Question 1

List and discuss the three levels of strategy that a large organization must develop.

Accepted Answer

a.Corporate Strategy - This strategy determines what businesses a company is in or wants to be in,and what it wants to do with those businesses.It is based on the mission and goals of the organization and the roles each business unit of the organization will play.It also helps top managers decide what to do with the businesses: grow them,keep them the same,or renew them. b.Competitive Strategy - This is a strategy for how an organization will compete in its businesses.For a small organization in only one line of business or the large organization that has not diversified into different products or markets,its competitive strategy describes how it will compete in its primary or main market.For organizations in multiple businesses,however,each business will have its own competitive strategy that defines its competitive advantage,the products or services it will offer,and the customers it wants to reach. c.Functional Strategy - This is the strategy used by an organization's various functional departments to support the competitive strategy.

Question 2

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 business(es)or through new business(es).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 3

An organization that is diversifying its product line is exhibiting what type of corporate strategy?

Accepted Answer

A) turnaround strategy 
B) retrenchment strategy 
C) growth strategy 
D) stability strategy 
A) turnaround strategy 
B) retrenchment strategy 
C) growth strategy 
D) stability strategy C

Question 4

SWOT Analysis (Scenario)
As a process of self-examination during her senior year of college,Casey decides to develop a SWOT analysis of her prospects relative to getting a job.
-Casey realizes that she has a personal characteristic that suggests she is not comfortable interacting with strangers.She interprets this as a(n)________ if she is to get a job as a salesperson.

Accepted Answer

A) threat 
B) strength 
C) weakness 
D) opportunity 
A) threat 
B) strength 
C) weakness 
D) opportunity

Question 5

When L'Oreal acquired The Body Shop,it carried out ________.

Accepted Answer

A) horizontal integration 
B) forward horizontal integration 
C) backward horizontal integration 
D) diversified integration 
A) horizontal integration 
B) forward horizontal integration 
C) backward horizontal integration 
D) diversified integration

Question 6

In an organization,the single independent businesses which formulate their own competitive strategies are known as ________.

Accepted Answer

A) strategic growth units 
B) strategic business units 
C) focus units 
D) service units 
A) strategic growth units 
B) strategic business units 
C) focus units 
D) service units

Question 7

Ronald's has been in the fast food business for five years.After struggling for two years,it finally broke even,and the french fries it offers are its most popular product.However,during the past year,its business has suffered because the farm that used to supply it with potatoes has increased its prices drastically.What should Ronald's do to control its production costs?

Accepted Answer

A) Ronald's should reorganize its organizational hierarchy to increase efficiency. 
B) Ronald's should buy out the farm and become its own supplier. 
C) Ronald's should open more distribution outlets. 
D) Ronald's should broaden its product range by introducing potato nuggets on its menu. 
A) Ronald's should reorganize its organizational hierarchy to increase efficiency. 
B) Ronald's should buy out the farm and become its own supplier. 
C) Ronald's should open more distribution outlets. 
D) Ronald's should broaden its product range by introducing potato nuggets on its menu.

Question 8

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

Accepted Answer

An organization that is first to bring a

Question 9

Lower-level managers are responsible for ________ strategies.

Accepted Answer

A) functional 
B) stability 
C) corporate 
D) growth 
A) functional 
B) stability 
C) corporate 
D) growth

Question 10

A ________ describes the rationale of how a company is going to make money.

Accepted Answer

A) functional strategy 
B) business model 
C) SWOT analysis 
D) core competency 
A) functional strategy 
B) business model 
C) SWOT analysis 
D) core competency

Question 11

________ is the ability to anticipate,envision,maintain flexibility,think strategically,and work with others in the organization to initiate changes that will create a viable and valuable future for the organization.

Accepted Answer

A) Strategic leadership 
B) Scientific management 
C) Strategic competence 
D) Strategic flexibility 
A) Strategic leadership 
B) Scientific management 
C) Strategic competence 
D) Strategic flexibility

Question 12

Heavy investment in ________ will help take advantage of the market's growth and help maintain high market share.

Accepted Answer

A) cash cows 
B) stars 
C) question marks 
D) dogs 
A) cash cows 
B) stars 
C) question marks 
D) dogs

Question 13

Florance is a chain of flower shops in the Chicago area.The company recently acquired Knick-knacks,which owns three gift shops.Which of the following is most similar to this acquisition?

Accepted Answer

A) Construction firm Donaldson acquired Fabrica Textiles as it seemed like a good investment. 
B) Faced with mounting raw material costs,I&A Products took over its supplier,BR Corporation. 
C) Dallas Shoes buys out RunTime Shoes and expands its distribution channels through RunTime outlets. 
D) Toy World acquired Unicorn Children's Books and now retails both toys and books from co-branded outlets. 
A) Construction firm Donaldson acquired Fabrica Textiles as it seemed like a good investment. 
B) Faced with mounting raw material costs,I&A Products took over its supplier,BR Corporation. 
C) Dallas Shoes buys out RunTime Shoes and expands its distribution channels through RunTime outlets. 
D) Toy World acquired Unicorn Children's Books and now retails both toys and books from co-branded outlets.

Question 14

The third step in strategic management process is related to the analysis of the ________.

Accepted Answer

A) external environment 
B) internal environment 
C) threats and opportunities 
D) competitive strategy 
A) external environment 
B) internal environment 
C) threats and opportunities 
D) competitive strategy

Question 15

When conducting a SWOT analysis,threats are activities the organization doesn't do well or resources it needs but doesn't possess.

Accepted Answer

A) True 
 B)False

Question 16

Within an organization,the single independent businesses that formulate their own competitive strategies are known as strategic business units.

Accepted Answer

A) True 
 B)False

Question 17

Evaluating an organization's intangible assets is part of conducting an internal analysis in the strategic management process.

Accepted Answer

A) True 
 B)False

Question 18

A company that competes by offering unique products that are widely valued by customers is following a ________.

Accepted Answer

A) leadership strategy 
B) differentiation strategy 
C) focus strategy 
D) functional strategy 
A) leadership strategy 
B) differentiation strategy 
C) focus strategy 
D) functional strategy

Question 19

Organizations grow by using strategies of ________.

Accepted Answer

A) concentration,integration,or diversification 
B) concentration,integration,or stabilization 
C) integration,diversification,or differentiation 
D) integration,diversification,or functionalization 
A) concentration,integration,or diversification 
B) concentration,integration,or stabilization 
C) integration,diversification,or differentiation 
D) integration,diversification,or functionalization

Question 20

Describe the strategic management process and identify the six stages in the process.

Accepted Answer

The strategic management process is a si

List and discuss the three levels of strategy that a large organization must develop.

List and discuss the different types of corporate strategies.

An organization that is diversifying its product line is exhibiting what type of corporate strategy?

When L'Oreal acquired The Body Shop,it carried out ________.

In an organization,the single independent businesses which formulate their own competitive strategies are known as ________.

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

Lower-level managers are responsible for ________ strategies.

A ________ describes the rationale of how a company is going to make money.

________ is the ability to anticipate,envision,maintain flexibility,think strategically,and work with others in the organization to initiate changes that will create a viable and valuable future for the organization.

Heavy investment in ________ will help take advantage of the market's growth and help maintain high market share.

Florance is a chain of flower shops in the Chicago area.The company recently acquired Knick-knacks,which owns three gift shops.Which of the following is most similar to this acquisition?

The third step in strategic management process is related to the analysis of the ________.

When conducting a SWOT analysis,threats are activities the organization doesn't do well or resources it needs but doesn't possess.

Within an organization,the single independent businesses that formulate their own competitive strategies are known as strategic business units.

Evaluating an organization's intangible assets is part of conducting an internal analysis in the strategic management process.

A company that competes by offering unique products that are widely valued by customers is following a ________.

Organizations grow by using strategies of ________.

Describe the strategic management process and identify the six stages in the process.

Management and Organizations

Understanding Management: Constraints and Challenges

Managing in a Global Environment

Managing Diversity

Managing Social Responsibility and Ethics

Managers As Decision Makers

Managing Change and Innovation

Foundations of Planning

Managerial Controls

Basic Organizational Design

Adaptive Organizational Design

Managing Human Resources

Managing Teams

Understanding Individual Behavior

Managers and Communication

Motivating Employees

Managers As Leaders

Filters

Exam 9: Strategic Management

List and discuss the three levels of strategy that a large organization must develop.

List and discuss the different types of corporate strategies.

An organization that is diversifying its product line is exhibiting what type of corporate strategy?

When L'Oreal acquired The Body Shop,it carried out ________.

In an organization,the single independent businesses which formulate their own competitive strategies are known as ________.

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

Lower-level managers are responsible for ________ strategies.

A ________ describes the rationale of how a company is going to make money.

________ is the ability to anticipate,envision,maintain flexibility,think strategically,and work with others in the organization to initiate changes that will create a viable and valuable future for the organization.

Heavy investment in ________ will help take advantage of the market's growth and help maintain high market share.

Florance is a chain of flower shops in the Chicago area.The company recently acquired Knick-knacks,which owns three gift shops.Which of the following is most similar to this acquisition?

The third step in strategic management process is related to the analysis of the ________.

When conducting a SWOT analysis,threats are activities the organization doesn't do well or resources it needs but doesn't possess.

Within an organization,the single independent businesses that formulate their own competitive strategies are known as strategic business units.

Evaluating an organization's intangible assets is part of conducting an internal analysis in the strategic management process.

A company that competes by offering unique products that are widely valued by customers is following a ________.

Organizations grow by using strategies of ________.

Describe the strategic management process and identify the six stages in the process.

Management and Organizations

Understanding Management: Constraints and Challenges

Managing in a Global Environment

Managing Diversity

Managing Social Responsibility and Ethics

Managers As Decision Makers

Managing Change and Innovation

Foundations of Planning

Managerial Controls

Basic Organizational Design

Adaptive Organizational Design

Managing Human Resources

Managing Teams

Understanding Individual Behavior

Managers and Communication

Motivating Employees

Managers As Leaders

Filters