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Management
Q:
Directional plans ________.
A) leave no room for interpretation
B) are flexible general guidelines
C) are difficult to modify
D) must be short-term plans
Q:
Which of the following defines the time frame of a long-term plan?
A) over seven years
B) over three years
C) under three years
D) over one year
Q:
A politician whose ultimate goal is to get elected is planning campaign ads for TV. In planning the ads, the politician is functioning at a ________ level.
A) strategic
B) long-term
C) tactical
D) directional
Q:
Tactical plans are operational plans that identify ________.
A) overall organizational goals
B) how overall goals are to be achieved
C) the mission of an organization
D) specific goals for accomplishing a specific objective
Q:
Strategic plans address ________.
A) overall organizational goals
B) goals for a single branch of the organization
C) how overall goals are to be achieved
D) how a single goal is to be achieved
Q:
The specificity of a plan refers to ________ concerns.
A) long-term versus short-term
B) strategic versus tactical
C) specific versus directional
D) single use versus standing
Q:
The breadth of a plan refers to ________ concerns.
A) long-term versus short-term
B) strategic versus tactical
C) specific versus directional
D) single use versus standing
Q:
Which goal-setting sequence is correct for the following steps?
1. Evaluate resources.
2. Identify goals.
3. Review the mission and job tasks.
4. Communicate goals.
5. Link rewards to goals.
6. Build feedback mechanisms.
A) 1, 2, 4, 6, 3, 5
B) 4, 2, 5, 3, 1, 6
C) 3, 4, 2, 6, 5, 1
D) 3, 1, 2, 4, 6, 5
Q:
MBO programs usually are successful largely because they ________.
A) give employees a sense of ownership of goals
B) free managers from the responsibility of setting goals
C) give managers a sense of ownership of goals
D) free employees from responsibility if goals are not met
Q:
In addition to being made by both managers and employees, MBO goals must be ________.
A) nonspecific and open-ended with regard to time
B) specific and open-ended with regard to time
C) specific and include an explicit time limit
D) nonspecific and include no time limit
Q:
In management by objectives (MBO), goals ________.
A) must be easily accomplished
B) are jointly determined by employees and managers
C) are determined by top management
D) are developed by employees
Q:
In a means-ends chain, a goal at a lower level ________.
A) is the bridge to a goal at the next higher level
B) is attained only after higher level goals are fulfilled
C) is separate from the goal at the next higher level
D) is ignored if goals at higher levels are attained
Q:
In traditional goal setting, as they work their way from top management to employees, goals are likely to ________.
A) become more clear
B) be more rigorously followed
C) be unchanged
D) become more specific
Q:
In traditional goal setting, these individuals set goals.
A) top managers
B) middle and low-level managers
C) middle managers
D) managers and employees
Q:
________ are important because they provide the standards against which all organizational accomplishments are measured.
A) Goals
B) Guidelines
C) Models
D) Rules
Q:
An organization's real goals and priorities are best revealed by ________.
A) its official stated goals
B) its actions in the marketplace
C) its statements to the press
D) its mission statement
Q:
Which of the following is an example of a strategic goal for a professional baseball team?
A) to increase attendance by 5 percent over the next three years
B) to increase television revenues over the next 5 years
C) to decrease payroll by 20 million over the next 2 years
D) to average over 90 wins a year for the next 5 years
Q:
In most cases, strategic goals include ________.
A) all financial objectives
B) all objectives that are not financial
C) all objectives, both financial and nonfinancial
D) some financial objectives
Q:
In reality, all organizations have ________.
A) a single goal
B) multiple goals
C) the same goals
D) the same single goal
Q:
Which of the following best defines goals?
A) likely outcomes for the future
B) unlikely outcomes for the future
C) desired outcomes for the future
D) short-term targets
Q:
Which of the following best defines plans?
A) documents that identify company problems
B) documents that define goals
C) documents that describe how goals will be met
D) documents that identify how goals from the past were met
Q:
In a short essay, discuss Porter's focus strategy.
Q:
In a short essay, discuss Porter's differentiation strategy.
Q:
In a short essay, discuss the cost leadership strategy according to Michael Porter.
Q:
In a short essay, describe the final four steps in the strategic management process.
Q:
In a short essay, describe the first two steps in the strategic management process.
Q:
Xerox Corporation's study of Japanese competitors was the first effort by an American company at benchmarking.
Q:
Customer service cannot be considered a strategic weapon for an organization.
Q:
A focus strategy seeks to appeal to a narrow segment of a market.
Q:
Innovation and super-high quality are typically the keys to a cost-leadership strategy.
Q:
"A distinctive edge" is a way of describing a competitive advantage.
Q:
The most drastic renewal strategy an organization can carry out is a retrenchment strategy.
Q:
A company with a stability strategy will plan to dramatically increase market share in a highly competitive market.
Q:
A diversification strategy focuses on a company becoming its own supplier of inputs.
Q:
A corporate strategy may be a growth strategy, a stability strategy, or a renewal strategy.
Q:
The final three steps in the strategic management process involve the creation and implementation of strategies for realizing organizational goals.
Q:
SWOT analysis includes the identification of an organization's strengths, weaknesses, opportunities, and threats.
Q:
Capabilities are "what" an organization has; resources are "how" it uses what it has.
Q:
Core competencies include an organization's major capabilities and its resources.
Q:
An external analysis will identify the threats to a company's well-being, but not opportunities for success.
Q:
A mission statement for a kayak manufacturer might be as follows: To make the highest-quality kayaks and sell them at a competitive price.
Q:
The first step in the strategic management process is analyzing the external environment.
Q:
Strategic management is the act of figuring out how an organization will compete in the marketplace and attract loyal customers.
Q:
For a limited time, Taco Rocket is thinking of coming out with a new Fifth Degree Burrito that is so hot it "burns a hole in the plate." Catering to the small segment of the market that likes super-hot food is an example of a ________.
A) focus strategy
B) cost leader strategy
C) long-term strategy
D) differentiation strategy
Q:
Recently, Taco Rocket has considered buying a local competitor and the two would combine under the Taco Rocket name. This is an example of which of the following?
A) stability
B) vertical integration
C) horizontal integration
D) diversification
Q:
You are thinking of buying a tortilla factory in a nearby state. This action would be an example of ________.
A) forward vertical integration
B) horizontal integration
C) backward vertical integration
D) forward diversification
Q:
Taco Rocket (Scenario)Imagine that you are the president of Taco Rocket, a new and successful chain of 8 Mexican fast-food restaurants. The success you have experienced in the last 5 years has you thinking of what to do with the business next. Should you expand the business at the current rate? Open new and different restaurants? What?Up to now your success has been based on selling high-quality tacos and burritos at a price that others can't match. Your business is pursuing which of Porter's strategies?A) differentiation strategyB) cost leadership strategyC) competitive advantage strategyD) focus strategy
Q:
This term describes an electric shaver company that carefully observes its competitor's production line to look for ways to improve its own manufacturing process.A) trademarkingB) benchmarkingC) quality engineeringD) reverse marketing
Q:
To create a competitive advantage that is sustainable, a company can begin by focusing on quality, then ________.
A) make sure quality doesn't decline at too rapid a pace
B) make incremental improvements to keep quality levels high
C) change its entire product line frequently
D) slowly diminish quality and raise the prices of its products
Q:
A company's strategic weapon is any product, service, or other attribute it has that ________.
A) gives it an edge over its competitors
B) identifies problems that the company has
C) identifies the potential of employees
D) helps diversify the company
Q:
To gain a sustainable competitive advantage, a pharmaceutical company might ________.
A) market aggressively
B) set high prices for its products
C) secure exclusive rights to produce a drug
D) produce as many generic drugs as possible
Q:
All of the following are threats to a sustainable, long-term competitive advantage EXCEPT ________.
A) market stability
B) market instabilities and disturbances
C) evolution of the industry
D) new technology in the industry
Q:
Most successful companies find that ________ a competitive advantage is almost as difficult as developing a competitive advantage.
A) assessing
B) sustaining
C) modifying
D) eliminating
Q:
According to Michael Porter, a company with good products that has no clear competitive advantage is said to be ________.
A) perfectly positioned
B) stuck in the middle
C) in the wheelhouse
D) outside of the box
Q:
Which of the following describes a company that is following a focus strategy?
A) a software company that makes a wide variety of games and financial products
B) a software company that makes games for a wide audience
C) a software company that makes financial products for accountants, consumers, and businesses
D) a software company that makes financial products for accountants only
Q:
A company that looks for a niche in the market is following which strategy?
A) cost leadership
B) differentiation
C) focus
D) turnaround
Q:
A differentiation strategy ________.
A) usually focuses on price
B) must focus on price
C) can focus on a brand image
D) can focus on value, but not service
Q:
A company with a differentiation strategy focuses on making its products or services ________.
A) unique and special
B) similar to its competitors
C) familiar
D) affordable
Q:
Which of the following would you expect to find in a clothing store that follows a cost leadership strategy?
A) only the finest, most expensive materials
B) pampered, personalized service
C) state-of-the-art design
D) basic, no frills, practical items
Q:
A cost leadership competitive strategy focuses on which of the following?
A) efficiency
B) innovation
C) elegant design
D) luxury
Q:
Competitive advantages for a high-prestige, premium coffee franchise like Starbucks are likely to include all of the following EXCEPT ________.
A) high quality
B) lowest prices
C) well-trained employees
D) pleasant venues
Q:
The thing that makes your product special is known as your ________.
A) assets
B) destruction device
C) competitive advantage
D) core device
Q:
A diversified corporation is likely to have ________.
A) multiple competitive strategies
B) a single competitive strategy
C) no more than two competitive strategies
D) thousands of competitive strategies
Q:
The ________ strategy occupies the level below the corporate strategy.
A) business unit
B) competitive
C) functional
D) performance
Q:
Remedies that all renewal strategies employ include which of the following?
A) hiring efficiency experts
B) new ad campaigns
C) emulating competitors
D) cutting costs
Q:
A company that is on the verge of collapse or bankruptcy might employ this strategy.
A) retrenchment
B) incremental improvement
C) turnaround
D) hunker down
Q:
To address limited, short-term problems, a company is most likely to employ a ________ strategy.
A) retrenchment
B) turnaround
C) doomsday
D) self-critical
Q:
Troubled companies seek ________ to address serious problems.
A) competitive strategies
B) corporate strategies
C) vertical and horizontal strategies
D) renewal strategies
Q:
A company whose goal is to retain its ideal size and market share is employing which kind of strategy?
A) noncorporate
B) growth
C) renewal
D) stability
Q:
Two companies that both sell fine timepieces combine. What are they doing?
A) diversifying, because they both sell the same products
B) integrating vertically, because they both sell the same products
C) integrating vertically in a backward direction, because they are sharing distribution
D) integrating horizontally, because they both sell similar products
Q:
When Google purchased YouTube, a company that featured different, but related products, Google was engaging in which of the following?
A) concentration
B) forward vertical integration
C) backward vertical integration
D) diversification
Q:
Which of the following functional areas has become an important strategic element for companies such as Prada?
A) customer servicer
B) cost control and accounting
C) human resources
D) information technology
Q:
Two movie studios combining to form one larger studio is an example of which of the following?
A) forward vertical integration
B) horizontal integration
C) backward vertical integration
D) diversification
Q:
In forward vertical integration, a company becomes its own ________, while in backward vertical integration, the company is its own ________.
A) supplier; distributor
B) supplier; customer
C) distributor; monitor
D) distributor; supplier
Q:
A sneaker company creating its own stores where it sells only its own brand is an example of which of the following?
A) forward vertical integration
B) backward horizontal integration
C) forward horizontal integration
D) reverse vertical integration
Q:
A salad dressing company that buys a large olive grove to produce olive oil is practicing which of the following?
A) concentration
B) forward vertical integration
C) backward vertical integration
D) horizontal integration
Q:
General Mills expanding its line so that it sells several different types of Cheerios is an example of which of the following?
A) concentration
B) horizontal integration
C) vertical integration
D) diversification
Q:
Growth strategies include ________.
A) diversification, concentration, integration, stabilization
B) vertical integration, horizontal integration, concentration, diversification
C) vertical integration, horizontal integration, lateral integration, horizontal concentration
D) integration, renewal, horizontal diversification, vertical diversification
Q:
Which of the following makes up the three main types of corporate strategies?
A) growth, vertical integration, horizontal integration
B) growth, retrenchment, renewal
C) renewal, retrenchment, diversification
D) growth, stability, renewal
Q:
A corporate strategy focuses primarily on ________.
A) an organization's mission
B) an organization's strengths
C) an organization's weaknesses
D) an organization's people