MGMT 478 Ch.1 Exam Questions With
Complete Answers
The focus of strategic management is - ANSWER the integration of all the
functional areas of the business to achieve its organizational objective
the logical starting point for strategic management is to - ANSWER identify the
existing vision, mission, objectives and strategies
the strategic management process begins with - ANSWER strategy formulation
in which stage of the strategic management process is an organization likely to
develop a mission statement - ANSWER strategy formulation
analytical thinking and intuitive thinking - ANSWER complement each other
the strategic management process can be described as an objective, logical,
systematic approach for making major decisions in an organization. however it
is generally recognized that _______ is essential to making good strategic
decisions - ANSWER intuition
apples financially lean position with regard to manufacturing facilities provides
the firm with a ____ over sony, which invest heavily in manufacturing facilities. -
ANSWER competitive advantage
what element of strategic management answers the question "what do we want
to become"? - ANSWER a vision statement
one benefit of strategic planning is that it allows a firm to be _____ in shaping its
own future - ANSWER proactive
three primary intrinsic benefits of strategic planning include - ANSWER
enhanced communication, deeper understanding, and greater commitment
some firms view planning as a waste of time because - ANSWER no product or
service is produced
which of the following is a reason some firms do not engage in strategic
planning? - ANSWER they receive no formal training in strategic management
pitfall of strategic planning - ANSWER being so formal in planning that flexibility
and creativity are stifled
, Which of the following is NOT a pitfall of strategic planning? - ANSWER Involving
key employees in all phases of planning
Historically, where did strategic planning originate? - ANSWER the military
Business strategy is based on the assumption of competition. Upon which
assumption is military strategy based? - ANSWER Conflict
One specific skill students can gain from this course is - ANSWER formulating
strategies using a SWOT analysis
One broad skill students can gain by taking this course is - ANSWER to define
and solve problems and make decisions about a particular situation
What are the three stages in doing strategic planning - ANSWER Formulation,
Implementation, evaluation
Which of the following statements is true? - ANSWER There is one right way to
do strategic planning
what is the first step of strategic planning - ANSWER Develop a clear vision and
mission statement
Who is showcased in the video as being a great strategic planner? - ANSWER
Alexander the Great
Strategists include all of the following except - ANSWER assembly-line
employees
At first, Warby Parker sold eyeglasses online; then it sold eyeglasses with a
virtual try-on option. Finally, it offered a try on at home approach. Each of these
changes were precipitated by the founders engaging in which of the following? -
ANSWER strategy evaluation
When Warby parker's founders formulated, implemented, and evaluated cross-
functional decisions that enable them to meet their organizational objectives of
providing less expensive eyeglasses, they engaged in - ANSWER strategic
management
Warby Parker underwent as it devised policies, motivated employees, and
allocated resources so that formulated strategies could be executed efficiently -
ANSWER strategy implementation
Warby Parker established a vision and mission that included selling at lower
price points than other sources and helping those who could not afford lower
Complete Answers
The focus of strategic management is - ANSWER the integration of all the
functional areas of the business to achieve its organizational objective
the logical starting point for strategic management is to - ANSWER identify the
existing vision, mission, objectives and strategies
the strategic management process begins with - ANSWER strategy formulation
in which stage of the strategic management process is an organization likely to
develop a mission statement - ANSWER strategy formulation
analytical thinking and intuitive thinking - ANSWER complement each other
the strategic management process can be described as an objective, logical,
systematic approach for making major decisions in an organization. however it
is generally recognized that _______ is essential to making good strategic
decisions - ANSWER intuition
apples financially lean position with regard to manufacturing facilities provides
the firm with a ____ over sony, which invest heavily in manufacturing facilities. -
ANSWER competitive advantage
what element of strategic management answers the question "what do we want
to become"? - ANSWER a vision statement
one benefit of strategic planning is that it allows a firm to be _____ in shaping its
own future - ANSWER proactive
three primary intrinsic benefits of strategic planning include - ANSWER
enhanced communication, deeper understanding, and greater commitment
some firms view planning as a waste of time because - ANSWER no product or
service is produced
which of the following is a reason some firms do not engage in strategic
planning? - ANSWER they receive no formal training in strategic management
pitfall of strategic planning - ANSWER being so formal in planning that flexibility
and creativity are stifled
, Which of the following is NOT a pitfall of strategic planning? - ANSWER Involving
key employees in all phases of planning
Historically, where did strategic planning originate? - ANSWER the military
Business strategy is based on the assumption of competition. Upon which
assumption is military strategy based? - ANSWER Conflict
One specific skill students can gain from this course is - ANSWER formulating
strategies using a SWOT analysis
One broad skill students can gain by taking this course is - ANSWER to define
and solve problems and make decisions about a particular situation
What are the three stages in doing strategic planning - ANSWER Formulation,
Implementation, evaluation
Which of the following statements is true? - ANSWER There is one right way to
do strategic planning
what is the first step of strategic planning - ANSWER Develop a clear vision and
mission statement
Who is showcased in the video as being a great strategic planner? - ANSWER
Alexander the Great
Strategists include all of the following except - ANSWER assembly-line
employees
At first, Warby Parker sold eyeglasses online; then it sold eyeglasses with a
virtual try-on option. Finally, it offered a try on at home approach. Each of these
changes were precipitated by the founders engaging in which of the following? -
ANSWER strategy evaluation
When Warby parker's founders formulated, implemented, and evaluated cross-
functional decisions that enable them to meet their organizational objectives of
providing less expensive eyeglasses, they engaged in - ANSWER strategic
management
Warby Parker underwent as it devised policies, motivated employees, and
allocated resources so that formulated strategies could be executed efficiently -
ANSWER strategy implementation
Warby Parker established a vision and mission that included selling at lower
price points than other sources and helping those who could not afford lower
