Deck 5: Strategic and Operational Planning

Question 1

_______ is the process of setting short-range objectives and determining in advance how they will be accomplished.

A)Long-range planning
B)Strategic planning
C)Single-use planning
D)Operational planning

Answer 1

D

Question 2

Which of the following is not involved in a SWOT analysis?

A)Internal environmental strengths
B)External environmental opponents
C)External environmental threats
D)Internal environmental weaknesses

Answer 2

B

Question 3

A __________ is what a firm does well.

A)critical success factor
B)resource opportunity
C)core competency
D)competitive advantage

Answer 3

C

Question 4

____ is a step in the strategic planning process.

A)Analyzing the environment
B)Assessing the code of ethics
C)Assessing the competition
D)Creating conclusions concerning the competitive position

Question 5

Algemar is helping his Fortune 500 company write a statement describing his company's purpose.What is Algemar writing?

A)Motto
B)Values
C)Objectives
D)Mission

Question 6

Which of the following is one of the forces analyzed in competitive analysis?

A)Strengths
B)Assessment of present strategy
C)Threat of substitutes products and services
D)Assessing the employee's benefits package

Question 7

A situation analysis ________.

A)determines an organization's internal environmental strengths and weaknesses and external environmental opportunities and threats
B)focuses on those features in a company's environment that most directly affect its options and opportunities
C)describes how strategic planning is different from operational planning
D)is a plan for pursuing a mission and achieving objectives

Question 8

Bennett has been so successful at his Fortune 500 company that he decides to start his own business.What does Bennett need to do first for his strategic planning process?

A)Develop the mission
B)Analyze the environment
C)Set objectives
D)Develop strategies

Question 9

In the strategic planning process, what is the first stage in the process?

A)Setting objectives
B)Developing the mission
C)Developing strategies
D)Analyzing the environment

Question 10

Within the company situation analysis, what step must be done right before the conclusion concerning competitive position?

A)Assessment of competitive strength and identification of competitive advantage
B)Assessment of the present strategy based on performance
C)Determination of the issues and problems that need to be addressed
D)SWOT analysis

Question 11

Shamar is an upper-level manager at Fortune 500 company.The company feels like they are outdated and want to recreate their image and go in a different direction.What kind of planning will Shamar use to develop their new mission and long-range objectives?

A)Long-range planning
B)Strategic planning
C)Single-use planning
D)Operational planning

Question 12

Analyzing the environment is also known as _________.

A)planning strategy
B)situation analysis
C)competition analysis
D)developing the mission

Question 13

In the strategic planning process, what is the fourth stage in the process?

A)Implementing and controlling strategies
B)Developing the mission
C)Developing strategies
D)Analyzing the environment

Question 14

When measuring the power of buyers in a market, you are performing which analysis?

A)Competitive analysis
B)SWOT analysis
C)Marketplace analysis
D)Management analysis

Question 15

In the strategic planning process, what is the third stage in the process?

A)Implementing and controlling strategies
B)Developing the mission
C)Developing strategies
D)Setting objectives

Question 16

__________ are the few major things that a business must do well in order to be successful.

A)Resource opportunities
B)Core competencies
C)Competitive advantages
D)Critical success factors

Question 17

Which of the following is not a part of the situation analysis?

A)Industry and competitive situation analysis
B)Company situation analysis
C)Identification of a competitive advantage
D)Portfolio analysis

Question 18

Strategic planning __________.

A)is the process of setting short-range objectives and determining in advance how they will be accomplished
B)is a plan for pursuing a mission and achieving objectives
C)describes the company's competitive advantage in the global village
D)is the process of developing a mission and long-range objectives and determining in advance how they will be accomplished

Question 19

The differences between strategic planning and operational planning are primarily _______.

A)time frame and management level involved
B)time frame and expense
C)company type and management level involved
D)company type and expense

Question 20

__________ specifies how an organization offers unique customer value.

A)Core competency
B)Competitive advantage
C)Critical success factor
D)Resource opportunity

Question 21

H&M is looking to expand its business by opening more stores across the USA.What type of grand strategy is H&M using?

A)Turnaround and retrenchment
B)Growth
C)Stability
D)Concentration

Question 22

Which one of the following is not a grand strategy?

A)Stability
B)Turnaround and retrenchment
C)Diversification
D)Growth

Question 23

A __________ is a form of retrenchment in which a corporation decides to set up one or more of its business units as a separate company rather than selling it.

A)Merger
B)Acquisition
C)Spinoff
D)Selloff

Question 24

Janie, a consultant for Howard & Associates LP, was given an objective to triple the client retention in her region by the end of the quarter.After her objective was met, Janie's boss evaluated her performance and provided feedback.What should Janie's boss do next when managing by objectives?

A)Give her more work to complete
B)Reward her
C)Have his assistant call her and congratulate her
D)Move on to the next objective

Question 25

Lennox's company is planning on extending its existing business in Asia.In Europe, the company is fairly dominant, so they plan to make only slow and gradual changes in that market.However, their efforts to establish market share in North America have not been successful, so they plan to liquidate those assets and redirect them elsewhere.Which grand strategy is Lennox's company using?

A)Growth
B)Stability
C)Combination
D)Turnaround and retrenchment

Question 26

Ford's goal is to sell 15% more minivans.Which of the following must criteria is not met in this statement?

A)Single result
B)Specific
C)Measurable
D)Target date

Question 27

A large electronics chain has decided to close some of its stores across the country to focus more on online sales.Which type of grand strategy is the store using?

A)Retrenchment
B)Stability
C)Combination
D)Spinoff

Question 28

Carol's Bakery has decided to hold and maintain its present size and not expand into the global market.What type of grand strategy is Carol's Bakery using?

A)Turnaround
B)Growth
C)Concentration
D)Stability

Question 29

If a company decides to take its time and expand its business slowly, what type of grand strategy is this company practicing?

A)Growth
B)Stability
C)Merger
D)Acquisition

Question 30

Which is not included in SMART goals?

A)Specific
B)Attainable
C)Reliable
D)Timely

Question 31

Which is the correct order of the Objective Writing model?

A)(1) action verb + (2) to + (3) specific and measurable result + (4) target date
B)(1) to + (2) action verb + (3) specific and measurable result + (4) target date
C)(1) to + (2) action verb + (3) target date + (4) specific and measurable result
D)(1) specific and measurable result + (2) to + (3) action verb + (4) target date

Question 32

Concentration, backward and forward integration, and related and unrelated diversification are which type of strategy?

A)Growth
B)Grand
C)Combination
D)Turnaround

Question 33

A _____________ strategy is an overall corporate strategy for growth, stability, turnaround, and/or retrenchment.

A)master
B)grand
C)combination
D)global

Question 34

Situation analysis is an ongoing process, referred to as __________.

A)benchmarking the field
B)monitoring the status
C)scanning the environment
D)reading the trends

Question 35

Kim's goal is to save more money by the end of the current year.Which of the following must criteria is not met in this statement?

A)Single result
B)Specific
C)Measurable
D)Target date

Question 36

_______________ is the process in which managers and employees jointly set objectives for the employees, periodically evaluate performance, and reward employees according to results.

A)Performance appraisal
B)Management by objectives
C)Benchmarking
D)Consensus mapping

Question 37

Which of the following is not a must criteria when setting objectives?

A)Measurable
B)Acceptance and commitment
C)Specific
D)Target date

Question 38

When a company decides to enter a line of business that is farther away from its final customer, what type of growth strategy is this called?

A)Backward integration
B)Forward integration
C)Related diversification
D)Unrelated diversification

Question 39

A ______________strategy is when a company decides to introduce new product lines.

A)concentration
B)diversification
C)integration
D)combination

Question 40

Which of the following is not a step of management by objectives?

A)Set individual objectives and plans.
B)Give feedback and evaluate performance.
C)Explain goals that are to be accomplished.
D)Reward according to performance.

Question 41

Which adaptive strategy is most closely related to the grand strategy of growth?

A)Prospecting
B)Defending
C)Analyzing
D)Focus

Question 42

Mergers and acquisitions are associated with which strategy?

A)Stability
B)Combination
C)Turnaround and retrenchment
D)Growth

Question 43

Which functional department would focus their strategy on the four Ps: product, promotion, place, and price?

A)Finance
B)Human resources
C)Marketing
D)Operations

Question 44

The _________ strategy calls for staying with the present product line and markets and maintaining or increasing customers slowly in new markets.

A)analyzing
B)defending
C)focus
D)prospecting

Question 45

Analyzers commonly match their rivals' prospecting actions through the use of _________.

A)monitoring
B)intuition
C)benchmarking
D)big data

Question 46

Which of the following is considered a growth strategy?

A)Concentration
B)Adaptation
C)Analyzing
D)Duplication

Question 47

What business-level strategy is between two extremes and tends to outperform the other two as it simultaneously achieves efficiency and adaptiveness?

A)Prospecting
B)Defending
C)Differentiation
D)Analyzing

Question 48

Which strategy uses a market niche to compete?

A)Differentiation
B)Cost Leadership
C)Focus
D)Prospecting

Question 49

___________ occurs when two companies form one corporation.

A)A merger
B)Acquisition
C)Diversification
D)Integration

Question 50

Anna is using the BCG Growth-Share Matrix to perform a portfolio analysis for her company, Craycol Incorporated, which has four divisions: Red, Orange, Yellow, and Green.The Yellow division is doing quite well.Although it faces strong competition in a market that is still growing and changing rapidly, it currently has a narrow lead in market share.The Red division has long been the company's top performer and dominates market share in an industry that has been stable for the past ten years.The Green division has been performing poorly for the past five years, and there doesn't seem to be much opportunity to gain market share from its competitors, as customer demand has dropped significantly and is not likely to increase.The Orange division is Craycol's newest division.The market Orange produces products for is potentially large, but many other companies are pursuing the same customers and it remains to be seen how Orange will perform, as it currently lags behind some of its competitors while outperforming others.According to the BCG Matrix, the __________ division would likely be identified as a Cash Cow.

A)Red
B)Orange
C)Yellow
D)Green

Question 51

MTV focuses on young people, and Rolex watches have a market niche of upper-income people.Both are examples of what type of strategy?

A)Cost leadership
B)Focus
C)Analyzing
D)Differentiation

Question 52

What two competitive strategies typically cannot work in tandem?

A)Cost leadership and focus strategy
B)Differentiation and cost leadership
C)Differentiation and focus
D)Focus and analyzing

Question 53

An example of a(n) __________ is when Exxon and Mobil decided to come together as one to form the company Exxon-Mobil.

A)merger
B)acquisition
C)spinoff
D)diversification

Question 54

Which of the following is not one of the three adaptive strategies?

A)Analyzing
B)Focus
C)Prospecting
D)Defending

Question 55

One of TRESemmé's strategies is to extend their business by continuing to create hair care products formulated for customers with different hair types.This type of strategy is called_________.

A)integration
B)turnaround and retrenchment
C)combination
D)concentration

Question 56

Anna is using the BCG Growth-Share Matrix to perform a portfolio analysis for her company, Craycol Incorporated, which has four divisions: Red, Orange, Yellow, and Green.The Yellow division is doing quite well.Although it faces strong competition in a market that is still growing and changing rapidly, it currently has a narrow lead in market share.The Red division has long been the company's top performer and dominates market share in an industry that has been stable for the past ten years.The Green division has been performing poorly for the past five years, and there doesn't seem to be much opportunity to gain market share from its competitors, as customer demand has dropped significantly and is not likely to increase.The Orange division is Craycol's newest division.The market Orange produces products for is potentially large, but many other companies are pursuing the same customers and it remains to be seen how Orange will perform, as it currently lags behind some of its competitors while outperforming others.According to the BCG Matrix, the __________ division would likely be identified as a Question Mark.

A)Red
B)Orange
C)Yellow
D)Green

Question 57

A ______________ strategy means an organization is growing aggressively in its existing line(s) of business.

A)Integration
B)Diversification
C)Concentration
D)Stability

Question 58

Anna is using the BCG Growth-Share Matrix to perform a portfolio analysis for her company, Craycol Incorporated, which has four divisions: Red, Orange, Yellow, and Green.The Yellow division is doing quite well.Although it faces strong competition in a market that is still growing and changing rapidly, it currently has a narrow lead in market share.The Red division has long been the company's top performer and dominates market share in an industry that has been stable for the past ten years.The Green division has been performing poorly for the past five years, and there doesn't seem to be much opportunity to gain market share from its competitors, as customer demand has dropped significantly and is not likely to increase.The Orange division is Craycol's newest division.The market Orange produces products for is potentially large, but many other companies are pursuing the same customers and it remains to be seen how Orange will perform, as it currently lags behind some of its competitors while outperforming others.According to the BCG Matrix, the __________ division would likely be identified as a Star.

A)Red
B)Orange
C)Yellow
D)Green

Question 59

The _________ strategy calls for aggressively offering new products and services and/or entering new markets.

A)prospecting
B)defending
C)differentiation
D)analyzing

Question 60

Anna is using the BCG Growth-Share Matrix to perform a portfolio analysis for her company, Craycol Incorporated, which has four divisions: Red, Orange, Yellow, and Green.The Yellow division is doing quite well.Although it faces strong competition in a market that is still growing and changing rapidly, it currently has a narrow lead in market share.The Red division has long been the company's top performer and dominates market share in an industry that has been stable for the past ten years.The Green division has been performing poorly for the past five years, and there doesn't seem to be much opportunity to gain market share from its competitors, as customer demand has dropped significantly and is not likely to increase.The Orange division is Craycol's newest division.The market Orange produces products for is potentially large, but many other companies are pursuing the same customers and it remains to be seen how Orange will perform, as it currently lags behind some of its competitors while outperforming others.According to the BCG Matrix, the __________ division would likely be identified as a Dog.

A)Red
B)Orange
C)Yellow
D)Green

Question 61

Controlling is the process of _________.

A)setting objectives for employees
B)determining which lines of business the corporation will be in and how it will allocate resources among them
C)monitoring progress and taking corrective action when needed to achieve objectives
D)closely watching employees

Question 62

A mission is often based on or also creates a vision that defines where the company is headed in inventing its future and why.

Question 63

What provide general guidelines to be followed when making decisions?

A)Programs
B)Policies
C)Procedure
D)Rules

Question 64

______ are a sequence of actions to be followed in order to achieve an objective.

A)Procedures
B)Policies
C)Rules
D)Budgets

Question 65

Which of the following is not a key component of the time management system?

A)Priorities
B)Objectives
C)Plans
D)Budgets

Question 66

__________ are alternative plans to be implemented if uncontrollable events occur.

A)Secondary plans
B)Standing plans
C)Single-use plans
D)Contingency plans

Question 67

Successful implementation of strategies requires efficient and effective __________ throughout the organization.

A)support systems
B)budgetary processes
C)data analysis
D)mission statements

Question 68

Time management refers to techniques that _____________.

A)help people become more punctual
B)enable people to get more done in less time
C)improve the capability of handling more than one task
D)eliminate stressors on the job

Question 69

What strategy is responsible for recruiting, selecting, training, evaluating, and compensating employees?

A)Finance
B)Marketing
C)Operations
D)Human resources

Question 70

Middle- and lower-management levels usually engage in operational planning.

Question 71

What is multitasking?

A)The practice or capability of handling more than one task at a time
B)Asking for more work than you can handle
C)Keeping track of your actives
D)Planning for a variety of nonrecurring tasks

Question 72

The steps of the time management system, in order, are __________.

A)schedule each week, plan each week, plan each day
B)schedule each week, plan each week, schedule each day
C)plan each week, schedule each week, plan each day
D)plan each week, schedule each week, schedule each day

Question 73

Companies using __________ have greater quality and speed of executing their strategies because it helps in developing specific action plans to meet objectives.

A)the Delphi technique
B)intuition
C)consensus mapping
D)big data

Question 74

Lately, Maya has had difficulty keeping up with the amount of work her new project requires.To determine how much time she is spending on high-priority and low-priority responsibilities, Maya should analyze how she spends her time using a _________.

A)calendar app
B)time log
C)to-do list
D)flowchart

Question 75

It is expensive to expand globally, so one of the growth strategies being used to keep costs down is to use __________.

A)direct investment
B)outsourcing
C)importing
D)exporting

Question 76

The company situation analysis has three steps.

Question 77

In the assessment of competitive strength, one should compare the critical success factors for the business to those of each major competitor.

Question 78

Which of the following is not a standing plan?

A)Policies
B)Programs
C)Procedures
D)Rules

Question 79

A company situation analysis is used to determine the strategic issues and problems that need to be addressed.

Question 80

The workshop where Randy works has a sign that says "Employees cannot have weapons on company premises." Which of the following types of plans is this statement?

A)Policy
B)Procedure
C)Rule
D)Program