Strategic Planning
Final Test Solutions
Course Introduction
Strategic Planning explores the principles and practices necessary for organizations to set objectives, analyze their internal and external environments, and establish effective strategies for achieving long-term goals. Students will learn key frameworks and tools such as SWOT analysis, PESTEL analysis, and the Balanced Scorecard, as well as the processes of mission and vision development, goal setting, and performance monitoring. The course emphasizes critical thinking and decision-making skills, enabling students to assess competitive advantage, manage change, and align organizational resources with strategic priorities to drive sustained success in a dynamic business environment.
Recommended Textbook
Strategic Management Concepts and Cases 13th Edition by Fred R. David
Available Study Resources on Quizplus
11 Chapters
1340 Verified Questions
1340 Flashcards
Source URL: https://quizplus.com/study-set/797
Page 2
Chapter 1: The Nature of Strategic Management
Available Study Resources on Quizplus for this Chatper
132 Verified Questions
132 Flashcards
Source URL: https://quizplus.com/quiz/15809
Sample Questions
Q1) According to Greenley,strategic management offers all of these benefits except:
A) it provides an objective view of management problems.
B) it creates a framework for internal communication among personnel.
C) it encourages a favorable attitude toward change.
D) it maximizes the effects of adverse conditions and changes.
E) it gives a degree of discipline and formality to the management of a business.
Answer: D
Q2) Strategic management focuses on integrating management,marketing,finance/accounting,production/operations,research and development,and information systems to achieve organizational success.
A)True
B)False
Answer: True
Q3) Firms with planning systems more closely resembling strategic-management theory generally exhibit superior long-term financial performance relative to their industry.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: The Business Vision and Mission
Available Study Resources on Quizplus for this Chatper
113 Verified Questions
113 Flashcards
Source URL: https://quizplus.com/quiz/15812
Sample Questions
Q1) As indicated in the strategic-management model,a clear ________ is needed before alternate strategies can be formulated and implemented.
A) long-term objective
B) short-term objective
C) policy
D) mission statement
E) evaluation strategy
Answer: D
Q2) According to recent studies,what percent of companies have used a mission statement sometime in the past five years?
A) 15%
B) 30%
C) 60%
D) 75%
E) 90%
Answer: E
Q3) List the two major characteristics of an effective mission statement.
Answer: The major characteristics of an effective mission statement are a declaration of attitude and a customer orientation.
To view all questions and flashcards with answers, click on the resource link above.
Page 4
Chapter 3: The External Assessment
Available Study Resources on Quizplus for this Chatper
128 Verified Questions
128 Flashcards
Source URL: https://quizplus.com/quiz/15813
Sample Questions
Q1) The Internet is changing the very nature of many industries by altering product life cycles and changing the historical trade-off between production standardization and flexibility.
A)True
B)False
Answer: True
Q2) Forecasts are educated assumptions about future trends and events.
A)True
B)False
Answer: True
Q3) Market commonality is the extent to which the type and amount of a firm's internal resources are comparable to a rival.
A)True
B)False
Answer: False
Q4) Running a competitive intelligence program requires lots of people,computers,and other resources.
A)True
B)False
Answer: False
Page 5
To view all questions and flashcards with answers, click on the resource link above.
Chapter 4: The Internal Assessment
Available Study Resources on Quizplus for this Chatper
130 Verified Questions
130 Flashcards
Source URL: https://quizplus.com/quiz/15814
Sample Questions
Q1) Staffing involves all of these activities except:
A) recruiting.
B) transferring.
C) customer analysis.
D) managing union relations.
E) training and developing.
Q2) Metaphors are
A) several rites connected together.
B) shorthand of words used to capture a vision or to reinforce old or new values.
C) narratives based on true events.
D) fictional stories.
E) any objects, acts, events, qualities, or relations used to convey meaning.
Q3) Opportunity analysis is one of the basic functions of A) marketing.
B) finance/accounting.
C) computer information systems.
D) production/operations.
E) research and development.
Q4) What four basic steps comprise the controlling function of management?
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Strategies in Action
Available Study Resources on Quizplus for this Chatper
131 Verified Questions
131 Flashcards
Source URL: https://quizplus.com/quiz/15815
Sample Questions
Q1) Divestiture is the selling of all of a company's assets.
A)True
B)False
Q2) Diversification strategies are becoming more popular as organizations are finding it easier to manage diverse business activities.
A)True
B)False
Q3) A differentiation strategy can only be achieved with a large target market.
A)True
B)False
Q4) The most effective differentiation bases are those that are hard or expensive for rivals to duplicate.
A)True
B)False
Q5) Name at least six reasons for performing mergers or acquisitions.
Q6) A growing trend is for franchisers to buy out their part of the business from their franchisees.
A)True
B)False
Page 7
To view all questions and flashcards with answers, click on the resource link above.
Chapter 6: Strategy Analysis and Choice
Available Study Resources on Quizplus for this Chatper
113 Verified Questions
113 Flashcards
Source URL: https://quizplus.com/quiz/15816
Sample Questions
Q1) Culture includes the set of shared values,beliefs,attitudes,customs,norms,personalities,heroes and heroines that describe a firm.
A)True
B)False
Q2) Stars,Question Marks,Cash Cows and Dogs are the four quadrants exhibited by the SPACE Matrix.
A)True
B)False
Q3) Although Quadrant ________ companies are growing,according to the Grand Strategy Matrix they are unable to compete effectively,and they need to determine why the firm's current approach is ineffective and how the company can best change to improve its competitiveness.
A) I
B) II
C) III
D) IV
E) V
Q4) Discuss the appropriate role of a board of directors in an organization.
Q5) Compare and contrast the IE Matrix with the BCG Matrix.
Page 8
To view all questions and flashcards with answers, click on the resource link above.
Chapter 7: Implementing Strategies: Management and Operations Issues
Available Study Resources on Quizplus for this Chatper
122 Verified Questions
122 Flashcards
Source URL: https://quizplus.com/quiz/15817
Sample Questions
Q1) Six Sigma is generally equally successful in retail firms and manufacturing firms.
A)True
B)False
Q2) Aspects of an existing culture that are antagonistic to a proposed strategy should be
A) preserved.
B) emphasized.
C) built upon.
D) changed.
E) celebrated.
Q3) Policies refer to specific guidelines,methods,procedures,rules,forms,and administrative practices established to support and encourage work toward stated goals.
A)True
B)False
Q4) In terms of number of employees,restructuring usually involves increasing the size of the firm.
A)True
B)False
Page 9
To view all questions and flashcards with answers, click on the resource link above.
Chapter 8: Implementing Strategies: Marketing, Finance/Accounting,
R&D, and MIS
Issues
Available Study Resources on Quizplus for this Chatper
114 Verified Questions
114 Flashcards
Source URL: https://quizplus.com/quiz/15818
Sample Questions
Q1) What is the most widely used technique for determining the best combination of debt and stock?
A) Debt-to-stock ratio
B) Earnings per share/earnings before interest and tax analysis
C) Gross profit analysis
D) Capital asset pricing model
E) Present value analysis
Q2) Explain how to perform a projected financial analysis.
Q3) Who has mandated that every publicly held company in the United States must issue an annual cash-flow statement in addition to the usual financial reports?
A) SEC
B) Congress
C) FCC
D) FASB
E) OPEC
Q4) Describe the considerations of EPS/EBIT analysis.
Q5) Although there are many marketing variables that impact the success or failure of strategy-implementation efforts,two variables are central to the process.What are these variables? Discuss why they are so important.
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Strategy Review, Evaluation, and Control
Available Study Resources on Quizplus for this Chatper
117 Verified Questions
117 Flashcards
Source URL: https://quizplus.com/quiz/15819
Sample Questions
Q1) Corrective actions should always
A) strengthen an organization's competitive position in its industry.
B) streamline asset holdings.
C) have no risk.
D) involve abandoning existing strategies.
E) all of the above
Q2) Alvin Toffler argues that environments are becoming so dynamic and complex that they threaten people and organizations with future shock,in his thought-provoking books entitled Future Shock and The Third Wave.
A)True
B)False
Q3) According to Rumelt,the final broad test of strategy is its A) advantage.
B) feasibility.
C) consonance.
D) consistency.
E) distinctiveness.
Q4) A frequently used tool in strategy evaluation is the audit.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Business Ethics/Social Responsibility/Environmental Sustainability
Available Study Resources on Quizplus for this Chatper
120 Verified Questions
120 Flashcards
Source URL: https://quizplus.com/quiz/15810
Sample Questions
Q1) In Europe,romantic relationships at work are frowned upon,and most firms have policies prohibiting the practice.
A)True
B)False
Q2) According to Fortune magazine,which of the following was among the most admired companies for social responsibility in 2009?
A) Circuit City Stores
B) Sears Holdings
C) Fiat
D) Tribune
E) None of the above
Q3) More than 2,000 scientists convened together in Copenhagen in March 2009 and reported to the world that global warming is
A) better than expected.
B) worse than expected.
C) no cause for alarm.
D) not without benefits.
E) reversing course.
Q4) Describe a sustainability report.
Page 12
To view all questions and flashcards with answers, click on the resource link above.
Chapter 11: Global/International Issues
Available Study Resources on Quizplus for this Chatper
120 Verified Questions
120 Flashcards
Source URL: https://quizplus.com/quiz/15811
Sample Questions
Q1) Which of the following is not true concerning the Japanese concept of Wa?
A) Nearly all corporate activities in Japan encourage Wa among managers and employees.
B) Discussions potentially disruptive to Wa are generally conducted in very formal settings.
C) The potential attractiveness of alternative business decisions are evaluated in terms of their long-term effect on the group's Wa.
D) Entertaining is an important business activity in Japan because it strengthens Wa.
E) The Wa concept involves group loyalty and consensus.
Q2) _______ countries are market leaders in labor-intensive industries and _______ offers abundant natural resources and rapidly developing markets.
A) East Asian; Brazil
B) South American; Germany
C) East Asian; Germany
D) South American; Brazil
E) European; Japan
Q3) Compare and contrast the culture in the U.S.with Mexico.
Q4) Explain some of the forces leading companies to pursue international operations.
To view all questions and flashcards with answers, click on the resource link above.
13