Question 1

Unlike operational plans, strategic plans do not have to be measurable.

Accepted Answer

A) True 
 B)False

Question 2

Effective strategic management requires only top management to consider the "big picture" on a daily basis.

Accepted Answer

A) True 
 B)False

Question 3

When Heather's bakery competes on the basis of "freshness" and "taste" of the baked goods, it relies on which of Porter's generic strategies?

Accepted Answer

A)  Market segmentation 
B)  Economies of scale 
C)  Cost leadership 
D)  Differentiation 
E)  Cost focus 
A)  Market segmentation 
B)  Economies of scale 
C)  Cost leadership 
D)  Differentiation 
E)  Cost focus

Question 4

All of the following are included in Porter's generic competitive strategies except

Accepted Answer

A)  cost leadership. 
B)  market domination. 
C)  differentiation. 
D)  cost focus. 
E)  focused differentiation. 
A)  cost leadership. 
B)  market domination. 
C)  differentiation. 
D)  cost focus. 
E)  focused differentiation.

Question 5

Competitive advantage and competitive scope are the two major variables in Porter's generic competitive strategies model.

Accepted Answer

A) True 
 B)False

Question 6

What is achieved when members of a management team having complementary rather than identical skills resulting in increased productivity?

Accepted Answer

A)  Shortsightedness 
B)  Management synergy 
C)  Cost synergy 
D)  Duplication 
E)  Strategic acceleration 
A)  Shortsightedness 
B)  Management synergy 
C)  Cost synergy 
D)  Duplication 
E)  Strategic acceleration

Question 7

Because of the need for corrective action, the strategic management process is a dynamic cycle.

Accepted Answer

A) True 
 B)False

Question 8

Indra Nooyi, CEO of Pepsi said, "The minute you've developed a new business model, it's extinct, because somebody is going to copy it."

Accepted Answer

A) True 
 B)False

Question 9

The Mayo clinic is an example of the _________ strategy that involves achieving a competitive edge by delivering a superior product and/or service to a limited audience.

Accepted Answer

A)  focused differentiation 
B)  cost focus 
C)  differentiation 
D)  cost leadership 
E)  economies of scale 
A)  focused differentiation 
B)  cost focus 
C)  differentiation 
D)  cost leadership 
E)  economies of scale

Question 10

When paper mills profitably recycle trimmings, they are taking advantage of what type of synergy.

Accepted Answer

A)  Resource 
B)  Material 
C)  Technological 
D)  Market 
E)  Cost 
A)  Resource 
B)  Material 
C)  Technological 
D)  Market 
E)  Cost

Question 11

When Walmart competes globally on the basis of "everyday low prices," it relies on which of Porter's generic strategies?

Accepted Answer

A)  Differentiation 
B)  Economies of scale 
C)  Economies of scope 
D)  Cost leadership 
E)  Cost focus 
A)  Differentiation 
B)  Economies of scale 
C)  Economies of scope 
D)  Cost leadership 
E)  Cost focus

Question 12

Research on Porter's model indicates a(n) ____ relationship between long-term earnings growth and a good strategy/environment fit.

Accepted Answer

A)  uncertain 
B)  inverse 
C)  neutral 
D)  negative 
E)  positive 
A)  uncertain 
B)  inverse 
C)  neutral 
D)  negative 
E)  positive

Question 13

In the transactive strategy-making mode, the role of organizational members is that of

Accepted Answer

A)  player. 
B)  participant. 
C)  subordinate. 
D)  soldier. 
E)  entrepreneur. 
A)  player. 
B)  participant. 
C)  subordinate. 
D)  soldier. 
E)  entrepreneur.

Question 14

Market synergy occurs when a grocery store sells food items and lottery tickets.

Accepted Answer

A) True 
 B)False

Question 15

Home Designs, Inc.
Home Designs, Inc. leveraged its brand name recently by adding windows and roof-related work and installation. On the same acreage where Home Designs has a door manufacturing facility, the company built another production facility for making windows. Sherice, the owner, is considering the strategic management approach necessary to determine how to take advantage of the company's strengths and exploit its opportunities.
-Refer to Home Designs, Inc. Sherice must know that, from a ___________ viewpoint, her management team will be more productive if the members have complementary skills.

Accepted Answer

A)  management synergy 
B)  market synergy 
C)  technological synergy 
D)  social media 
E)  differentiation 
A)  management synergy 
B)  market synergy 
C)  technological synergy 
D)  social media 
E)  differentiation

Question 16

If Jaylow manufacturing wanted to predict the outcome of a highly probable future event such as the impact an impending strike will have on production they would use ________________forecast.

Accepted Answer

A)  Event timing 
B)  Time series 
C)  Market 
D)  Event outcome 
E)  Economic 
A)  Event timing 
B)  Time series 
C)  Market 
D)  Event outcome 
E)  Economic

Question 17

Wal-Mart is a prime example of Porter's cost leadership strategy.

Accepted Answer

A) True 
 B)False

Question 18

The two main types of scenario analysis are "hard" and "soft" scenarios.

Accepted Answer

A) True 
 B)False

Question 19

What is the proper sequence of steps in the four-step strategic management process?

Accepted Answer

(1) Formulation of a grand str

Question 20

The command mode to making strategies relies on a style that is imperial in nature and is driven by a leader or small top team.

Accepted Answer

A) True 
 B)False

Unlike operational plans, strategic plans do not have to be measurable.

Effective strategic management requires only top management to consider the "big picture" on a daily basis.

When Heather's bakery competes on the basis of "freshness" and "taste" of the baked goods, it relies on which of Porter's generic strategies?

All of the following are included in Porter's generic competitive strategies except

Competitive advantage and competitive scope are the two major variables in Porter's generic competitive strategies model.

What is achieved when members of a management team having complementary rather than identical skills resulting in increased productivity?

Because of the need for corrective action, the strategic management process is a dynamic cycle.

Indra Nooyi, CEO of Pepsi said, "The minute you've developed a new business model, it's extinct, because somebody is going to copy it."

The Mayo clinic is an example of the _________ strategy that involves achieving a competitive edge by delivering a superior product and/or service to a limited audience.

When paper mills profitably recycle trimmings, they are taking advantage of what type of synergy.

When Walmart competes globally on the basis of "everyday low prices," it relies on which of Porter's generic strategies?

Research on Porter's model indicates a(n) ____ relationship between long-term earnings growth and a good strategy/environment fit.

In the transactive strategy-making mode, the role of organizational members is that of

Market synergy occurs when a grocery store sells food items and lottery tickets.

If Jaylow manufacturing wanted to predict the outcome of a highly probable future event such as the impact an impending strike will have on production they would use ________________forecast.

Wal-Mart is a prime example of Porter's cost leadership strategy.

The two main types of scenario analysis are "hard" and "soft" scenarios.

What is the proper sequence of steps in the four-step strategic management process?

The command mode to making strategies relies on a style that is imperial in nature and is driven by a leader or small top team.

Managers and Entrepreneurs

The Evolution of Management Thought

The Changing Environment of Management: Diversity, Global Economy, and Technology

International Management and Cross-Cultural Competence

Managements Social and Ethical Responsibilities

The Basics of Planning and Project Management

Decision Making and Creative Problem Solving

Organizations: Effectiveness, Design, and Cultures

Human Resource Management

Communicating in the Internet Age

Motivating Job Performance

Group Dynamics and Teamwork

Influence, Power, and Leadership

Change, Conflict, and Negotiation

Organizational Control and Quality Improvement

Filters

Exam 7: Strategic Management: Planning for Long-Term Success

Unlike operational plans, strategic plans do not have to be measurable.

Effective strategic management requires only top management to consider the "big picture" on a daily basis.

When Heather's bakery competes on the basis of "freshness" and "taste" of the baked goods, it relies on which of Porter's generic strategies?

All of the following are included in Porter's generic competitive strategies except

Competitive advantage and competitive scope are the two major variables in Porter's generic competitive strategies model.

What is achieved when members of a management team having complementary rather than identical skills resulting in increased productivity?

Because of the need for corrective action, the strategic management process is a dynamic cycle.

Indra Nooyi, CEO of Pepsi said, "The minute you've developed a new business model, it's extinct, because somebody is going to copy it."

The Mayo clinic is an example of the _________ strategy that involves achieving a competitive edge by delivering a superior product and/or service to a limited audience.

When paper mills profitably recycle trimmings, they are taking advantage of what type of synergy.

When Walmart competes globally on the basis of "everyday low prices," it relies on which of Porter's generic strategies?

Research on Porter's model indicates a(n) ____ relationship between long-term earnings growth and a good strategy/environment fit.

In the transactive strategy-making mode, the role of organizational members is that of

Market synergy occurs when a grocery store sells food items and lottery tickets.

If Jaylow manufacturing wanted to predict the outcome of a highly probable future event such as the impact an impending strike will have on production they would use ________________forecast.

Wal-Mart is a prime example of Porter's cost leadership strategy.

The two main types of scenario analysis are "hard" and "soft" scenarios.

What is the proper sequence of steps in the four-step strategic management process?

The command mode to making strategies relies on a style that is imperial in nature and is driven by a leader or small top team.

Managers and Entrepreneurs

The Evolution of Management Thought

The Changing Environment of Management: Diversity, Global Economy, and Technology

International Management and Cross-Cultural Competence

Managements Social and Ethical Responsibilities

The Basics of Planning and Project Management

Decision Making and Creative Problem Solving

Organizations: Effectiveness, Design, and Cultures

Human Resource Management

Communicating in the Internet Age

Motivating Job Performance

Group Dynamics and Teamwork

Influence, Power, and Leadership

Change, Conflict, and Negotiation

Organizational Control and Quality Improvement

Filters