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BUS 195 EXAM 1 CH. 1

Strategic management focuses on integrating management, marketing, finance and accounting, production and operations, research and development, and information systems to achieve organizational success.
TRUE
U.S. firms are not being aggressively challenged in the computer industry.
FALSE
By occasionally monitoring external events, companies should be able to identify when change is required.
FALSE
Once an effective strategy is designed, modifications are rarely required.
FALSE
To be effective, strategic-management must be a process that familiarizes managers and employees with the key strategic issues facing an organization and the feasible alternatives for resolving those issues.
TRUE
All firms have a strategy, even if it is informal, unstructured, and sporadic.
TRUE
The strengths and weaknesses of an organization are determined relative to the strengths and weaknesses of its competitors.
TRUE
The decision to merge is a strategy-formulation issue but the decision to form a joint venture is a strategy-implementation issue.
FALSE
The final stage in strategic management is strategy implementation.
FALSE
One of the fundamental strategy evaluation activities is reviewing the external and internal factors on which strategies are based.
TRUE
Analytical and intuitive thinking complement each other.
TRUE
According to Peter Drucker, “Imagination is more important than knowledge, because knowledge is limited, whereas imagination embraces the entire world.”
FALSE
An objective, logical, systematic, and non intuitive approach for making major decisions in an organization is a way to describe the strategic-management process
FALSE
The terms strategic management and strategic planning are used synonymously in this text.
TRUE
A vision statement describes an organization’s values and priorities.
FALSE
Middle managers are generally the most visible and critical of all strategic managers.
FALSE
A vision statement commonly answers the question “What is our business?” whereas a mission statement is more likely to answer the question “What do we want to become?”
FALSE
A clear mission statement describes the values and priorities of an organization.
TRUE
Objectives should be measurable, challenging, reasonable, consistent, and clear.
TRUE
Annual objectives are especially important in strategy formulation.
FALSE
Determining opportunities and threats is generally the first step in strategic planning.
FALSE
The best approach for strategists is to carefully develop strategic plans themselves and then present them to operating managers to execute.
FALSE
Low-performing firms typically underestimate their competitor’s strengths and overestimate their own strengths.
TRUE
Firms can be more proactive with strategic management.
TRUE
Once a firm acquires a competitive advantage, it is usually able to sustain it indefinitely.
FALSE
Most traditional retailers have tried in vain to use their online sales to boost in-store sales.
FALSE
Substantial research indicates that a healthier workforce can more effectively and efficiently implement strategies.
TRUE
The goal of strategic management is to
a.) achieve competitive advantage
b.) maintain competitive advantage
c.) achieve and maintain competitive advantage
d.) eliminate competitive advantage
e.) eliminate and abolish competitive advantage
c.) achieve and maintain competitive advantage.
What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives?
a.) Strategy formulation
b.) Strategy evaluation
c.) Strategy implementation
d.) Strategic management
e.) Strategic leading
d.) Strategic management
The strategic-management process is becoming more widely used by
a.) small firms
b.) nonprofit institutions
c.) governmental organizations
d.) multinational conglomerates
e.) all of the above
e.) all of the above!
The strategic management process represents a(n) _______, ______, and _____ approach for determining an enterprise’s future direction.
a.) logical; systematic; subjective
b.) intuitive; disorganized; subjective
c.) logical; systematic; objective
d.) intuitive; disorganized; objective
e.) inconsistent; systematic; subjective
c.) logical; systematic; objective
During what stage of strategic management are a firm’s specific internal strengths and weaknesses determined?
a.) Formulation
b.) Implementation
c.) Evaluation
d.) Feedback
e.) Goal-setting
a.) Formulation
What step in the strategic management process involves mobilizing employees and managers to put strategies into action?
a.) Strategy formulation
b.) Strategy evaluation
c.) Strategy implementation
d.) Strategic advantage
e.) Competitive advantage
c.) Strategy implementation
With which phase of strategic management is most strongly associated with “action”?
a.) Strategy formulation
b.) Strategy implementation
c.) Strategy evaluation
d.) Competing advantages
e.) Measures performance
b.) Strategy implementation
Strategy evaluation is necessary because
a.) internal and external factors are constantly changing
b.) the SEC requires strategy evaluation
c.) success today is a guarantee of success tomorrow
d.) the IRS requires strategy formulation
e.) firms have limited resources
a.) internal and external factors are constantly changing
In which phase of strategic management are long-term objectives especially important?
a.) Formulation
b.) Control
c.) Evaluation
d.) Implementation
e.) Management
a.) Formulation
Which individuals are most responsible for the success and failure of an organization?
a.) Strategists
b.) Financial planners
c.) Personnel directors
d.) Stakeholders
e.) Human resource managers
a.) Strategists
An organization’s vision statement
a.) is a constant reminder to its employees of why the organization exists
b.) broadly charts the future direction of an organization
c.) addresses the basic question: “What is our business?”
d.) answers the question: “What do we want to become?”
e.) none of the above
d.) answers the question: “What do we want to become?”
Specific results an organization seeks to achieve in pursuing its basic mission are
a.) strategies
b.) rules
c.) objectives
d.) policies
e.) tenets
c.) objectives
What are the means by which long-term objectives will be achieved?
a.) Strategies
b.) Strengths
c.) Weaknesses
d.) policies
e.) opportunities
a.) Strategies
What are guides to decision making that address repetitive or recurring situations called?
a.) Strategies
b.) Rules
c.) Policies
d.) Objectives
e.) Goals
c.) policies
Which of the following is part of the Strategic-Management Model?
a.) Measure and evaluate performance
b.) Develop mission and vision statements
c.) Establish long-term objectives
d.) Implement strategies
e.) All of the above
e.) All of the above
How do line managers become “owners” of the strategy?
a.) By attending top managers meetings
b.) by executing plans formulated by other people
c.) by involvement in the strategic-management process
d.) by becoming a shareholder of the firm
e.) by buying off top managers
c.) by involvement in the strategic-management process
Organizations using strategic management are generally _____ than those that do not.
a.) more profitable
b.) more complex
c.) less profitable
d.) less successful
e.) less complex
a.) more profitable
There is a dramatic shift in mass retailing to
a.) “trading up” and taking customers from more exclusive stores
b.) selling only the most expensive merchandise
c.) opening dramatically larger super centers
d.) operating stores with less square footage
e.) cutting back on their online presence
d.) operating stores with less square footage
In mass retailing, big-box companies like Walmart, Best Buy, and Sears are
a.) gaining competitive advantage over smaller stores
b.) participating in a dramatic shift to becoming bigger
c.) increasing the square-footage of their retail location
d.) finding that less brick and mortar is better
e.) noticing a sharp decline in online purchases
d.) finding that less brick and mortar is better
The Internet has transferred power from _____ to _____.
a.) businesses; individuals
b.) governments; businesses
c.) individuals; businesses;
d.) businesses; governments;
e.) individuals; governments
a.) businesses; individuals
Which of the following is NOT a pitfall an organization should avoid in strategic planning?
a.) Failing to communicate the plan to employees
b.) Involving all managers rather than delegating planning to a “planner”
c.) Top managers not actively supporting the strategic-planning process
d.) Doing strategic planning only to satisfy accreditation or regulatory requirements
e.) Failing to create a collaborative climate supportive of change
b.) Involving all managers rather than delegating planning to a “planner”
Terms such as objectives, missions, strengths, and weaknesses were first formulated to address problems
a.) on the battlefield
b.) in the boardroom
c.) on the trading floor
d.) in the military hierarchy
e.) in interpersonal relationships
a.) on the battlefield
Business or military success is
a.) generally the happy result of accidental strategies
b.) undermined by the element of surprise
c.) the product of both attention to changing external and internal conditions and the insightful adaptations to those conditions
d.) unrelated to external conditions
e.) none of the above
c.) the product of both attention to changing external and internal conditions and the insightful adaptations to those conditions
A strong _____ heritage underlies the study of strategic management.
a.) military
b.) government
c.) political
d.) social
e.) cultural
a.) military
Both business and military organizations must _____ and _____ to be successful
a.) be impervious to change; continually change
b.) adapt to change; constantly improve
c.) shun change; stay the course
d.) be impervious to change; stay the course
e.) none of the above
b.) adapt to change; constantly improve

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