Question 1

A unique skill and/or knowledge an organization possesses that gives it an edge over competitors is called a

Accepted Answer

A)  strategic advantage alliance.
B)  better business benefit.
C)  core competency.
D)  dated benchmark.
E)  comprehensive advantage.F) A) and B)
G) A) and C)

Question 2

Stakeholders are groups and individuals who affect and are affected only by the cost analysis of the company.

Accepted Answer

A) True 
 B)False

Question 3

Plans

Accepted Answer

A)  are targets a manager wants to reach.
B)  are actions or means the manager intends to use to achieve goals.
C)  are specific to different industries.
D)  are inappropriate when resources are scarce.
E)  do not change over time.F) B) and C)
G) A) and E)

Question 4

A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities is called a

Accepted Answer

A)  concentration strategy.
B)  vertical integration strategy.
C)  concentric diversification strategy.
D)  conglomerate diversification strategy.
E)  backward integration.F) A) and D)
G) A) and B)

Question 5

A strategy map provides managers with a tool to communicate their strategic goals and enable members of the organization at every level to understand the parts they will play in helping to achieve them.

Accepted Answer

A) True 
 B)False

Question 6

Tactical plans contain a low level of detail.

Accepted Answer

A) True 
 B)False

Question 7

Standing plans might be called "what if" plans.

Accepted Answer

A) True 
 B)False

Question 8

Scenario B. Barefoot Grass, Inc., a lawn and landscape firm has completed a SWOT analysis as part of its ongoing strategic planning process. Management has uncovered the following information through extensive research.
1. New regulations have been passed limiting its ability to spray certain types of fertilizer.
2. Barefoot is an environmentally friendly company; its competitors are not.
3. More and more homeowners are concerned about the environment; it is expected that this trend will continue for decades.
4. As compared to its competitors, its management team is by far the best in the industry.
5. It has fallen behind in turf research and development over the last few years.
6. The company has adequate financial resources to invest in its operations.
7. New homebuilding has fallen off due to a difficult recession.

-Which of the above scenario facts would present an opportunity for Barefoot?

Accepted Answer

A)  More and more homeowners are concerned about the environment;it is expected that this trend will continue for decades.
B)  As compared to its competitors,its management team is by far the best in the industry.
C)  It has fallen behind in turf research and development over the last few years.
D)  The company has adequate financial resources to invest in its operations.
E)  New homebuilding has fallen off due to a difficult recession.F) All of the above
G) B) and D)

Question 9

Alpha Associates often uses groups to consider the advantages,disadvantages and potential effects of goals and plans.Alpha Associates is involved in which basic planning stage?

Accepted Answer

A)  Goal and selection
B)  Implementation
C)  Monitor and control
D)  Alternate goals and plans
E)  Goal and plan evaluationF) A) and D)
G) C) and D)

Question 10

Discuss the strategic management process.Be sure to define it and list its components in your answer.

Accepted Answer

The strategic management process is a sy...

Question 11

Strategic goals are major targets or end results that relate to the long-term survival,value,and growth of the organization.

Accepted Answer

A) True 
 B)False

Question 12

A pattern of actions and use of resources which is developed with the intention to achieve the goals of an organization is referred to as

Accepted Answer

A)  strategic goals.
B)  tactical plans.
C)  a strategy.
D)  strategic operationalizing.
E)  mission development.F) A) and D)
G) None of the above

Question 13

Implementation of selected goals and plans will be most successful when

Accepted Answer

A)  only managers participate in the planning process.
B)  limited resources are provided for implementation.
C)  the goals and plans are linked to other organizational systems.
D)  the employees remain skeptical of the plan.
E)  employees are brought into the process just after the decision to implement is made.F) All of the above
G) D) and E)

Question 14

Provide two examples of businesses that practice low-cost strategies and two examples of businesses that practice differentiation strategies.

Accepted Answer

The answer of Provide two examples of businesses that practice...

Question 15

Define a strategy map and explain the purpose and various pieces of it.

Accepted Answer

A strategy map is a visual representatio...

Question 16

A concentration strategy involves expanding the domain of the organization into supply channels and to distributors.

Accepted Answer

A) True 
 B)False

Question 17

A technique for assessing the organization's internal and external environments is called a

Accepted Answer

A)  BCG matrix.
B)  SWOT analysis.
C)  benchmarking strategy.
D)  diversification exercise.
E)  functional strategy.F) None of the above
G) A) and D)

Question 18

The most effective strategy is

Accepted Answer

A)  one that most firms in the industry are following.
B)  to always diversify.
C)  one that competitors are unwilling or unable to imitate.
D)  to be the "first mover",regardless of other factors.
E)  to be a follower.F) A) and E)
G) All of the above

Question 19

Summarize the basic steps in any planning process.

Accepted Answer

The basic steps in any planning process ...

Question 20

When using a differentiation strategy,businesses attempt to be efficient and offer a standard product.

Accepted Answer

A) True 
 B)False

Exam 4: Planning and Strategic Management

A strategy map provides managers with a tool to communicate their strategic goals and enable members of the organization at every level to understand the parts they will play in helping to achieve them.

Correct Answer
verified

When using a differentiation strategy,businesses attempt to be efficient and offer a standard product.

Correct Answer
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Stakeholders are groups and individuals who affect and are affected only by the cost analysis of the company.

Correct Answer
verified

Implementation of selected goals and plans will be most successful when

Correct Answer
verified

Provide two examples of businesses that practice low-cost strategies and two examples of businesses that practice differentiation strategies.

Correct Answer
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Plans

Correct Answer
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Correct Answer
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The most effective strategy is

Correct Answer
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Define a strategy map and explain the purpose and various pieces of it.

Correct Answer
Answered by ExamLex AI
A strategy map is a visual representatio...
View Answer

A pattern of actions and use of resources which is developed with the intention to achieve the goals of an organization is referred to as

Correct Answer
verified

Alpha Associates often uses groups to consider the advantages,disadvantages and potential effects of goals and plans.Alpha Associates is involved in which basic planning stage?

Correct Answer
verified

A concentration strategy involves expanding the domain of the organization into supply channels and to distributors.

Correct Answer
verified

Summarize the basic steps in any planning process.

Correct Answer
Answered by ExamLex AI
The basic steps in any planning process ...
View Answer

Discuss the strategic management process.Be sure to define it and list its components in your answer.

Correct Answer
Answered by ExamLex AI
The strategic management process is a sy...
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Standing plans might be called "what if" plans.

Correct Answer
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Tactical plans contain a low level of detail.

Correct Answer
verified

Strategic goals are major targets or end results that relate to the long-term survival,value,and growth of the organization.

Correct Answer
verified

A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities is called a

Correct Answer
verified

A unique skill and/or knowledge an organization possesses that gives it an edge over competitors is called a

Correct Answer
verified

A technique for assessing the organization's internal and external environments is called a

Correct Answer
verified

Exam 4: Planning and Strategic Management

A strategy map provides managers with a tool to communicate their strategic goals and enable members of the organization at every level to understand the parts they will play in helping to achieve them.

Correct AnswerverifiedShow Answer

When using a differentiation strategy,businesses attempt to be efficient and offer a standard product.

Correct AnswerverifiedShow Answer

Stakeholders are groups and individuals who affect and are affected only by the cost analysis of the company.

Correct AnswerverifiedShow Answer

Implementation of selected goals and plans will be most successful when

Correct AnswerverifiedShow Answer

Provide two examples of businesses that practice low-cost strategies and two examples of businesses that practice differentiation strategies.

Correct AnswerverifiedShow Answer

Plans

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The most effective strategy is

Correct AnswerverifiedShow Answer

Define a strategy map and explain the purpose and various pieces of it.

Correct AnswerAnswered by ExamLex AIA strategy map is a visual representatio...View AnswerShow Answer

A pattern of actions and use of resources which is developed with the intention to achieve the goals of an organization is referred to as

Correct AnswerverifiedShow Answer

Alpha Associates often uses groups to consider the advantages,disadvantages and potential effects of goals and plans.Alpha Associates is involved in which basic planning stage?

Correct AnswerverifiedShow Answer

A concentration strategy involves expanding the domain of the organization into supply channels and to distributors.

Correct AnswerverifiedShow Answer

Summarize the basic steps in any planning process.

Correct AnswerAnswered by ExamLex AIThe basic steps in any planning process ...View AnswerShow Answer

Discuss the strategic management process.Be sure to define it and list its components in your answer.

Correct AnswerAnswered by ExamLex AIThe strategic management process is a sy...View AnswerShow Answer

Standing plans might be called "what if" plans.

Correct AnswerverifiedShow Answer

Tactical plans contain a low level of detail.

Correct AnswerverifiedShow Answer

Strategic goals are major targets or end results that relate to the long-term survival,value,and growth of the organization.

Correct AnswerverifiedShow Answer

A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities is called a

Correct AnswerverifiedShow Answer

A unique skill and/or knowledge an organization possesses that gives it an edge over competitors is called a

Correct AnswerverifiedShow Answer

A technique for assessing the organization's internal and external environments is called a

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
Answered by ExamLex AI
A strategy map is a visual representatio...
View Answer

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
Answered by ExamLex AI
The basic steps in any planning process ...
View Answer

Correct Answer
Answered by ExamLex AI
The strategic management process is a sy...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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