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Management
Strategic Management
Quiz 6
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Q.1
Which statement should be created first and foremost?
Strategic
Vision
Objectives
Mission
Q.2
What does the acronym SMART refer to?
Superiority, Measurement, Appropriability, Replicability, Transparency
Specific, Measurable, Achievable, Realistic, Timescale
Substitutability, Measurement, Appropriability, Replicability, Transparency
Specific, Measurable, Achievable, Realistic, Timely
Q.3
How often should strategic-management activities be performed?
Annually
Quarterly
Monthly
Continuously
Q.4
The "balanced scorecard" supplies top managers with a _____________ view of the business.
long-term financial
detailed and complex
simple and routine
fast but comprehensive
Q.5
Industry boundaries are blurring at an incredible rate as companies are recognizing that new opportunities lie at the intersection of two or more industries this is called ________.
globalization
customization
Industry convergence
heightened competition
Q.6
Which of the following lists is comprised of support activities:
human resource management, information systems, procurement, and firm infrastructure
customer service, information systems, technology development, and procurement
human resource management, technology development, customer service, and procurement
human resource management, customer service, marketing and sales, and operations
Q.7
Although firm infrastructure is quite frequently viewed only as overhead expense, it can become a source of competitive advantage. Examples include all of the following except:
negotiating and maintaining ongoing relations with regulatory bodies
marketing expertise increasing a firm's revenues and enabling it to enter new markets
effective information systems contributing significantly to a firm's overall cost leadership strategy
top management providing a key role in collaborating with important customers
Q.8
Which of the following management accounting systems places a very strong emphasis on incorporating data relating to its competitors in the preparation of management reports?
Activity based management
Flexible budgeting
Strategic management accounting
Sales variance analysis
Q.9
What term best describes the use of both financial and non-financial measures in assessing whether an entity has achieved its objectives?
Balanced scorecard
Benchmarking
Performance measurement
Target setting
Q.10
Situation analysis allows the organization to examine:
external factors only
internal factors only
the organization's top management only
both external and internal factors
Q.11
When actual performance results are better than what the plan called for, managers should:
ignore it
sell more products
issue more stock options to employees
increase prices
Q.12
Which of the following is NOT a characteristic of strategic management that makes it different from other types of management?
It is interdisciplinary
It has an external focus
It has an internal focus
It concerns the present direction of the organization
Q.13
What kind of organizational structure combines a vertical chain of command with horizontal reporting requirements?
line authority
matrix
functional
quality circle
Q.14
What kind of training program is most appropriate for a simple task?
on-the-job training
vestibule training
laboratory training
away-from-the-job training
Q.15
Possibly the most important pre-20th century influence on management was:
Scientific management
The industrial revolution
The division of labour
Therbligs
Q.16
The competencies or skills that a firm employs to transform inputs into outputs are:
tangible resources
intangible resources
organizational capabilities
reputational resources
Q.17
An array of firm resources include interpersonal relations among managers in the firm, its culture, and its reputation with its customers and suppliers. Such competitive advantages are based upon
physical uniqueness
path dependency
social complexity
tangible resources
Q.18
______ is any sharp disagreement or collision of interests and ideas.
Issues management
Conflict positioning
A conflict
A crisis
Q.19
Environmental scanning occurs in what phase of strategic conflict management?
Reactive
Proactive
Recovery
Strategic
Q.20
Which of the following is an issue considered in developing corporate strategies?
What business(es) are we in?
What direction are we going?
What resources do we have to implement our strategies?
What businesses are we in and what to do with those businesses?
Q.21
Which of the following is NOT a major element of the strategic management process?
Formulating strategy
Implementing strategy
Evaluating strategy
Assigning administrative tasks
Q.22
Which of the following statements is NOT true regarding corporate strategies?
They are concerned with the broad and more long-term issues of the organization
They are concerned with how the organization is going to compete in a specific business or industry
They are concerned with the direction the organization is headed
They are concerned with the business(es) that the organization is in and the businesses they want to be in
Q.23
The basic activities of strategic management include:
offense, defense, and control
situation analysis, strategy formulation, implementation, and evaluation
development, control, and management
ethics, management, and practice
Q.24
An organization's strategies should be designed so that they incorporate:
opportunities and threats
resources and capabilities
only traditional values of past organizations
opportunities, threats, resources, and capabilities
Q.25
Situation analysis involves the process of:
designing and choosing appropriate organizational strategies
analyzing the current environment of the organization
analyzing the external environment only
evaluating the internal aspects of the organization
Q.26
In the strategic marketing process, once you get results you go into the:
control phase
marketing plan
planning phase
marketing program
Q.27
A company's ability to meet its short-term financial obligations is measured by which of the following categories?
liquidity ratios
profitability ratios
activity ratios
leverage ratios
Q.28
______ is any verbal or written exchange that attempts to communicate information regarding risk to public health and safety and the environment.
Image restoration
Risk communication
Conflict positioning
Reputation management
Q.29
______ takes place in the recovery phase of strategic conflict management
Conflict positioning
Reputation management
Risk communication
Issues tracking
Q.30
An example of a corporate strategy would involve the decision to:
increase the price of the Hummer
spin Taco Bell off from Pepsi
combine marketing functions in the Northeast and the Southeast
increase the advertising budget for Coca-Cola
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