CM4223 Midterm - Kimberly Williams
Generally, external opportunities and threats are:
A.
uncontrollable by a single organization
B.
key functions in strategy implementation
C.
unable to have a significant impact on an organization
D.
not worth monitoring and evaluating
E.
key functions in strategy exploitation - ANS-uncontrollable by a single organization
The goal of Strategic Management is to:
A.
eliminate competitive advantage
B.
achieve competitive advantage
C.
maintain competitive advantage
D.
achieve and maintain competitive advantage
E.
eliminate and abolish competitive advantage - ANS-achieve and maintain competitive
advantage
The Internet has transferred power from ________ to ________.
A.
governments; businesses
B.
businesses; governments
C.
individuals; governments
D.
individuals; businesses
E.
businesses; individuals - ANS-businesses; individuals
Long-term objectives should be all of the following EXCEPT
A.
reasonable
, B.
challenging
C.
consistent
D.
measurable
E.
continually changing - ANS-continually changing
The fact that Apple has no manufacturing facilities of its own:
A.has caused it to build up massive debt on its balance sheet.
B.means that it is in the same position as Sony.
C.illustrates that having more fixed assets than rival firms can provide major competitive
advantages in a global recession.
D.has enabled it to remain financially lean.
E.has been problematic for Apple in terms of debt. - ANS-has enabled it to remain financially
lean.
An organization's vision statement
A.
is a constant reminder to its employees of why the organization exists.
B.
broadly charts the future direction of an organization.
C.
addresses the basic question: "What is our business?"
D.
answers the question: "What do we want to become?"
E.
none of the above - ANS-answers the question: "What do we want to become?"
The strategic-management process represents a(n) ________, ________, and ________
approach for determining an enterprise's future direction.
A.inconsistent; systematic; subjective
B.logical; systematic; subjective
C.logical; systematic; objective
D.intuitive; disorganized;subjective
E.intuitive; disorganized; objective - ANS-logical; systematic; objective
Firms, like organisms, must be "adept at adapting" or they will not survive.
True or False - ANS-True
According to Drucker, what is the best time to ask "What do we want to become?" and "What is
our business?"?
Generally, external opportunities and threats are:
A.
uncontrollable by a single organization
B.
key functions in strategy implementation
C.
unable to have a significant impact on an organization
D.
not worth monitoring and evaluating
E.
key functions in strategy exploitation - ANS-uncontrollable by a single organization
The goal of Strategic Management is to:
A.
eliminate competitive advantage
B.
achieve competitive advantage
C.
maintain competitive advantage
D.
achieve and maintain competitive advantage
E.
eliminate and abolish competitive advantage - ANS-achieve and maintain competitive
advantage
The Internet has transferred power from ________ to ________.
A.
governments; businesses
B.
businesses; governments
C.
individuals; governments
D.
individuals; businesses
E.
businesses; individuals - ANS-businesses; individuals
Long-term objectives should be all of the following EXCEPT
A.
reasonable
, B.
challenging
C.
consistent
D.
measurable
E.
continually changing - ANS-continually changing
The fact that Apple has no manufacturing facilities of its own:
A.has caused it to build up massive debt on its balance sheet.
B.means that it is in the same position as Sony.
C.illustrates that having more fixed assets than rival firms can provide major competitive
advantages in a global recession.
D.has enabled it to remain financially lean.
E.has been problematic for Apple in terms of debt. - ANS-has enabled it to remain financially
lean.
An organization's vision statement
A.
is a constant reminder to its employees of why the organization exists.
B.
broadly charts the future direction of an organization.
C.
addresses the basic question: "What is our business?"
D.
answers the question: "What do we want to become?"
E.
none of the above - ANS-answers the question: "What do we want to become?"
The strategic-management process represents a(n) ________, ________, and ________
approach for determining an enterprise's future direction.
A.inconsistent; systematic; subjective
B.logical; systematic; subjective
C.logical; systematic; objective
D.intuitive; disorganized;subjective
E.intuitive; disorganized; objective - ANS-logical; systematic; objective
Firms, like organisms, must be "adept at adapting" or they will not survive.
True or False - ANS-True
According to Drucker, what is the best time to ask "What do we want to become?" and "What is
our business?"?
