Strategic Planning Practice Exam
Course Introduction
This course introduces students to the fundamental concepts and processes of strategic planning within organizations. Emphasizing both theory and application, it covers the analysis of internal and external environments, formulation of organizational vision and mission, strategic goal setting, and implementation strategies. Students learn to utilize various strategic analysis tools such as SWOT, PESTEL, and Porters Five Forces, and gain practical experience in developing comprehensive strategic plans. The course also addresses challenges in strategy execution and the importance of monitoring and adapting plans in response to changing environments, preparing students to contribute effectively to strategic decision-making processes in diverse organizational contexts.
Recommended Textbook Strategic Management and Business Policy 15th Global Edition by J. David Hunger
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Chapter 1: Basic Concepts in Strategic Management
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) The organization's corporate mission statement
A) should have a different mission statement for each subsidiary division.
B) should be less formally stated to allow for growth.
C) should contain explicit descriptions of their competitive advantages.
D) should state what the organization would like to become.
E) should describe the organization's SWOT.
Answer: C
Q2) The T in SWOT stands for
A) trust.
B) technical.
C) terminal.
D) threats.
E) task.
Answer: D
Q3) Climate change has become a growing concern for businesses to include in their corporate strategies.
A)True
B)False
Answer: True
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Chapter 2: Corporate Governance
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99 Flashcards
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Sample Questions
Q1) According to the text,one of the primary responsibilities of top management in strategic management is
A) ensuring that day-to-day operations are efficient and well run.
B) providing executive leadership.
C) balancing the budget.
D) managing the short-term planning process.
E) making all important decisions.
Answer: B
Q2) More than ________ of outside directors surveyed said that they had been named as part of a lawsuit against the corporation.
A) 40%
B) 50%
C) 60%
D) 70%
E) 80%
Answer: A
Q3) By 2012,56% of the S&P 500 boards had split the role of chairperson and CEO.
A)True
B)False
Answer: True
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Chapter 3: Social Responsibility and Ethics in Strategic Management
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) Discuss Kohlberg's levels of moral development.
Answer: Kohlberg proposes that a person progresses through three levels of moral development.The first level is pre-conventional.This level is characterized by a concern for self.The second level is conventional,which is characterized by consideration of society's laws and norms.The principled level is the third.This level is characterized by a person's adherence to an internal moral code.The individual at this level looks beyond norms or laws to find universal values or principles.
Q2) The Golden Rule is the same as one of Immanuel Kant's categorical imperatives to resolve ethical dilemmas.
A)True
B)False Answer: True
Q3) Ethical responsibilities are voluntary obligations a corporation assumes.
A)True
B)False
Answer: False
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Chapter 4: Environmental Scanning and Industry Analysis
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Sample Questions
Q1) To succeed in a hypercompetitive industry,companies must be willing to
A) cut prices below marginal costs.
B) pursue market share instead of profits.
C) operate in the ethical gray zone.
D) cannibalize their successful product lines.
E) reduce spending on research and development.
Q2) Those variables that can affect significantly the overall competitive positions of companies within any particular industry are known as
A) external strategic factors.
B) internal strategic factors.
C) matrix factors.
D) key success factors.
E) industry scenario.
Q3) Describe Porter's approach to industry analysis.
Q4) Which of the following is not an element of the organization's task environment?
A) local communities
B) trade associations
C) governments
D) technological developments
E) special interest groups
Page 6
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Chapter 5: Organizational Analysis and Competitive Advantage
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110 Verified Questions
110 Flashcards
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Sample Questions
Q1) A company's capability in product R&D can be measured by consistent reductions in unit manufacturing costs and by the number of product defects.
A)True
B)False
Q2) Research indicates that greater leverage has a positive impact on performance for firms in stable environments,but a negative impact for firms in dynamic environments.
A)True
B)False
Q3) Flexible manufacturing permits the low-volume output of custom-tailored products at relatively low unit costs through economies of scope.
A)True
B)False
Q4) A good rule of thumb for R&D spending is that a corporation should spend at a "normal" rate for that particular industry unless its strategic plan calls for unusual expenditures.
A)True
B)False
Q5) Discuss the three basic organizational structures.
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Chapter 6: Strategy Formulation: Business Strategy
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Sample
Questions
Q1) When a company following a differentiation strategy ensures that the higher price it charges for its higher quality is not priced too far above the price of the competition,the company is using the process of
A) low-cost differentiation.
B) cost leadership.
C) cost proximity.
D) basic differentiation.
E) price fixing.
Q2) The two general types of cooperative strategies are
A) competitive and functional.
B) collusion and competitive.
C) strategic alliances and collusion.
D) strategic alliances and competitive.
E) competitive and collusive alliances.
Q3) What are cooperative strategies?
Q4) What is a propitious niche? Provide an example of a firm that has been able to occupy a propitious niche successfully.
Q5) What are the common elements of a well-crafted mission statement?
Q6) Discuss the reasons a firm may form a strategic alliance.
Page 8
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Chapter 7: Strategy Formulation: Corporate Strategy
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) Which of the following is not a reason why the growth strategy is so desirable?
A) There are more opportunities for advancement and promotion.
B) A corporation that experiences successful growth is thought of positively by the marketplace and potential investors.
C) A large and growth-oriented corporation has more clout and influence.
D) A growing firm can cover up mistakes and inefficiencies because of the increase in cash flow revenue.
E) A large and growing firm attracts more acquisition offers.
Q2) As corporations become global competitors and expand into more markets through strategic alliances,multipoint competition is likely
A) to remain unchanged.
B) to become even more prevalent.
C) to become less prevalent going forward.
D) to become non-existent.
E) to eliminate the use of horizontal strategies.
Q3) Define corporate parenting.
Q4) Describe the four categories of the BCG Growth-Share Matrix.
Q5) What are the three key issues that corporate strategy addresses?
Q6) Why is growth a very attractive strategy?
Page 9
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Chapter 8: Strategy Formulation: Functional Strategy and Strategic Choice
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Sample Questions
Q1) According to the text,which of the following is not one of the reasons why innovations seem to occur more often in small firms rather than in large,established corporations?
A) An entrepreneur in a small firm is more willing to accept greater risk than would a larger firm.
B) Small firms are completely ignorant of risk management.
C) The greater the assets involved and the longer they are tied up, the more likely top management in large firms are to demand a high probability of success.
D) Companies operating in global industries must deal with a greater amount of risk than firms operating only in one country.
E) If the corporation's stock is widely held as in the case of large firms and experiences stock price declines due to some external assessment, it places the firm in jeopardy of being acquired.
Q2) 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: Global Strategy
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Sample Questions
Q1) The three most widely used techniques for international performance evaluation are
A) ROI, budget analysis, and historical comparisons.
B) ROI, ROE, and stock price.
C) ROE, stock price, and rate of return.
D) rate of return, ROE, and budget analysis.
E) ROE, ROI, and interest rate.
Q2) Which measure was cited as the most important measure for international performance evaluation?
A) rate of return
B) ROI
C) budget analysis
D) ROE
E) stock price
Q3) What type of partner is favored by firms when forming new alliances?
A) entrepreneurial firms
B) firms in alliances with multiple other firms
C) small organizations
D) past partners
E) large organizations
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Chapter 10: Strategy Implementation: Organizing and Structure
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Sample Questions
Q1) The geographic-area structure allows the company to introduce and manage a similar line of products around the world.
A)True
B)False
Q2) The greatest strengths of a Stage I corporation are its flexibility and dynamism.
A)True
B)False
Q3) The job characteristics model is a good example of
A) job rotation.
B) job design.
C) job enrichment.
D) job enlargement.
E) all of the above
Q4) What is reengineering? What are the principles for reengineering proposed by Michael Hammer?
Q5) The first company to manufacture and sell a new product or service is referred to as a pioneer.
A)True B)False
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Chapter 11: Strategy Implementation: Staffing and Directing
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Sample Questions
Q1) Which type of chief executive officer with a great deal of experience in that particular industry would be appropriate for a corporation following a concentration strategy emphasizing vertical or horizontal growth?
A) professional liquidator
B) dynamic industry expert
C) turnaround specialist
D) analytical portfolio manager
E) cautious profit planner
Q2) What is executive succession? Discuss the hiring of insiders versus outsiders.
Q3) Assessment centers have been able to accurately predict subsequent
A) job satisfaction.
B) job performance and career success.
C) organizational commitment.
D) organizational attachment.
E) management longevity.
Q4) An action plan states what actions are going to be taken,by whom,during what time frame,and with what expected results.
A)True
B)False
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Chapter 12: Evaluation and Control
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Sample Questions
Q1) All of the following are examples of behavior controls EXCEPT
A) monitoring employees' phone calls.
B) monitoring employees' PCs.
C) monitoring employees' Internet usage.
D) using ISO 14000 Standards Series.
E) sales quotas.
Q2) What is the difference between EVA and MVA?
Q3) Benchmarking has been found to produce the best results in companies that are already well managed.
A)True
B)False
Q4) The balanced scorecard approach to evaluation and control assigns to each goal/objective in an area one or more measures that are each essential for achieving a desired strategic option.These measures are called
A) critical success factors.
B) strategic factors.
C) key performance measures.
D) behavioral measures.
E) responsibility centers.
Q5) What is the balanced scorecard? What are the four areas to be addressed?
Page 14
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Chapter 13: Suggestions for Case Analysis
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Sample Questions
Q1) The formula that predicts the likelihood of a corporation going bankrupt is called
A) the return on investment.
B) the CAPM.
C) the index of sustainable growth.
D) operating cash flow.
E) the Z-value.
Q2) All of the following ratios reflect leverage ratios EXCEPT
A) debt to asset ratio.
B) times interest earned.
C) coverage of fixed charges.
D) price/earnings ratio.
E) debt to equity ratio.
Q3) The index of sustainable growth indicates how much of the growth rate of sales can be sustained by internally generated funds.
A)True
B)False
Q4) What ratios are recommended for financial ratio analysis?
Q5) What are constant dollars and why are they important?
Q6) What is the Z-value?
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