Question 1

The Razzmatazz Group of companies plans to launch a new flavor of crackers that is distinct and unusual.Which one of the following strategies is the company following to become more competitive?

Accepted Answer

A)  stability
B)  cost leadership
C)  divestiture
D)  focus
E)  differentiation E

Question 2

What is competitive dynamics? Briefly describe the factors that influence a firm's action or reaction?

Accepted Answer

Competitive dynamics refers to the process by which firms undertake strategic and tactical actions and how competitors respond to these actions.The study of competitive dynamics is important in order to understand why managers undertake such actions.Inevitably,it is these actions and reactions that influence a firm's ultimate financial performance.
Research suggests that three primary factors influence a firm's action or reaction: awareness,motivation,and capability.Competitor awareness refers to how mindful a company is of its competitor's actions.Competitor motivation refers to the incentives that an organization has to take action.Competitor capability refers to a firm's ability to undertake an action.

Question 3

________ is the ability to create throughout the organization a network of people who can help solve implementation problems as they occur.

Accepted Answer

A)  Organizing skill
B)  Interacting skill
C)  Monitoring skill
D)  Allocating skill
E)  Tactical skill A

Question 4

Which one of the following sentences about the differences between strategic planning and tactical planning is true?

Accepted Answer

A)  Tactical plans cover a relatively long period of time whereas strategic plans cover a relatively short period of time.
B)  Strategic planning emphasizes analyzing the future and tactical planning emphasizes analyzing the everyday functioning of the organization.
C)  Tactical plans are generally less detailed than strategic plans.
D)  Facts on which to base tactical plans are usually more difficult to gather than are facts on which to base strategic plans.
E)  Tactical plans are usually developed by upper-level management and strategic plans by lower-level management.

Question 5

The last step in the strategic management process is ________.

Accepted Answer

A)  establishment of an organizational direction
B)  environmental analysis
C)  strategy formulation
D)  strategy implementation
E)  strategic control

Question 6

The document that is written by management and describes and explains what the purpose for which the organization exists is the ________.

Accepted Answer

A)  mission statement
B)  strategic plan
C)  operating plan
D)  annual budget
E)  vision statement

Question 7

________ is the purpose for which - and the reason why - an organization exists.

Accepted Answer

A)  Organizational objective
B)  Organizational strategy
C)  Organizational mission
D)  Organizational policy
E)  Organizational rule

Question 8

An SBU with a large market share of a low-growth market is a ________.

Accepted Answer

A)  star
B)  dog
C)  cash cow
D)  question mark
E)  low-cost leader

Question 9

In general,the strategic management process is thought to consist of sequential and continuing steps.

Accepted Answer

A) True 
 B)False

Question 10

In strategic planning,managers consider the organization as a total unit and ask themselves what must be done in the long term,which is usually ________.

Accepted Answer

A)  three to five years into the future
B)  in the coming year
C)  one to two years into the future
D)  five to ten years from now
E)  five to twenty years from now

Question 11

In an attempt to offer better deals to customers and thereby increase its market share,Dun's Burgers renegotiated for lower prices from its main supplier of beef.Dun's Burgers is using which of the following strategies to attract customers?

Accepted Answer

A)  focus
B)  technology enhancement
C)  differentiation
D)  cost leadership
E)  focused differentiation

Question 12

Which one of the following statements accurately reflects the relationship between the mission and the objectives?

Accepted Answer

A)  The mission statement reflects and flows naturally from the objectives.
B)  The objectives reflect and flow naturally from the mission.
C)  There is no direct relationship between the mission and the objectives.
D)  The mission statement stands alone and has no influence on the objectives.
E)  The mission and the objectives influence each other.

Question 13

Jewel Delight is planning to compete using a differentiation strategy.Doing this means they will have what kind of products in their jewelry stores?

Accepted Answer

A)  basic,no frills jewelry offerings
B)  highly unique jewelry offerings
C)  one line of jewelry
D)  comparable jewelry their competitors offer
E)  easily imitable jewelry offerings

Question 14

Mary has just formulated the annual budget for her department.She has outlined how the funds must be allocated and spent over the 12 months.This would most likely be categorized as ________.

Accepted Answer

A)  strategic planning
B)  intrinsic planning
C)  intermediate planning
D)  tactical planning
E)  strategic control

Question 15

Dun's Burgers has decided to open takeaway counters that will be open until 11 p.m.to cater to people who return late from work.This turns out to be an excellent strategy as Dun's becomes a hot favorite with the people who work late shifts.This is an example of ________.

Accepted Answer

A)  differentiation strategy
B)  technology enhancement strategy
C)  cost leadership strategy
D)  divestiture strategy
E)  focus strategy

Question 16

________ refers to how mindful a company is of its competitor's actions.

Accepted Answer

A)  Strategic control
B)  Competitor motivation
C)  Competitor awareness
D)  Competitor capability
E)  Strategic implementation

Question 17

Long-range planning that focuses on the organization as a whole is ________.

Accepted Answer

A)  operational planning
B)  organizational planning
C)  strategic planning
D)  tactical planning
E)  managerial planning

Question 18

As Jim Autry,a plant supervisor at Ogden Metals,prepares to participate in his organization's upcoming strategic management planning process for the year,he wants you to explain the Critical Question Analysis process and the value it offers him as management looks into the future of Ogden's ability to compete in its marketplace.What will you tell him the value is of this analysis?

Accepted Answer

The answer of As Jim Autry,a plant supervisor at Ogden...

Question 19

Bristol Jones is the owner of a women's shoe store in Wainscot,PA.Her store has been extremely successful selling high-end shoes to the adult market in Wainscot.Management is looking to grow revenues and is considering offering men's shoes as well.What would you advise Ms.Jones to consider before taking on this new product line?

Accepted Answer

The answer of Bristol Jones is the owner of a...

Question 20

Briefly discuss Michael Porter's three generic strategies.

Accepted Answer

The answer of Briefly discuss Michael Porter's three generic strategies....

Exam 9: Strategic Planning: Strategies, tactics, and Competitive Dynamics