Strategic Management-Exam chapters 1-4

A total weighted score of ________ in an External Factor Evaluation (EFE) Matrix indicates that an organization is responding in an outstanding way to existing opportunities and threats in its industry.

4.0

External audits attempt to id key variables that offer ____ response(s).

Actionable

According to Roger Schroeder, which basic function within production and operations deals with aggregate planning and scheduling?

Capacity

An effective information management system ________ information in such a way that it answers important operating and strategic questions.

Collects, codes, stores, synthesizes, and presents *ALL OF THE ABOVE*

The strategic management process is what?

Continuous process

In recent years, the speedy flow of info through technology has:

Created a border-less world with global citizens, global competitors, global customers, global suppliers,and global distributors!

________ can reveal the demographic characteristics of an organization's customers

Customer Profiling

A good mission statement has what?

Customer orientation

What are the first steps in the comprehensive strategic management model

Develop vision and mission statements

Which group would be classified as stakeholders?

Employees, government, suppliers, creditors, ALL OF THE ABOVE

What are educated assumptions about future trends called?

Forecasts

During what stage of strategic management are a firm's specific internal strengths and weaknesses determined?

Formulation

In which phase in strategic management are long term objectives especially important?

Formulation

Which steps immediately follow the establishment of long term objectives?

Generating, evaluating, and selecting strategies

What is the first step in designing the efe(external factor evaluation) ?

Identify the key external factors

What step in the strategic management involves mobilizing employees and managers to put strategies into action?

Implementation (Action Stage)

In developing a mission statement, arousing emotion is?

Important

Without assumptions planning would be?

Impossible

Competition in virtually all industries is?

Intense

What types of skills are especially critical for successful strategy implementation

Interpersonal

In the process of developing a mission statement it is important to?

Involve as many managers as possible

What category of ratios measures a firm's ability to meet its short-term obligations

Liquidity ratio

The strategic management process represents ____,____, and ____?

Logical, systematic, objective

The industrial organizations (IO) approach to competitive advantage advocates that external factors are?

More important than internal factors

The strategic management process is becoming more used by

Non profit Farms Multinational conglomerates All of the above

A resource is valuable if it is rare, hard to imitate, or

Not easily substitutable

Which function of management includes areas such as job design, job specifications, job analysis, and unity of command?

Organizing

Which component of a mission statement addresses the basic beliefs, values, aspirations, and ethics of the firm?

Philosophy

What is the essential bridge between the present and the future that increases the likelihood of achieving desired results?

Planning

An organization should take (a/an) _______ approach in its industry

Proactive

After a draft mission statement has been developed it is also important to?

Request modifications, additions, and deletions

Sometimes _____ is used to refer to strategic formulation, implementation, and evaluation

Strategic management

The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.

Strategic management

______ referring to only strategic formulation

Strategic planning

Collecting and evaluating information on competitors is essential for what?

Successful strategy formulation

The process whereby a firm determines the costs associated with organizational activities from purchasing raw materials to manufacturing products to marketing those products is called

Value chain analysis

Distribution includes

Warehousing

What is a mission statement?

What is our business

Which of these should a vision statement answer?

What we want to become

When we perform an external audit a company must first gather what?

competitor intelligence and information about external trends

The IFE Matrix should be ________ in multidivisional firms.

constructed for each autonomous division

Strategic management focuses on Integrating management _____ and information systems to achieve organization success.

marketing, finance Accounting, production and operations, research and development (R&D), All of the above

Which of the following is the process of influencing people to accomplish specific objectives?

motivation

In most industries, the major costs of producing a product or service are incurred within

operations

The three all-encompassing internal resource categories used in the resource-based view are physical resources, human resources, and

organizational

What category of ratios includes return on total assets and return on stockholders' equity?

profitability

What is the objective of strategic management

to achieve and sustain competitive advantage

The initial step to implementing value chain analysis is

Dividing a firm's operations into specific activities or business processes

What category of ratios measures how effectively a firm can maintain its economic position in the growth of the economy and industry?

growth

In which phase in strategic management are annual objects especially important?

implementation