Question 1

Which one of the following is an advantage of being a first mover?

Accepted Answer

A)  certainty over the direction of technology and market 
B)  low development costs 
C)  no financial or strategic risks 
D)  opportunity to begin building customer relationships 
A)  certainty over the direction of technology and market 
B)  low development costs 
C)  no financial or strategic risks 
D)  opportunity to begin building customer relationships

Question 2

A(n) ________ strategy determines what businesses a company is in or wants to be in, and what it wants to do with those businesses.

Accepted Answer

A)  competitive 
B)  functional 
C)  operating 
D)  corporate 
A)  competitive 
B)  functional 
C)  operating 
D)  corporate

Question 3

Discuss how social media can create a competitive advantage.

Accepted Answer

Successful social media strategies shoul

Question 4

Discuss the methods by which an organization grows. Give relevant examples.

Accepted Answer

Organizations grow by using concentratio

Question 5

A trucking company that grows by purchasing a chain of gasoline stations is engaged in horizontal integration.

Accepted Answer

A) True 
 B)False

Question 6

How can a cost leader use e-business to reduce costs?

Accepted Answer

A)  It could automate purchasing and payment systems so that customers have detailed status reports. 
B)  It could provide rapid online responses to service requests. 
C)  It could use Internet-based knowledge systems to shorten customer response times. 
D)  It could use Web-based inventory control systems that reduce storage costs. 
A)  It could automate purchasing and payment systems so that customers have detailed status reports. 
B)  It could provide rapid online responses to service requests. 
C)  It could use Internet-based knowledge systems to shorten customer response times. 
D)  It could use Web-based inventory control systems that reduce storage costs.

Question 7

When an organization continues serving the same clients by offering the same product or service, maintaining market share, and sustaining the organization's current business operations, it is following a ________ strategy.

Accepted Answer

A)  renewal 
B)  stability 
C)  retrenchment 
D)  growth 
A)  renewal 
B)  stability 
C)  retrenchment 
D)  growth

Question 8

The CEO and his top managers have asked themselves two important questions: a. do customers value what the company is providing; and b. can the company make money doing that? This group is developing a ________.

Accepted Answer

A)  strategy 
B)  competitive advantage 
C)  business model 
D)  BCG matrix 
A)  strategy 
B)  competitive advantage 
C)  business model 
D)  BCG matrix

Question 9

If Burger King were to buy out Mom and Pop's Burgers, Burger King would be growing by vertical integration.

Accepted Answer

A) True 
 B)False

Question 10

In the BCG matrix, a ________ enjoys a high anticipated growth rate and a high market share.

Accepted Answer

A)  question mark 
B)  star 
C)  cash cow 
D)  dog 
A)  question mark 
B)  star 
C)  cash cow 
D)  dog

Question 11

The first step in the strategic management process is analyzing the external environment.

Accepted Answer

A) True 
 B)False

Question 12

The BCG matrix evaluates an organization's various businesses to identify which ones offer high potential and which ones drain organizational resources.

Accepted Answer

A) True 
 B)False

Question 13

In ________ integration, the organization becomes its own supplier so it can control its inputs.

Accepted Answer

A)  concentrated 
B)  backward vertical 
C)  forward vertical 
D)  horizontal 
A)  concentrated 
B)  backward vertical 
C)  forward vertical 
D)  horizontal

Question 14

Strategic management involves only the planning function.

Accepted Answer

A) True 
 B)False

Question 15

A cost leadership strategy requires a firm to ________.

Accepted Answer

A)  maintain the lowest cost structure 
B)  maintain the lowest prices to its customers 
C)  aim at a cost advantage in a niche market 
D)  match its competition's prices 
A)  maintain the lowest cost structure 
B)  maintain the lowest prices to its customers 
C)  aim at a cost advantage in a niche market 
D)  match its competition's prices

Question 16

Lower-level managers are responsible for ________ strategies.

Accepted Answer

A)  functional 
B)  stability 
C)  corporate 
D)  tactical 
A)  functional 
B)  stability 
C)  corporate 
D)  tactical

Question 17

Strategic management is not important for non-profit organizations because their focus is on providing a needed service, not on making a profit.

Accepted Answer

A) True 
 B)False

Question 18

A SWOT analysis includes an analysis of an organization's environmental opportunities and threats.

Accepted Answer

A) True 
 B)False

Question 19

Establishing a competitive advantage is important but insufficient. To be successful in the long term, firms must maintain that advantage.

Accepted Answer

A) True 
 B)False

Question 20

Innovation can help firms achieve a differentiation competitive strategy.

Accepted Answer

A) True 
 B)False

Which one of the following is an advantage of being a first mover?

A(n) ________ strategy determines what businesses a company is in or wants to be in, and what it wants to do with those businesses.

Discuss how social media can create a competitive advantage.

Discuss the methods by which an organization grows. Give relevant examples.

A trucking company that grows by purchasing a chain of gasoline stations is engaged in horizontal integration.

How can a cost leader use e-business to reduce costs?

When an organization continues serving the same clients by offering the same product or service, maintaining market share, and sustaining the organization's current business operations, it is following a ________ strategy.

The CEO and his top managers have asked themselves two important questions: a. do customers value what the company is providing; and b. can the company make money doing that? This group is developing a ________.

If Burger King were to buy out Mom and Pop's Burgers, Burger King would be growing by vertical integration.

In the BCG matrix, a ________ enjoys a high anticipated growth rate and a high market share.

The first step in the strategic management process is analyzing the external environment.

The BCG matrix evaluates an organization's various businesses to identify which ones offer high potential and which ones drain organizational resources.

In ________ integration, the organization becomes its own supplier so it can control its inputs.

Strategic management involves only the planning function.

A cost leadership strategy requires a firm to ________.

Lower-level managers are responsible for ________ strategies.

Strategic management is not important for non-profit organizations because their focus is on providing a needed service, not on making a profit.

A SWOT analysis includes an analysis of an organization's environmental opportunities and threats.

Establishing a competitive advantage is important but insufficient. To be successful in the long term, firms must maintain that advantage.

Innovation can help firms achieve a differentiation competitive strategy.

Managers and You in the Workplace

Decision Making

Globalmanagement

Valuing a Diverse Workforce

Socially Conscious Management

Managing Change

Constraints Onmanagers

Planning and Goal-Setting

Fostering Entrepreneurship

Organization Design

Organizing Around Teams

Human Resourcemanagement

Interpersonal and Organizational Communication

Organizational Behavior

Leadership

Motivating Employees

Controlling Activities and Operations

Filters

Exam 9: Strategic Planning

Which one of the following is an advantage of being a first mover?

A(n) ________ strategy determines what businesses a company is in or wants to be in, and what it wants to do with those businesses.

Discuss how social media can create a competitive advantage.

Discuss the methods by which an organization grows. Give relevant examples.

A trucking company that grows by purchasing a chain of gasoline stations is engaged in horizontal integration.

How can a cost leader use e-business to reduce costs?

When an organization continues serving the same clients by offering the same product or service, maintaining market share, and sustaining the organization's current business operations, it is following a ________ strategy.

The CEO and his top managers have asked themselves two important questions: a. do customers value what the company is providing; and b. can the company make money doing that? This group is developing a ________.

If Burger King were to buy out Mom and Pop's Burgers, Burger King would be growing by vertical integration.

In the BCG matrix, a ________ enjoys a high anticipated growth rate and a high market share.

The first step in the strategic management process is analyzing the external environment.

The BCG matrix evaluates an organization's various businesses to identify which ones offer high potential and which ones drain organizational resources.

In ________ integration, the organization becomes its own supplier so it can control its inputs.

Strategic management involves only the planning function.

A cost leadership strategy requires a firm to ________.

Lower-level managers are responsible for ________ strategies.

Strategic management is not important for non-profit organizations because their focus is on providing a needed service, not on making a profit.

A SWOT analysis includes an analysis of an organization's environmental opportunities and threats.

Establishing a competitive advantage is important but insufficient. To be successful in the long term, firms must maintain that advantage.

Innovation can help firms achieve a differentiation competitive strategy.

Managers and You in the Workplace

Decision Making

Globalmanagement

Valuing a Diverse Workforce

Socially Conscious Management

Managing Change

Constraints Onmanagers

Planning and Goal-Setting

Fostering Entrepreneurship

Organization Design

Organizing Around Teams

Human Resourcemanagement

Interpersonal and Organizational Communication

Organizational Behavior

Leadership

Motivating Employees

Controlling Activities and Operations

Filters