Question 1

Briefly describe the four basic elements of strategic management.

Accepted Answer

Strategic management consists of four basic elements.Environmental scanning is the monitoring,evaluating,and disseminating of information from the external and internal environments to key people within the corporation.Strategy formulation is the development of long-range plans for effective management of environmental opportunities and threats,in light of corporate strengths and weaknesses.Strategy implementation is the process by which strategies and policies are put into action through the development of programs,budgets,and procedures.Evaluation and control is the process in which corporate activities and performance results are monitored so that actual performance can be compared with desired performance.

Question 2

Punctuated equilibrium describes organizations as evolving through relatively long periods of stability punctuated by relatively short bursts of fundamental change.

Accepted Answer

A) True 
 B)False  True

Question 3

According to Mintzberg,the entrepreneurial mode of strategy formulation

Accepted Answer

A)  is characterized by reactive solutions to existing problems. 
B)  assumes major responsibilities for strategy formulation. 
C)  is focused on opportunities; problems are secondary. 
D)  includes the proactive search for new opportunities and reactive solutions to existing problems. 
E)  assumes the environment is unresponsive to input. 
A)  is characterized by reactive solutions to existing problems. 
B)  assumes major responsibilities for strategy formulation. 
C)  is focused on opportunities; problems are secondary. 
D)  includes the proactive search for new opportunities and reactive solutions to existing problems. 
E)  assumes the environment is unresponsive to input. C

Question 4

Which of the following is an example of an objective?

Accepted Answer

A)  to diversify product line to appeal to more people 
B)  to increase sales by ten percent over last year 
C)  to pay highest salaries to keep high quality employees 
D)  to develop and sell quality appliances worldwide 
E)  to divide a sales region into a group of sales districts 
A)  to diversify product line to appeal to more people 
B)  to increase sales by ten percent over last year 
C)  to pay highest salaries to keep high quality employees 
D)  to develop and sell quality appliances worldwide 
E)  to divide a sales region into a group of sales districts

Question 5

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 6

The emphasis of strategic management is on

Accepted Answer

A)  long-term performance. 
B)  first line managers. 
C)  the short-run performance of the corporation. 
D)  an examination of the organization's internal environment. 
E)  an investigation of competitor actions. 
A)  long-term performance. 
B)  first line managers. 
C)  the short-run performance of the corporation. 
D)  an examination of the organization's internal environment. 
E)  an investigation of competitor actions.

Question 7

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 8

Which theory proposes that once an organization is successfully established in a particular environmental niche,it is unable to adapt to changing conditions?

Accepted Answer

A)  population ecology 
B)  institution 
C)  citizenship 
D)  strategic choice 
E)  organizational learning 
A)  population ecology 
B)  institution 
C)  citizenship 
D)  strategic choice 
E)  organizational learning

Question 9

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 10

Canada,the United States,and Mexico are affiliated economically under which trade alliance?

Accepted Answer

A)  ASEAN 
B)  Mercosur 
C)  EU 
D)  NAFTA 
E)  CAFTA 
A)  ASEAN 
B)  Mercosur 
C)  EU 
D)  NAFTA 
E)  CAFTA

Question 11

Boston Consulting Group (BCG)found that innovation is a top 3 priority for three-quarters of the companies in the 2014 BCG global innovation survey.

Accepted Answer

A) True 
 B)False

Question 12

As a part of the strategic management process,evaluation and control is concerned with all of the following,EXCEPT

Accepted Answer

A)  generating feedback to decision makers. 
B)  monitoring corporate activities and performance. 
C)  stimulating a review of the corporation's strategic management. 
D)  pinpointing problem areas. 
E)  determining top management benefits packages. 
A)  generating feedback to decision makers. 
B)  monitoring corporate activities and performance. 
C)  stimulating a review of the corporation's strategic management. 
D)  pinpointing problem areas. 
E)  determining top management benefits packages.

Question 13

General Electric led the transition from strategic planning to strategic management during the 1980s.

Accepted Answer

A) True 
 B)False

Question 14

A Gallup study reported that companies that focused on business sustainability had 3.9 times the EPS growth rates as compared to organizations that did not focus on business sustainability.

Accepted Answer

A) True 
 B)False

Question 15

Amazon.com,founded by Jeff Bezos and reflecting his vision,is an example of which mode of strategic decision-making?

Accepted Answer

A)  adaptive 
B)  entrepreneurial 
C)  logical incrementalism 
D)  planning 
E)  customer relationship management 
A)  adaptive 
B)  entrepreneurial 
C)  logical incrementalism 
D)  planning 
E)  customer relationship management

Question 16

The variables structure,culture,and resources pertain to the

Accepted Answer

A)  external environment. 
B)  internal environment. 
C)  sociocultural forces. 
D)  task environment. 
E)  societal environment. 
A)  external environment. 
B)  internal environment. 
C)  sociocultural forces. 
D)  task environment. 
E)  societal environment.

Question 17

In a survey of 50 corporations,which of the following was rated as one of the three top benefits of strategic management?

Accepted Answer

A)  clearer sense of strategic vision for the firm 
B)  higher levels of employee motivation 
C)  higher levels of job satisfaction 
D)  improved productivity 
E)  lower employee turnover 
A)  clearer sense of strategic vision for the firm 
B)  higher levels of employee motivation 
C)  higher levels of job satisfaction 
D)  improved productivity 
E)  lower employee turnover

Question 18

What characterizes the planning mode of strategy formulation?

Accepted Answer

A)  Top management believes that the environment is a force to be used and controlled. 
B)  It assumes the environment is too complex to be completely comprehended. 
C)  It involves the systematic gathering of appropriate information for situation analysis, the generation of feasible alternative strategies, and the rational selection of the most appropriate strategy. 
D)  Rather than utilizing a proactive search for new opportunities, it only has the opportunity for reactive behavior. 
E)  It is based on vision and large-picture strategy. 
A)  Top management believes that the environment is a force to be used and controlled. 
B)  It assumes the environment is too complex to be completely comprehended. 
C)  It involves the systematic gathering of appropriate information for situation analysis, the generation of feasible alternative strategies, and the rational selection of the most appropriate strategy. 
D)  Rather than utilizing a proactive search for new opportunities, it only has the opportunity for reactive behavior. 
E)  It is based on vision and large-picture strategy.

Question 19

A difference between basic financial planning and forecast-based planning is

Accepted Answer

A)  the time horizon is shorter in forecast-based planning. 
B)  forecast-based planning incorporates environmental data and extrapolates current trends. 
C)  basic financial planning utilizes consultants with sophisticated techniques. 
D)  basic financial planning utilizes scenarios and contingency strategies. 
E)  basic financial planning relies heavily on input from lower levels in the organization. 
A)  the time horizon is shorter in forecast-based planning. 
B)  forecast-based planning incorporates environmental data and extrapolates current trends. 
C)  basic financial planning utilizes consultants with sophisticated techniques. 
D)  basic financial planning utilizes scenarios and contingency strategies. 
E)  basic financial planning relies heavily on input from lower levels in the organization.

Question 20

The currency used to integrate the monetary systems of the European Union (EU)is called the

Accepted Answer

A)  peso. 
B)  dollar. 
C)  euro. 
D)  franc. 
E)  pound. 
A)  peso. 
B)  dollar. 
C)  euro. 
D)  franc. 
E)  pound.

Briefly describe the four basic elements of strategic management.

Punctuated equilibrium describes organizations as evolving through relatively long periods of stability punctuated by relatively short bursts of fundamental change.

According to Mintzberg,the entrepreneurial mode of strategy formulation

Which of the following is an example of an objective?

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

The emphasis of strategic management is on

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

Which theory proposes that once an organization is successfully established in a particular environmental niche,it is unable to adapt to changing conditions?

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

Canada,the United States,and Mexico are affiliated economically under which trade alliance?

Boston Consulting Group (BCG)found that innovation is a top 3 priority for three-quarters of the companies in the 2014 BCG global innovation survey.

As a part of the strategic management process,evaluation and control is concerned with all of the following,EXCEPT

General Electric led the transition from strategic planning to strategic management during the 1980s.

A Gallup study reported that companies that focused on business sustainability had 3.9 times the EPS growth rates as compared to organizations that did not focus on business sustainability.

Amazon.com,founded by Jeff Bezos and reflecting his vision,is an example of which mode of strategic decision-making?

The variables structure,culture,and resources pertain to the

In a survey of 50 corporations,which of the following was rated as one of the three top benefits of strategic management?

What characterizes the planning mode of strategy formulation?

A difference between basic financial planning and forecast-based planning is

The currency used to integrate the monetary systems of the European Union (EU)is called the

Corporate Governance

Social Responsibility and Ethics in Strategic Management

Environmental Scanning and Industry Analysis

Organizational Analysis and Competitive Advantage

Strategy Formulation: Business Strategy

Strategy Formulation: Corporate Strategy

Strategy Formulation: Functional Strategy and Strategic Choice

Strategy Implementation: Global Strategy

Strategy Implementation: Organizing and Structure

Strategy Implementation: Staffing and Directing

Evaluation and Control

Suggestions for Case Analysis

Filters

Exam 1: Basic Concepts in Strategic Management

Briefly describe the four basic elements of strategic management.

Punctuated equilibrium describes organizations as evolving through relatively long periods of stability punctuated by relatively short bursts of fundamental change.

According to Mintzberg,the entrepreneurial mode of strategy formulation

Which of the following is an example of an objective?

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

The emphasis of strategic management is on

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

Which theory proposes that once an organization is successfully established in a particular environmental niche,it is unable to adapt to changing conditions?

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

Canada,the United States,and Mexico are affiliated economically under which trade alliance?

Boston Consulting Group (BCG)found that innovation is a top 3 priority for three-quarters of the companies in the 2014 BCG global innovation survey.

As a part of the strategic management process,evaluation and control is concerned with all of the following,EXCEPT

General Electric led the transition from strategic planning to strategic management during the 1980s.

A Gallup study reported that companies that focused on business sustainability had 3.9 times the EPS growth rates as compared to organizations that did not focus on business sustainability.

Amazon.com,founded by Jeff Bezos and reflecting his vision,is an example of which mode of strategic decision-making?

The variables structure,culture,and resources pertain to the

In a survey of 50 corporations,which of the following was rated as one of the three top benefits of strategic management?

What characterizes the planning mode of strategy formulation?

A difference between basic financial planning and forecast-based planning is

The currency used to integrate the monetary systems of the European Union (EU)is called the

Corporate Governance

Social Responsibility and Ethics in Strategic Management

Environmental Scanning and Industry Analysis

Organizational Analysis and Competitive Advantage

Strategy Formulation: Business Strategy

Strategy Formulation: Corporate Strategy

Strategy Formulation: Functional Strategy and Strategic Choice

Strategy Implementation: Global Strategy

Strategy Implementation: Organizing and Structure

Strategy Implementation: Staffing and Directing

Evaluation and Control

Suggestions for Case Analysis

Filters