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.
