B4 – Flashcard
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_____ is the conscious, systematic process of making decisions about goals and activities that an individual, group, work unit, or organization will pursue in the future. A. Buffering B. Benchmarking C. Budgeting D. Planning E. Forecasting
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D
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Which of the following is the first step in a formal planning process? A. Goal and plan evaluation B. Situational analysis C. Monitor and control D. Implementation E. Alternative goals and plans
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B
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Which of the following is a step in the formal planning process that involves studying past events, examining current conditions, and forecasting future trends? A. Situational analysis B. Alternative goals and plans C. Goal and plan evaluation D. Goal and plan selection E. Monitor and control
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A
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Stacy, a manager of a women's fashion magazine company, is in the process of launching a new Spring-Summer edition. For research purposes, she analyzed the past and present conditions of the market and also forecasted future trends. Which of the following steps of the formal planning process has Stacy performed? A. Goal and plan evaluation B. Situational analysis C. Monitor and control D. Implementation E. Alternative goals and plans
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B
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To be effective, goals should have certain qualities, which can be easily remembered with the acronym SMART: A. specific, measurable, attainable, relevant, time-bound. B. simple, meaningful, attractive, resourceful, tactical. C. scientific, moral, acceptable, realistic, technical. D. strong, motivating, affordable, resourceful, time-based. E. strategic, modifiable, agreed, realistic, tactical.
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A
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The actions or means managers intend to use to achieve organizational goals are called: A. skunkworks. B. scenarios. C. benchmarks. D. plans. E. business incubators.
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D
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Which of the following best describes contingency plans? A. They are the long-term direction and strategic intent of a company. B. They are a set of procedures for translating broad strategic goals and plans into specific goals and plans. C. They are a set of procedures that identify specific processes required at lower levels of an organization. D. They are an organization's basic scope and purpose of operations. E. They are a set of actions to be taken when events in the external environment require a sudden change.
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E
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Jupiter Dollar Mart plans to open five new stores before 2015. However, if the economy does not improve, and if consumer confidence does not rise as hoped, it might open just two stores. This backup plan is an example of a: A. dominant plan. B. single-use plan. C. contingency plan. D. standing plan. E. tactical plan.
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C
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Which of the following is true of a contingency plan? A. It primarily translates broad goals into specific ones. B. It serves as an alternative when the initial plan fails to work. C. It is normally used in stable environmental conditions. D. It is seldom used by corporations to respond to major disasters. E. It is sometimes referred to as a "why not" plan.
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B
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In the _____ stage of the formal planning process, managers should pay careful attention to the cost of any initiative and the investment return that is likely to result. A. goal and plan evaluation B. goal and plan selection C. implementation D. monitor and control E. situational analysis
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A
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The managers at Andover & Associates determine that several options being considered as plans for new product introduction appear to have better projected outcomes for market share growth—one of their high-priority goals. In which of the following stages of the formal planning processes is Andover involved? A. Goal and plan selection B. Implementation C. Monitor and control D. Alternative goals and plans E. Goal and plan evaluation
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E
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Once alternative goals and plans have been identified, the next step in the formal planning process is: A. situational analysis. B. goal and plan evaluation. C. implementation. D. monitor and control. E. goal and plan selection.
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B
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Which of the following statements is true about goal and plan selection? A. Goal selection requires exclusive reliance on experienced judgment. B. Experienced judgment is not needed in goal and plan selection. C. Benchmarking should be done during goal and plan selection. D. Selection takes place immediately after generating alternate goals. E. Managers select goals and plans that are appropriate and feasible.
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E
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Once managers have selected goals and plans, they are required to: A. perform a situational analysis. B. find alternative goals and plans. C. implement the designed plans. D. prepare a strategic map. E. forecast future trends.
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C
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Which of the following steps in the formal planning process helps managers know if their plan is working? A. Goal and plan evaluation B. Situational analysis C. Monitor and control D. Implementation E. Alternative goals and plans
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C
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The three levels of planning are: A. specific, business, and detailed. B. visionary, functional, and detailed. C. visionary, business, and detailed. D. managerial, synergistic, and operational. E. strategic, tactical, and operational.
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E
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A set of procedures for making decisions about an organization's long-term goals and strategies is known as: A. environmental scanning. B. strategic maneuvering. C. strategic planning. D. tactical planning. E. operational planning.
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C
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Who is responsible for an organization's strategic plan? A. Senior executives B. Middle management C. Frontline supervisors D. Tactical managers E. Operational managers
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A
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The level of planning that involves the least amount of details is: A. operational planning. B. contingency planning. C. tactical planning. D. strategic planning. E. visionary planning.
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D
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Strategic goals are: A. efforts and actions that are focused solely on competitiveness. B. major targets related to the long-term survival, value, and growth of an organization. C. efforts and actions that are focused solely on diversification. D. patterns of actions and resource allocation designed to solve immediate problems. E. narratives that describe a particular set of future conditions.
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B
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A(n) _____ is a pattern of actions and resource allocations designed to achieve goals of an organization. A. vision B. tactical plan C. operational plan D. strategy E. scenario
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D
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_____ planning translates broad strategic goals and plans into specific goals and plans that are relevant to a definite portion of an organization. A. Operational B. Tactical C. Traditional D. Contingency E. Strategic
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B
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The process of identifying the specific procedures and processes required at lower levels of an organization is known as: A. strategic planning. B. operational planning. C. tactical planning. D. contingency planning. E. divisional planning.
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B
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Operational planning is done by _____ managers. A. frontline B. strategic C. tactical D. top-level E. middle
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A
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A method used for aligning an organization's operational and strategic goals is a _____. A. strategy map B. decision tree C. GANTT chart D. demand curve E. strategic graph
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A
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A process that involves managers from all parts of an organization in the formulation and implementation of strategic goals and strategies is called: A. strategic maneuvering. B. environmental analysis. C. strategic management. D. operational planning. E. strategic planning.
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C
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Which of the following is a component of strategic management? A. Conceptualization B. Cost competitiveness C. Strategic control D. Emotional intelligence E. Strategic maneuvering
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C
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A clear and concise expression of what an organization does, whom it does it for, its basic goods or services, and its values is known as its _____. A. vision B. mission C. objective D. policy E. business definition
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B
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Which of the following best describes strategic vision? A. A set of procedures for translating broad strategic goals and plans into specific goals and plans B. A narrative that describes a particular set of future conditions C. A set of practices aimed at discovering and harnessing an organization's intellectual resources D. The long-term direction and strategic intent of a company E. The action by which a business competes in a particular industry or market
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D
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Which of the following is true of an effective vision statement? A. It clearly describes an organization as it currently operates. B. It inspires the members of an organization. C. It is an estimation of the profits of an organization. D. It clarifies the short-term direction of a company. E. It is a statement strictly based on financial targets.
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B
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"To be the world's best quick-service restaurant experience" is an example of a _____. A. strategic vision statement B. mission statement C. low-cost strategy D. scenario E. domain selection
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A
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Strategic goals evolve from an organization's: A. core capabilities. B. suppliers and customers. C. tactical plans. D. mission and vision. E. stakeholders.
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D
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Which of the following does environmental analysis examine? A. Competitors B. Board of directors C. Organizational climate D. Organizational culture E. Social capital
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A
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The major components of an internal analysis includes: A. operations analysis. B. political activity. C. competitor analysis. D. industry growth. E. social issues.
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A
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_____ are inputs to production that can be accumulated over time to enhance the performance of a firm. A. Strategies B. Core capabilities C. Resources D. Benchmarks E. Patents
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C
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Tangible assets include: A. company reputation. B. goodwill. C. technical knowledge. D. production facilities. E. company culture.
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D
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Intangible assets include: A. real estate. B. production facilities. C. patents. D. raw materials. E. inventory.
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C
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Resources are viewed as a company's core capabilities when they are _____. A. common B. imitable C. intangible D. tangible E. rare
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E
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76. A unique skill or knowledge an organization possesses that gives it an edge over competitors is called a _____. A. strategic advantage alliance B. core capability C. better business benefit D. competitive benchmark E. comprehensive advantage When resources are valuable, rare, inimitable, and organized, they can be viewed as a company's core capabilities. A core capability is a unique skill and/or knowledge an organization possesses that gives it an edge over competitors.
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B
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The process of assessing how well one company's basic functions and skills compare to those of another company or set of companies is known as _____. A. benchmarking B. a situational analysis C. strategic planning D. operational planning E. a SWOT analysis
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A
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Portland's Pizza, a chain of specialty pizzerias, periodically compares its quality and service levels to other successful restaurants in order to continually improve its own performance. This practice is known as _____. A. strategic maneuvering B. strategic mapping C. benchmarking D. corporate espionage E. competitive intelligence
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C
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A technique for assessing an organization's internal and external environments in order to formulate strategy is called a: A. BCG matrix. B. SWOT analysis. C. benchmarking strategy. D. diversification exercise. E. functional strategy.
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B
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In a SWOT analysis, an example of an organization's strength would be: A. geographical expansion. B. new technology. C. new entrants. D. skilled management. E. imitable resources.
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D
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A _____ strategy focuses on a single business competing in a single industry. A. concentration B. vertical integration C. concentric diversification D. conglomerate diversification E. focal integration
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A
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A fast-food restaurant chain, specialized in chicken, adds burgers to its menu. Based on the given information, which of the following corporate strategies is the restaurant following? A. Conglomerate diversification B. Differentiation strategy C. Vertical integration D. Concentration strategy E. Lateral diversification
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D
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Which of the following corporate strategies is being employed when a large grocery store builds a bakery in which all of the store-brand bread, rolls, and pastries are baked and then sold in the store? A. Differentiation strategy B. Conglomerate diversification C. Vertical integration D. Low-cost strategy E. Functional strategy
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C
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A _____ strategy involves adding new businesses that produce related products or are involved in related markets and activities. A. concentration B. differentiation C. concentric diversification D. conglomerate diversification E. lateral diversification
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C
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For the past two decades, Pearl Beverage has focused only on malt beverage products containing alcohol. The company is now considering entering the bottled iced tea arena as well. If Pearl decides to enter the bottled iced tea arena, it would be using a _____ strategy. A. vertical integration B. concentric diversification C. cost competitive D. functional E. differentiation
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B
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A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities is called a _____ strategy. A. concentration B. vertical integration C. concentric diversification D. conglomerate diversification E. differentiation
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D
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Percy Accessories specializes in shoes and handbags. Recently, it has decided to add to its business units by opening a bank downtown near its original location. This strategy is an example of: A. vertical integration. B. concentric diversification. C. conglomerate diversification. D. concentration. E. differentiation.
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C
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If a baby food manufacturer purchases a camping equipment company, which type of corporate strategy would this exemplify? A. Concentration B. Conglomerate diversification C. Vertical integration D. Concentric diversification E. Differentiation
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B
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One of the most popular techniques for analyzing a corporation's strategy for managing its portfolio is the _____. A. PERT chart analysis B. decision tree C. benchmarking procedure D. SWOT analysis E. BCG matrix
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E
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Sugarless Specialties manufactures a variety of sugar-free desserts and is widely known in the country of Rhodia. Sugarless plans to acquire a small firm named Rocky Tops that makes sugar-free hard candies. Because of concerns about obesity in Rhodia, the market for sugar-free hard candies is increasing at a growing rate. However, Rocky Tops's poor popularity in the market has caused it to go into loss. Rocky Tops is most likely a _____ according to the BCG matrix. A. cash cow B. star C. satellite D. question mark E. dog
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D
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According to the BCG matrix, a "star" is a company with a: A. strong competitive position in a high-growth industry. B. weak competitive position in a high-growth industry. C. strong market share in a low-growth industry. D. weak market share in a low-growth industry. E. low-cost strategy competing in a low-growth industry.
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A
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According to the BCG matrix, a high-growth, weak-competitive-position business is called a _____. A. star B. question mark C. cash cow D. dog E. satellite
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B
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_____ defines the major actions by which an organization builds and strengthens its competitive position in the marketplace. A. Corporate strategy B. Strategic map C. BCG matrix plan D. Situation analysis E. Business strategy
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E
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With which of the following business strategies do large companies that try to take advantage of economies of scale in production often succeed? A. Low-cost B. Differentiation C. Niche D. Customer intimacy E. Functional
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A
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A differentiation strategy is best defined as a: A. strategy employed for an organization that operates a single business and competes in a single industry. B. strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions. C. strategy used to add new businesses that produce related products or are involved in related markets and activities. D. strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities. E. strategy implemented by each functional area of the organization to support the organizations business strategy.
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B
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Functional strategies are those that are: A. implemented by each department of an organization to support the business strategy. B. utilized by top management in developing the corporate structure and resource allocation of an organization. C. typically developed by the board of directors. D. utilized as corporate benchmarks for evaluating corporate performance. E. used to evaluate competitors.
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A
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Which of the following is a step in the strategy implementation process? A. Assess organization capabilities B. Evaluate competitor's resources C. Complete a situation analysis D. Determine alternative goals and plans E. Select goals and plans
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A
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The final step in strategy implementation is to: A. develop an implementation agenda. B. create an implementation plan. C. assess organization capabilities. D. define strategic tasks. E. develop a mission statement.
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B
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The final component of the strategic management process is strategic: A. implementation. B. positioning. C. analysis. D. control. E. maneuvering.
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D
