Question 1

What are the benefits of strategic management?

Accepted Answer

The three most highly rated benefits of

Question 2

Define globalization and identify the role of strategic management in globalization.

Accepted Answer

Globalization is the internationalizatio

Question 3

The goal of NAFTA is complete economic integration.

Accepted Answer

A) True 
 B)False

Question 4

The corporate mission is best described by which one of the following?

Accepted Answer

A)  a description of the activities carried out by the organization 
B)  the purpose or reason for the corporation's existence 
C)  a description of top management's responsibilities 
D)  a statement of corporate objectives 
E)  a statement of what the organization would like to become 
A)  a description of the activities carried out by the organization 
B)  the purpose or reason for the corporation's existence 
C)  a description of top management's responsibilities 
D)  a statement of corporate objectives 
E)  a statement of what the organization would like to become

Question 5

The mode of strategy formulation used when top management has a reasonably clear idea of the corporation's mission and objectives, but it chooses to develop a series of tentative or partial strategies instead of developing full-blown strategies is called

Accepted Answer

A)  planning mode. 
B)  logical incrementalism. 
C)  entrepreneurial mode. 
D)  adaptive mode. 
E)  strategic mode. 
A)  planning mode. 
B)  logical incrementalism. 
C)  entrepreneurial mode. 
D)  adaptive mode. 
E)  strategic mode.

Question 6

Research done by Henry Mintzberg suggests that strategy formulation

Accepted Answer

A)  is typically an irregular and a discontinuous process. 
B)  should be followed unswervingly to ensure success of the plan. 
C)  is a process to which organizations find they must make significant yearly changes. 
D)  should be reviewed after a specific interval of time to make sure it is still applicable. 
E)  is merely a checklist of actions following a logical process. 
A)  is typically an irregular and a discontinuous process. 
B)  should be followed unswervingly to ensure success of the plan. 
C)  is a process to which organizations find they must make significant yearly changes. 
D)  should be reviewed after a specific interval of time to make sure it is still applicable. 
E)  is merely a checklist of actions following a logical process.

Question 7

A broad mission statement may limit the scope of a firm's activities in terms of the product or service offered.

Accepted Answer

A) True 
 B)False

Question 8

Top-down planning that emphasizes formal strategy formulation and leaves the implementation issues to lower management levels is known as

Accepted Answer

A)  forecast-based planning. 
B)  externally oriented planning. 
C)  strategic management. 
D)  basic financial planning. 
E)  none of the above 
A)  forecast-based planning. 
B)  externally oriented planning. 
C)  strategic management. 
D)  basic financial planning. 
E)  none of the above

Question 9

The type of strategy which describes a company's overall direction in terms of its general attitude toward growth and the management of its various businesses and product lines is

Accepted Answer

A)  functional. 
B)  operational. 
C)  business. 
D)  product. 
E)  corporate. 
A)  functional. 
B)  operational. 
C)  business. 
D)  product. 
E)  corporate.

Question 10

A program or tactic is

Accepted Answer

A)  a detailed cost statement in terms of dollars. 
B)  a system of sequential steps. 
C)  a statement of the activities needed to support a strategy. 
D)  the process by which strategies and policies are put into action. 
E)  none of the above 
A)  a detailed cost statement in terms of dollars. 
B)  a system of sequential steps. 
C)  a statement of the activities needed to support a strategy. 
D)  the process by which strategies and policies are put into action. 
E)  none of the above

Question 11

Briefly describe the four basic elements of strategic management.

Accepted Answer

A triggering event is something that act

Question 12

The S in SWOT stands for

Accepted Answer

A)  strategies. 
B)  scanning. 
C)  strengths. 
D)  societal. 
E)  sociocultural. 
A)  strategies. 
B)  scanning. 
C)  strengths. 
D)  societal. 
E)  sociocultural.

Question 13

Strategic planning within a small organization

Accepted Answer

A)  may be informal and irregular. 
B)  must be elaborate to allow for future growth. 
C)  should always be formalized and explicitly stated. 
D)  should be done by the president only. 
E)  is unnecessary and a waste of time. 
A)  may be informal and irregular. 
B)  must be elaborate to allow for future growth. 
C)  should always be formalized and explicitly stated. 
D)  should be done by the president only. 
E)  is unnecessary and a waste of time.

Question 14

While the strategic audit is not an all-inclusive list, it presents many of the critical questions needed for a detailed strategic analysis of any business.

Accepted Answer

A) True 
 B)False

Question 15

In the externally oriented planning phase, plans are developed by heavily involving the input of managers from lower levels.

Accepted Answer

A) True 
 B)False

Question 16

In the final phase of strategic management, strategic information is available to

Accepted Answer

A)  people throughout the organization. 
B)  the top management responsible for decision making. 
C)  middle management. 
D)  operational personnel. 
E)  only those responsible for implementing the strategy. 
A)  people throughout the organization. 
B)  the top management responsible for decision making. 
C)  middle management. 
D)  operational personnel. 
E)  only those responsible for implementing the strategy.

Question 17

The type of strategy which emphasizes the improvement of the competitive position of a corporation's products or services in a particular industry or market segment served by a business unit is

Accepted Answer

A)  functional. 
B)  operational. 
C)  business. 
D)  environmental. 
E)  corporate. 
A)  functional. 
B)  operational. 
C)  business. 
D)  environmental. 
E)  corporate.

Question 18

Which of the following is NOT a characteristic of strategic decisions as mentioned in the text?

Accepted Answer

A)  directive 
B)  consequential 
C)  rare 
D)  continuous 
E)  require commitment of substantial resources 
A)  directive 
B)  consequential 
C)  rare 
D)  continuous 
E)  require commitment of substantial resources

Question 19

Research of the planning practices of companies in the oil industry concludes that the real value of modern strategic planning is more

Accepted Answer

A)  in the planning. 
B)  in the strategic thinking and organizational learning. 
C)  in the resulting written strategic plan. 
D)  in the formality of the process. 
E)  in the improved communication within the organization. 
A)  in the planning. 
B)  in the strategic thinking and organizational learning. 
C)  in the resulting written strategic plan. 
D)  in the formality of the process. 
E)  in the improved communication within the organization.

Question 20

Which of the following is an example of a mission statement?

Accepted Answer

A)  Diversify product line to appeal to more people. 
B)  Increase sales by 10% over last year. 
C)  Pay highest salaries to keep high quality employees. 
D)  Develop and sell quality appliances worldwide. 
E)  Divide a sales region into a group of sales districts. 
A)  Diversify product line to appeal to more people. 
B)  Increase sales by 10% over last year. 
C)  Pay highest salaries to keep high quality employees. 
D)  Develop and sell quality appliances worldwide. 
E)  Divide a sales region into a group of sales districts.

What are the benefits of strategic management?

Define globalization and identify the role of strategic management in globalization.

The goal of NAFTA is complete economic integration.

The corporate mission is best described by which one of the following?

The mode of strategy formulation used when top management has a reasonably clear idea of the corporation's mission and objectives, but it chooses to develop a series of tentative or partial strategies instead of developing full-blown strategies is called

Research done by Henry Mintzberg suggests that strategy formulation

A broad mission statement may limit the scope of a firm's activities in terms of the product or service offered.

Top-down planning that emphasizes formal strategy formulation and leaves the implementation issues to lower management levels is known as

The type of strategy which describes a company's overall direction in terms of its general attitude toward growth and the management of its various businesses and product lines is

A program or tactic is

Briefly describe the four basic elements of strategic management.

The S in SWOT stands for

Strategic planning within a small organization

While the strategic audit is not an all-inclusive list, it presents many of the critical questions needed for a detailed strategic analysis of any business.

In the externally oriented planning phase, plans are developed by heavily involving the input of managers from lower levels.

In the final phase of strategic management, strategic information is available to

The type of strategy which emphasizes the improvement of the competitive position of a corporation's products or services in a particular industry or market segment served by a business unit is

Which of the following is NOT a characteristic of strategic decisions as mentioned in the text?

Research of the planning practices of companies in the oil industry concludes that the real value of modern strategic planning is more

Which of the following is an example of a mission statement?

Corporate Governance

Ethics and Social Responsibility in Strategic Management

Environmental Scanning and Industry Analysis

Internal Scanning and Organizational Analysis

Strategy Formulation: Situation Analysis and Business Strategy

Strategy Formulation: Corporate Strategy

Strategy Formulation: Functional Strategy and Strategic Choice

Strategy Implementation: Organizing for Action

Strategy Implementation: Staffing and Directing

Evaluation and Control

Suggestions for Case Analysis

Filters

Exam 1: Basic Concepts in Strategic Management

What are the benefits of strategic management?

Define globalization and identify the role of strategic management in globalization.

The goal of NAFTA is complete economic integration.

The corporate mission is best described by which one of the following?

The mode of strategy formulation used when top management has a reasonably clear idea of the corporation's mission and objectives, but it chooses to develop a series of tentative or partial strategies instead of developing full-blown strategies is called

Research done by Henry Mintzberg suggests that strategy formulation

A broad mission statement may limit the scope of a firm's activities in terms of the product or service offered.

Top-down planning that emphasizes formal strategy formulation and leaves the implementation issues to lower management levels is known as

The type of strategy which describes a company's overall direction in terms of its general attitude toward growth and the management of its various businesses and product lines is

A program or tactic is

Briefly describe the four basic elements of strategic management.

The S in SWOT stands for

Strategic planning within a small organization

While the strategic audit is not an all-inclusive list, it presents many of the critical questions needed for a detailed strategic analysis of any business.

In the externally oriented planning phase, plans are developed by heavily involving the input of managers from lower levels.

In the final phase of strategic management, strategic information is available to

The type of strategy which emphasizes the improvement of the competitive position of a corporation's products or services in a particular industry or market segment served by a business unit is

Which of the following is NOT a characteristic of strategic decisions as mentioned in the text?

Research of the planning practices of companies in the oil industry concludes that the real value of modern strategic planning is more

Which of the following is an example of a mission statement?

Corporate Governance

Ethics and Social Responsibility in Strategic Management

Environmental Scanning and Industry Analysis

Internal Scanning and Organizational Analysis

Strategy Formulation: Situation Analysis and Business Strategy

Strategy Formulation: Corporate Strategy

Strategy Formulation: Functional Strategy and Strategic Choice

Strategy Implementation: Organizing for Action

Strategy Implementation: Staffing and Directing

Evaluation and Control

Suggestions for Case Analysis

Filters