MGMT 351 Exam 5 Questions with Correct Answers Already Passed

MGMT 351 Exam 5 Questions with Correct Answers Already Passed An organization's external alignment refers to consistency among its policies and activities to take advantage of - Answers opportunities present in the external environment Th investigation of how the benefits or costs of a decision will change with different assumptions is known as a(n) - Answers sensitivity analysis Strategic flexibility - Answers the ability to shift course and alter investments and operations to deal with changing conditions The loss of potential benefits from nonchosen alternatives when another alternative is selected is referred to as - Answers opportunity costs What are the four areas of qualitative competitor analysis? - Answers goals, assumptions, strategy, and capabilities The process of setting organizational goals at multiple levels and evaluating performance against these goals is known as - Answers management by objectives Which of the following differentiates long-term decisions made by a business or organization from short-term decisions? Long-term decisions are - Answers hard to reverse and having continuing consequences Which organizational action most clearly involves strategy? - Answers creating a mission statement A retailer offering children's accessories, shoes and clothing wants to increase sales. Research shows that the company's largest competitor sells clothing, but not shoes or accessories. What question about this competitor is being assessed? - Answers where is the competitor vulnerable? Strategic decisions are considered cross-functional because they - Answers effectively integrate all the functional areas of a business A manufacturer who wants to sell drones in Brazil and Argentina considers three strategies: exporting its products, building a new manufacturing facility in South America, or entering into a licensing agreement with an existing firm. This reflects which component of strategic decision making? - Answers vehicles Who is typically responsible for formulating and implementing organizational strategy? - Answers upper-level management The investigation of how the benefits or costs of a decision will change with different assumptions is known as a(n) - Answers sensitivity analysis What are the four areas of qualitative competitor analysis? - Answers goals, assumptions, strategy, and capabilities Financial resources are an internal factor that is important for determining strengths and weaknesses of a company to achieve - Answers internal alignment Management by objectives is the process of - Answers setting and evaluating organizational goals at multiple levels The loss of potential benefits from nonchosen alternatives when another alternative is selected is referred to as - Answers opportunity costs Changes in trends in the external environment are an external factor that is important for determining opportunities and threats of a company to achieve - Answers external alignment A retailer offering children's accessories, shoe and clothing wants to increase sales. Research shoes that the company's largest competitor sells clothing, but not shoes or accessories. What question about this competitor is being assessed? - Answers where is the competitor vulnerable? The owner of a boutique specializing in women's accessories finds that her inventory does not correspond to sales. She is not sure if theft is to blame, or if employees are mishandling merchandise. What represents her goal in this situation? - Answers reduce inventory shrinkage A firm's decision regarding the areas or countries in which it will compete involves which strategic decision category? - Answers arenas Sarah, a manager hired to help run a start-up online eyeglass company, focuses her attention on activities that make the company run more efficiently, while Lexa, the CEO focuses her attention on the choices that will result in greater effectiveness. Sarah makes __________ decisions and Lexa makes __________ decisions. - Answers operational, strategic Which organizational action most clearly involves strategy? - Answers creating a mission statement Which of the following explains how managers may cope with uncertainty as an analyzer? - Answers a big box retailer keeps tabs on various competitors. When consumers respond to a competitor's ad campaign for goods produced in the United States, the big box retailer undertakes a similar approach. An organization's external alignment refers to consistency among its policies and activities to take advantage of - Answers opportunities present in the external environment The loss of potential benefits from nonchosen alternatives when another alternative is selected is referred to as - Answers opportunity costs The process of setting organizational goals at multiple levels and evaluating performance against these goals is known as - Answers management by objectives Coherence among all functional policies and internal activities of an organization to take advantage of its strengths and reduce its weaknesses is known as - Answers internal alignment Changes in trends in the external environment are an external factor that is important for determining opportunities and threats of a company to achieve - Answers external alignment Financial resources are an internal factor that is important for determining strengths and weaknesses of a company to achieve - Answers internal alignment Achieving strategic fit requires firms to make decisions that - Answers leverage their strengths and mitigate their weaknesses Which of the following explains how managers may cope with uncertainty as an analyzer? - Answers a big box retailer keeps tabs on various competitors. When consumers respond to a competitor's ad campaign for goods produced in the United States, the big box retailer