Questions and Answers

Questions and Answers
1.
The term _________ is used to refer to strategy formulation, implementation,

and evaluation, with _________referring only to strategy formulation.
o A.
Strategic planning; strategic management
o B.
Assessment; planning
o C.
Strategic management; strategic planning
o D.
Management cycle; brainstorming
2.
Which of these requires a firm to establish annual objectives, devise policies,

and allocate resources?
o A.
Strategy formulation
o B.
Strategy implementaion
o C.
Strategy evaluation
o D.
Strategy manipulation
3.
Anything that a firm does especially well compared to rival firms is referred to as:
o A.
Competitive advantage.
o B.
Comparative advantage.
o C.
An external opportunity.
o D.
Opportunity cost
4.
__________ are the individuals who are most responsible for the success or
failure of an organization.
o A.
Strategists
o B.
Consultants
o C.
Operatives
o D.
Ethics Officers
5.
A disadvantage of international operations is:
Discuss
o A.
Competitors in foreign markets may not exist.
o B.
Language, culture, and value systems differ among countries, causing communication
barriers and problems managing people.
o C.
Economies of scale can be achieved from operation in global rather than solely
domestic markets.
o D.
Foreign operations can allow firms to establish low-cost production facilities in

locations close to raw materials and/or cheap labor.
6.
The problem of limited resources within a firm makes ______________

particularly important as the firm decides how to allocate its resources.
o A.
Long-range planning
o B.
Short-term planning
o C.
Strategy formulation
o D.
Strategy implementation
7.
All of these are pitfalls an organization should avoid in strategic planning except:
Discuss
o A.
Using strategic planning to gain control over decisions and resources.
o B.
Failing to involve key employees in all phases of planning.

o C.
Hastily moving from mission development to strategy formulation.
o D.
Using plans as a standard for measuring performance.
8.
The process of conducting research and gathering and assimilating external

information is called:
o A.
Mission development
o B.
Long range planning
o C.
Industry analysis
o D.
Lobbying
9.
The term strategic planning refers only to strategy formulation.
o A.
True
o B.
False
10.
The action stage of strategic management is called strategy formulation.
o A.
True
o B.
False
11.
________ is the process by which a firm manages the formulation and

implementation of its strategy.
o A.
Total Quality Management
o B.
Strategic Management
o C.
Micro Management
o D.
Economic Logic
12.
The two most critical questions that __________ strategy must address are how
a company will achieve its objectives today, when other firms may be competing
to satisfy the same customer's needs and how the firm plans to compete in the
future.
Discuss
o A.
Corporate
o B.
Functional
o C.
Operational
o D.
Business
13.
Which of the following is not one of the three fundamental questions addressed
by corporate strategy?
o A.
In what business will we compete?
o B.
How can we, as a corporate parent, add value to our various lines of business?
o C.
How will diversification or our entry into a new industry help us to compete in our
other industries?
o D.
How can we best position our operations to compete against present and future rivals
within a particular business?
14.
Which of the following statements regarding strategy formulation and strategy

implementation is the most accurate?
Discuss
o A.
Neither strategy formulation, nor strategy implementation can succeed without the
other.
o B.
Strategy formulation is more important than strategy implementation.
o C.
Strategy implementation is more important than strategy formulation.
o D.
Neither strategy formulation, nor strategy implantation can have a significant impact
on firm performance.
15.
All of the following are elements of the strategy diamond except
o A.
Vehicles
o B.
Advantages
o C.
Arenas
o D.
Staging
16.
Within the strategy diamond ______ refer(s) to decisions about the areas in
which a firm will be active including its products, services, distribution channels,
market segments, geographic areas, technologies, and even stages of the
valuecreation process
o A.
Vehicles
o B.
Arenas
o C.
Differentiators
o D.
Economic logic
17.
The five elements of the strategy diamond are technologies, vehicles,
differentiators, staging, and economic logic.
o A.
True
o B.
False
18.
Which one is not a part of strategy formulation?
o A.
Business level strategy
o B.
Corporate level strategy
o C.
Competitive dynamics
o D.
Corporate governance
19.
Which is not a part of strategy implementation?
o A.
Strategic Leadership
o B.
Entrepreneurship & Innovation
o C.
Structure & Control
o D.
International Strategy
20.
Which is not a part of international strategy lifecycle?
o A.
Product Demand Develops and Firm Exports Products
o B.
Firm Introduces Innovation in Domestic Market
o C.
Production Becomes Standardized and is Relocated to Low Cost Countries
o D.
Diversification Strategy

Questions and Answers

Încărcat de

Informații document

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Questions and Answers

Încărcat de

Drepturi de autor:

Formate disponibile

Questions and Answers

The term _________ is used to refer to strategy formulation, implementation,

Strategic planning; strategic management

Strategic management; strategic planning

Management cycle; brainstorming

Which of these requires a firm to establish annual objectives, devise policies,

A disadvantage of international operations is:

Competitors in foreign markets may not exist.

Foreign operations can allow firms to establish low-cost production facilities in

The problem of limited resources within a firm makes ______________

Using strategic planning to gain control over decisions and resources.

Failing to involve key employees in all phases of planning.

Hastily moving from mission development to strategy formulation.

Using plans as a standard for measuring performance.

The process of conducting research and gathering and assimilating external

Long range planning

The term strategic planning refers only to strategy formulation.

The action stage of strategic management is called strategy formulation.

________ is the process by which a firm manages the formulation and

Total Quality Management

In what business will we compete?

Which of the following statements regarding strategy formulation and strategy

Strategy formulation is more important than strategy implementation.

Strategy implementation is more important than strategy formulation.

All of the following are elements of the strategy diamond except

Which one is not a part of strategy formulation?

Business level strategy

Corporate level strategy

Which is not a part of strategy implementation?

Entrepreneurship & Innovation

Structure & Control

Which is not a part of international strategy lifecycle?

Product Demand Develops and Firm Exports Products

Firm Introduces Innovation in Domestic Market

Production Becomes Standardized and is Relocated to Low Cost Countries

S-ar putea să vă placă și