Question 1

A major argument against formal plans is that they can't replace intuition and creativity.

Accepted Answer

A) True 
 B)False

Question 2

Troubled companies seek ________ to address serious problems.

Accepted Answer

A)  competitive strategies 
B)  corporate strategies 
C)  vertical and horizontal strategies 
D)  renewal strategies 
A)  competitive strategies 
B)  corporate strategies 
C)  vertical and horizontal strategies 
D)  renewal strategies

Question 3

Which of the following is NOT a reason for managers to plan?

Accepted Answer

A)  to give direction to an organization 
B)  to deal with change 
C)  to establish goals 
D)  to establish responsibility for mistakes 
A)  to give direction to an organization 
B)  to deal with change 
C)  to establish goals 
D)  to establish responsibility for mistakes

Question 4

Most successful companies find that ________ a competitive advantage is almost as difficult as developing a competitive advantage.

Accepted Answer

A)  assessing 
B)  sustaining 
C)  modifying 
D)  eliminating 
A)  assessing 
B)  sustaining 
C)  modifying 
D)  eliminating

Question 5

In a short essay, describe the first two steps in the strategic management process.

Accepted Answer

The first step in the strategic manageme

Question 6

In a short essay, list and discuss two reasons for planning.

Accepted Answer

(any two of the following)
Planning esta

Question 7

A company with a differentiation strategy focuses on making its products or services ________.

Accepted Answer

A)  unique and special 
B)  similar to its competitors 
C)  familiar 
D)  affordable 
A)  unique and special 
B)  similar to its competitors 
C)  familiar 
D)  affordable

Question 8

SWOT analysis identifies and analyzes an organization's ________.

Accepted Answer

A)  strengths, weaknesses, opportunities, and threats 
B)  strategy for competing in the market 
C)  human resource assets 
D)  long-term goals 
A)  strengths, weaknesses, opportunities, and threats 
B)  strategy for competing in the market 
C)  human resource assets 
D)  long-term goals

Question 9

The specificity of a plan refers to ________ concerns.

Accepted Answer

A)  long-term versus short-term 
B)  strategic versus tactical 
C)  specific versus directional 
D)  single use versus standing 
A)  long-term versus short-term 
B)  strategic versus tactical 
C)  specific versus directional 
D)  single use versus standing

Question 10

An organization that fails to plan will find it hard to assess progress.

Accepted Answer

A) True 
 B)False

Question 11

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?
-Up to now your success has been based on selling high-quality tacos and burritos at a price that others can't match. Your business is pursuing which of Porter's strategies?

Accepted Answer

A)  differentiation strategy 
B)  cost leadership strategy 
C)  competitive advantage strategy 
D)  focus strategy 
A)  differentiation strategy 
B)  cost leadership strategy 
C)  competitive advantage strategy 
D)  focus strategy

Question 12

Directional plans ________.

Accepted Answer

A)  leave no room for interpretation 
B)  are flexible general guidelines 
C)  are difficult to modify 
D)  must be short-term plans 
A)  leave no room for interpretation 
B)  are flexible general guidelines 
C)  are difficult to modify 
D)  must be short-term plans

Question 13

A sneaker company creating its own stores where it sells only its own brand is an example of which of the following?

Accepted Answer

A)  forward vertical integration 
B)  backward horizontal integration 
C)  forward horizontal integration 
D)  reverse vertical integration 
A)  forward vertical integration 
B)  backward horizontal integration 
C)  forward horizontal integration 
D)  reverse vertical integration

Question 14

Capabilities are "what" an organization has; resources are "how" it uses what it has.

Accepted Answer

A) True 
 B)False

A major argument against formal plans is that they can't replace intuition and creativity.

Troubled companies seek ________ to address serious problems.

Which of the following is NOT a reason for managers to plan?

Most successful companies find that ________ a competitive advantage is almost as difficult as developing a competitive advantage.

In a short essay, describe the first two steps in the strategic management process.

In a short essay, list and discuss two reasons for planning.

A company with a differentiation strategy focuses on making its products or services ________.

SWOT analysis identifies and analyzes an organization's ________.

The specificity of a plan refers to ________ concerns.

An organization that fails to plan will find it hard to assess progress.

Directional plans ________.

A sneaker company creating its own stores where it sells only its own brand is an example of which of the following?

Capabilities are "what" an organization has; resources are "how" it uses what it has.

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 major argument against formal plans is that they can't replace intuition and creativity.

Troubled companies seek ________ to address serious problems.

Which of the following is NOT a reason for managers to plan?

Most successful companies find that ________ a competitive advantage is almost as difficult as developing a competitive advantage.

In a short essay, describe the first two steps in the strategic management process.

In a short essay, list and discuss two reasons for planning.

A company with a differentiation strategy focuses on making its products or services ________.

SWOT analysis identifies and analyzes an organization's ________.

The specificity of a plan refers to ________ concerns.

An organization that fails to plan will find it hard to assess progress.

Directional plans ________.

A sneaker company creating its own stores where it sells only its own brand is an example of which of the following?

Capabilities are "what" an organization has; resources are "how" it uses what it has.

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