Question 1

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 2

The organization's corporate mission statement

Accepted Answer

A)  should have a different mission statement for each subsidiary division. 
B)  should be less formally stated to allow for growth. 
C)  should contain explicit descriptions of their competitive advantages. 
D)  should state what the organization would like to become. 
E)  should describe the organization's SWOT. 
A)  should have a different mission statement for each subsidiary division. 
B)  should be less formally stated to allow for growth. 
C)  should contain explicit descriptions of their competitive advantages. 
D)  should state what the organization would like to become. 
E)  should describe the organization's SWOT.

Question 3

The Strategic Management Model presents the following process for strategy formulation:

Accepted Answer

A)  Objectives - Policies - Strategies - Mission. 
B)  Mission - Policies - Strategies - Objectives. 
C)  Policies - Mission - Strategies - Objectives. 
D)  Policies - Strategies - Objectives - Mission. 
E)  Mission - Objectives - Strategies - Policies. 
A)  Objectives - Policies - Strategies - Mission. 
B)  Mission - Policies - Strategies - Objectives. 
C)  Policies - Mission - Strategies - Objectives. 
D)  Policies - Strategies - Objectives - Mission. 
E)  Mission - Objectives - Strategies - Policies.

Question 4

The time horizon involved with regard to basic financial planning is usually

Accepted Answer

A)  one year. 
B)  one quarter. 
C)  three to five years. 
D)  less than one month. 
E)  five to ten years. 
A)  one year. 
B)  one quarter. 
C)  three to five years. 
D)  less than one month. 
E)  five to ten years.

Question 5

A strategy maximizes competitive advantage and minimizes competitive disadvantage.

Accepted Answer

A) True 
 B)False

Question 6

One tenet of the learning organization is to maintain stability.

Accepted Answer

A) True 
 B)False

Question 7

A budget is a statement of a corporation's programs in dollar terms.Which is not true of the budgetary function?

Accepted Answer

A)  It is used in planning and control. 
B)  It serves as a detailed plan of strategy in action. 
C)  Only one budget is necessary to capture all programs. 
D)  It details the impact on the firm's future financial situation. 
E)  It is used as a means of measuring success based on certain criteria. 
A)  It is used in planning and control. 
B)  It serves as a detailed plan of strategy in action. 
C)  Only one budget is necessary to capture all programs. 
D)  It details the impact on the firm's future financial situation. 
E)  It is used as a means of measuring success based on certain criteria.

Question 8

What are the benefits of strategic management?

Accepted Answer

The three most highly rated benefits of

Question 9

The mode of strategic decision-making typical of most universities,many large hospitals,a large number of governmental agencies,and a surprising number of large corporations is

Accepted Answer

A)  adaptive. 
B)  entrepreneurial. 
C)  logical incrementalism. 
D)  planning. 
E)  none of the above 
A)  adaptive. 
B)  entrepreneurial. 
C)  logical incrementalism. 
D)  planning. 
E)  none of the above

Question 10

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 11

Which of the following is an example of a corporate strategy?

Accepted Answer

A)  diversify product line to appeal to more people 
B)  imitate products of competitors 
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)  imitate products of competitors 
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

Question 12

A hierarchy of strategy emphasizes the need for the three levels of strategy to complement and support one another.

Accepted Answer

A) True 
 B)False

Question 13

When an organization is evaluating its strategic position,which is not one of the strategic questions that an organization generally may ask itself?

Accepted Answer

A)  Where is the organization now? 
B)  Are we on target to hit our financial objectives next year? 
C)  If no changes are made, where will the organization be in one year? 
D)  If the evaluation is negative, what specific actions should management take? 
E)  If no changes are made, where will the organization be in 10 years? 
A)  Where is the organization now? 
B)  Are we on target to hit our financial objectives next year? 
C)  If no changes are made, where will the organization be in one year? 
D)  If the evaluation is negative, what specific actions should management take? 
E)  If no changes are made, where will the organization be in 10 years?

Question 14

The monitoring,evaluating,and disseminating of information from the external and internal environments to key people within the corporation is referred to as

Accepted Answer

A)  environmental scanning. 
B)  external scanning. 
C)  internal scanning. 
D)  strategy formulation. 
E)  strategy implementation. 
A)  environmental scanning. 
B)  external scanning. 
C)  internal scanning. 
D)  strategy formulation. 
E)  strategy implementation.

Question 15

Which of the following is not one of the four triggering events listed in the text that is the stimulus for a strategic change?

Accepted Answer

A)  intervention by the organization's bank 
B)  annual strategic planning conference 
C)  threat of a takeover 
D)  new CEO 
E)  awareness by management of decreased profitability 
A)  intervention by the organization's bank 
B)  annual strategic planning conference 
C)  threat of a takeover 
D)  new CEO 
E)  awareness by management of decreased profitability

Question 16

An organization skilled at creating,acquiring,and transferring knowledge,and at modifying its behavior to reflect new knowledge and insights is a(n)

Accepted Answer

A)  learning organization. 
B)  strategically managed corporation. 
C)  innovative organization. 
D)  hypercompetitive competitor. 
E)  entrepreneurial firm. 
A)  learning organization. 
B)  strategically managed corporation. 
C)  innovative organization. 
D)  hypercompetitive competitor. 
E)  entrepreneurial firm.

Question 17

The integrated internationalization of markets and corporations is called

Accepted Answer

A)  normalization. 
B)  economic integration. 
C)  globalization. 
D)  nationalization. 
E)  regionalization. 
A)  normalization. 
B)  economic integration. 
C)  globalization. 
D)  nationalization. 
E)  regionalization.

Question 18

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 is

Accepted Answer

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

Question 19

A large business has three levels in its hierarchy of strategy:

Accepted Answer

A)  Corporate - Business - Functional. 
B)  Environmental - Corporate - Functional. 
C)  Environmental - Enterprise - Corporate. 
D)  Business - Divisional - Functional. 
E)  Industry - Corporate - Divisional. 
A)  Corporate - Business - Functional. 
B)  Environmental - Corporate - Functional. 
C)  Environmental - Enterprise - Corporate. 
D)  Business - Divisional - Functional. 
E)  Industry - Corporate - Divisional.

Question 20

Research suggests that strategic management evolves through four sequential phases in corporations.The first phase is

Accepted Answer

A)  externally oriented planning. 
B)  basic financial planning. 
C)  internally oriented planning. 
D)  forecast-based planning. 
E)  strategic management. 
A)  externally oriented planning. 
B)  basic financial planning. 
C)  internally oriented planning. 
D)  forecast-based planning. 
E)  strategic management.

The S in SWOT stands for

The organization's corporate mission statement

The Strategic Management Model presents the following process for strategy formulation:

The time horizon involved with regard to basic financial planning is usually

A strategy maximizes competitive advantage and minimizes competitive disadvantage.

One tenet of the learning organization is to maintain stability.

A budget is a statement of a corporation's programs in dollar terms.Which is not true of the budgetary function?

What are the benefits of strategic management?

The mode of strategic decision-making typical of most universities,many large hospitals,a large number of governmental agencies,and a surprising number of large corporations is

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

Which of the following is an example of a corporate strategy?

A hierarchy of strategy emphasizes the need for the three levels of strategy to complement and support one another.

When an organization is evaluating its strategic position,which is not one of the strategic questions that an organization generally may ask itself?

The monitoring,evaluating,and disseminating of information from the external and internal environments to key people within the corporation is referred to as

Which of the following is not one of the four triggering events listed in the text that is the stimulus for a strategic change?

An organization skilled at creating,acquiring,and transferring knowledge,and at modifying its behavior to reflect new knowledge and insights is a(n)

The integrated internationalization of markets and corporations is called

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 is

A large business has three levels in its hierarchy of strategy:

Research suggests that strategic management evolves through four sequential phases in corporations.The first phase is

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

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Exam 1: Basic Concepts in Strategic Management

The S in SWOT stands for

The organization's corporate mission statement

The Strategic Management Model presents the following process for strategy formulation:

The time horizon involved with regard to basic financial planning is usually

A strategy maximizes competitive advantage and minimizes competitive disadvantage.

One tenet of the learning organization is to maintain stability.

A budget is a statement of a corporation's programs in dollar terms.Which is not true of the budgetary function?

What are the benefits of strategic management?

The mode of strategic decision-making typical of most universities,many large hospitals,a large number of governmental agencies,and a surprising number of large corporations is

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

Which of the following is an example of a corporate strategy?

A hierarchy of strategy emphasizes the need for the three levels of strategy to complement and support one another.

When an organization is evaluating its strategic position,which is not one of the strategic questions that an organization generally may ask itself?

The monitoring,evaluating,and disseminating of information from the external and internal environments to key people within the corporation is referred to as

Which of the following is not one of the four triggering events listed in the text that is the stimulus for a strategic change?

An organization skilled at creating,acquiring,and transferring knowledge,and at modifying its behavior to reflect new knowledge and insights is a(n)

The integrated internationalization of markets and corporations is called

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 is

A large business has three levels in its hierarchy of strategy:

Research suggests that strategic management evolves through four sequential phases in corporations.The first phase is

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