Question 1

A mission statement does NOT include which of the following?

Accepted Answer

A)  the customers of a company 
B)  major competitors 
C)  why the company is in business and what it hopes to accomplish 
D)  the company's basic beliefs 
A)  the customers of a company 
B)  major competitors 
C)  why the company is in business and what it hopes to accomplish 
D)  the company's basic beliefs

Question 2

Managers who make formal plans are more likely to help an organization "break the mold" and carry out truly groundbreaking work that redefines an entire industry.

Accepted Answer

A) True 
 B)False

Question 3

In a short essay, discuss Porter's focus strategy.

Accepted Answer

A company pursues a focus strategy when

Question 4

Most managers feel that formal, top-down plans created by corporate planning departments are ________.

Accepted Answer

A)  very useful 
B)  usually unsatisfactory 
C)  indispensible 
D)  excellent 
A)  very useful 
B)  usually unsatisfactory 
C)  indispensible 
D)  excellent

Question 5

The key to MBO, or management by objectives, is that managers and subordinates mutually agree on goals.

Accepted Answer

A) True 
 B)False

Question 6

Once SWOT analysis is complete, managers ________ to address the issues that came up during the analysis.

Accepted Answer

A)  formulate strategies 
B)  implement strategies 
C)  evaluate strategies 
D)  eliminate strategies 
A)  formulate strategies 
B)  implement strategies 
C)  evaluate strategies 
D)  eliminate strategies

Question 7

A company with a stability strategy will plan to dramatically increase market share in a highly competitive market.

Accepted Answer

A) True 
 B)False

Question 8

Managers who fail to plan may ________.

Accepted Answer

A)  take advantage of change 
B)  stimulate change 
C)  be positively affected by change 
D)  be adversely affected by change 
A)  take advantage of change 
B)  stimulate change 
C)  be positively affected by change 
D)  be adversely affected by change

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

In a short essay, discuss the cost leadership strategy according to Michael Porter.

Accepted Answer

When an organization sets out to be the

Question 11

Research indicates that organizations that don't use formal planning always outperform organizations that do use formal planning.

Accepted Answer

A) True 
 B)False

Question 12

A corporate strategy may be a growth strategy, a stability strategy, or a renewal strategy.

Accepted Answer

A) True 
 B)False

Question 13

Innovation and super-high quality are typically the keys to a cost-leadership strategy.

Accepted Answer

A) True 
 B)False

Question 14

Taco Rocket (Scenario)
Imagine that you are the president of Taco Rocket, a new and successful chain of 8 Mexican fast-food restaurants. The success you have experienced in the last 5 years has you thinking of what to do with the business next. Should you expand the business at the current rate? Open new and different restaurants? What?
-Recently, Taco Rocket has considered buying a local competitor and the two would combine under the Taco Rocket name. This is an example of which of the following?

Accepted Answer

A)  stability 
B)  vertical integration 
C)  horizontal integration 
D)  diversification 
A)  stability 
B)  vertical integration 
C)  horizontal integration 
D)  diversification

Question 15

The ________ strategy occupies the level below the corporate strategy.

Accepted Answer

A)  business unit 
B)  competitive 
C)  functional 
D)  performance 
A)  business unit 
B)  competitive 
C)  functional 
D)  performance

Question 16

Planning is concerned with ________.

Accepted Answer

A)  both ends and means 
B)  ends only 
C)  means only 
D)  neither ends nor means 
A)  both ends and means 
B)  ends only 
C)  means only 
D)  neither ends nor means

Question 17

In a short essay, identify criticisms of formal planning.

Accepted Answer

One of the main arguments directed at fo

Question 18

The first step in the six-step strategic management process is to ________.

Accepted Answer

A)  analyze the organization's strengths and weaknesses 
B)  identify the organization's mission 
C)  identify strategies to reach the organization's goals 
D)  analyze the opportunities the organization has 
A)  analyze the organization's strengths and weaknesses 
B)  identify the organization's mission 
C)  identify strategies to reach the organization's goals 
D)  analyze the opportunities the organization has

Question 19

The three different types of strategies that managers implement are ________.

Accepted Answer

A)  corporate, private, functional 
B)  corporate, competitive, functional 
C)  long-term, short-term, public 
D)  competitive, noncompetitive, corporate 
A)  corporate, private, functional 
B)  corporate, competitive, functional 
C)  long-term, short-term, public 
D)  competitive, noncompetitive, corporate

Question 20

A company that is on the verge of collapse or bankruptcy might employ this strategy.

Accepted Answer

A)  retrenchment 
B)  incremental improvement 
C)  turnaround 
D)  hunker down 
A)  retrenchment 
B)  incremental improvement 
C)  turnaround 
D)  hunker down

A mission statement does NOT include which of the following?

Managers who make formal plans are more likely to help an organization "break the mold" and carry out truly groundbreaking work that redefines an entire industry.

In a short essay, discuss Porter's focus strategy.

Most managers feel that formal, top-down plans created by corporate planning departments are ________.

The key to MBO, or management by objectives, is that managers and subordinates mutually agree on goals.

Once SWOT analysis is complete, managers ________ to address the issues that came up during the analysis.

A company with a stability strategy will plan to dramatically increase market share in a highly competitive market.

Managers who fail to plan may ________.

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

In a short essay, discuss the cost leadership strategy according to Michael Porter.

Research indicates that organizations that don't use formal planning always outperform organizations that do use formal planning.

A corporate strategy may be a growth strategy, a stability strategy, or a renewal strategy.

Innovation and super-high quality are typically the keys to a cost-leadership strategy.

The ________ strategy occupies the level below the corporate strategy.

Planning is concerned with ________.

In a short essay, identify criticisms of formal planning.

The first step in the six-step strategic management process is to ________.

The three different types of strategies that managers implement are ________.

A company that is on the verge of collapse or bankruptcy might employ this strategy.

Managers and Management

A History Module

The Management Environment

Integrative Managerial Issues

Foundations of Decision Making

A Quantitative Module

Organizational Structure and Design

Managing Human Resources

A Career Module

Managing Change and Innovation

Foundations of Individual Behavior

Understanding Groups and Managing Work Teams

Motivating and Rewarding Employees

Leadership and Trust

Communication and Information

Foundations of Control

Operations Management

A Entrepreneurship Module

Filters

Exam 7: Foundations of Planning

A mission statement does NOT include which of the following?

Managers who make formal plans are more likely to help an organization "break the mold" and carry out truly groundbreaking work that redefines an entire industry.

In a short essay, discuss Porter's focus strategy.

Most managers feel that formal, top-down plans created by corporate planning departments are ________.

The key to MBO, or management by objectives, is that managers and subordinates mutually agree on goals.

Once SWOT analysis is complete, managers ________ to address the issues that came up during the analysis.

A company with a stability strategy will plan to dramatically increase market share in a highly competitive market.

Managers who fail to plan may ________.

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

In a short essay, discuss the cost leadership strategy according to Michael Porter.

Research indicates that organizations that don't use formal planning always outperform organizations that do use formal planning.

A corporate strategy may be a growth strategy, a stability strategy, or a renewal strategy.

Innovation and super-high quality are typically the keys to a cost-leadership strategy.

The ________ strategy occupies the level below the corporate strategy.

Planning is concerned with ________.

In a short essay, identify criticisms of formal planning.

The first step in the six-step strategic management process is to ________.

The three different types of strategies that managers implement are ________.

A company that is on the verge of collapse or bankruptcy might employ this strategy.

Managers and Management

A History Module

The Management Environment

Integrative Managerial Issues

Foundations of Decision Making

A Quantitative Module

Organizational Structure and Design

Managing Human Resources

A Career Module

Managing Change and Innovation

Foundations of Individual Behavior

Understanding Groups and Managing Work Teams

Motivating and Rewarding Employees

Leadership and Trust

Communication and Information

Foundations of Control

Operations Management

A Entrepreneurship Module

Filters