MGMT 478 - EXAM ONE QUESTIONS WITH
ACCURATE ANSWERS
According to recent research by Cuddy, Fiske, and Glick, what ethics
variable(s) is most important in doing business? - ANSWER trustworthiness
According to the chapter, a pitfall to watch for and avoid in strategic planning is:
- ANSWER Doing strategic planning only to satisfy accreditation or regulatory
requirements
Which of the following activities is included in strategy implementation? -
ANSWER Develop a strategy-supportive culture and create an effective
organizational structure.
The term strategic planning is used synonymously in this text with what other
term? - ANSWER Strategic management
Strategic management is based on the idea that organizations should monitor
internal and external trends _____. - ANSWER continually
What is often considered the first step in strategic planning? - ANSWER
Developing a vision statement
Who said, "Perfection is not attainable. But if we chase perfection, we can catch
excellence"? - ANSWER Vince Lombardi, Head Coach Green Bay Packers
(1959-67)
According to the chapter, the worst thing strategists can do is to develop
strategic plans and then ____. - ANSWER present the plans to operating
managers to execute
According to the model used in this text, what should be answered when
developing a strategic plan? - ANSWER Where are we now, where do we want to
go, and how are we going to get there?
A firm can achieve sustained competitive advantage by _____. - ANSWER
effectively formulating, implementing, and evaluating strategies that capitalize
on changes in trends and internal capabilities
Because of the success of the iPad and the iPhone, Apple has tremendous brand
recognition. Brand recognition is one of Apple's - ANSWER strengths
, Recent research by Rose and Cray examined the strategic-management
process and concluded that perhaps the most important "activity" is what? -
ANSWER The feedback loop
Strengths and weaknesses can be determined by elements of being rather than
performance.
For example, ______. - ANSWER a strength may involve ownership of natural
resources
A fundamental strategy-evaluation activity includes_____. - ANSWER reviewing
external and internal factors that are the bases for current strategies,
measuring performance, and taking corrective actions
Building four new manufacturing plants in Europe is an example of a(n) ______. -
ANSWER strategy
Dale McConkey said, "Plans are less important than planning." What does this
statement mean? - ANSWER Communication, understanding, and commitment
are vitally important in strategic planning.
Which of the following is listed in the chapter as a reason often given for poor or
no strategic planning in a firm? - ANSWER Laziness
To survive and prosper, a business must gain and sustain ______ major
competitive advantages over rival firms. - ANSWER at least several
Guidelines, rules, and procedures established to support implementation efforts
are called _____. - ANSWER policies
Which statement best describes intuition? - ANSWER It should be coupled with
analysis in decision making.
Which of the following is NOT a reason given for poor or no strategic planning in
an organization? - ANSWER Trust of management makes it unnecessary
Which of the following four types of strategies are developed in a SWOT
(Strengths-Weaknesses-Opportunities-Threats) Analysis? - ANSWER SO, WO,
ST, WT
According to Chapter 1, ______ may be the most important word in management.
- ANSWER communication
The strategic-management process - ANSWER is a continuous process.
______ is the act of strengthening employees' sense of effectiveness by
encouraging them to participate in decision making and to exercise initiative
ACCURATE ANSWERS
According to recent research by Cuddy, Fiske, and Glick, what ethics
variable(s) is most important in doing business? - ANSWER trustworthiness
According to the chapter, a pitfall to watch for and avoid in strategic planning is:
- ANSWER Doing strategic planning only to satisfy accreditation or regulatory
requirements
Which of the following activities is included in strategy implementation? -
ANSWER Develop a strategy-supportive culture and create an effective
organizational structure.
The term strategic planning is used synonymously in this text with what other
term? - ANSWER Strategic management
Strategic management is based on the idea that organizations should monitor
internal and external trends _____. - ANSWER continually
What is often considered the first step in strategic planning? - ANSWER
Developing a vision statement
Who said, "Perfection is not attainable. But if we chase perfection, we can catch
excellence"? - ANSWER Vince Lombardi, Head Coach Green Bay Packers
(1959-67)
According to the chapter, the worst thing strategists can do is to develop
strategic plans and then ____. - ANSWER present the plans to operating
managers to execute
According to the model used in this text, what should be answered when
developing a strategic plan? - ANSWER Where are we now, where do we want to
go, and how are we going to get there?
A firm can achieve sustained competitive advantage by _____. - ANSWER
effectively formulating, implementing, and evaluating strategies that capitalize
on changes in trends and internal capabilities
Because of the success of the iPad and the iPhone, Apple has tremendous brand
recognition. Brand recognition is one of Apple's - ANSWER strengths
, Recent research by Rose and Cray examined the strategic-management
process and concluded that perhaps the most important "activity" is what? -
ANSWER The feedback loop
Strengths and weaknesses can be determined by elements of being rather than
performance.
For example, ______. - ANSWER a strength may involve ownership of natural
resources
A fundamental strategy-evaluation activity includes_____. - ANSWER reviewing
external and internal factors that are the bases for current strategies,
measuring performance, and taking corrective actions
Building four new manufacturing plants in Europe is an example of a(n) ______. -
ANSWER strategy
Dale McConkey said, "Plans are less important than planning." What does this
statement mean? - ANSWER Communication, understanding, and commitment
are vitally important in strategic planning.
Which of the following is listed in the chapter as a reason often given for poor or
no strategic planning in a firm? - ANSWER Laziness
To survive and prosper, a business must gain and sustain ______ major
competitive advantages over rival firms. - ANSWER at least several
Guidelines, rules, and procedures established to support implementation efforts
are called _____. - ANSWER policies
Which statement best describes intuition? - ANSWER It should be coupled with
analysis in decision making.
Which of the following is NOT a reason given for poor or no strategic planning in
an organization? - ANSWER Trust of management makes it unnecessary
Which of the following four types of strategies are developed in a SWOT
(Strengths-Weaknesses-Opportunities-Threats) Analysis? - ANSWER SO, WO,
ST, WT
According to Chapter 1, ______ may be the most important word in management.
- ANSWER communication
The strategic-management process - ANSWER is a continuous process.
______ is the act of strengthening employees' sense of effectiveness by
encouraging them to participate in decision making and to exercise initiative
