Soal

The Nature of Strategic Management
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Chapter 1
Chapter Quiz
Chapter Quiz
This activity contains 25 questions.
The term _________ is used to refer to strategy formulation, implementation, and evaluation, with _________referring only to strategy formulation.
strategic planning; strategic management assessment; planning strategic management; strategic planning management cycle; brainstorming
Which of these requires a firm to establish annual objectives, devise policies, and allocate resources?
Strategy formulation Strategy implementation Strategy manipulation Strategy evaluation
The rationale for periodically conducting strategic-management meetings away from the work site is to encourage more _____________ and ____________ among participants.
feedback; rigidity creativity; candor confidence; self-interest strategy evaluation; candor
Anything that a firm does especially well compared to rival firms is referred to as:
competitive advantage. comparative advantage. an external opportunity. opportunity cost.
Both military and business organizations do all of the following except:
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use of the element of surprise. aim "to gain competitive advantage." use the assumption of conflict to develop strategies. use their own strengths to exploit competitors' weaknesses.
__________ help an organization gather, analyze, and organize information.
Ethics officers Operatives Lobbyists Strategists
A disadvantage of international operations is:
foreign operations can allow firms to establish low-cost production facilities in locations close to raw materials and/or cheap labor. economies of scale can be achieved from operation in global rather than solely domestic markets. competitors in foreign markets may not exist. language, culture, and value systems differ among countries, causing communication barriers and problems managing people.
_________ are especially critical for successful strategy implementation.
Interpersonal skills Technical plans Long-range plans Short-range plans
All of these are pitfalls an organization should avoid in strategic planning except:
using strategic planning to gain control over decisions and resources. failing to involve key employees in all phases of planning. hastily moving from mission development to strategy formulation. using plans as a standard for measuring performance.
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____________ and __________ refer to economic, social, cultural, demographic, environmental, political, legal, governmental, technological, and competitive trends and events that could significantly benefit or harm an organization in the future.
Internal strengths; external threats External opportunities; external threats Internal weaknesses; external opportunities Internal strengths; internal weaknesses
Strategic management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.
True False
The action stage of strategic management is called strategy formulation.
True False
Three fundamental strategy evaluation activities are reviewing external and internal factors, measuring performance, and taking corrective actions.
True False
Strategies can be defined as specific results that an organization seeks to achieve in pursuing its basic mission.
True False
Reasons for poor or no strategic planning on part of firms include overconfidence, too expensive, suspicion, and laziness.
True False
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Objectives are an organization's statements that answer the question "what do we want to become?"
True False
An organization can pursue any and/or all strategies that potentially could benefit the firm.
True False
Communication is an act of strengthening employees' sense of effectiveness by encouraging them to participate in decision making and to exercise initiative and imagination, and rewarding them for doing so.
True False
Strategic management must be a self-reflective learning process.
True False
One pitfall to avoid in strategic planning is top management making many intuitive decisions that conflict with formal planning.
True False
Identify and describe the three stages of the strategic-management process. Give reasons within your answer to describe why each of these stages is important in strategic management.
To create paragraphs in your essay response, type at the beginning of the paragraph, and at the end.
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What is sustained competitive advantage? Define this concept and explain how a firm can achieve it. Why is it important in strategic management?
How do external opportunities and threats differ in their strategic implications from those of internal strengths and weaknesses? Be sure to include in your answer a brief description of each of these four terms.
What is the strategic-management model? What does it represent? Describe several characteristics of the strategic-management process based on what you understand about the strategic-management model.
Describe the concept of empowerment. How is empowerment related to the decentralization of the strategic-management process?
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decentralization of the strategic-management process?

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The Business Vision and Mission
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Chapter 2
Chapter Quiz
Chapter Quiz
Most practitioners and academicians of strategic management feel that an effective mission statement exhibits ______ characteristics or components.
three nine twelve five
Carefully prepared _____________ and ____________ are widely recognized by both practitioners and academicians as the first step in strategic management.
short-term objectives; long-term objectives long-term objectives; goals creeds; long-term objectives vision statements; mission statements
The vision and mission statement can often be found:
on the front of annual reports. in a competitive market analysis. on supplier invoices. in the SEC report.
It is important to involve ______________ in the process of developing a mission statement.

only those managers who will use the mission as many managers as possible very few people to ease consensus-building as wide a variety of upper-level managers as possible
An article by Campbell and Yueng emphasizes that the process of developing a mission statement should create a(n) ________ and ________ between the organization and its employees.
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organization and its employees.

cultural bond; sense of accomplishment emotional bond; sense of mission physical bond; profitable purpose short-term plan; sense of direction
During strategy _________, corporate social policy should be set and administered.
control formulation evaluation implementation
What is the recommended length of an effective mission statement?
One sentence of 10 to 20 words. Less than 250 words. One page. There is no recommendation. It can be as long as the management wants.
A study by Rarick and Vitton found that firms with a formalized mission statement have the average return on shareholders' equity compared to those firms without a formalized mission statement.
twice half five times one quarter
A major reason for developing a business mission statement is to attract ________ who give meaning to an organization.
customers stockholders competitors lobbyists
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Which of the following is a question that an effective mission statement answers?

What is our profitability? What is the company we want to be in the long-range future? Is the firm technologically current? What is our net worth?
The vision statement should be short, preferably one sentence.
True False
Commitment to a company's strategy and intellectual agreement on the strategies to be pursued do not necessarily translate into an emotional bond.
True False
The vision statement should be a paragraph and developed by the CEO or President of the company.
True False
Drucker says that asking the question "What is our business?" is synonymous with asking the question "what is our mission?"
True False
Stakeholders of an organization include stockholders, customers and creditors, but not the competitors.
True False
Developing a comprehensive mission statement is important because divergent views can be revealed and resolved through the process.
True False
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False
An effective mission statement should include five components.
True False
During strategy formulation, social policy should be reaffirmed and changed.
True False
A mission statement should be longer than 250 words describing the ten components.
True False
The term social policy embraces managerial philosophy and thinking at the highest levels of an organization.
True False
What is the purpose of a mission statement? Differentiate between a mission and a vision statement.
Why are the vision and mission statements important to a given organization? Why are they important to effective strategic management? Cite several reasons organizations should carefully develop a written mission statement.
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What are the benefits of a vision and mission statement?
What does it mean to reflect the anticipations of customers? How can a company incorporate this idea when developing its mission statement?
List and explain the nine essential components of a mission statement. Why are these important?
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Answer choices in this exercise appear in a different order each time the page is loaded.
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The External Assessment
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Chapter 3
Chapter Quiz
Chapter Quiz
According to I/O theorists, which of the following contributes least to firm performance?
Internal resources Economies of scale Barriers to market entry Product differentiation
The external audit is aimed at:
taking advantage of potential threats and minimizing external opportunities. developing an exhaustive list of factors that could influence the business. identifying key variables that offer actionable responses. developing an infinite list of opportunities that could benefit a firm.
Good _______ in business, as in the military, is one of the keys to success.
short-term plan focus competitive intelligence divisions conflict encouraging scenarios
__________ are the results of a low value of the dollar.
Lower imports and higher exports Lower imports and lower exports Higher imports and higher exports Higher imports and lower exports
Which of the following is NOT a key economic variable to be monitored?
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Availability of credit Price fluctuations Stock market trends Voter participation rates
_______________ and ______________ are creating similar patterns of consumption in diverse cultures worldwide.
Tax harmonization; legal factors Distinct domestic markets; the climate for international business Mass communication; high technology Corporate tax breaks; mass communication
The idea of joining forces with a competitor is not easily accepted by ___________, who often view cooperation and partnerships with skepticism and suspicion.
Japanese Americans Chinese Europeans
All of these, except __________, are part of Porter's competitive forces in industry analysis.
potential entry of new competitors bargaining power of suppliers development of substitute products bargaining power of unions
In its simplest sense, the international challenge faced by U.S. business is twofold:
how to increase exports to other countries and how to increase imports from other countries. how to defend domestic markets against imported goods while minimizing exports. how to maximize exports to other nations and how to defend domestic markets against imported goods. how to minimize imports and exports in domestic markets and slowly decrease globalization.
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globalization.
_______________ are most appropriate when historical data are available and when the relationships among key variables are expected to remain the same in the future.
Qualitative forecasts Econometric model analyses Quantitative forecasts A scenario forecast
Five major categories of external variables are: (1) economic forces, (2) social and cultural forces, (3) political, governmental and legal forces, (4) technological forces and (5) demographic forces.
True False
Significant and unequal effects on companies in different industries and in different locations come from trends in the dollar's value.
True False
Competitive pressures arising from substitute products increase as the relative price of substitute products declines and as consumers' switching costs decrease.
True False
Research findings suggest that approximately 36 percent of a firm's profitability can be explained by the industry, whereas 20 percent is attributed to the firm's internal factors.
True False
Nine out of 10 large companies have employees dedicated solely to gathering competitive intelligence.
True False
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Suppliers can increase their bargaining power if they can inexpensively switch to competing brands or substitutes.
True False
Bargaining power of consumers is usually the most powerful of Porter's five competitive forces.
True False
Many large multinational firms are moving out of EU member-countries into Switzerland and Ireland to avoid costs associated with tax harmonization.
True False
Shifts in the nature and location of production systems, especially to China and India, are reducing the response time to changing market conditions.
True False
Based on the best information at the time, assumptions serve as checkpoints on the validity of strategies.
True False
Identify the five broad categories of external forces. Which two do you think are the most important for a firm that specializes in government contracts for the military? Support your response.
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Briefly explain the rationale behind the industrial organization (I/O) approach to competitive advantage. Do you agree with this approach?
Explain the importance of technological forces for a firm. Identify some recent technological forces that have been factors in how companies compete in a particular industry and explain how those forces affected competition.
Differentiate between market commonality and resource similarity. What is meant by each of these terms? How are they used?
What is the Competitive Profile Matrix? How is it used? What factors are included in this analysis?
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included in this analysis?

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The Internal Assessment
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Chapter 4
Chapter Quiz
Chapter Quiz
A firm's strengths that cannot be easily matched or imitated by competitors are called:
external opportunities. distinctive competencies. special properties. competitive ventures.
___________ can inhibit strategic management, for example, by leading managers to miss the significance of changing external conditions.
Rules and guidelines Culture Market segmentation Competitive awareness
The five functions of management are planning, organizing, _________, staffing, and controlling.
rewarding communicating implementing motivating
A particular form or manner in which members of a group use sounds and written signs to convey meanings to each other is the definition of:
language. saga. metaphor. rite.
__________ ratios measure management's overall effectiveness as shown by the returns generated on sales and investment.
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the returns generated on sales and investment.

Liquidity Profitability Growth Leverage
For a resource to be valuable, it must be either rare, hard to imitate, or:
viable. natural. difficult to construct. not easily substituted.
Americans place a high priority on __________ whereas many foreigners do not.
material wealth family relationships silence
Staffing involves all of these activities except:
recruiting. managing union relations. customer analysis. training and developing.
Which of the following ties all business functions together and provides the basis for all managerial decisions?
Management Marketing Information Technology
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A _____ purpose is to improve the performance of an enterprise by improving the quality of managerial decisions.
management information system's data transformer's quality control mechanism's dysfunctional system's
Many Europeans resent pay-for-performance, commission salaries, and objective measurement and reward systems.
True False
The process of performing an internal audit closely parallels the process of performing an external one.
True False
The basic premise of the RBV is that the mix, type, amount, and nature of a firm's internal resources should be considered secondarily in devising strategies that can lead to sustainable competitive advantage.
True False
The only thing certain about the future of any organization is change, and planning is the essential bridge between the present and the future that increases the likelihood of achieving desired results.
True False
Sometimes an organization will pursue a backward integration strategy primarily to gain better control over prices charged to consumers.
True False
An opportunity analysis is an appraisal of the costs, benefits and risks associated with decisions.
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True False
An example of activity ratios is the times-interest-earned ratio.
True False
Cross-training of employees can decrease efficiency, quality, productivity, and job satisfaction.
True False
In the value chain, total revenues minus total costs of all activities undertaken to develop and market a product or service yields value.
True False
Internal R&D and contract R&D are the two basic forms of R&D in organizations.
True False
Describe the process of performing an internal audit. What are the goals of an internal audit?
What is the resource-based view? Describe this approach to competitive advantage and explain its general reasoning.
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Compare and contrast U.S. firms with European firms. Why do the management styles, workplace norms, and other factors of work life differ in Europe from the U.S.?
What does it mean for a manager to be motivating? What affects morale and employee satisfaction?
Identify and describe the Internal Factor Evaluation (IFE) Matrix. What is its purpose in strategic management?
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Strategies in Action
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Chapter 5
Chapter Quiz
Chapter Quiz
__________ is based on the belief that the true measure of a really good strategist is the ability to solve problems.
Managing by subjectives Managing by extrapolation Managing by crisis Managing by hope
Long-term objectives are needed at the ____________ of an organization.
corporate and divisional levels corporate levels corporate, divisional, and functional levels divisional and functional levels
__________ strategy is designed to fortify an organization's basic distinctive competence.

Integrative Retrenchment Intensive Diversification
Many, if not most, organizations pursue a:
concentric diversification. combination strategy. geographic strategy. product development strategy.
An example of _______ strategy is establishing Web sites to sell products directly to consumers.
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directly to consumers.
backward integration conglomerate diversification horizontal integration forward integration
Which of the following is not a guideline for pursuing liquidation?
When divestiture has not been successful. When an organization's only alternative is bankruptcy. When the stockholders of the firm can minimize their losses by selling the firm's assets. When the organization has successfully pursued retrenchment.
A popular strategy that occurs when two or more companies form a temporary partnership for the purpose of capitalizing on some opportunity is called a(n):
merger. joint venture. acquisition. takeover.
______ includes increasing the number of salespersons, increasing advertising expenditures, offering extensive sales promotion items, or increasing publicity efforts.
Market Development Product development Horizontal integration Market penetration
______________ is selling a division of an organization.
Franchising Divestiture Liquidation Horizontal integration
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When employing a ______ strategy, a firm must be careful not to use such aggressive price cuts that their own profits are low or nonexistent.
differentiation focus cost leadership product development
Managing by Crisis is based on the belief that the true measure of a really good strategist is the ability to solve problems.
True False
To successfully employ a focus strategy, a firm must ensure that its total costs across its overall value chain are lower than competitors' total costs.
True False
The overall aim of the Balanced Scorecard is to balance financial objectives with strategic objectives.
True False
High-velocity change is becoming more the rule rather than the exception.
True False
Chapter 9 bankruptcy applies to farmers.
True False
Joint ventures are being used increasingly because they allow companies to minimize risk.
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True False
Diversification strategies are becoming more popular as organizations are finding it easier to manage diverse business activities.
True False
Pioneering new and better technologies is an action based on the strategic posture of leading change.
True False
An acquisition occurs when a large organization purchases a smaller firm, whereas a merger occurs when two organizations of about equal size unite to form one enterprise.
True False
Being a first mover can be effective when a firm can easily copy or imitate the lead firm's products or services.
True False
What are long-term objectives? Describe their purpose within various levels of an organization.
Compare market penetration, market development, and product development. Give an example of each intensive strategy.
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Give an example of each intensive strategy.

What are the diversification strategies? Describe the two general types of diversification strategies and explain when each type is appropriate.
What is differentiation? When would a firm pursue a differentiation strategy? Give an example of a firm that uses differentiation.
What is business-process outsourcing (BPO)? For what reasons would companies choose to outsource their functional operations?
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Strategy Analysis and Choice
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Chapter 6
Chapter Quiz
Chapter Quiz
The __________ is based on 2 key dimensions: the IFE total weighted scores on x-axis and the EFE total weighted scores on the y-axis.
IE Matrix SPACE Matrix BCG Matrix Grand Strategy Matrix
_________ are defensive tactics directed at reducing internal weakness and avoiding external threats.
SW Strategies WO Strategies WT Strategies ST Strategies
Which stage in the strategy-formulation framework focuses on generating feasible alternative strategies?
The input stage The output stage The matching stage The decision stage
______ have a low relative market share position and compete in a slow- or nomarket-growth industry.
Question marks Cash cows Stars Dogs
Which of these is not a SPACE Matrix quadrant?
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Defensive Offensive Aggressive Competitive
______ organizations compete in slow-growth industries and have weak competitive positions.
Quadrant I Quadrant III Quadrant IV Quadrant II
A division with a high relative market share position in a low-growth industry can be described as a:
star. dog. question mark. cash cow.
Slow market growth characterizes ______ and ______ of the Grand Strategy Matrix.
Quadrant II; Quadrant III Quadrant I; Quadrant IV Quadrant II; Quadrant I Quadrant III; Quadrant IV
_____ is shifting focus from specific issues to more general ones may increase strategists' options for gaining organizational commitment.
Generalization Equifinality Satisfying Focusing on higher-order issues
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Which of the following is not a tactic used by politicians for centuries that can aid strategists?
Equifinality Objectivity Focus on higher-order issues Generalization
Sustainability is the idea that a business can meet its financial goals without hurting customers.
True False
Organizations generally will pursue ST, SO, or WT strategies to get into a situation in which they can apply WO strategies.
True False
FA and CA are the 2 dimensions with negative ratings in SPACE Matrix.
True False
The major benefit of the BCG Matrix is that it draws attention to the cash flow, investment characteristics, and needs of an organization's various divisions.
True False
The IE Matrix can be divided into three major regions that have different strategy implications: grow and build, hold and maintain, and harvest or divest.
True False
Quadrant IV businesses compete in slow-growth industries and have weak competitive positions.
True False
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False
The Grand Strategy Matrix is based on two evaluative dimensions: market share and market growth.
True False
If the directional vector appears in the lower-right or competitive quadrant of the SPACE Matrix, it suggests competitive strategies such as backward, forward, and horizontal integration.
True False
The BCG Matrix graphically portrays differences among divisions in terms of relative market share position and industry growth rate.
True False
In the U.S. today, each board director attends at least 90 percent of all meetings.
True False
Describe the eight steps involved in constructing a SWOT Matrix. What strategies are derived from the development of a SWOT Matrix? How are they used?
What is the BCG Matrix? What is its purpose and how does it help strategic managers?
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managers?
What is the role of the QSPM? Briefly describe how the QSPM is used.
How do good corporate governance and strategy relate to one another? Identify some principles of good governance according to BusinessWeek.
Describe the political tactics of successful strategists within large organizations. Identify some of these tactics specifically.
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Page 6 of 6
Implementing Strategies: Management and Operations Issues
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Chapter 7
Chapter Quiz
Chapter Quiz
Which of these is true about strategy implementation?
It is positioning forces before the action. It is primarily an operational process. It focuses on effectiveness. It requires intuitive rather than leadership skills.
In organizations that do not use a strategic-management approach to decision making, _________ is often based on political or personal factors.
goal setting policy making resource allocation company strategy
_______ can be defined as a disagreement between two or more parties on one or more issues.
Avoidance Conflict Compromise Rational discussion
Perhaps the most important limitation of a divisional structure is that it:
allows local control of situations. leads to a competitive climate within a firm. streamlines staff services too much. is costly.
The most widely used structure is the ________ type.
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divisional SBU functional matrix
Which of the following is not one of the ways divisional structures can be organized?
By geographic area By product By suppliers By process
A _____ structure leads to short-term and narrow thinking that may undermine what is best for the firm as a whole.
divisional functional matrix strategic business unit
________ is concerned more with employee and customer well-being than shareholder well-being.
Restructuring Reengineering E-engineering Benchmarking
A change strategy that attempts to convince people the change is to their personal advantage is:
rational. force. educative. compromise.
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_______ can thrust managers into roles that emphasize counseling and coaching over directing and enforcing.
Cross-training JIT Adding new branches Quality control
Strategy implementation is managing forces during the action.
True False
Nothing could be more detrimental to strategic management and organizational success than for resources to be allocated inconsistent with priorities indicated by annual objectives.
True False
Defusion is exemplified by exchanging members of conflicting parties so that each can gain an appreciation of the other's point of view.
True False
The structural format for developing objectives and policies can significantly impact all other strategy-implementation activities.
True False
Functional structure design violates the unity-of- command principle.
True False
Defusion includes such actions as ignoring the problem in hopes the conflict will resolve itself or physically separating the conflicting individuals.
True False
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False
Medium-sized firms tend to be divisionally structured, whereas large firms tend to use an SBU (strategic business unit) or matrix structure.
True False
Communication is often the best in a functional structure.
True False
The educative change strategy presents information to convince people of the need to change.
True False
There is a much higher tolerance for adversarial relations or friction at work in Mexico as compared to the United States.
True False
Contrast strategy formulation and strategy implementation. Provide specific examples of how they differ.
What is the purpose of annual objectives? Why are they essential to strategy implementation?
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Why is resource allocation so important? How are strategy, structure, and resources related?
What is the matrix structure? When is it appropriate to use this type of organizational structure?
What are some reasons for resistance to change? How can this threaten successful strategic implementation?
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Implementing Strategies: Marketing, Finance/Accounting, R&D, and MIS Issues
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Chapter 8
Chapter Quiz
Chapter Quiz
______ can be defined as the subdividing of a market into distinct subsets of customers according to needs and buying habits.
Product positioning Marketing mix Market segmentation Divisional structure
______________ and ____________ rank as marketing's most important contributions to strategic management.
Market penetration; market segmentation Product diversification; market penetration Market segmentation; product positioning Product positioning; product diversification
An effective product positioning strategy leads customers to expect __________service than a company can deliver.
much higher slightly lower the same much lower
_______ entails developing schematic representations that reflect how your products or services compare to competitors' on dimensions most important to success in the industry.
Promotion Positioning Placing Pricing
What is the most widely used technique for determining the best combination of debt and stock?
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debt and stock?

Earnings per share/earnings before interest and tax analysis Debt-to-stock ratio Present value analysis Gross profit analysis
Nearly all financial institutions require at least __________ years of projected financial statements whenever a business seeks capital.
five three four six
The first approach in evaluating the worth of a business is determining its __________ or __________.
net income; operating revenue cash flow; net income wealth; revenue net worth; stockholders' equity
Which of the following can be forecasted using the percentage-of-sales method?
Cost of good sold Taxes Interest Dividends
In many firms, _________ is doing away with the workplace and allowing employees to work at home or anywhere, anytime.
management the economy government information technology
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The level of management support for R&D is often constrained by:
the limited performance of R&D. difficult market penetration. high levels of competition in R&D. resource availability.
The most common bases for segmenting markets are geographic and demographic.
True False
An EPS/EBIT analysis is the most widely used technique for determining whether debt, stock, or a combination is the best alternative for raising capital to implement strategies.
True False
The balance sheet should be prepared before the income statement in performing projected financial analyses.
True False
Financial budgets can be viewed as the planned allocation of a firm's resources based on past performance.
True False
Strategies such as forward, backward, and horizontal integration require that new products be successfully developed and that old products be significantly improved.
True False
Using all debt or all stock to raise capital may impose fixed obligations, restrictive covenants, or other constraints that could severely reduce a firm's ability to raise additional capital in the future.
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ability to raise additional capital in the future.

True False
Financial budgeting should not be thought of as a tool for limiting expenditures but rather as a method for obtaining the most productive and profitable use of an organization's resources.
True False
To use the price-earnings ratio method, divide annual earnings per share by the market price of the firm's common stock and multiply by average net income for the past five years.
True False
A good information system can cause a firm to increase costs due to the expense of new technology.
True False
A good information system can allow a firm to reduce costs by establishing direct communications between elements of the value chain.
True False
What are some marketing decisions that may require actual policies? Provide some examples.
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What specific steps are required in product positioning?
Describe projected financial statement analysis. How is it used for strategy implementation?
What methods are involved in evaluating a business's worth? Briefly describe each.
What is a management information system? How are these systems becoming more important?
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Strategy Review, Evaluation, and Control
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Chapter 9
Chapter Quiz
Chapter Quiz
__________ refers to the need for strategists to examine sets of trends as well as individual trends in evaluation strategies.
Consistency Consonance Feasibility Advantage
Strategy evaluation includes all of the following basic activities, EXCEPT:
Examining the underlying bases of a firm's strategy. Comparing expected results with actual results. Comparing results of competitors' strategies. Taking corrective actions to ensure that performance conforms to plans.
The purpose of strategy evaluation is to:
improve R&D programs. evaluate employees' performance. make budget changes. alert management to problems or potential problems.
______ require a more elaborate and detailed strategy evaluation system.
Small organizations Functional structures Large organizations Divisional structures
A revised _________ matrix should indicate how effective a firm's strategies have been in response to key opportunities and threats.
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have been in response to key opportunities and threats.

IFE grand strategy SPACE EFE
_______ should place an organization in a better position to capitalize upon internal strengths; to take advantage of key external opportunities; to avoid, reduce, or mitigate external threats; and to improve internal weaknesses.
Corrective actions Strategy structure Strategic circle Layoffs
Which of these is not a key financial ratio?
Market share Production quality Earnings per share Asset growth
Which of the following is not a qualitative question that is useful in strategy evaluation?
How much has our market share grown? Is the strategy internally consistent? Is the strategy appropriate in view of available resources? Is the strategy consistent with the environment?
_______ can be defined as alternative plans that can be put into effect if certain key events do not occur as expected.
Strategy formulation Contingency plans Long-term plans Strategy implementation
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The Balanced Scorecard approach to strategy evaluation aims to:
emphasize long-term concerns. balance the financial concerns. emphasize nonfinancial concerns. balance internal with external concerns.
Advantage, in Rumelt's criteria for evaluating strategies, means a strategy must neither overtax available resources nor create unsolvable subproblems.
True False
Alternative strategies not selected for implementation should be discarded, as they have a tendency to contaminate the contingency plans.
True False
And IFE Matrix should indicate how effective a firm's strategies have been in response to key opportunities and threats.
True False
The end of the fiscal year is the best time of the year to do strategy evaluation.
True False
Criteria that predict results may be more important than those that reveal what already has happened.
True False
Strategy evaluation, to be effective, should be based on quantitative criteria only.

True False
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False
Instituting an environmental audit can include moving environmental affairs from the staff side of the organization to the line side.
True False
Auditor-employees within an organization are responsible for safeguarding company assets, assessing the efficiency of company operations, and ensuring that generally accepted business procedures are practiced.
True False
Proponents of the top-down approach contend that top executives are the only persons in the firm with the collective experience, acumen, and fiduciary responsibility to make key strategy decisions.
True False
Strategy evaluation is becoming easier with the passage of time.
True False
Identify and describe Rumelt's criteria for evaluating strategies.
To create paragraphs in your essay response, type at the beginning of the paragraph, and at the end. ..
What are some key questions to address in evaluating strategies?
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How is the Balanced Scorecard used as a strategy-evaluation tool? Support your response.
What are the characteristics of an effective evaluation system?
What is the purpose of contingency planning? What are some common contingency plans? Provide at least two examples.
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The Nature of Strategic Management

Both military and business organizations do all of the following except:

The Nature of Strategic Management

__________ help an organization gather, analyze, and organize information.

Ethics officers Operatives Lobbyists Strategists

A disadvantage of international operations is:

_________ are especially critical for successful strategy implementation.

Interpersonal skills Technical plans Long-range plans Short-range plans

The Nature of Strategic Management

The action stage of strategic management is called strategy formulation.

The Nature of Strategic Management

Strategic management must be a self-reflective learning process.

The Nature of Strategic Management

The Nature of Strategic Management

decentralization of the strategic-management process?

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The Business Vision and Mission

The vision and mission statement can often be found:

It is important to involve ______________ in the process of developing a mission statement.

The Business Vision and Mission

organization and its employees.

What is the recommended length of an effective mission statement?

The Business Vision and Mission

Which of the following is a question that an effective mission statement answers?

The vision statement should be short, preferably one sentence.

The Business Vision and Mission

An effective mission statement should include five components.

During strategy formulation, social policy should be reaffirmed and changed.

The Business Vision and Mission

What are the benefits of a vision and mission statement?

The Business Vision and Mission

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The External Assessment

The external audit is aimed at:

Good _______ in business, as in the military, is one of the keys to success.

short-term plan focus competitive intelligence divisions conflict encouraging scenarios

__________ are the results of a low value of the dollar.

Which of the following is NOT a key economic variable to be monitored?

The External Assessment

The External Assessment

The External Assessment

The External Assessment

The External Assessment

included in this analysis?

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The Internal Assessment

The Internal Assessment

the returns generated on sales and investment.

For a resource to be valuable, it must be either rare, hard to imitate, or:

viable. natural. difficult to construct. not easily substituted.

Americans place a high priority on __________ whereas many foreigners do not.

material wealth family relationships silence

Staffing involves all of these activities except:

recruiting. managing union relations. customer analysis. training and developing.

The Internal Assessment

The Internal Assessment

An example of activity ratios is the times-interest-earned ratio.

The Internal Assessment

The Internal Assessment

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Long-term objectives are needed at the ____________ of an organization.

__________ strategy is designed to fortify an organization's basic distinctive competence.

Many, if not most, organizations pursue a: