Strategic Planning Exam Preparation Guide
Course Introduction
Strategic Planning is a comprehensive course that introduces students to the process of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. Through the exploration of frameworks and real-world case studies, the course emphasizes the analysis of an organizations internal and external environments, the development of long-term goals, and the selection of strategies that create competitive advantage. Students will gain practical skills in setting vision and mission statements, assessing resources and capabilities, and aligning organizational activities with strategic initiatives, preparing them to contribute effectively to decision-making at both managerial and executive levels.
Recommended Textbook
Strategic Management in Action 6th Edition by Mary A. Coulter
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8 Chapters
500 Verified Questions
500 Flashcards
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Chapter 1: Introducing the Concepts
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60 Flashcards
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Sample Questions
Q1) Situation analysis allows the organization to examine
A) external factors only.
B) internal factors only.
C) the organization's top management only.
D) both external and internal factors.
E) None of the answer choices is correct.
Answer: D
Q2) Strategy concepts have been utilized outside of businesses in A) the military.
B) chess.
C) games such as Battleship.
D) All of the answer choices are correct.
E) None of the answer choices is correct.
Answer: D
Q3) Companies that use strategic management tend to have higher levels of performance.
A)True
B)False
Answer: True
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Page 3
Chapter 2: The Context of Managing Strategically
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67 Verified Questions
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Sample Questions
Q1) Define stakeholders. Describe some potential organizational stakeholders. Why are stakeholders important?
Answer: Stakeholders are individuals or groups who have a stake in, or are significantly influenced by, an organization's decisions and actions and who, in turn, can influence the organization. Some stakeholders for an organization include customers, trade associations, suppliers, employees, and governments. Stakeholders could affect the viability of the organization and future profitability.
Q2) As the consultant, you propose to Ms. Gibson that she think about the way Picture Perfect Company operates. You are suggesting the company review which of the following?
A) Its digital technology
B) Its network capabilities
C) Its technology
D) All of the answer choices are correct.
E) None of the answer choices is correct.
Answer: C
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Chapter 3: Assessing Opportunities and Threats: Doing an External Analysis
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Sample Questions
Q1) Which of the following are parts of an open system?
A) Inputs
B) Outputs
C) Processes
D) The environment
E) All of the above are parts of an open system.
Answer: E
Q2) The specific environment includes such sectors as demographics, economics, and political/legal factors.
A)True
B)False
Answer: False
Q3) ________ refers to cost savings that you get as volume increases.
A) Switching costs
B) Economic costs
C) Economies of scale
D) All of the answer choices are correct.
E) None of the answer choices is correct.
Answer: C
Page 5
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Chapter 4: Assessing Strengths and Weaknesses: Doing an
Internal Analysis
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Sample Questions
Q1) Distinctive organizational competencies are the common capabilities that do not distinguish an organization from its competitors.
A)True
B)False
Q2) When customers purchase a product, they are not purchasing a bundle of attributes that they believe will satisfy their needs.
A)True
B)False
Q3) Identifying and agreeing on the key competencies and capabilities is critical to managing strategically for a sustainable competitive advantage.
A)True
B)False
Q4) Value chain analysis is a systematic way of examining all the organization's functional activities and how well they create customer value.
A)True
B)False
Q5) Describe the criteria involved in judging organizational strengths and weaknesses.
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Chapter 5: Functional and Competitive Strategies
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Sample Questions
Q1) Competitive advantage is what sets an organization apart from other firms in its industry.
A)True
B)False
Q2) One of the two strategic decisions most associated with the organization's information system is
A) optimum equity mix.
B) creating an approved vendor list.
C) selecting the correct marketing mix.
D) corporate budgeting.
E) the choice of system technology.
Q3) Designing which of the following systems involves making sure we have the information we need, when the information is needed, and in the form needed?
A) Marketing
B) Human resources
C) Information
D) Financial-accounting
E) None of the answer choices is correct.
Q4) Describe some product strategies.
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Chapter 6: Corporate Strategies
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Sample Questions
Q1) All of the following are reflective of restructuring efforts except A) spin-off.
B) liquidation.
C) reengineering.
D) cost cutting.
E) divestment.
Q2) Which of the following is a possible organizational growth strategy?
A) Concentration
B) Vertical integration
C) Horizontal integration
D) Diversification
E) All of the answer choices are correct.
Q3) Examples of strategic partnering include
A) vertical integration, international expansion, and horizontal diversification.
B) concentration, vertical integration, and strategic alliances.
C) joint ventures, horizontal diversification, and international expansion.
D) joint ventures, long-term contracts, and strategic alliances.
E) None of the answer choices is correct.
Q4) What are the costs of vertical integration?
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Chapter 7: International Strategies
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Sample Questions
Q1) When a company says, "We don't want people to think we're based anyplace," the company is organized as a
A) transnational organization.
B) global company.
C) multidomestic corporation.
D) focused corporation.
Q2) Going international can lead to achieving benefits of economies of scale.
A)True
B)False
Q3) A subsidiary in a global organization is managed through
A) local control.
B) decentralized control.
C) centralized control.
D) national control.
E) None of the answer choices is correct.
Q4) What is parochialism?
Q5) Organizations are considered international if they exchange goods and services with consumers in other countries.
A)True
B)False
Page 9
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Chapter 8: Module Special Topics in Strategy
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Sample Questions
Q1) Recruiting, motivating, and retaining employees is a big challenge for all organizations.
A)True
B)False
Q2) An alliance in which the not-for-profit organization proposes and initiates the partnership is referred to as
A) a not-for-profit marketing alliance.
B) cause-related marketing.
C) effect-related marketing.
D) licensing.
E) strategic piggybacking.
Q3) Which of these is NOT a characteristic of entrepreneurial ventures?
A) Little impact on industry
B) Innovative practices
C) Pursue opportunities
D) Have growth and profitability as main goals
E) All of the answer choices are correct.
Q4) Small businesses employ over half of all private workers.
A)True
B)False
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