Question 1

Georgia is the owner of Blue Heron Cleaning. She wants to know how to tell if she is in the right competitive niche (the market her business is uniquely qualified to pursue). What strategic management tool should you recommend?

Accepted Answer

A)  Strategic implementation 
B)  Scenario analysis 
C)  Equifinality 
D)  Trend analysis 
E)  SWOT analysis

Question 2

Inability to achieve cooperation, according to a business ecologist, is the major factor today limiting the spread of realized innovation.

Accepted Answer

A) True 
 B)False

Question 3

Under a cost-leadership strategy, it is especially important that a brand's image be carefully nurtured and protected, so that brand loyalty and customers' willingness to pay a premium price does not erode.

Accepted Answer

A) True 
 B)False

Question 4

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. If Home Designs markets its products as highly reliable and backed by a unique service guarantee in a two-state region, it is adopting which of Porter's generic strategies?

Accepted Answer

A)  Differentiation 
B)  Cost leadership 
C)  Cost focus 
D)  Focused differentiation 
E)  Rational

Question 5

Strategy is the exclusive domain of top level management.

Accepted Answer

A) True 
 B)False

Question 6

____ is the ongoing process of ensuring a competitively superior fit between an organization and its changing environment.

Accepted Answer

A)  Strategic management 
B)  Strategic control 
C)  Organizational planning 
D)  Synergy 
E)  Operational planning

Question 7

A traditional mode of strategy making is the transactive mode.

Accepted Answer

A) True 
 B)False

Question 8

A careful situational analysis of the organization and its environment is part of developing a grand strategy.

Accepted Answer

A) True 
 B)False

Question 9

Competition should take precedence over cooperation, according to the business ecosystem model.

Accepted Answer

A) True 
 B)False

Question 10

Social media are ________________ Web tools.

Accepted Answer

A)  first-generation 
B)  second-generation 
C)  baby boomer generation 
D)  Google generation 
E)  Microsoft

Question 11

Research shows that middle managers resist or derail strategies for what reason?

Accepted Answer

A)  Protect co-workers 
B)  Shortsightedness 
C)  Lack of trust in top management 
D)  Protect their self-interests 
E)  Inability to think strategically

Question 12

A company with a well-known brand name such as Clorox is following a cost leadership strategy, according to Porter's generic strategy model.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is a sources of competitive advantage for the commission-based Internet business model?

Accepted Answer

A)  Unlimited use 
B)  Metered services 
C)  Production efficiencies 
D)  Entertainment programming 
E)  Problem-solving transactions

Question 14

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. By building the second manufacturing facility on the same plot of land, Home Designs takes advantage of ____ synergy.

Accepted Answer

A)  cost 
B)  rational 
C)  technological 
D)  market 
E)  management

Question 15

What type of analysis has been called "no surprise" strategic planning?

Accepted Answer

A)  Rational 
B)  Trend 
C)  Market 
D)  Scenario 
E)  Economic

Question 16

A(n) ____ forecast would help J&T Mutual predict the monthly prime interest rate for the next two years.

Accepted Answer

A)  event outcome 
B)  econometric 
C)  event timing 
D)  time series 
E)  heuristic

Question 17

When a Web site draws the same customer back again and again, it is called a "corner store site."

Accepted Answer

A) True 
 B)False

Question 18

In a SWOT analysis, the "W" stands for

Accepted Answer

A)  weaknesses. 
B)  workers. 
C)  willingness. 
D)  workability. 
E)  window of opportunity.

Question 19

____ is not a key dimension of strategic farsightedness.

Accepted Answer

A)  Emphasizing the development of new products 
B)  Emphasizing increased market share 
C)  Writing a formal mission statement 
D)  Viewing labor as a commodity 
E)  Relying on upward communication

Question 20

____ is a forecasting technique based on the assumption that the future will be an extension of present and past tendencies.

Accepted Answer

A)  Synergy 
B)  Scenario analysis 
C)  Trend analysis 
D)  Canned surveys 
E)  Informed judgment

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

Georgia is the owner of Blue Heron Cleaning. She wants to know how to tell if she is in the right competitive niche (the market her business is uniquely qualified to pursue) . What strategic management tool should you recommend?

Inability to achieve cooperation, according to a business ecologist, is the major factor today limiting the spread of realized innovation.

Under a cost-leadership strategy, it is especially important that a brand's image be carefully nurtured and protected, so that brand loyalty and customers' willingness to pay a premium price does not erode.

Strategy is the exclusive domain of top level management.

____ is the ongoing process of ensuring a competitively superior fit between an organization and its changing environment.

A traditional mode of strategy making is the transactive mode.

A careful situational analysis of the organization and its environment is part of developing a grand strategy.

Competition should take precedence over cooperation, according to the business ecosystem model.

Social media are ________________ Web tools.

Research shows that middle managers resist or derail strategies for what reason?

A company with a well-known brand name such as Clorox is following a cost leadership strategy, according to Porter's generic strategy model.

Which of the following is a sources of competitive advantage for the commission-based Internet business model?

What type of analysis has been called "no surprise" strategic planning?

A(n) ____ forecast would help J&T Mutual predict the monthly prime interest rate for the next two years.

When a Web site draws the same customer back again and again, it is called a "corner store site."

In a SWOT analysis, the "W" stands for

____ is not a key dimension of strategic farsightedness.

____ is a forecasting technique based on the assumption that the future will be an extension of present and past tendencies.