Question 1

A turnaround strategy is a type of renewal strategy used when an organization is in serious trouble.

Accepted Answer

A) True 
 B)False  True

Question 2

When used to connect with customers or to connect employees with co-workers in other locations, social media ________.

Accepted Answer

A)  provide a means for customers to order products online 
B)  create distractions that can keep employees from being productive 
C)  provide information for competitors that give them a competitive advantage 
D)  can create a competitive advantage 
A)  provide a means for customers to order products online 
B)  create distractions that can keep employees from being productive 
C)  provide information for competitors that give them a competitive advantage 
D)  can create a competitive advantage D

Question 3

List and discuss the different types of corporate strategies.

Accepted Answer

The three main types of corporate strategies are growth, stability, and renewal.
a. Growth - A growth strategy is when an organization expands the number of markets served or products offered, either through its current businesses or through new businesses. Because of its growth strategy, an organization may increase revenues, number of employees, or market share. Organizations grow by using concentration, vertical integration, horizontal integration, or diversification.
b. Stability - A stability strategy is a corporate strategy in which an organization continues to do what it is currently doing. Examples of this strategy include continuing to serve the same clients by offering the same product or service, maintaining market share, and sustaining the organization's current business operations. The organization does not grow, but does not fall behind, either.
c. Renewal - When an organization is in trouble, something needs to be done. Managers need to develop strategies, called renewal strategies, that address declining performance. The two main types of renewal strategies are retrenchment and turnaround strategies.

Question 4

After the SWOT analysis is complete, managers are ready to ________.

Accepted Answer

A)  begin production 
B)  identify competitors 
C)  formulate strategies 
D)  review the analysis 
A)  begin production 
B)  identify competitors 
C)  formulate strategies 
D)  review the analysis

Question 5

The final step in the strategic management process is implementing the objectives.

Accepted Answer

A) True 
 B)False

Question 6

Harness International, a global wiring harness company, allows each customer to access its engineering drawings on the company's extranet, speeding up the design process for every project. Harness would consider this to be a(n) ________.

Accepted Answer

A)  resource 
B)  capability 
C)  competitive advantage 
D)  opportunity 
A)  resource 
B)  capability 
C)  competitive advantage 
D)  opportunity

Question 7

Ferrari sells very expensive, stylish, high-quality cars to very wealthy people. Ferrari follows a ________ strategy.

Accepted Answer

A)  functional 
B)  focus 
C)  differentiation 
D)  quality 
A)  functional 
B)  focus 
C)  differentiation 
D)  quality

Question 8

What are the three main types of corporate strategies?

Accepted Answer

A)  stability, focus, and turnaround 
B)  growth, stability, and renewal 
C)  growth, cost leadership, and differentiation 
D)  stability, differentiation, and focus 
A)  stability, focus, and turnaround 
B)  growth, stability, and renewal 
C)  growth, cost leadership, and differentiation 
D)  stability, differentiation, and focus

Question 9

Functional-level strategy directly supports the ________.

Accepted Answer

A)  corporate strategy 
B)  competitive strategy 
C)  operating strategy 
D)  concentration strategy 
A)  corporate strategy 
B)  competitive strategy 
C)  operating strategy 
D)  concentration strategy

Question 10

Explain the term "first mover" and then list the advantages and disadvantages of being a first mover in the market.

Accepted Answer

An organization that is first to bring a

Question 11

As smartphone cameras improved, consumers turned away from traditional cameras. Polaroid lost market share and finally realized their product was no longer desired. At that point, Polaroid would be considered a ________ in the BCG matrix.

Accepted Answer

A)  question mark 
B)  dog 
C)  cash cow 
D)  star 
A)  question mark 
B)  dog 
C)  cash cow 
D)  star

Question 12

The main reason strategic management is important is ________.

Accepted Answer

A)  it allows an organization to anticipate economic recessions 
B)  it can make a difference in how well an organization performs 
C)  it reduces uncertainty 
D)  it simplifies the environment 
A)  it allows an organization to anticipate economic recessions 
B)  it can make a difference in how well an organization performs 
C)  it reduces uncertainty 
D)  it simplifies the environment

Question 13

Computer peripherals provider Ascent plans to enter a new market in another country. Which one of the following represents a threat for Ascent?

Accepted Answer

A)  Ascent's profit margin in the previous year was its lowest on record and it will require long-term planning to improve margins. 
B)  Ascent lacks the resources to enter the market on its own and has to find a partner in the new market. 
C)  Ascent will have to plan its entry carefully as the laws in the country do not favor foreign businesses. 
D)  Ascent needs to improve its service capabilities in the new country as this is an important source of revenue. 
A)  Ascent's profit margin in the previous year was its lowest on record and it will require long-term planning to improve margins. 
B)  Ascent lacks the resources to enter the market on its own and has to find a partner in the new market. 
C)  Ascent will have to plan its entry carefully as the laws in the country do not favor foreign businesses. 
D)  Ascent needs to improve its service capabilities in the new country as this is an important source of revenue.

Question 14

An Internet-based knowledge management system that shortens customer response times would be an e-business technique that contributes to the competitive advantage of a ________.

Accepted Answer

A)  cost leader 
B)  differentiator 
C)  focuser 
D)  brick 
A)  cost leader 
B)  differentiator 
C)  focuser 
D)  brick

Question 15

The tobacco market in the United States has stagnated but Altria has a 50% share of it. According to the BCG Matrix, Altria is a ________.

Accepted Answer

A)  star 
B)  cash cow 
C)  question mark 
D)  dog 
A)  star 
B)  cash cow 
C)  question mark 
D)  dog

Question 16

A firm's reputation in the marketplace would be considered a resource.

Accepted Answer

A) True 
 B)False

Question 17

Bixler Corporation boasts that it has the fewest warranty claims in its industry. We can infer from this that ________.

Accepted Answer

A)  Bixler's quality is a competitive advantage 
B)  Bixler has an ineffective TQM program 
C)  Bixler has employed design thinking in the development of its products 
D)  Bixler is using social media to promote its products 
A)  Bixler's quality is a competitive advantage 
B)  Bixler has an ineffective TQM program 
C)  Bixler has employed design thinking in the development of its products 
D)  Bixler is using social media to promote its products

Question 18

When one gas station lowers its price a penny, the station on the other corner of the intersection lowers its price, followed by the gas stations on the next block, and so on, until nearly every gas station in town has lowered its prices. This situation illustrates ________.

Accepted Answer

A)  intense rivalry among competitors 
B)  a differentiation strategy 
C)  the treat of substitutes 
D)  a cost leadership strategy 
A)  intense rivalry among competitors 
B)  a differentiation strategy 
C)  the treat of substitutes 
D)  a cost leadership strategy

Question 19

The top managers of the corporation are meeting to discuss how they will compete in their chosen markets and how they will attract and satisfy customers. These managers are discussing ________.

Accepted Answer

A)  the business model 
B)  strategy 
C)  their competitive advantage 
D)  core competencies 
A)  the business model 
B)  strategy 
C)  their competitive advantage 
D)  core competencies

Question 20

Focusing on process development can lead to a successful cost leadership competitive strategy.

Accepted Answer

A) True 
 B)False

A turnaround strategy is a type of renewal strategy used when an organization is in serious trouble.

When used to connect with customers or to connect employees with co-workers in other locations, social media ________.

List and discuss the different types of corporate strategies.

After the SWOT analysis is complete, managers are ready to ________.

The final step in the strategic management process is implementing the objectives.

Harness International, a global wiring harness company, allows each customer to access its engineering drawings on the company's extranet, speeding up the design process for every project. Harness would consider this to be a(n) ________.

Ferrari sells very expensive, stylish, high-quality cars to very wealthy people. Ferrari follows a ________ strategy.

What are the three main types of corporate strategies?

Functional-level strategy directly supports the ________.

Explain the term "first mover" and then list the advantages and disadvantages of being a first mover in the market.

As smartphone cameras improved, consumers turned away from traditional cameras. Polaroid lost market share and finally realized their product was no longer desired. At that point, Polaroid would be considered a ________ in the BCG matrix.

The main reason strategic management is important is ________.

Computer peripherals provider Ascent plans to enter a new market in another country. Which one of the following represents a threat for Ascent?

An Internet-based knowledge management system that shortens customer response times would be an e-business technique that contributes to the competitive advantage of a ________.

The tobacco market in the United States has stagnated but Altria has a 50% share of it. According to the BCG Matrix, Altria is a ________.

A firm's reputation in the marketplace would be considered a resource.

Bixler Corporation boasts that it has the fewest warranty claims in its industry. We can infer from this that ________.

When one gas station lowers its price a penny, the station on the other corner of the intersection lowers its price, followed by the gas stations on the next block, and so on, until nearly every gas station in town has lowered its prices. This situation illustrates ________.

The top managers of the corporation are meeting to discuss how they will compete in their chosen markets and how they will attract and satisfy customers. These managers are discussing ________.

Focusing on process development can lead to a successful cost leadership competitive strategy.

Managers and You in the Workplace

Decision Making

Globalmanagement

Valuing a Diverse Workforce

Socially Conscious Management

Managing Change

Constraints Onmanagers

Planning and Goal-Setting

Fostering Entrepreneurship

Organization Design

Organizing Around Teams

Human Resourcemanagement

Interpersonal and Organizational Communication

Organizational Behavior

Leadership

Motivating Employees

Controlling Activities and Operations

Filters

Exam 9: Strategic Planning

A turnaround strategy is a type of renewal strategy used when an organization is in serious trouble.

When used to connect with customers or to connect employees with co-workers in other locations, social media ________.

List and discuss the different types of corporate strategies.

After the SWOT analysis is complete, managers are ready to ________.

The final step in the strategic management process is implementing the objectives.

Harness International, a global wiring harness company, allows each customer to access its engineering drawings on the company's extranet, speeding up the design process for every project. Harness would consider this to be a(n) ________.

Ferrari sells very expensive, stylish, high-quality cars to very wealthy people. Ferrari follows a ________ strategy.

What are the three main types of corporate strategies?

Functional-level strategy directly supports the ________.

Explain the term "first mover" and then list the advantages and disadvantages of being a first mover in the market.

As smartphone cameras improved, consumers turned away from traditional cameras. Polaroid lost market share and finally realized their product was no longer desired. At that point, Polaroid would be considered a ________ in the BCG matrix.

The main reason strategic management is important is ________.

Computer peripherals provider Ascent plans to enter a new market in another country. Which one of the following represents a threat for Ascent?

An Internet-based knowledge management system that shortens customer response times would be an e-business technique that contributes to the competitive advantage of a ________.

The tobacco market in the United States has stagnated but Altria has a 50% share of it. According to the BCG Matrix, Altria is a ________.

A firm's reputation in the marketplace would be considered a resource.

Bixler Corporation boasts that it has the fewest warranty claims in its industry. We can infer from this that ________.

When one gas station lowers its price a penny, the station on the other corner of the intersection lowers its price, followed by the gas stations on the next block, and so on, until nearly every gas station in town has lowered its prices. This situation illustrates ________.

The top managers of the corporation are meeting to discuss how they will compete in their chosen markets and how they will attract and satisfy customers. These managers are discussing ________.

Focusing on process development can lead to a successful cost leadership competitive strategy.

Managers and You in the Workplace

Decision Making

Globalmanagement

Valuing a Diverse Workforce

Socially Conscious Management

Managing Change

Constraints Onmanagers

Planning and Goal-Setting

Fostering Entrepreneurship

Organization Design

Organizing Around Teams

Human Resourcemanagement

Interpersonal and Organizational Communication

Organizational Behavior

Leadership

Motivating Employees

Controlling Activities and Operations

Filters