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BUS 411 > CH 1 > Flashcards

CH 1 Flashcards

1
Q

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

A

C

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2
Q

Strategic management focuses on integrating management, _________, and information systems to achieve
organizational success.
A) marketing
B) finance/accounting
C) production/ operation
D) research and development
E) all of the above

A

E

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3
Q

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

A

D

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4
Q

_________ is used to refer to strategic formulation, implementation and evaluation, with __________ referring only to strategic formulation.
A) Strategic planning; strategic management
B) Strategic planning; strategic processing
C) Strategic management; strategic planning
D) Strategic management; strategic processing
E) Strategic implementation; strategic focus

A

C

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5
Q

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

A

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6
Q

An important activity in _________ is taking corrective action.
A) Strategy evaluation
B) Strategy implementation
C) Strategy formulation
D) Strategy leadership
E) all of the above

A

A

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7
Q

What step in the strategic development process involves mobilizing employees and managers to put strategies into action?
A) Formulating strategy
B) Strategy evaluation
C) Implementing strategy
D) Strategic advantage
E) Competitive advantage

A

C

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8
Q

What types of skills are especially critical for successful strategy implementation ?
A) Interpersonal
B) Marketing
C) Technical
D) Conceptual
E) Thinking

A

A

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9
Q

_________ allows firms to sell products, advertise, purchase supplies, bypass intermediaries, track inventory, and eliminate paperwork.
A) Social networking
B) E-commerce
C) Blogging
D) Video sites
E) None of the above

A

B

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10
Q

The internet has transferred power from ________ to ________.
A) Businesses, individuals
B) Government, businesses
C) individuals, businesses
D) businesses, gov
E) indi, gov

A

A

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11
Q

The one factor that has most significantly impacted the nature and core of buying and selling in nearly all industries has been
A) the internet
B) political borders
C) croprate greed
D) customer and employee focus
E) the gov.

A

A

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12
Q

Which individuals are most responsible for the success and failure of an organization?
A) Strategies
B) Financial planners
C) Personal directors
D) Stakeholders
E) Human resource managers

A

A

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13
Q

The first step in strategic planning is generally
A) Developing a vision statement
B) establishing goals and objectives
C) making a profit
D) developing a mission statement
E) determining opportunities and threats

A

A

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14
Q

An organization’s vision statement
A) is 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) answer the question: “ What do we want to become”
E) none of the above

A

D

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15
Q

Usually, external opportunities and threats are
A) uncontrollable by a single organization
B) controlled by gov.
C) not as important as internal strength and weaknesses
D) key functions in strategy implementation
E) key function in strategy exploitation

A

A

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16
Q

What are the mean by which long-term objectives will be achieved?
A) Strategies
B) Strength
C) Weaknesses
D) Policies
E) Opportunities

A

A

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17
Q

The strategic- management process
A) occurs once a year
B) is a sequential process
C) is a continuous process
D) applies mostly to companies with sales greater than $100 million.
E) applies mostly to small businesses

A

C

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18
Q

According to research, organization using strategic management are ___________ than those that do not.
A) more profitable
B) more complex
C) less profitable
D) less static
E) less complex

A

A

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19
Q

What is not a reason given for poor or no strategic planning in organizations?
A) Waste of time
B) Being content with success
C) Firefighting
D) Poor reward structure
E) Trust of management

A

E

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20
Q

All of these are pitfalls an organization should avoid in strategic planning except:
A) using plans as a standard for measuring performance
B) using strategic planning to gain control over decisions and resources
C) failing to involve key employees in all phase of planning
D) too hastily moving from mission development to strategy formulation
E) being so formal in planning that flexibility and creativity are satisfied.

A

A

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21
Q

What is not a pitfalls 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

A

B

22
Q

Identify a theme that has become a more important strategic issue due to global warming, bioterrorism, and
increased pollution.
A) Monitoring employees
B) Measuring performance
C) External environment
D) Internal stakeholders
E) Internal environment

A

C

23
Q

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) Strategic management
B) Strategy evaluation
C) Strategy formulation
D) Strategic leading
E) Strategy implementation

A

A

24
Q

_____is used to refer to strategic formulation, implementation and evaluation, with referring only to
strategic formulation.
A) Strategic management; strategic processing
B) Strategic planning; strategic management
C) Strategic implementation; strategic focus
D) Strategic planning; strategic processing
E) Strategic management; strategic planning

A

E

25
Q

An important activity in is taking corrective action.
A) strategy leadership
B) strategy evaluation
C) strategy implementation
D) strategy formulation
E) all of the above

A

b

26
Q

Which phase of strategic management is called the action phase?
A) Strategy implementation
B) Allocating resources
C) Measuring performance
D) Strategy formulation
E) Strategy evaluation

A

A

27
Q

___________is not a strategy-implementation activity.
A) Taking corrective actions
B) Establishing annual objectives
C) Allocating resources
D) Motivating employees
E) Devising policies

A

E

28
Q

Strategy evaluation is necessary because
A) competitors change their strategies.
B) firms have limited resources.
C) the SEC requires strategy evaluation.
D) the IRS requires strategy evaluation.
E) internal and external factors are constantly changing.

A

E

29
Q

Which statement best describes the role of intuition in management?
A) It represents a minor factor in decision-making integrated with analysis.
B) It represents the marginal factor in decision-making.
C) It should be coupled with analysis in decision-making.
D) It is better than analysis in decision-making.
E) It is management by ignorance.

A

C

30
Q

_____and_______ are external forces transforming business and society today.
A) E-commerce; globalization
B) E-commerce; strategy
C) Stakeholders; strategy
D) Corporate culture; stakeholders
E) Strategy; globalization

A

A

31
Q

Anything that a firm does especially well compared to rival firms is referred to as
A) competitive advantage.
B) opportunity cost.
C) comparative advantage.
D) an external opportunity.
E) sustainable advantage.

A

A

32
Q

What is the correct term for the enduring statements of purpose that distinguish one business from others that
are similar?
A) Rules
B) Policies
C) Mission statements
D) Objectives
E) Employee conduct guidelines

A

C

33
Q

Specific results an organization seeks to achieve in pursuing its basic mission are
A) mission.
B) strategies.
C) objectives.
D) rules.
E) policies.

A

C

34
Q

Internal_______are activities in an organization that are performed especially well.
A) strengths
B) opportunities
C) management
D) factors
E) competencies

A

A

35
Q

What are the means by which long-term objectives will be achieved?
A) Opportunities
B) Policies
C) Strengths
D) Weaknesses
E) Strategies

A

E

36
Q

Long-term objectives should be all of the following except
A) challenging.
B) measurable.
C) continually changing.
D) reasonable.
E) consistent.

A

C

37
Q

_____
can best be described as short-term in nature.
A) Management
B) Tenure
C) Mission statements
D) Strategies
E) Annual objectives

A

E

38
Q

In which phase of strategic management are annual objectives especially important?
A) Control
B) Management
C) Evaluation
D) Implementation
E) Formulation

A

D

39
Q

Which of the following is not included in the strategic management model?
A) Measuring and evaluating performance.
B) Developing mission and vision statements.
C) Establishing long-term objectives.
D) Implementing strategies.
E) Performing internal research to identify customers.

A

E

40
Q

Strategic management enables an organization to , instead of companies just responding to threats in their
business environment.
A) be proactive
B) foresee into the future
C) determine when the threat will subside
D) avoid the threats
E) defeat their competitors

A

A

41
Q

The act of strengthening employees’ sense of effectiveness by encouraging and rewarding them to participate
in decision-making and to exercise initiative and imagination is referred to as
A) empowerment.
B) delegation.
C) transformation.
D) proaction.
E) authoritarianism.

A

A

42
Q

How do line managers become “owners” of the strategy?
A) By becoming a shareholder of the firm
B) By gathering information about competitors
C) By attending top manager meetings
D) By buying off top managers
E) By involvement in the strategic-management process

A

E

43
Q

The changes that occurred when Robert Iger became CEO at Disney demonstrate which current trend in
organizations?
A) Increased structuring of strategic management
B) Increased emphasis on strategic planning
C) Increased decentralizing of strategic management
D) Increased formalization of the strategic management process
E) Increased central planning of the strategic management process

A

C

44
Q

Which of the following statements is false?
A) Strategic decisions require trade-offs.
B) Strategic management must become a self-perpetuating socialist mechanism.
C) Strategic management must be a self-reflective learning process.
D) Open-mindedness is an important guideline for effective strategic management.
E) No organization has unlimited resources

A

B

45
Q

Principles of conduct that guide decision-making are known as
A) the Constitution.
B) social responsibility requirements.
C) business ethics.
D) nonprofit organization policies.
E) human rights.

A

C

46
Q

A(n) ____ can provide a basis on which policies can be devised to guide daily decisions and behavior at
the work site.
A) policy for safety
B) vision statement
C) list of guidelines
D) annual objective
E) code of business ethics

A

E

47
Q

What can be created by ethics training and an ethics culture?
A) Competitive responsibility
B) Competitive advantage
C) Comparative advantage
D) Employee cooperation
E) Strategic advantage

A

E

48
Q

Which of these business actions is (are) always considered to be unethical?
A) Dumping flawed products in a foreign market
B) Insider trading
C) Using nonunion labor in a union shop
D) Poor product or service safety
E) all of the above

A

E

49
Q

____________ are organizations that conduct business
operations across national borders.
A) Multinational corporations
B) Domestic firms
C) Parent companies
D) Franchises
E) Government-backed companies

A

A

50
Q

In the context of conducting business operations across national borders, a(n) refers to a firm investing in
international operations, while the is the country where that business is conducted.
A) parent country; host company
B) parent company; host country
C) exporting company; importing company
D) home country; parent company
E) host company; home country

A

E

51
Q

The greatest advantage of international operations is
A) spreading economic risks over a wider number of markets.
B) access to global technology, culture and business practices.
C) less intense competition.
D) reduced tariffs and taxes.
E) gaining new customers.

A

E

52
Q

All of these are potential disadvantages of an international operation except
A) differing languages, cultures and value systems.
B) reduced tariffs and taxes.
C) complexity due to a multiple monetary system.
D) overestimated weaknesses and underestimated strengths of competitors.
E) all of these are potential disadvantages.

A

B

BUS 411 (13 decks)

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