BUS 450-QLB MIDTERM EXAM
The focus of strategic management is on: - Answers-the integration of all the functional
areas of the business to achieve organizational success
A strategic plan is primarily designed to: - Answers-gain and sustain competitive
advantage
The strategic management process begins with: - Answers-strategy formulation
In which stage of the strategic management process is an organization likely to develop
a mission statement? - Answers-strategy formulation
In which situation is intuition most likely to be useful for making strategic decisions? -
Answers-when there is little precedent
Integrating and analyzing knowledge of the business to formulate effective strategies is
the essence of: - Answers-intuition
Apple's financially lean position with regard to manufacturing facilities provides the firm
with _______ over Sony with a significant investment in manufacturing facilities. -
Answers-a competitive advantage
The changing demographics of an organization's target market are an example of: -
Answers-opportunities and threats
In developing a strategic plan, which is an important first question to pose? - Answers-
Where are we now?
That the strategic-management process is dynamic requires that the activities be
performed: - Answers-continually
Which of the following is not a financial benefit for organizations that use strategic
management? - Answers-Improved understanding of competitors' strengths
The ability to prevent problems is often improved with strategic management as a result
of improved: - Answers-interaction among managers at all levels and across functions
Some firms view planning as a waste of time because: - Answers-no product or service
is produced
Which of the following is a reason some firms do not engage in strategic planning? -
Answers-There is no formal training in strategic management.
Which of the following should a firm consider when engaging in strategic planning? -
Answers-involving all managers in the process
, Which of the following is a pitfall to avoid in strategic planning? - Answers-Becoming so
focused on current problems that planning is forgotten
Where did the history of strategic planning start? - Answers-the military
Business strategy is based on the assumption of competition. What is the assumption of
military strategy? - Answers-conflict
The vision statement answers which of the following questions? - Answers-What do we
want to become?
Which of the following should be established first? - Answers-vision statement
A mission statement is also referred to as all of the following except: - Answers-vision
statement
What does Peter Drucker suggest is the first responsibility of strategists? - Answers-
Answering the question "What is our business?"
An article by Campbell and Yeung suggests that commitment to the strategy can be
enhanced by a mission statement with: - Answers-an emotional bond
Campbell and Yeung suggest: - Answers-vision includes specific goals
A mission statement designed from a customer perspective has the potential to
positively impact organizational performance by enhancing: - Answers-customer
satisfaction
According to Peter Drucker, when is the most important time to develop vision and
mission statements? - Answers-when a firm has been successful
Which of the following is a characteristic of a good mission statement? - Answers-
reveals that a firm is socially responsible
Which of the following represents a good mission statement? - Answers-AT&T focusing
on communication
Which of the following is not identified as a component of mission statements? -
Answers-stock price
A mission statement: - Answers-should include some vagueness.
To foster customer satisfaction, the process of developing a mission statement might
include which of the following groups? - Answers-sales representatives
The focus of strategic management is on: - Answers-the integration of all the functional
areas of the business to achieve organizational success
A strategic plan is primarily designed to: - Answers-gain and sustain competitive
advantage
The strategic management process begins with: - Answers-strategy formulation
In which stage of the strategic management process is an organization likely to develop
a mission statement? - Answers-strategy formulation
In which situation is intuition most likely to be useful for making strategic decisions? -
Answers-when there is little precedent
Integrating and analyzing knowledge of the business to formulate effective strategies is
the essence of: - Answers-intuition
Apple's financially lean position with regard to manufacturing facilities provides the firm
with _______ over Sony with a significant investment in manufacturing facilities. -
Answers-a competitive advantage
The changing demographics of an organization's target market are an example of: -
Answers-opportunities and threats
In developing a strategic plan, which is an important first question to pose? - Answers-
Where are we now?
That the strategic-management process is dynamic requires that the activities be
performed: - Answers-continually
Which of the following is not a financial benefit for organizations that use strategic
management? - Answers-Improved understanding of competitors' strengths
The ability to prevent problems is often improved with strategic management as a result
of improved: - Answers-interaction among managers at all levels and across functions
Some firms view planning as a waste of time because: - Answers-no product or service
is produced
Which of the following is a reason some firms do not engage in strategic planning? -
Answers-There is no formal training in strategic management.
Which of the following should a firm consider when engaging in strategic planning? -
Answers-involving all managers in the process
, Which of the following is a pitfall to avoid in strategic planning? - Answers-Becoming so
focused on current problems that planning is forgotten
Where did the history of strategic planning start? - Answers-the military
Business strategy is based on the assumption of competition. What is the assumption of
military strategy? - Answers-conflict
The vision statement answers which of the following questions? - Answers-What do we
want to become?
Which of the following should be established first? - Answers-vision statement
A mission statement is also referred to as all of the following except: - Answers-vision
statement
What does Peter Drucker suggest is the first responsibility of strategists? - Answers-
Answering the question "What is our business?"
An article by Campbell and Yeung suggests that commitment to the strategy can be
enhanced by a mission statement with: - Answers-an emotional bond
Campbell and Yeung suggest: - Answers-vision includes specific goals
A mission statement designed from a customer perspective has the potential to
positively impact organizational performance by enhancing: - Answers-customer
satisfaction
According to Peter Drucker, when is the most important time to develop vision and
mission statements? - Answers-when a firm has been successful
Which of the following is a characteristic of a good mission statement? - Answers-
reveals that a firm is socially responsible
Which of the following represents a good mission statement? - Answers-AT&T focusing
on communication
Which of the following is not identified as a component of mission statements? -
Answers-stock price
A mission statement: - Answers-should include some vagueness.
To foster customer satisfaction, the process of developing a mission statement might
include which of the following groups? - Answers-sales representatives
