MGMT 478 FINAL QUESTIONS & ANSWERS
Specific actions that need to be undertaken to achieve short-term objectives, usually by
functional areas, refers to - Answer -Functional Tactics
The mission statement should include all of these components except: - Answer -
Government Regulations the company must meet
Strategic management comprises nine critical tasks. Which of the following is not one of
the tasks - Answer -Development of medium-term objectives compatible with grand
strategies
Some business decisions are strategic and therefore deserve strategic management
attention. Which of the following is one of the six strategic issue dimensions - Answer -
Necessitates considering factors in the firms external environment
One implementation of viewing strategic management as a process is that strategy
formulation and implementation are - Answer -Sequential
Very large firms typically use the __________ mode of strategic management - Answer
-Planning
Which one of the following is not an interactive segment of a firms external environment
- Answer -Functional
When the survival goal is taken for granted, therefore neglected in strategic decision-
making, the firms focus shifts to - Answer -Short run
A flow of information through interrelated stages of analysis toward achievement of an
aim is - Answer -a process
__________ is the mainstay goal of a business organization - Answer -Profitability
The mode associated with medium-sized firms in relatively stable environments is called
the __________ mode - Answer -Adaptive mode
Which of these is usually positively correlated with the cost, comprehensiveness,
accuracy and success of planning? - Answer -Greater Formality
Strategic Decisions ostensibly commit the firm for - Answer -A long time, typically 5
years
The doubling of earnings per share within 5 years with increases in each intervening
year is called a(n): - Answer -Long term objective
, Agency problems arise when the interests of owners and managers - Answer -Diverge
All of these are economic goals that guide the strategic direction of organizations except
- Answer -Market share
A(n) __________ provides a framework for managerial decisions - Answer -Strategy
The company mission is a broadly framed but enduring statement of - Answer -A firms
intent
Broad, precedent-setting decisions that guide or substitute for repetitive or time-
sensitive managerial decision making are called - Answer -Policies
Whereas corporate and business-level managers center their attention on _________;
managers at the functional level center their attention on ___________ - Answer -
Doing the right things, doing things right
The strategic managers at the highest level of the organization - Answer -Declare the
firms sense of values
Strategic issues are __________ oriented - Answer -Future
Which external body requires that a company have a mission statement? - Answer -
none
IN a multi-business firm, the __________ -level executives determine the businesses in
which the firm will be involved - Answer -corporate
a business, which by definition is a profit center that focuses on a specific combination
of products, markets, and technologies, is also know as a: - Answer -Strategic
Business Unit (SBU)
The set of decisions and actions that result in the formulation and implementation of
plans designed to achieve a company objectives is defined as: - Answer -Strategic
management
Which of the following goals are taken for granted to such an extent that it is neglected
as a principal criterion in strategic decision-making? - Answer -Survival
When owners have limited access to company information making executives free to
pursue their own interests, it could lead to: - Answer -Moral hazard
All businesses exist in a(n) __________ system - Answer -Open
Three indispensable components of mission statements are specifications of the: -
Answer -basic product or service, primary markets and principal technology
Specific actions that need to be undertaken to achieve short-term objectives, usually by
functional areas, refers to - Answer -Functional Tactics
The mission statement should include all of these components except: - Answer -
Government Regulations the company must meet
Strategic management comprises nine critical tasks. Which of the following is not one of
the tasks - Answer -Development of medium-term objectives compatible with grand
strategies
Some business decisions are strategic and therefore deserve strategic management
attention. Which of the following is one of the six strategic issue dimensions - Answer -
Necessitates considering factors in the firms external environment
One implementation of viewing strategic management as a process is that strategy
formulation and implementation are - Answer -Sequential
Very large firms typically use the __________ mode of strategic management - Answer
-Planning
Which one of the following is not an interactive segment of a firms external environment
- Answer -Functional
When the survival goal is taken for granted, therefore neglected in strategic decision-
making, the firms focus shifts to - Answer -Short run
A flow of information through interrelated stages of analysis toward achievement of an
aim is - Answer -a process
__________ is the mainstay goal of a business organization - Answer -Profitability
The mode associated with medium-sized firms in relatively stable environments is called
the __________ mode - Answer -Adaptive mode
Which of these is usually positively correlated with the cost, comprehensiveness,
accuracy and success of planning? - Answer -Greater Formality
Strategic Decisions ostensibly commit the firm for - Answer -A long time, typically 5
years
The doubling of earnings per share within 5 years with increases in each intervening
year is called a(n): - Answer -Long term objective
, Agency problems arise when the interests of owners and managers - Answer -Diverge
All of these are economic goals that guide the strategic direction of organizations except
- Answer -Market share
A(n) __________ provides a framework for managerial decisions - Answer -Strategy
The company mission is a broadly framed but enduring statement of - Answer -A firms
intent
Broad, precedent-setting decisions that guide or substitute for repetitive or time-
sensitive managerial decision making are called - Answer -Policies
Whereas corporate and business-level managers center their attention on _________;
managers at the functional level center their attention on ___________ - Answer -
Doing the right things, doing things right
The strategic managers at the highest level of the organization - Answer -Declare the
firms sense of values
Strategic issues are __________ oriented - Answer -Future
Which external body requires that a company have a mission statement? - Answer -
none
IN a multi-business firm, the __________ -level executives determine the businesses in
which the firm will be involved - Answer -corporate
a business, which by definition is a profit center that focuses on a specific combination
of products, markets, and technologies, is also know as a: - Answer -Strategic
Business Unit (SBU)
The set of decisions and actions that result in the formulation and implementation of
plans designed to achieve a company objectives is defined as: - Answer -Strategic
management
Which of the following goals are taken for granted to such an extent that it is neglected
as a principal criterion in strategic decision-making? - Answer -Survival
When owners have limited access to company information making executives free to
pursue their own interests, it could lead to: - Answer -Moral hazard
All businesses exist in a(n) __________ system - Answer -Open
Three indispensable components of mission statements are specifications of the: -
Answer -basic product or service, primary markets and principal technology
