Strategic Management and Business Policy 15th Edition Test Bank IF You Want to Purchase This And Any Other Then:Contact us At: JOHNMATE11!"#ai$%co# Strategic Management and Business Policy, 15e, Global Edition (Wheelen et al.) Chater 1 Basic Concets in Strategic Management
1) The emphasis of strategic management is on 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. Anser! A Difficult"! Eas" #earning $%&.! 1.1! Discuss the %enefits of strategic management AACB! Application of (nolege *) +esearch suggests that strategic management evolves through four se,uential phases in corporations. The first phase is A) externall" oriente planning. B) %asic financial planning. C) internall" oriente planning. D) forecast-%ase planning. E) strategic management. Anser! B Difficult"! Eas" #earning $%&.! 1.1! Discuss the %enefits of strategic management AACB! Application of (nolege ) The time horizon involve ith regar to %asic financial planning is usuall" A) one "ear. B) one ,uarter. C) three to five "ears. D) less than one month. E) five to ten "ears. Anser! A Difficult"! Eas" #earning $%&.! 1.1! Discuss the %enefits of strategic management AACB! Application of (nolege ) A ifference %eteen %asic financial planning an forecast-%ase planning is
A) the time horizon is shorter in forecast-%ase planning. B) forecast-%ase planning incorporates environmental ata an ex trapolates current trens. C) %asic financial planning utilizes consultants ith sophisticate techni,ues. D) %asic financial planning utilizes scenarios an contingenc" strategies. E) %asic financial planning relies heavil" on input from loer levels in the organization. Anser! B Difficult"! /oerate #earning $%&.! 1.1! Discuss the %enefits of strategic management AACB! Anal"tical thin(ing 0) Top-on Top-on planning that emphasizes formal strateg" formulation an an leaves the implementation issues to loer management levels is (non as A) forecast-%ase planning. B) externall" oriente planning. C) strategic management. D) %asic financial planning. E) none of the a%ove Anser! B Difficult"! /oerate #earning $%&.! 1.1! Discuss the %enefits of strategic management AACB! Application of (nolege ) 2n the final phase of strategic management3 strategic information is availa%le to A) people throughout the organization. B) the top management responsi%le for ecision-ma(ing. C) mile management. D) operational personnel. E) onl" those responsi%le for implementing the strateg". Anser! A Difficult"! /oerate #earning $%&.! 1.1! Discuss the %enefits of strategic management AACB! Application of (nolege 4) 2n a surve" of 05 corporations3 hich of the folloing as rate as one of the three top %enefits of strategic management6 A) clearer sense of strategic vision for the firm B) higher levels of emplo"ee motivation C) higher levels of &o% satisfaction D) improve prouctivit" E) loer emplo"ee turnover Anser! A Difficult"! /oerate #earning $%&.! 1.1! Discuss the %enefits of strategic management AACB! Application of (nolege 7) 8hen an organization is evaluating its strategic position3 hich is not one one of the strategic ,uestions that an organization generall" ma" as( itself6 A) 8here is the organization no6 B) Are e on target to hit our financial o%&ectives next "ear6
C) 2f no changes are mae3 here ill the organization %e in one "ear6 D) 2f the evaluation is negative3 hat specific ac tions shoul management ta(e6 E) 2f no changes are mae3 here ill the organization %e in 15 "ears6 Anser! B Difficult"! /oerate #earning $%&.! 1.1! Discuss the %enefits of strategic management AACB! Anal"tical thin(ing 9) +esearch of the planning practices of companies in the oil inustr" conclues that the real value of moern strategic planning is more in the :::::::: that is part of a future-oriente planning process than in an" resulting ritten strategic plan. A) planning B) strategic thin(ing an organizational learning C) resulting ritten strategic plan D) formalit" of the process E) improve communication ithin the organization Anser! B Difficult"! Difficult #earning $%&.! 1.1! Discuss the %enefits of strategic management AACB! Application of (nolege 15) trategic planning ithin a small organization A) ma" %e informal an irregular. B) must %e ela%orate to allo for future groth. C) shoul ala"s %e formalize an explicitl" state. D) shoul %e one %" the presient onl". E) is unnecessar" an a aste of time. Anser! A Difficult"! /oerate #earning $%&.! 1.1! Discuss the %enefits of strategic management AACB! Application of (nolege 11) trategic planning in a multiivisional corporation A) shoul %e informal to allo complete unerstaning %" the man" participants. B) shoul %e instigate onl" from the main corporate office. C) shoul %e accomplishe ,uic(l" to ecrease the li(elihoo of it %ecoming outate. D) shoul encourage a clear elineation %eteen top management an loer-level managers. E) shoul %e a formalize an sophisticate s"stem. Anser! E Difficult"! /oerate #earning $%&.! 1.1! Discuss the %enefits of strategic management AACB! Application of (nolege 1*) trategic management is the set of managerial ecisions that etermines the short-term performance of a corporation. Anser! ;A#E Difficult"! Eas" #earning $%&.! 1.1! Discuss the %enefits of strategic management AACB! Application of (nolege
1) 2n the externall" oriente planning phase3 plans are evelope %" heavil" involving the input of managers from loer levels. Anser! ;A#E Difficult"! /oerate #earning $%&.! 1.1! Discuss the %enefits of strategic management AACB! Application of (nolege 1)
A) +$2. B) innovation. C) competitive avantage. D) sustaina%ilit". E) profit maximization. Anser! B Difficult"! /oerate #earning $%&.! 1.*! Explain ho glo%alization3 innovation3 an environmental sustaina%ilit" influence strategic management AACB! Application of (nolege *5) The free trae area compose of Argentina3 Brazil3 =rugua"3 >enezuela3 an ?aragua" is calle A) E=. B) AEA@. C) @A;TA. D) /ercosur. E) AB=?. Anser! D Difficult"! /oerate #earning $%&.! 1.*! Explain ho glo%alization3 innovation3 an environmental sustaina%ilit" influence strategic management AACB! Application of (nolege *1) /em%ers of the European =nion E=) inclue all of the folloing ECE?T A) 2relan. B)
**) Canaa3 the =nite tates3 an /exico are affiliate economicall" uner hich trae alliance6 A) AEA@ B) /ercosur C) E= D) @A;TA E) CA;TA Anser! D Difficult"! Eas" #earning $%&.! 1.*! Explain ho glo%alization3 innovation3 an environmental sustaina%ilit" influence strategic management AACB! Application of (nolege *) The currenc" use to integrate the monetar" s"stems of the European =nion E=) is calle the A) peso. B) ollar. C) euro. D) franc. E) poun. Anser! C Difficult"! Eas" #earning $%&.! 1.*! Explain ho glo%alization3 innovation3 an environmental sustaina%ilit" influence strategic management AACB! Application of (nolege *) The triple %ottom line refers to hich of the folloing6 A) ater3 air3 an oil B) footprints3 finance3 an environment C) ph"sical environment3 traitional profitloss3 an air D) traitional profitloss3 social responsi%ilit"3 an environmental responsi%ilit" E) social responsi%ilit"3 people3 an ethics Anser! D Difficult"! Difficult #earning $%&.! 1.*! Explain ho glo%alization3 innovation3 an environmental sustaina%ilit" influence strategic management AACB! Application of (nolege
*0) $ne of the %enefits of glo%alization is A) economies of scale. B) ecrease outsourcing. C) increase union negotiations. D) increase taxes. E) aitional human resource training. Anser! A Difficult"! /oerate #earning $%&.! 1.*! Explain ho glo%alization3 innovation3 an environmental sustaina%ilit" influence strategic management *) noing a compan" is minful of its impact on the environment selom changes consumer %u"ing ha%its. Anser! ;A#E Difficult"! /oerate #earning $%&.! 1.*! Explain ho glo%alization3 innovation3 an environmental sustaina%ilit" influence strategic management *4)
Anser! ;A#E Difficult"! /oerate #earning $%&.! 1.*! Explain ho glo%alization3 innovation3 an environmental sustaina%ilit" influence strategic management AACB! Application of (nolege *) Climate change has %ecome a groing concern for %usinesses to inclue in their corporate strategies. Anser! T+=E Difficult"! /oerate #earning $%&.! 1.*! Explain ho glo%alization3 innovation3 an environmental sustaina%ilit" influence strategic management AACB! Application of (nolege ) Boston Consulting
) 8hich theor" proposes that once an organization is successfull" esta%lishe in a particular environmental niche3 it is una%le to aapt to changing conitions6 A) population ecolog" B) institution C) citizenship D) strategic choice E) organizational learning Anser! A Difficult"! /oerate #earning $%&.! 1.! Discuss the ifferences %eteen the theories of organizations AACB! Application of (nolege 4) The theor" that proposes organizations can an o aapt to changing conitions %" imitating other successful organizations is (non as A) population ecolog". B) institution theor". C) citizenship theor". D) strategic theor". E) sample theor". Anser! B Difficult"! /oerate #earning $%&.! 1.! Discuss the ifferences %eteen the theories of organizations AACB! Application of (nolege 7) The a%ilit" of an organization to reshape its environment is escri%e % " A) population ecolog" theor". B) institution theor". C) the strategic choice perspective. D) organizational learning theor". E) organizational citizenship theor". Anser! C Difficult"! /oerate #earning $%&.! 1.! Discuss the ifferences %eteen the theories of organizations AACB! Application of (nolege 9) ?opulation ecolog" is a theor" that proposes organizations can an o aapt to change %" imitating other successful organizations. Anser! ;A#E Difficult"! Eas" #earning $%&.! 1.! Discuss the ifferences %eteen the theories of organizations AACB! Application of (nolege
5) The a%ilit" of a corporation to shift from one ominant strateg" to another is calle A) strateg" implementation. B) chaos formulation. C) contingenc" management. D) logical incrementalism. E) strategic flexi%ilit". Anser! E Difficult"! /oerate #earning $%&.! 1.! Discuss the activities here learning organizations excel AACB! Application of (nolege 1) An organization s(ille at creating3 ac,uiring3 an transferring (nolege3 an at moif"ing its %ehavior to reflect ne (nolege an insights is an) A) learning organization. B) strategicall" manage corporation. C) innovative organization. D) h"percompetitive competitor. E) entrepreneurial firm. Anser! A Difficult"! Eas" #earning $%&.! 1.! Discuss the activities here learning organizations excel AACB! Application of (nolege *) All of the folloing reflect activities of a learning organization ECE?T A) experimenting ith ne approaches. B) learning from its on experiences an past histor". C) solving pro%lems s"stematicall". D) alienating competitors in the inustr". E) transferring (nolege ,uic(l" an efficientl" throughout the organization. Anser! D Difficult"! /oerate #earning $%&.! 1.! Discuss the activities here learning organizations excel AACB! Application of (nolege ) Accoring to Alfre Chanler3 A) high-tech inustries cannot %e efine %" paths of learning if the" ant to evolve. B) companies spring from an iniviual entrepreneur's (nolege3 hich is compose exclusivel" of technical s(ills. C) once a corporation has %uilt its learning %ase to the point here it has %ecome a core compan" in its inustr"3 entrepreneurial start-ups are rarel" a%le to succe ssfull" enter. D) learne capa%ilities erive from organizational strengths. E) organizational (nolege can selom %e a competitive avantage. Anser! C Difficult"! Difficult #earning $%&.! 1.! Discuss the activities here learning organizations excel AACB! Application of (nolege ) Accoring to organizational learning theor"3 an organization uses (nolege to improve the fit %eteen itself an its environment.
Anser! T+=E Difficult"! /oerate #earning $%&.! 1.! Discuss the activities here learning organizations excel AACB! Application of (nolege 0) trategic flexi%ilit" is the a%ilit" to shift from one ominant strateg" to another. Anser! T+=E Difficult"! Eas" #earning $%&.! 1.! Discuss the activities here learning organizations excel AACB! Application of (nolege ) $ne tenet of the learning organization is to maintain sta%ilit". Anser! ;A#E Difficult"! /oerate #earning $%&.! 1.! Discuss the activities here learning organizations excel AACB! Application of (nolege 4) 8hat are the four main activities of a learning organization6 Anser! The four main activities of a learning organization are solving pro%lems s"stematicall"3 experimenting ith ne approaches3 learning from their exp eriences an histor" as ell as from the experiences of others3 an transferring (nolege ,uic(l" an efficientl" throughout the organization. Difficult"! /oerate #earning $%&.! 1.! Discuss the activities here learning organizations excel AACB! Application of (nolege 7) trategic management is that set of managerial ecisions an actions that etermine the longrun performance of a corporation. 8hich one of the folloing is not one of the %asic elements of the strategic management process6 A) strateg" formulation B) strateg" implementation C) statistical process control D) evaluation an control E) environmental scanning Anser! C Difficult"! Eas" #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege
9) The monitoring3 evaluating3 an isseminating of information from the external an internal environments to (e" people ithin the corporation is referre to as A) environmental scanning. B) external scanning. C) internal scanning. D) strateg" formulation. E) strateg" implementation. Anser! A Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 05) The in 8$T stans for A) strategies. B) scanning. C) strengths. D) societal. E) sociocultural. Anser! C Difficult"! Eas" #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 01) The T in 8$T stans for A) trust. B) technical. C) terminal. D) threats. E) tas(. Anser! D Difficult"! Eas" #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 0*) The varia%les structure3 culture3 an resources pertain to the A) external environment. B) internal environment. C) sociocultural forces. D) tas( environment. E) societal environment. Anser! B Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege
0) The tas( environment A) inclues those elements or groups ithin an organization's inustr". B) encompasses the ph"sical or(ing areas of the organization. C) is an accounting of the man" &o%s ithin an organization. D) is an avisor" committee to top-management. E) inclues general forces that onl" inirectl" affect an organization's activities. Anser! A Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 0) 8hich one of the folloing is inclue in the firm's societal environment6 A) competitors B) economic forces C) resources D) governments E) special interest groups Anser! B Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 00) 8hich one of the folloing is inclue in the firm's tas( environment6 A) technological factors B) sociocultural factors C) culture D) stoc(holers E) political-legal forces Anser! D Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 0) The trategic /anagement /oel presents the folloing process for strateg" formulation! A) $%&ectives F ?olicies F trategies F /ission. B) /ission F ?olicies F trategies F $%&ectives. C) ?olicies F /ission F trategies F $%&ectives. D) ?olicies F trategies F $%&ectives F /ission. E) /ission F $%&ectives F trategies F ?olicies. Anser! E Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Anal"tical thin(ing
04) The evelopment of long-range plans for the effective management of environmental opportunities an threats in light of corporate strengths an ea(nesses is (n on as A) strateg" formulation. B) strateg" implementation. C) strateg" control. D) strategic anal"sis. E) strateg" evaluation. Anser! A Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 07) The corporate mission is %est escri%e %" hich one of the folloing6 A) a escription of the activities carrie out %" the organization B) the purpose or reason for the corporation's existence C) a escription of top management's responsi%ilities D) a statement of corporate o%&ectives E) a statement of hat the organization oul li(e to %ecome Anser! B Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 09) 8hich one of the folloing is an example of a mission ith a narro scope6 A) transportation vs. railroas) B) computers vs. office e,uipment) C) health care vs. hospitals) D) real estate vs. apartments) E) telecommunications vs. television) Anser! B Difficult"! Difficult #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Anal"tical thin(ing 5) The organization's corporate mission statement A) shoul have a ifferent mission statement for each su%siiar" ivision. B) shoul %e less formall" state to allo for groth. C) shoul contain explicit escriptions of their competitive avantages. D) shoul state hat the organization oul li(e to %ecome. E) shoul escri%e the organization's 8$T. Anser! C Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege
1) 8hich of the folloing is an example of a mission statement6 A) iversif" prouct line to appeal to more people B) increase sales %" ten percent over last "ear C) pa" highest salaries to (eep high ,ualit" emplo"ees D) evelop an sell ,ualit" appliances orlie E) ivie a sales region into a group of sales istricts Anser! D Difficult"! Difficult #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege *) A goal iffers from an o%&ective %ecause it A) is open-ene. B) is ,uantifie. C) specifies measura%le results. D) is clearl" specifie. E) provies a time horizon. Anser! A Difficult"! Difficult #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Anal"tical thin(ing ) 8hich of the folloing is an example of an o%&ective6 A) to iversif" prouct line to appeal to more people B) to increase sales %" ten percent over last "ear C) to pa" highest salaries to (eep high ,ualit" emplo"ees D) to evelop an sell ,ualit" appliances orlie E) to ivie a sales region into a group of sales istricts Anser! B Difficult"! Difficult #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege ) 8hich of the folloing is an example of a corporate strateg"6 A) iversif" prouct line to appeal to more people B) imitate proucts of competitors C) pa" highest salaries to (eep high ,ualit" emplo"ees D) evelop an sell ,ualit" appliances orlie E) ivie a sales region into a group of sales istricts Anser! A Difficult"! Difficult #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege
0) The t"pe of strateg"3 hich escri%es a compan"'s overall irection in terms of its general attitue toar groth an the management of its various %usinesses is A) functional. B) operational. C) %usiness. D) prouct. E) corporate. Anser! E Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege ) The t"pe of strateg"3 hich emphasizes the improvement of the competitive position of a corporation's proucts or services in a particular inustr" or mar(et segment serve %" a %usiness unit is A) functional. B) operational. C) %usiness. D) environmental. E) corporate. Anser! C Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 4) The t"pe of strateg"3 hich achieves corporate an %usiness unit o%&ectives an strategies %" maximizing resource prouctivit" is A) functional. B) operational. C) %usiness. D) prouct. E) corporate. Anser! A Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 7) A large %usiness has three levels in its hierarch" of strateg"! A) Corporate F Business F ;unctional. B) Environmental F Corporate F ;unctional. C) Environmental F Enterprise F Corporate. D) Business F Divisional F ;unctional. E) 2nustr" F Corporate F Divisional. Anser! A Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 9) As efine in this course3 a polic" is
A) the purpose or reason for a corporation's existence. B) a statement of activities or steps neee to accomplish a single-use plan. C) a %roa guieline for ma(ing ecisions that lin(s the formulation of strateg" ith its implementation. D) a comprehensive master plan stating ho a corporation ill achieve its mission an o%&ectives. E) a statement of a corporation's programs in ollar terms. Anser! C Difficult"! Eas" #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Anal"tical thin(ing 45) 8hich of the folloing is an example of a polic"6 A) Diversif" prouct line to appeal to more p eople. B) 2ncrease sales %" ten percent over last "ear. C) $nl" ac,uire companies of 40 emplo"ees or moreG 40 percent must %e engineers. D) Develop an sell ,ualit" appliances orlie. E) Diversif" from retailing into eliver". Anser! C Difficult"! Difficult #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 41) The process %" hich strategies an policies are put into action through the evelopment of programs3 %ugets3 an proceures is A) strateg" formulation. B) strateg" control. C) strateg" implementation. D) strateg" evelopment. E) strateg" evaluation. Anser! C Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 4*) 8hich of the folloing is not a part of strateg" implementation6 A) performance evaluation B) %ugets C) programs an tactics D) proceures E) operational planning Anser! A Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 4) 8hich of the folloing is an example of a program6 A) iversif" prouct line to appeal to more people B) increase sales %" ten percent over last "ear
C) must %e num%er one herever e compete D) evelop an sell ,ualit" appliances orlie E) reuce final assem%l" time to three a"s %" having suppliers %uil plan sections Anser! E Difficult"! Difficult #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 4) A program or tactic is A) a etaile cost statement in terms of ollars. B) a s"stem of se,uential steps. C) a statement of the activities neee to support a strateg". D) the process %" hich strategies an policies are put into action. E) none of the a%ove Anser! C Difficult"! Eas" #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 40) A %uget is a statement of a corporation's programs in ollar terms. 8hich is not true of the %ugetar" function6 A) 2t is use in planning an control. B) 2t serves as a etaile plan of strateg" in action. C) $nl" one %uget is necessar" to capture all programs. D) 2t etails the impact on the firm's future financial situation. E) 2t is use as a means of measuring success %ase on certain criteria. Anser! C Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Anal"tical thin(ing 4) ;eEx stipulates specific emplo"ee %ehaviors incluing h o a river resses to ho (e"s are hel hen approaching a customer's oor. This is an example of a A) program. B) %uget. C) proceure. D) polic". E) control. Anser! C Difficult"! Difficult #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Anal"tical thin(ing 44) As a part of the strategic management process3 evaluation an control is concerne ith all of the folloing3 ECE?T A) generating fee%ac( to ecision ma(ers. B) monitoring corporate activities an performance. C) stimulating a revie of the corporation's strategic management. D) pinpointing pro%lem areas.
E) etermining top management %enefits pac(ages. Anser! E Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 47) A set of se,uential steps or techni,ues that escri%e in etail ho a particular tas( or &o% is to %e one is referre to as A) a stanar operating proceure. B) a s"stems operating proceure. C) a stanar operating program. D) a stanar outsie proceure. E) a s"stems operating plan. Anser! A Difficult"! Eas" #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 49) A hierarch" of strateg" emphasizes the nee for the three levels of strateg" to complement an support one another. Anser! T+=E Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components 75) The internal environment inclues the varia%les ithin the organization itself that are ithin the short-run control of top management. Anser! T+=E Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 71) A %roa mission statement ma" limit the scope of a firm's activities in terms of the prouct or service offere. Anser! ;A#E Difficult"! Difficult #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Anal"tical thin(ing
7*) An example of an o%&ective is increase profita%ilit"3 hile an example of a goal is to increase the firm's profita%ilit" in *514 %" 10 percent o ver *51. Anser! ;A#E Difficult"! Difficult #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 7) A strateg" maximizes competitive avantage an minimizes competitive isavantage. Anser! T+=E Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 7) Corporate strateg" occurs at the %usiness unit or prouct level. Anser! ;A#E Difficult"! Eas" #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 70) A functional strateg" ma" inclue competitive or cooperative strategies. Anser! ;A#E Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 7) Hierarch" of strateg" is a nesting of one strateg" ithin another so that the" complement an support one another. Anser! T+=E Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 74) A %uget is a statement of a corporation's programs in terms of ollars. Anser! T+=E Difficult"! Eas" #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 77) ?erformance results are monitore at the strateg" formulation phase of the strategic management process. Anser! ;A#E Difficult"! /oerate #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege
79) Briefl" escri%e the four %asic elements of strategic management. Anser! trategic management consists of four %asic elements. Environmental scanning is the monitoring3 evaluating3 an isseminating of information from the external an internal environments to (e" people ithin the corporation. trateg" formulation is the evelopment of long-range plans for effective management of environmental opportunities an threats3 in light of corporate strengths an ea(nesses. trateg" implementation is the process %" hich strategies an policies are put into action through the evelopment of programs3 %ugets3 an proceures. Evaluation an control is the process in hich corporate activities an performance results are monitore so that actual performance can %e compare ith esire performance. Difficult"! Difficult #earning $%&.! 1.0! Descri%e the %asic moel of strategic management an its components AACB! Application of (nolege 95) +esearch one %" Henr" /intz%erg suggests that strateg" formulation A) is t"picall" an irregular an a iscontinuous process. B) shoul %e folloe unservingl" to ensure success of the plan. C) is a process to hich organizations fin the" must ma(e significant "earl" changes. D) shoul %e reviee after a specific interval of time to ma(e sure it is still applica%le. E) is merel" a chec(list of actions folloing a logical process. Anser! A Difficult"! /oerate #earning $%&.! 1.! 2entif" some common triggering events that act as stimuli for strategic change AACB! Anal"tical thin(ing 91) The phenomenon that escri%es corporations as e volving through relativel" long perios of sta%ilit" punctuate %" relativel" short %ursts of funamental change revolutionar" change) is (non as A) revolution. B) e,uili%rium. C) punctuate e,uili%rium. D) logical incrementalism. E) iscontinuit". Anser! C Difficult"! /oerate #earning $%&.! 1.! 2entif" some common triggering events that act as stimuli for strategic change AACB! Application of (nolege
9*) 8hich of the folloing is not one of the four triggering events liste in the text that is the stimulus for a strategic change6 A) intervention %" the organization's %an( B) annual strategic planning conference C) threat of a ta(eover D) ne CE$ E) aareness %" management of ecrease profita%ilit" Anser! B Difficult"! /oerate #earning $%&.! 1.! 2entif" some common triggering events that act as stimuli for strategic change AACB! Application of (nolege 9) The existence of a performance gap A) shoul cause management to ,uestion their o%&ectives3 strategies3 an policies. B) is not an inicator of pro%lems if it onl" happens once. C) is onl" the concern of top management %ecause the" set the original strategies. D) shoul cause management to loo( onl" ithin the organization to etermine the pro%lem. E) shoul signal the immeiate nee for a la"off. Anser! A Difficult"! /oerate #earning $%&.! 1.! 2entif" some common triggering events that act as stimuli for strategic change AACB! Anal"tical thin(ing 9) 8hich of the folloing statements is not true of a strategic inflection point6 A) The term as coine %" An"
Anser! T+=E Difficult"! Difficult #earning $%&.! 1.! 2entif" some common triggering events that act as stimuli for strategic change AACB! Application of (nolege 94) 8hat is a triggering event6 #ist some possi%le examples. Anser! A triggering event is something that acts as a stimulus for a change in strateg". ome possi%le triggering events are a ne CE$3 an external intervention3 a threat of a change in onership3 a performance gap3 an a strategic inflection point. Difficult"! Difficult #earning $%&.! 1.! 2entif" some common triggering events that act as stimuli for strategic change AACB! Application of (nolege 97) 8hich of the folloing is not a characteristic of strategic ecisions as mentione in the text6 A) irective B) conse,uential C) rare D) continuous E) re,uire commitment of su%stantial resources Anser! D Difficult"! Eas" #earning $%&.! 1.4! Explain strategic ecision-ma(ing moes AACB! Application of (nolege 99) Accoring to /intz%erg3 the entrepreneurial moe of strateg" formulation A) is characterize %" reactive solutions to existing pro%lems. B) assumes ma&or responsi%ilities for strateg" formulation. C) is focuse on opportunitiesG pro%lems are seconar". D) inclues the proactive search for ne opportunities an reactive solutions to existing pro%lems. E) assumes the environment is unresponsive to input. Anser! C Difficult"! /oerate #earning $%&.! 1.4! Explain strategic ecision-ma(ing moes AACB! Anal"tical thin(ing
155) Accoring to Henr" /intz%erg3 the three most t"pical approaches to strategic ecisionma(ing are A) entrepreneurial3 aaptive3 an planning. B) entrepreneurial3 logical incrementalism3 an planning. C) logical incrementalism3 strategic planning3 an s"stematic scanning. D) environmental scanning3 formulation3 an implementation. E) irective3 rare3 an conse,uential. Anser! A Difficult"! Eas" #earning $%&.! 1.4! Explain strategic ecision-ma(ing moes AACB! Application of (nolege 151) Amazon.com3 foune %" Ieff Bezos an reflecting his vision3 is an example of hich moe of strategic ecision-ma(ing6 A) aaptive B) entrepreneurial C) logical incrementalism D) planning E) customer relationship management Anser! B Difficult"! Difficult #earning $%&.! 1.4! Explain strategic ecision-ma(ing moes AACB! Anal"tical thin(ing 15*) 8hat characterizes the planning moe of strateg" formulation6 A) Top management %elieves that the environment is a force to %e use an controlle. B) 2t assumes the environment is too complex to % e completel" comprehene. C) 2t involves the s"stematic gathering of appropriate information for situation anal"sis3 the generation of feasi%le alternative strategies3 an the rational selection of the most appropriate strateg". D) +ather than utilizing a proactive search for ne opportunities3 it onl" has the opportunit" for reactive %ehavior. E) 2t is %ase on vision an large-picture strateg". Anser! C Difficult"! /oerate #earning $%&.! 1.4! Explain strategic ecision-ma(ing moes AACB! Anal"tical thin(ing
15) 2B/ uner CE$ #ouis
15) 8hich approach to ecision-ma(ing is most useful hen the environment is changing rapil" an hen it is important to %uil consensus an evelop neee resources %efore committing the entire corporation to a specific strateg"6 A) planning moe B) entrepreneurial moe C) logical incrementalism D) aaptive moe E) strategic flexi%ilit" moe Anser! C Difficult"! Difficult #earning $%&.! 1.4! Explain strategic ecision-ma(ing moes AACB! Anal"tical thin(ing 154) A strategic ecision is rare3 conse,uential3 an irective. Anser! T+=E Difficult"! /oerate #earning $%&.! 1.4! Explain strategic ecision-ma(ing moes AACB! Application of (nolege 157) /intz%erg's entrepreneurial moe is sometimes referre to as muling through since this ecision-ma(ing moe tens to %e more reactive than proactive in the search for ne opportunities. Anser! ;A#E Difficult"! Difficult #earning $%&.! 1.4! Explain strategic ecision-ma(ing moes AACB! Application of (nolege 159) #ogical incrementalism is a useful ecision-ma(ing moe hen the environment is rapil" changing an hen it is important to %uil consensus to a specific strateg". Anser! T+=E Difficult"! Difficult #earning $%&.! 1.4! Explain strategic ecision-ma(ing moes AACB! Anal"tical thin(ing
115) 8hat is a strategic ecision an hat are its three characteristics6 Anser! A strategic ecision eals ith the long-run future of an entire organization. There are three characteristics of a strategic ecision! 1. +are! trategic ecisions are unusual an t"picall" have no preceent to follo. *. Conse,uential! trategic ecisions commit su%stantial resources an eman a great eal of commitment from people at all levels. . Directive! trategic ecisions set preceents for lesser ecisions an future actions throughout an organization. trategic ecisions are unusual an t"picall" have no preceent to follo. The" commit su%stantial resources an eman a great eal of commitment from people at all levels. An the" set preceents for lesser ecisions an future actions throughout the organization. Difficult"! /oerate #earning $%&.! 1.4! Explain strategic ecision-ma(ing moes AACB! Application of (nolege 111) A chec(list of ,uestions3 %" area or issue that ena%les a s"stematic anal"sis to %e mae of various corporate functions an activities is referre to as an) A) scenario. B) portfolio. C) strategic auit. D) social responsi%ilit" auit. E) $?. Anser! C Difficult"! Eas" #earning $%&.! 1.7! =se the strategic auit as a metho of anal"zing corporate functions an activities AACB! Application of (nolege 11*) 8hile the strategic auit is not an all-inclusive list3 it presents man" of the critical ,uestions neee for a etaile strategic anal"sis of an" %usiness. Anser! T+=E Difficult"! Eas" #earning $%&.! 1.7! =se the strategic auit as a metho of anal"zing corporate functions an activities AACB! Application of (nolege
