UW-Madison MHR 300: Quiz Questions - Exam 1 ||
WITH A+ GRADED SOLUTIONS!!
Who are our customers? What are our major products or services? In what geographic areas
do we compete? These are all questions that are answered in a good ________. correct
answers mission statement
A forecast is a vision or projection of the future. T/F correct answers T
Regarding the results of a SWOT analysis, organizational opportunities are ________. correct
answers environmental factors that the organization may exploit for a competitive advantage
Developing a program focused on individual aspects of an organization for short-term
success is the focus of strategic planning. T/F correct answers F
Strategic planning is concerned with developing a comprehensive program for long-term
success.
To develop a grand strategy, you need to gather data and make projections, using the tools of
competitive intelligence, SWOT analysis, forecasting, benchmarking, and Porter's five
competitive forces. T/F correct answers T
Regarding the findings from a SWOT analysis, organizational strengths are ________.
correct answers skills and capabilities that give a company advantages in executing its
strategies
Don knows that one of the reasons people do not return to his electronics store is because of
the slow service. This is an example of the organization's ________. correct answers
weaknesses
The vision is an organization's purpose or reason for being, and a company's mission
statement is its long-term goal of what it wants to become. T/F correct answers F
The mission statement is an organization's purpose or reason for being, and a company's
vision is its long-term goal of what it wants to become. (See Table 6.1.)
Often strategy implementation means overcoming resistance by people who feel the plans
threaten their influence or livelihood. T/F correct answers T
The owners of Smith's Yard Mart, a family-owned garden center in a rural community, is
concerned over the news that a large retailer with a garden center is building a new store on
the other side of town. This new retailer is a(n) ________ for Smith's. correct answers threat
According to the BCG matrix, organizations that have high growth and high market share are
stars and should be kept. T/F correct answers T
What is the assessment of the external environment? What are the critical issues facing the
business? Can the business execute the strategy? According to Bossidy and Charan, these are
some of the questions that should be addressed in a ________. correct answers strong
strategic plan
, The second step in the strategic-management process is to look at where the organization
stands and see what is working and what could be different to maximize efficiency and
effectiveness in achieving the organization's mission. This step is the process of completing
a(n) ________. correct answers current reality assessment
According to Harvard Business School professor Michael Porter, strategic positioning
"means performing different activities from rivals, or performing similar activities in
different ways" to achieve sustainable competitive advantage. T/F correct answers T
When an organization is able to get and stay ahead in the four areas of (1) being responsive to
customers, (2) innovating, (3) quality, and (4) effectiveness, that company can develop
________. correct answers a sustainable competitive advantage
Sandra displays and sells paintings and local art in her gallery, and in the evenings she
teaches art classes in the back of her studio, a business named Sandra's Art School. This is an
example of related diversification. T/F correct answers T
Once Instructor Services, an IT company, analyzes the company's strengths, weaknesses,
opportunities, and threats, managers will be able to do forecasting to develop a long-term
strategy. T/F correct answers T
Donna's Restaurant is a popular café that specializes in home-cooked meals, friendly service,
and a menu that contains vegan and vegetarian dishes, something no other restaurant in the
area does. Donna's is engaging in strategic positioning by offering the unique menu items of
vegan and vegetarian dishes. T/F correct answers T
Maria's Mart is a small store located along a major interstate highway that sells gas and
diesel, food, souvenirs, DVD movies, and a wide variety of other items. There is even a café
inside the store. Maria's Mart is an example of a diversification strategy. T/F correct answers
T
Mountain Rescue Incorporated sells emergency safety and rescue products to ski patrols and
rescue workers at prices that are below those of its competitors, who offer a larger line of
products and focus on broader markets. Mountain Rescue Incorporated is pursuing a
________ strategy. correct answers cost-focus
Nick, the R&D department manager of Precise, a manufacturer of high-quality watches for
over 125 years, was told in a management meeting that the company's biggest competitor,
Accurate Watches, is introducing a low-cost, yet attractive line of watches that will be sold in
Walmart stores. As a result, the top management of Precise is pressuring Nick to lower the
production costs on existing products and also to develop a line of watches that can be
manufactured inexpensively to be marketed to a wider variety of customers at a much lower
price. This is an example of a quality-leadership strategy. T/F correct answers F
The cost-leadership strategy is to keep the costs, and hence prices, of a product or service
below those of competitors and to target a wide market.
Sandra and her partner are involved in the time-consuming, yet vital process of choosing
among different strategies and altering them to best fit the long-term goals of their preschool
for the next three years. This process is known as goals formulation. T/F correct answers F
WITH A+ GRADED SOLUTIONS!!
Who are our customers? What are our major products or services? In what geographic areas
do we compete? These are all questions that are answered in a good ________. correct
answers mission statement
A forecast is a vision or projection of the future. T/F correct answers T
Regarding the results of a SWOT analysis, organizational opportunities are ________. correct
answers environmental factors that the organization may exploit for a competitive advantage
Developing a program focused on individual aspects of an organization for short-term
success is the focus of strategic planning. T/F correct answers F
Strategic planning is concerned with developing a comprehensive program for long-term
success.
To develop a grand strategy, you need to gather data and make projections, using the tools of
competitive intelligence, SWOT analysis, forecasting, benchmarking, and Porter's five
competitive forces. T/F correct answers T
Regarding the findings from a SWOT analysis, organizational strengths are ________.
correct answers skills and capabilities that give a company advantages in executing its
strategies
Don knows that one of the reasons people do not return to his electronics store is because of
the slow service. This is an example of the organization's ________. correct answers
weaknesses
The vision is an organization's purpose or reason for being, and a company's mission
statement is its long-term goal of what it wants to become. T/F correct answers F
The mission statement is an organization's purpose or reason for being, and a company's
vision is its long-term goal of what it wants to become. (See Table 6.1.)
Often strategy implementation means overcoming resistance by people who feel the plans
threaten their influence or livelihood. T/F correct answers T
The owners of Smith's Yard Mart, a family-owned garden center in a rural community, is
concerned over the news that a large retailer with a garden center is building a new store on
the other side of town. This new retailer is a(n) ________ for Smith's. correct answers threat
According to the BCG matrix, organizations that have high growth and high market share are
stars and should be kept. T/F correct answers T
What is the assessment of the external environment? What are the critical issues facing the
business? Can the business execute the strategy? According to Bossidy and Charan, these are
some of the questions that should be addressed in a ________. correct answers strong
strategic plan
, The second step in the strategic-management process is to look at where the organization
stands and see what is working and what could be different to maximize efficiency and
effectiveness in achieving the organization's mission. This step is the process of completing
a(n) ________. correct answers current reality assessment
According to Harvard Business School professor Michael Porter, strategic positioning
"means performing different activities from rivals, or performing similar activities in
different ways" to achieve sustainable competitive advantage. T/F correct answers T
When an organization is able to get and stay ahead in the four areas of (1) being responsive to
customers, (2) innovating, (3) quality, and (4) effectiveness, that company can develop
________. correct answers a sustainable competitive advantage
Sandra displays and sells paintings and local art in her gallery, and in the evenings she
teaches art classes in the back of her studio, a business named Sandra's Art School. This is an
example of related diversification. T/F correct answers T
Once Instructor Services, an IT company, analyzes the company's strengths, weaknesses,
opportunities, and threats, managers will be able to do forecasting to develop a long-term
strategy. T/F correct answers T
Donna's Restaurant is a popular café that specializes in home-cooked meals, friendly service,
and a menu that contains vegan and vegetarian dishes, something no other restaurant in the
area does. Donna's is engaging in strategic positioning by offering the unique menu items of
vegan and vegetarian dishes. T/F correct answers T
Maria's Mart is a small store located along a major interstate highway that sells gas and
diesel, food, souvenirs, DVD movies, and a wide variety of other items. There is even a café
inside the store. Maria's Mart is an example of a diversification strategy. T/F correct answers
T
Mountain Rescue Incorporated sells emergency safety and rescue products to ski patrols and
rescue workers at prices that are below those of its competitors, who offer a larger line of
products and focus on broader markets. Mountain Rescue Incorporated is pursuing a
________ strategy. correct answers cost-focus
Nick, the R&D department manager of Precise, a manufacturer of high-quality watches for
over 125 years, was told in a management meeting that the company's biggest competitor,
Accurate Watches, is introducing a low-cost, yet attractive line of watches that will be sold in
Walmart stores. As a result, the top management of Precise is pressuring Nick to lower the
production costs on existing products and also to develop a line of watches that can be
manufactured inexpensively to be marketed to a wider variety of customers at a much lower
price. This is an example of a quality-leadership strategy. T/F correct answers F
The cost-leadership strategy is to keep the costs, and hence prices, of a product or service
below those of competitors and to target a wide market.
Sandra and her partner are involved in the time-consuming, yet vital process of choosing
among different strategies and altering them to best fit the long-term goals of their preschool
for the next three years. This process is known as goals formulation. T/F correct answers F
