Management Final- CH 9

According to the BCG Matrix, business units that have high market share but are in a market that is not growing are called ______. A. Dogs B. Stars C. Cash Cows D. Question Marks E. None of these

B. Stars

. ____ is mid-level planning that consists of broad ideas of what the company should do to pursue its mission. A. Operational planning B. Tactical planning C. Functional planning D. System-based planning E. Strategic planning

B. Tactical planning

While a firm's _______ is a general statement about its values, a firm's ______ is more specific. A. SWOT; SMART framework B. vision statement; mission statement C. mission statement; objective statement D. SMART framework; SWOT E. mission statement; vision statement

B. vision statement; mission statement

Which of the following represents the first step in the planning process? A. Design plan B. Implement plan C. Review results D. Set goals E. Modify plans

D. Set goals

Which term describes the set of activities that firm managers undertake in order to try to put their firms in the best possible position to compete successfully in the marketplace? A. Strategic analysis B. strategic positioning C. Value chain D. Strategic management process E. SWOT

D. Strategic management process

A ______ strategy involves developing plans to increase the size of the firm in terms of revenue, market share, or geographic reach. A. stability B. defensive C. divestiture D. growth E. retrenchment

D. growth

Which of the following represents the framework a firm uses to organize its activities, developed by the firm's top managers and includes examples such as cost leadership and differentiation? A. Corporate strategy B. BCG Matrix C. SMART framework D. International strategy E. Business-level strategy

E. Business-level strategy

M" in SMART Framework refers to which of these? A. Matrix B. Mission C. Method D. Maturity E. Measurable

E. Measurable

ABC Products is interested in understanding if new firms were coming into their market. ABC should use which of the following strategic analysis tools? A. SWOT B. Vision and Mission C. Resources and Capabilities D. PESTEL E. Porter's 5 Forces

E. Porter's 5 Forces

A business-level strategy is the framework a firm uses to organize its activities, and it is developed by the firm's top managers. a. True b. False

a. True

A plan includes decisions about when and how actions should be accomplished and what resources will be required to complete the actions. a. True b. False

a. True

The mission statement takes the why of a vision statement and gives a broad description of how the firm will try to make its vision a reality. a. True b. False

a. True

The strategic management process is the set of activities that firm managers undertake in order to try to put their firms in the best possible position to compete successfully in the marketplace. a. True b. False

a. True

The strategy cycle is a process managers use to achieve an advantage in the marketplace, and the measurement and evaluation stage tells managers whether the advantage is being achieved. a. True b. False

a. True

A ____ is a decision to carry out a particular action in order to achieve a specific goal. A. plan B. strategy C. strategic objective D. SMART framework E. mission

A. plan

. ____ is a process in which the performance standard is based on another firm's superior performance. A. Operational planning B. Benchmarking C. Functional planning D. System-based planning E. Strategic planning

B. Benchmarking

The variables measured in BCG Matrix are: A. Dogs; question mark B. Market share; market growth C. Threat of substitutes; Barriers to entry D. Supplier power; buyer power E. Stars; cash cows

B. Market share; market growth

The SMART framework can be applied to business or personal goals. A good goal should be specific, measurable, applicable, rewarded, and time-bound. a. True b. False

b. False