Exam 7: The Basics of Planning and Strategic Management

Which of the following is true of a business strategy?

_____ strategies are the means by which business strategies are operationalized.

Which of the following is true of an organization's mission?

MBO is also known as goals management.

Planning provides a means for actively involving personnel from all areas of the organization in the management of the organization.

Objectives should be set higher than can be attained.

_____ are a part of an organization's broad environment.

Defensive strategies are used when the organization wants to expand its operations.

The third primary level of strategy is _____ strategy.

The last step in the strategy formulation phase of the strategic management process is _____.

Which of the following is true of a differentiation strategy?

The development of functional strategies requires the active participation of many levels of management.

Corporate strategies are known as _____.

Which of the following is true about strategic planning?

Which of the following is one among the five major forces in the competitive or industry environment as proposed by Michael Porter?

Why should planning involve personnel from all areas of the organization?

Liquidation is when a company sells or divests itself of a business or part of a business.

Define corporate strategy and list the four basic types of corporate strategy an organization can adopt.

Elaborate on the five forces model of competition developed by Michael Porter.

A business strategy is narrower in scope than a corporate strategy.