ACC 3300

Which of the following steps in the strategic planning process should be completed first?

Create a mission statement.

Which of the following is an external factor that should be analyzed during the strategic planning process? A.A company acquiring your largest competitor and investing money in the company B.The ability of a manufacturing company to reduce waste such that selling prices can be reduced C.The ability of R&D personnel to develop a new product D.The ability of a company to fund an expansion with operating cash flow

A

Which of the following is not an internal factor that should be analyzed during the strategic planning process? A.A new administration's attitude toward anti-trust regulation B.The ability of a company's manufacturing equipment to handle an increase in volume from expanding into a new geographic region C.The ability of a company to fund an expansion with operating cash flow D.The ability of a tax return company to prepare returns that are error-free and on-time

A

Which of the following statements concerning strategic planning is correct?

A company selling electronic products to consumers likely uses a shorter time frame for strategic planning than does a company selling baseballs.

Which of the following statements concerning strategic planning is correct?

A company selling paint likely uses a longer time frame for strategic planning than does a company selling women's clothing.

Which of the following will likely affect budgeting but not long-range planning?

A spike in sales at Christmas

Which of the following statements concerning vision statements and mission statements is correct?

A vision statement expresses an organization's success in terms of its contribution to society while a mission statement provides a clear statement about how the organization will work toward achieving its vision.

Enscribe Inc. is a small firm that provides specialized, industry-oriented articles and features to medical publications. Founded and run by a team of physicians, Enscribe is a highly respected vendor in the market and has a dominant market share. However, the firm's market currently is undergoing a rapid expansion owing to a proliferation of online medical Websites. The chief executive officer of Enscribe—Dr. Elliot—sees this as a massive opportunity for the firm. However, the chief editor—Dr. Cruz—believes that this development is a threat. Which of the following, if true, would strengthen Dr. Cruz's conclusion? A.The firm has always struggled to find good-quality new hires. B.The medical publishing industry has high entry barriers that discourage new entrants. C.The firm has been identified as a cash cow in a BCG Growth Matrix developed by its parent firm. D.The firm lists organizational learning as one of its strengths.

A.

Wishing-Well Inc., a chain of small convenience stores in Atlanta, Georgia, has just opened a store in a rapidly developing suburb to the north of the city. The marketing manager of Wishing-Well believes that the suburb is a lucrative market, as the area has several expensive homes and offices but does not have any other convenience stores or supermarkets. Which of the following is likely to neutralize the opportunity offered by the new market?

Abundant retail space is available for low rates in the suburb.

Which of the following statements concerning strategic planning is not true?

An organization's vision and mission flow from its strategic plan.

Which of the following statements concerning vision statements is not correct?

An organization's vision statement is based on its mission statement.

Which of the following is not an external factor that should be analyzed during the strategic planning process? A.A new administration's attitude toward anti-trust regulation B.The ability of a company's manufacturing equipment to handle an increase in volume from expanding into a new geographic region C.The availability of high-speed wireless access on customers' ability to access your product D.A company acquiring your largest competitor and investing money in the company

B

Which of the following statements concerning mission statements is not correct? A. An organization's mission statement is based on its vision statement. B. A mission statement expresses an organization's success in terms of its contribution to society. C.A mission statement should answer the question "Why are we in business?" D.A mission statement results from an organization's strategic planning process.

B

Which of the following statements properly defines "environmental scanning"? A.A form of benchmarking for companies that need to determine the best location for achieving a competitive advantage by leveraging unique resources B.A process in which an organization continuously gathers and evaluates information that could impact its ability to compete C.A process of seeking competitive ways to achieve sustainability by seeking to enhance products, processes, labor, and other resources as a way to acquire distinctive competencies D.A strategy of constantly looking for ways to achieve a competitive advantage by finding new ways of exploiting their distinctive competencies

B

Which of the following statements concerning strategy levels is correct?

Competitive-level strategies address how an individual business unit creates value in its industry.

A country's political environment will likely affect which of the following?

Long-range planning but not budgeting

Metis Corp., a large software services company, has benefited in the past from having a strong, centralized leadership. The top management makes decisions and sets goals for the entire organization and tasks mid- and low-level managers with implementing these in Metis's teams. Which of the following, if true, indicates that a centralized leadership is now more likely to be a weakness than a strength for Metis?

Metis recently changed its business to focus more on product development, and its teams of product developers cherish creative freedom and autonomy.

Which of the following is not a level at which companies develop strategies?

Mission

Which of the following components is assessed in an internal capability analysis of an organization?

Resources

During the strategic planning process, which one of the following is an external factor to be analyzed?

Societal culture

How is strategic planning different from strategy formulation?

Strategic planning addresses how to implement business strategies, whereas strategy formulation results in new strategies.

Which of the following is an internal factor that should be analyzed during the strategic planning process?

The ability of a tax return company to prepare returns that are error-free and on-time

Which of the following is not an external factor that should be analyzed during the strategic planning process?

The ability of workers to operate a new generation of manufacturing equipment