Strategic Planning Review Questions
Course Introduction
Strategic Planning is a course that delves into the processes and frameworks organizations use to set long-term goals, allocate resources, and establish a direction for future growth and competitiveness. Students will learn to analyze internal and external environments, formulate strategies, and develop implementation plans that align with organizational missions and visions. Emphasis is placed on critical thinking, decision-making, and the use of strategic tools such as SWOT analysis, competitive positioning, and balanced scorecards. Through case studies and practical exercises, participants gain hands-on experience in crafting and communicating effective strategies in dynamic business environments.
Recommended Textbook
Strategic Management Concepts BRV 1st Edition by Jeffrey H. Dyer
Available Study Resources on Quizplus
14 Chapters
700 Verified Questions
700 Flashcards
Source URL: https://quizplus.com/study-set/467 Page 2
Chapter 1: What Is Business Strategy?
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/8367
Sample Questions
Q1) Femi, the founder of Pluto Inc., feels that the company has been able to continuously maintain competitive advantage due to the plans of action she initiated years ago.The plan involved establishing and maintaining contacts with influential business personnel, amicably taking over small companies that would help bringing in profits for Pluto Inc., and creating raw materials from scratch rather than buying from other companies.This type of planning is an example of _____.
A) resource pools
B) corporate think tanks
C) strategic vehicles
D) functional vehicles
Answer: C
Q2) Ria, an entrepreneur, shares the company's profits as well as losses.She usually receives highest priority from the company.In this scenario, Ria is a _____.
A) distributor
B) customer
C) shareholder
D) stakeholder
Answer: C
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Analysis of the External Environment: Opportunities and Threats
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/8368
Sample Questions
Q1) Which of the following statements is true about customer needs?
A) Companies that meet the need for communication by manufacturing mobile handsets or mobile ham radios are considered part of the same industry.
B) Understanding them can be very helpful in defining the boundaries of an industry.
C) They should be addressed only when many customers have similar needs that require attention.
D) Two firms cannot be considered part of the same industry even if their products do the same job for customers.
Answer: B
Q2) Barriers that help keep firms using the same supplier or buyer by imposing extra costs for substituting suppliers or buyers are known as _____.
Answer: switching costs
Q3) How do switching costs affect industry rivalry?
Answer: The lower the switching costs, the easier it is for competitors to poach customers, thereby increasing industry rivalry.
To view all questions and flashcards with answers, click on the resource link above.
4
Chapter 3: Internal Analysis: Strengths, Weaknesses, and Competitive Advantage
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/8366
Sample Questions
Q1) If a project requires a $20 million investment a year for the next two years, time compression diseconomies mean that you can't get the same results by spending $40 million in one year.MediCure Corp.is a pharmaceutical company that invested $30 million during the last financial year on research.The CEO of its rival company, PolyMed Inc., decides to spend $60 million on the research during the next year in order to exceed the findings of MediCure.However, PolyMed fails to get the same results.Which of the following best reflects the factor that acted as a barrier to imitation for PolyMed Inc.?
A) Tacit knowledge
B) Path dependence
C) Complexity
D) Time compression diseconomy
Answer: D
Q2) What is an intangible resource?
Answer: It is an economically valuable asset that does not have a physical presence.
Q3) A resource creates _____ if its contributions allow a company to produce a product or service that is of worth to end users.
Answer: value
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Cost Advantage
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/8369
Sample Questions
Q1) A group of students studying a firm named Sanders & Collins Corp.found that the workers initially learned their task-related activities very fast.In turn, this helped the firm reduce the labor cost incurred in producing each product.However, their rate of learning these tasks reduced over time.This scenario best illustrates the _____.
A) experience curve
B) learning curve
C) value curve
D) scale curve
Q2) A reduction in costs per unit due to increases in efficiency of production as the number of goods being produced increases best defines the term _____.
A) economies of scope
B) economies of finance
C) economies of scale
D) economies of wealth
Q3) Which is an important source of proprietary knowledge?
Q4) Define learning curve, experience curve, and scale curve.Compare them with each other.
Q5) Explain proprietary knowledge and its important sources.
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Differentiation Advantage
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/8370
Sample Questions
Q1) When firms rely on brand image to differentiate products, some of them associate their products with positive qualities in the minds of customers.These are known as
A) prestige brands
B) convenient brands
C) utility brands
D) functional brands
Q2) Leo Foods is an eatery that sells organic food.It opens a number of outlets across the state, creates a website that makes ordering and take-away easy, and also does not charge a delivery fee for its regular customers.Which step of the consumption chain does this scenario depict?
A) The sixth step: how is your product stored/moved around?
B) The fourth step: how do consumers become aware of their need?
C) The tenth step: how is your product/service paid for?
D) The second step: how do consumers find your offering?
Q3) When products are differentiated by being associated with positive qualities in the minds of customers, they are considered _____.
Q4) What is brand image and when does a company make use of this product differentiation method?
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Corporate Strategy
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/8371
Sample
Questions
Q1) Pisces Corp.is an apparel manufacturing company.It purchased a few of its raw material suppliers and set up their factories close to the clothing stores so that the company does not have to invest on transportation charges.This is an example of
A) downward diversification
B) forward integration
C) backward integration
D) horizontal diversification
Q2) Azure LLC is a toy manufacturing company.The company has recently started manufacturing industrial wiring for construction companies.In this scenario, Azure LLC has chosen _____.
A) related diversification
B) unrelated diversification
C) related-linked diversification
D) related-constrained diversification
Q3) What are the mechanisms that help companies in exploiting and/or expanding their resources and capabilities?
Q4) Mention the factors that lead to destroying value through diversification.Explain any three of them.
Q5) In vertical integration, movement in the direction of raw materials is _____.
Page 8
To view all questions and flashcards with answers, click on the resource link above.
Chapter 7: Vertical Integration and Outsourcing
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/8372
Sample Questions
Q1) Violet Inc.has been undertaking a lot of responsibilities as a company in order to be the best in its industry.Over time, however, these responsibilities become tough to handle and the company finds it difficult to efficiently manage the time and effort to perform its activities.In contrast, other firms in the industry that outsource some of their activities to smaller companies find it easier to generate more profit than Violet Inc.The situation faced by Violet Inc.in this example illustrates one of the important disadvantages of vertical integration that is _____.
A) loss of flexibility
B) loss of frequency
C) loss of focus
D) loss of facility
Q2) When one firm tries to take advantage of another firm that has made a transaction-specific investment, by causing a brief delay in business because a product has no other use is known as a(n) _____.
Q3) Which of the following statements is a characteristic of subcontractors?
A) They are responsible for bringing in key functions to regulate a company.
B) They have to assign and coordinate various projects of a company.
C) They have 10 percent share in the profits accrued by a company.
D) They create made-to-order contributions for a company.
To view all questions and flashcards with answers, click on the resource link above.
Page 9
Chapter 8: Strategic Alliances
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/8373
Sample Questions
Q1) Pharmax Inc., a pharmaceutical firm, holds annual surveys for its employees and the alliance partners' employees.After the survey, the management discusses the issues brought up by the employees and their suggestions.Conflicts are avoided by regular interaction, and any dispute that arises is resolved at an early stage.Through these measures, Pharmax seeks to primarily achieve _____.
A) organized alliance-management knowledge
B) increased external visibility
C) intervention and accountability
D) increased profits
Q2) A(n) _____ is a type of contractual alliance in which a retailer may agree to provide certain customized services in order to help sell a product.
Q3) _____ occurs when one partner tries to exploit the alliance-specific investments made by another partner.
A) Hold-up
B) Misrepresentation
C) Bondage
D) Battery
Q4) What are the different types of nonequity alliances?
To view all questions and flashcards with answers, click on the resource link above.
Page 10
Chapter 9: International Strategy
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/8374
Sample Questions
Q1) Dave is a research analyst at Geo Corp., a U.S.-based firm, specializing in organic farm produce.Since the management is considering entering a foreign market, Dave begins to study the risks associated with this move.After gathering sufficient data regarding the internal factors of the new market, he categorizes the risks based on the type.Which of the following is most likely to be considered a political risk?
A) Marketers of Geo standardizing products based on local market needs
B) Distribution costs being higher in the market than that in the United States
C) Laws prohibiting foreign ownership of local firms in the new market
D) Consumers preferring local goods to foreign products in the new market
Q2) Nina, a marketing student, studies how people from different countries accept ambiguity or follow rules and laws.When she focuses on this specific trait while studying the distance between a domestic and foreign market, she is likely to be focusing on the markets' _____.
A) administrative distance
B) geographic distance
C) legal distance
D) cultural distance
Q3) Granting another business the permission to use or sell a firm's product, technology, or process is called _____.
To view all questions and flashcards with answers, click on the resource link above.
Page 11
Chapter 10: Innovative Strategies That Change the Nature of Competition
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/8375
Sample Questions
Q1) Define two general categories of innovations.
Q2) Explain mass customization with an example.
Q3) Groups of people who share similar needs and thus are likely to desire the same features in a product are called _____.
Q4) Flytech Inc.is an online store where people and businesses buy and sell a broad variety of goods and services.Various brands pay Flytech to advertise and sell their products online.Which of the following is being exemplified in this case?
A) A blue ocean strategy
B) A cross-sell strategy
C) A third-party pay strategy
D) A bundling strategy
Q5) _____ coined the term hypercompetition.
Q6) Which of the following statements is true of mass customization?
A) It is the best option when products need to be customized from start to end.
B) It works best if a product can be broken into modules that offer different features.
C) It does not need the additional costs of creating need-specific components.
D) It does not require standard core components to be produced in large scale.
Q7) What is a business model? Briefly explain the revenue model.
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Competitive Strategy
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/8376
Sample Questions
Q1) Walden Inc., a well-established finance company, hires the most valuable scientists and experts.Hence, start-ups and other small businesses find it difficult to compete with Walden.Which of the following is exemplified in this case?
A) A tit-for-tat strategy
B) A limited competitive access to scarce resources
C) A parallel game strategy
D) The Nash equilibrium
Q2) Copper Enterprises manufactures industrial machinery.It decides to identify the characteristics of a new firm that offers the same products as Copper.In order to assess how it might respond in the face of rival actions, Copper must develop a(n) _____.
A) organizational chart
B) structural graph
C) strategic application
D) competitor response profile
Q3) Briefly describe competition under monopoly.
Q4) Briefly describe the game theory.
Q5) In game theory, a set of actions that are always played no matter what a rival chooses to do is referred to as the _____.
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Implementing Strategy
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/8377
Sample Questions
Q1) LeeAllen Inc., a well-established healthcare centre, starts a new production unit.The company hires 100 new employees for the new unit to meet the customer demand.In the context of the 7 S model of organizational alignment, which of the following is exemplified in this case?
A) Structure
B) Strategy
C) Style
D) Staffing
Q2) Which of the following statements is true about strategy?
A) It represents the most important S in the 7 S model.
B) It refers to the priorities, values, and virtues that members of an organization see as important.
C) It includes recruitment, hiring, training, promotion, and compensation.
D) It is the ability of an individual to perform tasks.
Q3) A tool that measures four broad areas of organizational performance which are financial results, customer goals, internal business processes, and learning and growth is called the _____.
Q4) Write a note on the principle of line of sight.
Q5) What are the three phases of changes?
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Corporate Governance and Ethics
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/8378
Sample Questions
Q1) Salma owns stocks of an e-commerce business.In exchange for the money she has invested, she has received two property rights from the business.Which of the following is most likely to be one of the property rights given to her?
A) She will get a share of the residual earnings of the business.
B) She will be the only owner of the assets of the business.
C) She will get ownership of the private properties owned by other investors of the business.
D) She will be entitled to a higher percentage of the profits earned by the business.
Q2) Zygaton Corp.is a firm that offers its customers financial services.Which of the following members of its board of directors should ideally bring vast knowledge and a new perspective in order to ensure that the firm's strategy will serve the financial interests of the shareholders?
A) Javier, an employee
B) Maria, an outside director
C) Cataleya, a senior executive
D) Esposito, a senior manager
Q3) Describe how style can help a company create a climate where ethical behavior becomes the expected norm.
To view all questions and flashcards with answers, click on the resource link above.
Page 15
Chapter 14: Strategy and Society
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/8379
Sample Questions
Q1) George Inc., a construction firm, bags a multibillion dollar deal from the federal government for the purpose of infrastructural development.This deal resulted in a sustainable stakeholder advantage and an increase in the firm's annual turnover.Which of the following best describes the social obligation exemplified by George in this scenario?
A) Philanthropic responsibilities
B) Ethical responsibilities
C) Economic responsibilities
D) Legal responsibilities
Q2) John works for Roth Inc., a mining firm, which strictly adheres to the employment rules as prescribed by the labor commission.The firm employs individuals only above the age of 23 for occupations that could pose safety hazards.In this scenario, which of the following social responsibilities is fulfilled by Roth?
A) Philanthropic responsibility
B) Economic responsibility
C) Legal responsibility
D) Superordinate responsibility
Q3) _____ refers to a social entrepreneur who creates something new through the combination of diverse and different elements.
To view all questions and flashcards with answers, click on the resource link above.
Page 16