Exam 8: Strategy Formulation and Execution

The administration and implementation of the strategic plan is strategy execution.

The _____ strategy involves an attempt to distinguish the firm's products or services from others in the industry.

Diversification is a strategy of moving into new lines of business.

Sherri has been asked to participate on a cross-functional task force that is charged with performing an audit checklist for her advertising firm. The task force will analyze organizational strengths and weaknesses as they apply to the firm. Sherri's task is to analyze management quality, staff quality, degree of centralization, and organizational charts. This level of analysis pertains to which area of the audit?

The interaction of Production and Sales working together to produce profit greater than the total of both working separately is an example of synergy.

Which of the following is a business activity that an organization does especially well relative to its competition?

People need to understand how their individual actions can contribute to achieving an organizational strategy. This can be accomplished by delegating authority, creating teams, and defining roles. These actions are part of which tool for putting strategy into action?

The use of managerial and organizational tools to direct resources toward accomplishing strategic results is known as _____.

When an organization chooses a(n) _____ strategy, it means that business decisions such as product design are made on a country-by-country basis.

A transnational strategy seeks to achieve both global integration and national responsiveness.

The human resource department at Paula's Powerwheels is implementing a number of functional level strategies. These strategies include focusing on ways to retain and develop a stable work force and ways to improve efficiency in the organization. These functional-level strategies are consistent with which of the following strategies?

Paramount, Inc. is particularly concerned about pending legislation in Congress that would further regulate their organization. This legislation would be classified as a(n) _____.

Front-line managers have the final responsibility for strategic planning.

List the three global corporate strategies.

The condition that exists when the organization's parts interact to produce a joint effect that is greater than the sum of the parts acting alone is known as:

A business activity that an organization does particularly well relative to its competition is known as a(n) _____.

In order to protect an organization's mission, the human resource functions are removed from strategic goals.

In a turbulent business climate, managers should focus on strategic stability rather than flexibility.

In order for companies to remain competitive, their strategies must focus on three things. Describe these three focuses.

Vertical integration means a firm expands into businesses that either produce the supplies needed to make products or that distribute and sell those products to customers.