Strategic Planning
Textbook Exam Questions
Course Introduction
Strategic Planning is a comprehensive course that explores the processes and methodologies organizations use to define their direction and make key decisions to achieve long-term objectives. Students will learn how to analyze environments, assess internal strengths and weaknesses, and formulate actionable strategies that drive organizational success. The course covers essential concepts such as vision and mission development, competitive analysis, goal setting, implementation planning, and performance measurement. Through case studies and practical exercises, students will develop skills to create and evaluate strategic plans, adapt to changing environments, and align resources effectively to meet organizational goals.
Recommended Textbook
Strategic Management Text and Cases 9th Edition by Gregory Dess
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12 Chapters
1223 Verified Questions
1223 Flashcards
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Chapter 1: Strategic Management: Creating Competitive Advantages
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106 Verified Questions
106 Flashcards
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Sample Questions
Q1) Firms must be aware of goals other than short-term profit maximization.One area of concern should be social responsibility,which is the
A)expectation that business will strive to improve the overall welfare of society.
B)idea that organizations are solely responsible to local citizens.
C)fact that court costs could impact the financial bottom line.
D)idea that businesses are responsible for maintaining a healthy social climate for their employees.
Answer: A
Q2) Effective leaders set a direction and develop an organization so that it is committed to excellence and ________ behavior.
A)performant
B)strategic
C)ethical
D)positive
Answer: C
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Page 3
Chapter 2: Analyzing the External Environment of the Firm:
Creating Competitive Advantages
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114 Verified Questions
114 Flashcards
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Sample Questions
Q1) A major sociocultural trend in the United States is the increased number of women in the workforce that has increased the need for business clothing but decreased the demand for baking product staples.
A)True
B)False
Answer: True
Q2) Environmental scanning and competitor intelligence provide important inputs for forecasting activities.
A)True
B)False
Answer: True
Q3) In the SWOT framework,________ are the same for all firms in the same competitive environment.
A)strengths and weaknesses
B)strengths and opportunities
C)weaknesses and threats
D)opportunities and threats
Answer: D
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Chapter 3: Assessing the Internal Environment of the Firm
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) Path dependency has no impact on the inimitability of resources.
A)True
B)False
Answer: False
Q2) Primary activities contribute to the physical creation of a product or service,its sale and transfer to the buyer,and its service after the sale.
A)True
B)False
Answer: True
Q3) Employees will be able to obtain a proportionately high level of profits they generate (relative to the firm)if
A)suppliers are loyal to the firm.
B)their expertise is firm-specific.
C)the cost to the firm of replacing them is high.
D)the firm's resources are path dependent.
Answer: C
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Chapter 4: Recognizing a Firms Intellectual Assets: Moving
Beyond a Firms Tangible Resources
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) Explicit knowledge is generally known to everyone in the firm and is not a critical concern of management.
A)True
B)False
Q2) Boomerang employees,according to a study published in Personnel Psychology,are statistically more likely to leave a firm if they experienced a negative life event or if they
A)received a better alternate job offer.
B)did not feel appreciated in their current job.
C)were inadequately trained for their current position.
D)had friends at the alternate company offering the job.
Q3) One of the important limitations of social capital is that it can lead to ________ whereby people do not question shared beliefs.
A)skunkworks
B)think tanks
C)isolation
D)groupthink
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6
Chapter 5: Business-Level Strategy: Creating and Sustaining Competitive Advantages
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) Value-chain support activities that involve excellent applications engineering support (technology development)and facilities that promote a positive firm image (firm infrastructure)characterize which generic strategy?
A)overall cost leadership
B)differentiation focus
C)differentiation
D)stuck-in-the middle
Q2) Atlas Door created competitive advantages in overall low cost and differentiation by creating ________ among value-chain activities.
A)substitutes
B)advantages
C)disadvantages
D)linkages
Q3) Zulily,an online retailer,competes with Amazon and other online retailers by A)maintaining a large inventory of products.
B)running a labor-intensive distribution system.
C)ordering products from vendors to keep in stock until a customer order comes in.
D)keeping little inventory and ordering only when customers purchase a product.
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Chapter 6: Corporate-Level Strategy: Creating Value Through Diversification
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) Divesting of businesses can accomplish many different objectives,except A)enabling managers to focus their efforts more directly on the core businesses of the firm.
B)providing the firm with more resources to spend on more attractive alternatives. C)raising cash to help fund existing businesses.
D)dispersing manager focus.
Q2) Vertical integration is attractive when
A)administrative costs are higher than transaction costs.
B)transaction costs are higher than administrative costs.
C)transaction costs and administrative costs are equal.
D)search costs are higher than monitoring costs.
Q3) A golden parachute is a prearranged contract with managers specifying that,in the event of a hostile takeover,the target company managers will be paid a significant severance package.
A)True
B)False
Q4) Discuss and explain the three criteria that a core competence must meet if it is to create value and to provide a viable basis for synergy among the businesses in a corporation.
Page 8
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Chapter 7: International Strategy: Creating Value in Global Markets
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107 Verified Questions
107 Flashcards
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Sample Questions
Q1) In considering the transnational strategy,Nestle evaluates the limits of decentralization.The closer they are to the consumer in activities such as branding and pricing,the more they tend to decentralize.The more they deal with production and logistics,the more they centralize decision-making.The production and logistics decisions involve ________ activities.
A)upstream
B)in its infrastructure
C)downstream
D)midstream
Q2) Which of the following is a reason for the rise in regional expansion?
A)increase in the number of trading blocs and free trade zones
B)decrease in the number of trading blocs and free trade zones
C)increasing national trade restrictions
D)increasing local taxes and tariffs
Q3) The creation of a third-party legal entity is required for___________,whereas for ________ it is not.
A)licensing agreements;joint ventures
B)strategic alliances;joint ventures
C)joint ventures;strategic alliances
D)franchising agreements;strategic alliances
Page 9
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Chapter 8: Entrepreneurial Strategy and Competitive Dynamics
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94 Verified Questions
94 Flashcards
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Sample Questions
Q1) Entrepreneurial new entry is often perceived as a competitive threat to incumbent firms because most market needs are being met,either directly or indirectly,by existing firms.
A)True
B)False
Q2) Explain what a pioneering new entry means and when it is appropriate to use it.
Q3) Which of the following is not a common source of new business opportunities?
A)current or past work experiences
B)suggestions by family or friends
C)chance event
D)future work
Q4) Which of the following terms is used to refer to opportunities that are practical and physically possible?
A)durable
B)valuable
C)sustainable
D)achievable
Q5) The likelihood that a competitor will launch an attack depends upon many factors.Discuss threat analysis and how it is used.
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Chapter 9: Strategic Control and Corporate Governance
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91 Verified Questions
91 Flashcards
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Sample Questions
Q1) Contemporary strategic controls involve comparing actual performance to predetermined goals.
A)True
B)False
Q2) Rules and regulations,rather than culture or rewards,would be used for strategic control at which type of company?
A)software developer
B)stock brokerage firm
C)manufacturer of mass produced products
D)high tech research facility
Q3) The primary participants in corporate governance do not include the A)shareholders.
B)financial institutions.
C)management (led by the chief executive officer).
D)board of directors.
Q4) The power of shareholders has intensified in recent years because of the A)decreasing influence of large institutional investors.
B)increasing influence of large institutional investors.
C)decline in the number of interested institutional investors.
D)increasing influence of small individual investors.
Page 11
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Chapter 10: Creating Effective Organizational Designs
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86 Verified Questions
86 Flashcards
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Sample Questions
Q1) A virtual organization may be most appropriate for firms
A)whose strategies require merging technologies.
B)whose product life cycles are just beginning.
C)who have no need to get to market quickly with new offers.
D)who have no need to meet competitive pressures.
Q2) In a simple structure where the owner manager makes most of the important decisions,extensive rules and regulations are used to maintain order.
A)True
B)False
Q3) Which of the following is not a disadvantage of the barrier-free form of organization?
A)Lack of strong leadership can lead to coordination problems.
B)Democratic process can be time-consuming and difficult to manage.
C)Additional integration issues result in a slower response to market changes.
D)If trust among employees is not sufficiently high,organizational performance may suffer.
Q4) Discuss the advantages and disadvantages of a simple organizational structure.
Q5) Explain why firms that achieve both adaptability and alignment are considered ambidextrous organizations.
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Chapter 11: Strategic Leadership: Creating a Learning
Organization and an Ethical Organization
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) Which of the following is not a source for acquiring external environmental information for the firm mentioned in the text?
A)alliance partners
B)equity analysts
C)suppliers
D)scientific community
Q2) Creating an ethical framework and developing organizational capabilities to make it operational is the responsibility of A)employees.
B)shareholders.
C)the law.
D)leadership.
Q3) A highly ethical organization must have all the following elements except A)codes of conduct.
B)corporate credos.
C)payment plans.
D)role models.
Q4) Explain how the five barriers to change that leaders often encounter can prevent a leader from transforming an organization.
Page 13
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Chapter 12: Managing Innovation and Fostering Corporate
Entrepreneurship
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93 Verified Questions
93 Flashcards
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Sample Questions
Q1) A(n)________ manager's role is to question the viability of corporate venture projects.
A)product champion
B)exit champion
C)rising star
D)mentor
Q2) Fair Oaks Farms,one of the largest dairy farms in the country,is rapidly becoming a zero-carbon-footprint dairy.Starting with the 430,000 gallons of manure produced daily,a number of innovations designed to capture value from the manure and assorted by-products are leading to greater efficiencies and at the same time are environment-friendly.This is an example of a firm defining its ________ envelope.
A)environmental
B)internal
C)financial
D)strategic
Q3) Exit champions are often reluctant to gather hard data about a venture because it might kill the project.
A)True
B)False
Page 14
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