Strategic Planning
Exam Answer Key
Course Introduction
Strategic Planning is a course designed to equip students with the analytical tools and frameworks necessary to develop, implement, and assess effective organizational strategies. Focusing on both theoretical foundations and practical applications, the course explores environmental analysis, goal setting, competitive positioning, resource allocation, and performance measurement. Students will engage in case studies and group projects, learning to adapt strategic plans to dynamic business environments and to align organizational objectives with long-term vision and mission. By the end of the course, students will be prepared to approach complex business challenges with strategic insight and decision-making skills.
Recommended Textbook
Strategic Management and Business Policy 13th Edition by Thomas L. Wheelen
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12 Chapters
1260 Verified Questions
1260 Flashcards
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Chapter 1: Basic Concepts in Strategic Management
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109 Verified Questions
109 Flashcards
Source URL: https://quizplus.com/quiz/28808
Sample Questions
Q1) What are the four main activities of a learning organization?
Answer: The four main activities of a learning organization are solving problems systematically, experimenting with new approaches, learning from their own experiences and past history as well as from the experiences of others, and transferring knowledge quickly and efficiently throughout the organization.
Q2) Mintzberg's entrepreneurial mode is sometimes referred to as "muddling through" since this decision- making mode tends to be more reactive than proactive in the search for new opportunities.
A)True
B)False
Answer: False
Q3) One of the benefits of globalization is
A)economies of scale.
B)decreased outsourcing.
C)increased union negotiations.
D)increased taxes.
E)additional human resource training.
Answer: A
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Chapter 2: Corporate Governance
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) Interlocking directorates are a useful method for gaining both inside information about an uncertain environment and objective expertise about potential strategies and tactics.They are, however, increasingly frowned upon because of the possibility of collusion.
A)True
B)False
Answer: True
Q2) The relationship among the board of directors, top management, and shareholders is referred to as
A)corporate synergy.
B)corporate management.
C)corporate governance.
D)corporate strategy.
E)corporate responsibility.
Answer: C
Q3) The lowest degree of involvement for a board of directors is the catalyst level of interaction.
A)True
B)False
Answer: False
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Chapter 3: Ethics and Social Responsibility in Strategic Management
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) There is no truth to the comment that "business ethics" is an oxymoron.
A)True
B)False
Answer: True
Q2) The approach to ethical behavior which proposes that actions and plans should be judged by their consequences, thus producing the greatest benefit to society with the least harm or the lowest cost is called
A)individual rights approach.
B)mercantilism approach.
C)utilitarian approach.
D)justice approach.
E)moral imperialism approach.
Answer: C
Q3) Economist Milton Friedman has argued that a business's only responsibility is to
A)maximize profits and stay within the rules of the game.
B)sustain its market share.
C)promote the welfare of society.
D)satisfy its employees.
E)satisfy its customers.
Answer: A
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Chapter 4: Environmental Scanning and Industry Analysis
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) One of the breakthrough developments in technology is the portable information device.
A)True
B)False
Q2) According to Porter, the corporation is most concerned with
A)the intensity of competition within its industry.
B)the aggregate level of demand for a product line.
C)a market's position on its life cycle.
D)the amount of pressure from the societal environment.
E)the level of government action in an industry.
Q3) What are the two factors that tend to determine whether an industry will be primarily multidomestic or primarily global?
Q4) McDonald's and Olive Garden are in the same strategic group.
A)True
B)False
Q5) Business intelligence is one of the fastest growing fields within strategic management.
A)True
B)False
Q6) Describe the four general forces in the societal environment.
Page 6
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Chapter 5: Internal Scanning and Organizational Analysis
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) Which of the following best describes a simple structure?
A)Work is divided into subunits on the basis of such functions as manufacturing, marketing, finance, and human resources.
B)This is most appropriate for large corporations with many product lines in several related industries, with employees acting as functional specialists attempting to gain synergy among divisional activities.
C)This is most appropriate for small, entrepreneur-dominated companies with one or two product lines that operate in a small niche market, with employees acting as jack-of-all trades.
D)Employees have two or more superiors, a project manager and a functional manager.
E)This is most appropriate for large corporations with many product lines in several unrelated industries, with employees acting as functional specialists but with no attempt at gaining synergy among the divisions.
Q2) Transferability is the ability of competitors to use duplicated resources and capabilities to imitate the other firm's success.
A)True
B)False
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Page 7
Chapter 6: Strategy Formulation: Situation Analysis and Business Strategy
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) Which of the following is NOT considered a strategic alliance success factor?
A)Have a clear strategic purpose.
B)Operate with short term time horizon.
C)Agree on an exit strategy for when the partners' objectives are achieved.
D)Minimize conflicts among the partners by clarifying the objectives.
E)Identify likely partnering risks and deal with them when the alliance is formed.
Q2) According to Porter, a business unit in a competitive marketplace with no generic competitive strategy is
A)achieving synergy.
B)practicing innovative leadership.
C)stuck in the middle.
D)not goal directed.
E)last in line.
Q3) Oracle is using encirclement in attacking SAP in ERP software by surrounding SAP with acquisitions.
A)True
B)False
Q4) Discuss the difference between a fragmented and a consolidated industry.
Q5) What are Porter's four generic strategies?
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Chapter 7: Strategy Formulation: Corporate Strategy
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103 Verified Questions
103 Flashcards
Source URL: https://quizplus.com/quiz/28817
Sample Questions
Q1) When a firm internally makes 100% of its key supplies and completely controls its distributors, this is known as
A)full integration.
B)vertical integration.
C)mass integration.
D)economical integration.
E)strategic integration.
Q2) In international dealings, green-field development is
A)a way in which an MNC may contract with a foreign government or local firm to trade raw materials for certain resources belonging to the MNC.
B)a way in which an MNC can take total control of operations by acquiring a firm already established in the host country.
C)when a corporation chooses to build a facility from scratch allowing it the freedom to design the plant, choose suppliers, and hire its work force.
D)when an MNC has a large amount of management talent available and chooses to use its personnel to assist a firm in a host country for a specified fee and period of time.
E)contracting for construction of operating facilities in exchange for a fee.
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Page 9
Chapter 8: Strategy Formulation: Functional Strategy and Strategic Choice
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) The first step in constructing a corporate scenario is to
A)develop a common-sized financial statement.
B)construct detailed pro forma financial statements.
C)decide upon how much risk management is willing to accept.
D)analyze the societal environment.
E)use industry scenarios to develop a set of assumptions about the task environment.
Q2) When Intel opened four small-scale research facilities adjacent to universities to promote the cross-pollination of ideas, they were using which approach to R&D?
A)open innovation
B)differentiation
C)technology scouts
D)continuous improvement
E)technological leadership
Q3) Penetration pricing attempts to hasten market development and offers the pioneer the opportunity to use the experience curve to gain market share with a low price and dominate the industry.
A)True
B)False
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Chapter 9: Strategy Implementation: Organizing for Action
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) During Stage V of the organizational life cycle, the popular strategy is
A)concentration in a niche.
B)horizontal and vertical growth.
C)liquidation or bankruptcy.
D)concentric and conglomerate diversification.
E)profit strategy followed by retrenchment.
Q2) How does job rotation combat the adverse consequences of task specialization?
A)By altering the work to provide the worker with more control over activities.
B)By moving workers through several jobs, thereby exposing them to increased variety.
C)By combining different tasks, thereby giving them more of the same type of duties to perform.
D)By giving the worker more autonomy through alterations in the job.
E)By forming natural work units to provide the worker with more responsibility.
Q3) One of the goals to be achieved in strategy implementation is synergy between and among functions and business units.
A)True
B)False
Q4) What is reengineering? What are the principles for reengineering proposed by Michael Hammer?
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Chapter 10: Strategy Implementation: Staffing and Directing
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107 Verified Questions
107 Flashcards
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Sample Questions
Q1) When Renault purchased a controlling interest in Japan's Nissan Motor Company, which approach to managing culture was employed?
A)integration
B)separation
C)deculturation
D)assimilation
E)segmentation
Q2) List the guidelines proposed for successful downsizing.
Q3) Executive succession is the process of replacing a key top manager.
A)True
B)False
Q4) Downsizing refers to the planned elimination of positions or jobs.
A)True
B)False
Q5) To improve organizational learning, many multinational corporations are providing their managers with international assignments as long as five years.
A)True
B)False
Q6) What is TQM and what are its essential ingredients?
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Chapter 11: Evaluation and Control
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) Which is the MOST commonly used measure of corporate performance (in terms of profit)?
A)EPS
B)ROE
C)DPS
D)ROI
E)ROVA
Q2) Stickiness and eyeballs are two non-financial performance measures used by Internet business ventures.
A)True
B)False
Q3) Return on investment (ROI)is the most widely used measure of performance in what responsibility center?
A)revenue center
B)expense center
C)investment center
D)profit center
E)standard cost center
Q4) Distinguish between behavior and output controls.Provide examples of each.
Q5) What is ERP? What are the three reasons why ERP could fail?
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Chapter 12: Suggestions for Case Analysis
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Sample Questions
Q1) Which of the following is a red flag according to Schilit?
A)cash flow from operations drops below net income
B)accounts receivable growing faster than sales
C)fluctuating gross margins over time
D)nepotism on the board of directors
E)all of the above
Q2) What has been the most popular method of teaching strategy and policy for years?
A)case analysis
B)lecture
C)team teaching
D)group presentations
E)student teaching
Q3) When conducting a financial analysis, select and discuss those financial ratios that have an impact on the company's problems.
A)True
B)False
Q4) 10-K forms include detailed information not usually available in an annual report.
A)True
B)False
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