Operations/ Processes,​ Community/Social Responsibility, and Business​ Ethics/Natural Environment C. ​Stakeholders, Managers/Employees,​ Operations/ Processes,​ Community/Social Responsibility, and Business​ Ethics/Natural Environment D. ​Customers, Managers,​ Employees, Community/Social​ Responsibility, and Culture E. ​Customers, Managers/Employees,​ Operations/ Processes, Social​ Responsibility, and Competitive Position

A. ​Customers, Managers/Employees,​ Operations/ Processes,​ Community/Social Responsibility, and Business​ Ethics/Natural Environment

Which​ strategy-evaluation activity includes comparing expected results with actual​ results, investigating deviations from​ plans, evaluating individual​ performance, and examining progress toward meeting stated​ objectives? A. Revising the EFE matrix B. Measuring organizational performance C. Examining underlying bases of a​ firm's strategy D. Continuously monitoring E. Taking corrective actions

B. Measuring organizational performance

Which​ strategy-evaluation activity requires making changes to competitively reposition a firm for the​ future? A. Revising the EFE matrix B. Taking corrective actions C. Continuously monitoring existing strategy D. Comparing expected results with actual results E. Examining the underlying bases of a​ firm's strategy

B. Taking corrective actions

Most strategy literature advocates that strategic management​ is______. A. neither an art nor a science B. more a science than an art C. purely an art D. purely a science E. more an art than a science

B. more a science than an art

When conducting strategic​ planning, some firms prefer to keep strategies hidden because​ ______. A. visibility limits rivals from duplicating the​ firm's strategies B. participants in a visible strategic process become more attractive to rival​ firms, which may lure them away C. secrecy enhances commitment D. visibility limits​ second-guessing E. secrecy enhances criticism

B. participants in a visible strategic process become more attractive to rival​ firms, which may lure them away

The strategic planning process should​ ______. A. not vary assignments B. strengthen the​ "good ethics is good​ business" policy C. disregard qualitative information D. be a bureaucratic mechanism E. be a formal system for control

B. strengthen the​ "good ethics is good​ business" policy

The act of oversight and direction provided by a Board of Directors is referred to as​ ______. A. steering B. governing C. governance D. directing E. government

C. governance

Which of the following is suggested to make strategic planning more​ effective? A. It should be a bureaucratic mechanism. B. It should hide​ "bad news." C. It should be numbers supported by words. D. It should be a people process more than a paper process. E. It should be controlled by technicians.

D. It should be a people process more than a paper process.

Which of the following is a current trend in the U.S. regarding Boards of​ Directors? A. Less board member accountability with larger boards B. Much greater board member accountability with larger boards C. Less board member accountability with smaller boards D. Much greater board member accountability with smaller boards E. Eliminating the Board of Directors

D. Much greater board member accountability with smaller boards

he Balanced Scorecard strategy evaluation and control technique derives its name from the need of firms to balance​ ______. A. quality versus quantity of products and services B. the budget C. the needs of employees with those of shareholders D. financial and nonfinancial measures E. customer service with sales volume

D. financial and nonfinancial measures

Strategy-evaluation activities should be performed​ ______. A. at the end of every year B. each month C. immediately after problems occur D. on a continuing basis E. at the end of specified periods of time

D. on a continuing basis

What are the basic activities of the​ strategy-evaluation process? A. Examine a​ firm's financial​ position, compare this to industry​ standards, and take corrective actions. B. Determine if profitability has increased​ and, if​ not, develop new expected results and take corrective actions. C. Examine the​ firm's existing​ strategy, compare it to​ competitors' strategies, and take corrective actions. D. Determine if assets have increased​ and, if​ not, take the appropriate corrective actions. E. Examine the underlying bases of a​ firm's strategy, compare expected results with actual​ results, and take corrective actions to ensure the performance conforms to plans.

E. Examine the underlying bases of a​ firm's strategy, compare expected results with actual​ results, and take corrective actions to ensure the performance conforms to plans.