MHR 300 UW-Madison final || Final Exam Edition:
Pass with A+ Accuracy!!
A forecast is a vision or projection of the future.
True or False correct answers True
Developing a program focused on individual aspects of an organization for short-term
success is the focus of strategic planning.
True or False? correct answers False
A defensive strategy is also known as a(n) ________.
aggressive approach
fixed plan
stability strategy
growth strategy
retrenchment strategy correct answers retrenchment strategy
To develop a grand strategy, you need to gather data and make projections, using the tools of
competitive intelligence, SWOT analysis, forecasting, benchmarking, and Porter's five
competitive forces.
True or False correct answers True
Porter's competitive strategies of cost-leadership and differentiation focus on ________
markets, and the cost-focus and focused-differentiation strategies focus on ________
markets.
specific; broad
wide; narrow
growth; specific
narrow; wide
diverse; narrow correct answers wide; narrow
According to the BCG matrix, organizations that have high growth and high market share are
stars and should be kept.
True
False correct answers True
Often strategy implementation means overcoming resistance by people who feel the plans
threaten their influence or livelihood.
True
False correct answers True
Christopher's Restaurant and Catering serves delicious vegetarian and vegan dishes. So when
the local community became interested in eating a healthier diet, Christopher's benefited. The
changing community attitudes are an example of a(n) ________ for Christopher's.
strength
intelligence
opportunity
weakness
threat correct answers opportunity
,Regarding the findings from a SWOT analysis, organizational strengths are ________.
skills and capabilities that give a company advantages in executing its strategies
environmental factors that the organization may exploit for competitive advantage
external opportunities that a company can take advantage of
means that give a specific industry an advantage in a down economy
MBO skills that should be emphasized correct answers skills and capabilities that give a
company advantages in executing its strategies
When an organization is able to get and stay ahead in the four areas of (1) being responsive to
customers, (2) innovating, (3) quality, and (4) effectiveness, that company can develop
________.
increased MBO
strong employee morale
company diversity
an environment with few or no competitors
a sustainable competitive advantage correct answers a sustainable competitive advantage
Many customers shop at Organic Foods because of the employees' extensive product
knowledge. This is an example of the company's ________.
opportunities
weaknesses
strengths
intelligence
threats correct answers strengths
According to Harvard Business School professor Michael Porter, strategic positioning
"means performing different activities from rivals, or performing similar activities in
different ways" to achieve sustainable competitive advantage.
True
False correct answers True
The second step in the strategic-management process is to look at where the organization
stands and see what is working and what could be different to maximize efficiency and
effectiveness in achieving the organization's mission. This step is the process of completing
a(n) ________.
organizational vision statement
ethical and diversity evaluation
company synergy assessment
current reality assessment
grand strategy correct answers current reality assessment
What is the assessment of the external environment? What are the critical issues facing the
business? Can the business execute the strategy? According to Bossidy and Charan, these are
some of the questions that should be addressed in a ________.
strong strategic plan
mission statement
code of ethics
value statement
diversity agenda correct answers strong strategic plan
,The vision is an organization's purpose or reason for being, and a company's mission
statement is its long-term goal of what it wants to become.
True
False correct answers False
Maria's Mart is a small store located along a major interstate highway that sells gas and
diesel, food, souvenirs, DVD movies, and a wide variety of other items. There is even a café
inside the store. Maria's Mart is an example of a diversification strategy.
True
False correct answers True
George, a chef and owner of a popular restaurant, is always visiting his competition to
observe how they are doing things in their restaurants. He told one of his managers that "I do
this because I want to know what is going on. I am always concerned that one of our
competitors will surprise us with a new service or menu item like us, but better." George is
utilizing ________.
TQM
environmental scanning
competitive intelligence
management by observation
corporate spying correct answers competitive intelligence
Donna's Restaurant is a popular café that specializes in home-cooked meals, friendly service,
and a menu that contains vegan and vegetarian dishes, something no other restaurant in the
area does. Donna's is engaging in strategic positioning by offering the unique menu items of
vegan and vegetarian dishes.
True
False correct answers True
Mountain Rescue Incorporated sells emergency safety and rescue products to ski patrols and
rescue workers at prices that are below those of its competitors, who offer a larger line of
products and focus on broader markets. Mountain Rescue Incorporated is pursuing a
________ strategy.
narrow
differentiation
focused-differentiation
cost-focus
cost-leadership correct answers cost-focus
Instructor Services is a technology company that offers many IT services in highly populated
southern Ohio. Services and products include computer training, support, monitoring, repair,
network design, virus removal, and software upgrades. It even sells refurbished computers.
The source of Instructor Services' strategic position is ________.
broad needs and few customers
high-profit margin and few customers
broad needs and many customers
high-profit margin and many customers
low-profit margin and many customers correct answers broad needs and many customers
, Sandra displays and sells paintings and local art in her gallery, and in the evenings she
teaches art classes in the back of her studio, a business named Sandra's Art School. This is an
example of related diversification.
True
False correct answers True
Jiffy Lube provides only lubricants, but it provides them to all kinds of people with all kinds
of motor vehicles. This is an example of how a strategic position can result from serving the
few needs of many customers.
True
False correct answers True
Rashid, the CEO of Top Productions, was telling his new vice president of accounting that
"In the past I had resistance to new ideas by people who felt that one of our plans threatens
their influence or jobs. So when you tell your collections department that we just hired a
collection agency to handle bad debt, you may have to sell your collections manager and his
supervisors on using the agency and that nobody is going to be laid off." Selling middle and
supervisory managers on changes to overcome their resistance is often a necessary part of
________.
strategy implementation
reality assessment
operational control
strategy formulation
strategic control correct answers strategy implementation
Sandra and her partner are involved in the time-consuming, yet vital process of choosing
among different strategies and altering them to best fit the long-term goals of their preschool
for the next three years. This process is known as goals formulation.
True
False correct answers False
Sue keeps a close eye on her company's internal and external environment to discover
possible opportunities for new products and threats from competition, as soon as possible.
This is an example of ________.
the observation approach
competitive intelligence
corporate spying
environmental scanning
management by observation correct answers environmental scanning
If Twitter were to exclusively use e-mail, collaborative computing, and other computer
connections to connect geographically separate employees, it would be considered a(n)
______ organization.
Computer
Geographic
Targeted
Invisible
Virtual correct answers Virtual
Employees apply their individual efforts in a ______ to fulfill a common purpose.
Pass with A+ Accuracy!!
A forecast is a vision or projection of the future.
True or False correct answers True
Developing a program focused on individual aspects of an organization for short-term
success is the focus of strategic planning.
True or False? correct answers False
A defensive strategy is also known as a(n) ________.
aggressive approach
fixed plan
stability strategy
growth strategy
retrenchment strategy correct answers retrenchment strategy
To develop a grand strategy, you need to gather data and make projections, using the tools of
competitive intelligence, SWOT analysis, forecasting, benchmarking, and Porter's five
competitive forces.
True or False correct answers True
Porter's competitive strategies of cost-leadership and differentiation focus on ________
markets, and the cost-focus and focused-differentiation strategies focus on ________
markets.
specific; broad
wide; narrow
growth; specific
narrow; wide
diverse; narrow correct answers wide; narrow
According to the BCG matrix, organizations that have high growth and high market share are
stars and should be kept.
True
False correct answers True
Often strategy implementation means overcoming resistance by people who feel the plans
threaten their influence or livelihood.
True
False correct answers True
Christopher's Restaurant and Catering serves delicious vegetarian and vegan dishes. So when
the local community became interested in eating a healthier diet, Christopher's benefited. The
changing community attitudes are an example of a(n) ________ for Christopher's.
strength
intelligence
opportunity
weakness
threat correct answers opportunity
,Regarding the findings from a SWOT analysis, organizational strengths are ________.
skills and capabilities that give a company advantages in executing its strategies
environmental factors that the organization may exploit for competitive advantage
external opportunities that a company can take advantage of
means that give a specific industry an advantage in a down economy
MBO skills that should be emphasized correct answers skills and capabilities that give a
company advantages in executing its strategies
When an organization is able to get and stay ahead in the four areas of (1) being responsive to
customers, (2) innovating, (3) quality, and (4) effectiveness, that company can develop
________.
increased MBO
strong employee morale
company diversity
an environment with few or no competitors
a sustainable competitive advantage correct answers a sustainable competitive advantage
Many customers shop at Organic Foods because of the employees' extensive product
knowledge. This is an example of the company's ________.
opportunities
weaknesses
strengths
intelligence
threats correct answers strengths
According to Harvard Business School professor Michael Porter, strategic positioning
"means performing different activities from rivals, or performing similar activities in
different ways" to achieve sustainable competitive advantage.
True
False correct answers True
The second step in the strategic-management process is to look at where the organization
stands and see what is working and what could be different to maximize efficiency and
effectiveness in achieving the organization's mission. This step is the process of completing
a(n) ________.
organizational vision statement
ethical and diversity evaluation
company synergy assessment
current reality assessment
grand strategy correct answers current reality assessment
What is the assessment of the external environment? What are the critical issues facing the
business? Can the business execute the strategy? According to Bossidy and Charan, these are
some of the questions that should be addressed in a ________.
strong strategic plan
mission statement
code of ethics
value statement
diversity agenda correct answers strong strategic plan
,The vision is an organization's purpose or reason for being, and a company's mission
statement is its long-term goal of what it wants to become.
True
False correct answers False
Maria's Mart is a small store located along a major interstate highway that sells gas and
diesel, food, souvenirs, DVD movies, and a wide variety of other items. There is even a café
inside the store. Maria's Mart is an example of a diversification strategy.
True
False correct answers True
George, a chef and owner of a popular restaurant, is always visiting his competition to
observe how they are doing things in their restaurants. He told one of his managers that "I do
this because I want to know what is going on. I am always concerned that one of our
competitors will surprise us with a new service or menu item like us, but better." George is
utilizing ________.
TQM
environmental scanning
competitive intelligence
management by observation
corporate spying correct answers competitive intelligence
Donna's Restaurant is a popular café that specializes in home-cooked meals, friendly service,
and a menu that contains vegan and vegetarian dishes, something no other restaurant in the
area does. Donna's is engaging in strategic positioning by offering the unique menu items of
vegan and vegetarian dishes.
True
False correct answers True
Mountain Rescue Incorporated sells emergency safety and rescue products to ski patrols and
rescue workers at prices that are below those of its competitors, who offer a larger line of
products and focus on broader markets. Mountain Rescue Incorporated is pursuing a
________ strategy.
narrow
differentiation
focused-differentiation
cost-focus
cost-leadership correct answers cost-focus
Instructor Services is a technology company that offers many IT services in highly populated
southern Ohio. Services and products include computer training, support, monitoring, repair,
network design, virus removal, and software upgrades. It even sells refurbished computers.
The source of Instructor Services' strategic position is ________.
broad needs and few customers
high-profit margin and few customers
broad needs and many customers
high-profit margin and many customers
low-profit margin and many customers correct answers broad needs and many customers
, Sandra displays and sells paintings and local art in her gallery, and in the evenings she
teaches art classes in the back of her studio, a business named Sandra's Art School. This is an
example of related diversification.
True
False correct answers True
Jiffy Lube provides only lubricants, but it provides them to all kinds of people with all kinds
of motor vehicles. This is an example of how a strategic position can result from serving the
few needs of many customers.
True
False correct answers True
Rashid, the CEO of Top Productions, was telling his new vice president of accounting that
"In the past I had resistance to new ideas by people who felt that one of our plans threatens
their influence or jobs. So when you tell your collections department that we just hired a
collection agency to handle bad debt, you may have to sell your collections manager and his
supervisors on using the agency and that nobody is going to be laid off." Selling middle and
supervisory managers on changes to overcome their resistance is often a necessary part of
________.
strategy implementation
reality assessment
operational control
strategy formulation
strategic control correct answers strategy implementation
Sandra and her partner are involved in the time-consuming, yet vital process of choosing
among different strategies and altering them to best fit the long-term goals of their preschool
for the next three years. This process is known as goals formulation.
True
False correct answers False
Sue keeps a close eye on her company's internal and external environment to discover
possible opportunities for new products and threats from competition, as soon as possible.
This is an example of ________.
the observation approach
competitive intelligence
corporate spying
environmental scanning
management by observation correct answers environmental scanning
If Twitter were to exclusively use e-mail, collaborative computing, and other computer
connections to connect geographically separate employees, it would be considered a(n)
______ organization.
Computer
Geographic
Targeted
Invisible
Virtual correct answers Virtual
Employees apply their individual efforts in a ______ to fulfill a common purpose.
