Deck 5: Strategic and Operational Planning

Question 1

At what levels of management are strategies developed?

A)Upper management
B)Middle management
C)Lower management
D)Executive management

Answer 1

D

Question 2

Max needs to measure the power of buyers in the tablet market for his company.He is using a step in the ______.

A)Competitive analysis
B)SWOT analysis
C)Company situation analysis
D)Management analysis

Answer 2

A

Question 3

Which of the following is not a primary question you should be asking when it comes to determining the position of an industry and its competitive situation?

A)How large is the market?
B)What is the growth rate?
C)How many competitors are there?
D)What is the general economy situation?

Answer 3

D

Question 4

A situation analysis ________.

A)determines an organization's internal environmental strengths and weaknesses and external environmental opportunities and threats
B)focuses on those features in a company's environment that most directly affect its options and opportunities
C)describes how strategic planning is different from operational planning
D)is a plan for pursuing a mission and achieving objectives

Question 5

Which of the following is not a part of the situation analysis?

A)Industry and competitive situation analysis
B)Company situation analysis
C)Identification of a competitive advantage
D)Portfolio analysis

Question 6

____ is a step in the strategic planning process.

A)Analyzing the environment
B)Assessing the code of ethics
C)Assessing the competition
D)Creating conclusions concerning the competitive position

Question 7

Bennett has been so successful at his Fortune 500 company that he decides to start his own business.What does Bennett need to do first for his strategic planning process?

A)Developing the mission
B)Analyzing the environment
C)Setting objectives
D)Developing strategies

Question 8

By using the situation analysis,you will better understand the __________ in the global village.

A)company's competitive environment
B)competitive advantage
C)opportunities
D)weaknesses

Question 9

The differences between strategic planning and operational planning are primarily _______.

A)Time frame and management involved
B)Time frame and marketing involved
C)Management involved and ethics
D)Ethics and marketing involved.

Question 10

Analyzing the environment is also known as _________.

A)Planning strategy
B)Situation analysis
C)Competition analysis
D)Developing the mission

Question 11

In 2014,William's decision to enter Cambodia with his new business was a horrible idea because the information he found from the strategic planning process was outdated.At the time competition was deemed weak,but in reality it was strong.William now has to revisit what step in the strategic planning process?

A)Developing the mission
B)Analyzing the environment
C)Setting objectives
D)Developing strategies

Question 12

Which process is not linear,it does not go through steps 1 through 5 in order?

A)SWOT analysis
B)Company situation analysis
C)Strategic planning process
D)Competitive analysis

Question 13

When measuring the power of buyers in a market,you are using a step in which analysis?

A)Competitive analysis
B)SWOT analysis
C)Company situation analysis
D)Management analysis

Question 14

Which of the following is a step in the competitive analysis?

A)Strengths
B)Assessment of present strategy
C)Threat of substitutes products and services
D)Assessing the employee's benefits package

Question 15

What does a situation analysis evaluate?

A)competitive advantage
B)opportunities
C)weaknesses
D)competitive environment

Question 16

Shamar is an upper level manager at Fortune 500 company.The company feels like they are out dated and want to recreate their image and go in a different direction.What kind of planning will Shamar use to develop their new mission and long-range objectives?

A)Long range planning
B)Strategic planning
C)Single-use planning
D)Operational planning

Question 17

Strategic planning __________.

A)is the process of setting short-range objectives and determining in advance how they will be accomplished
B)is a plan for pursuing a mission and achieving objectives
C)describes the company's competitive advantage in the global village
D)is the process of developing a mission and long-range objectives and determining in advance how they will be accomplished

Question 18

Algemar is helping his Fortune 500 company write a statement of the company's vision.What is Algemar writing?

A)Identity
B)Values
C)Expectations
D)Mission

Question 19

_______ is the process of setting short-range objectives and determining in advance how they will be accomplished.

A)Long range planning
B)Strategic planning
C)Single-use planning
D)Operational planning

Question 20

Within the company situation analysis what step must be done right before the conclusion concerning competitive position?

A)Assessment of competitive strength and identification of competitive advantage
B)Assessment of the present strategy based on performance
C)Determination of the issues and problems that need to be addressed
D)SWOT analysis

Question 21

In the assessment of the present strategy based on performance step,what indicators should one look at to have a complex comparison of performance?

A)market share
B)net profit
C)return on assets
D)accounts receivable

Question 22

Janie,a consultant for Howard & Associates LP,was given an objective to triple the client retention in her region by the end of the quarter.After her objective was met,Janie's boss evaluated her performance and provided feedback.What should Janie's boss do next if managing by objectives?

A)Give her more work to complete.
B)Reward her with recognition and praise.
C)Have his assistant call her and congratulate her.
D)Move on to the next objective.

Question 23

Kim's goal is to save more money in 2015.Which of the following "must" criteria is not met in this statement?

A)single result
B)specific
C)measurable
D)target date

Question 24

A company that decides to set up one or more of its business units as a separate company rather than selling it is called?

A)Merger
B)Acquisition
C)Spinoff
D)Retrenchment

Question 25

Ford's goal is to sell 15% more minivans.Which of the following "must" criteria is not met in this statement?

A)single result
B)specific
C)measurable
D)target date

Question 26

In the strategic planning process,what is the third stage in the process?

A)Implementing and controlling strategies
B)Developing the Mission
C)Developing strategies
D)Setting the objective

Question 27

Objectives answer what question?

A)What do I need to do?
B)What do I want to do?
C)What am I going to do?
D)What am I supposed to do?

Question 28

A _____________ strategy is an overall corporate strategy for growth,stability,turnaround and/or retrenchment.

A)Growth
B)Grand
C)Combination
D)Integration

Question 29

How does the information found in the assessment of competitive strength and identification of competitive advantages help a company?

A)It helps in expanding their market.
B)It can bring in more value to the customer through differentiation.
C)It can help in marketing.
D)It allows a company to follow along in the same steps as its competition.

Question 30

_______________ is the process in which managers and employees jointly set objectives for the employees,periodically evaluate performance,and rewards according to results.

A)Performance appraisal
B)Management by objectives
C)Benchmarking
D)Consensus mapping

Question 31

If Blockbuster had done a/an _______________strategy,they may still be in business right now.

A)Retrenchment
B)Stability
C)Turnaround
D)Growth

Question 32

In the strategic planning process,what is the fourth stage in the process?

A)Implementing and controlling strategies
B)Developing the Mission
C)Developing strategies
D)Analyze the environment

Question 33

Which of the following is NOT a step of Management by Objectives?

A)Set individual objectives and plans.
B)Give feedback and evaluate performance.
C)Explain goals that are to be accomplished.
D)Reward according to performance.

Question 34

In the strategic planning process,what is the first stage in the process?

A)Implementing and controlling strategies
B)Developing the mission
C)Developing strategies
D)Analyze the environment

Question 35

Which of the following is not involved in a SWOT analysis?

A)Internal environmental strengths
B)External environmental opportunities
C)External environmental threats
D)Internal environmental opportunities

Question 36

Which is NOT included in S.M.A.R.T.goals?

A)Specific
B)Attainable
C)Reliable
D)Timely

Question 37

If a company decides to take its time and expand its business slowly,what type of Grand Strategy is this company practicing?

A)Growth
B)Stability
C)Merger
D)Acquisition

Question 38

A Big Box electronic store has decided to close some of its stores across the country to focus more on online sales.Which type of Grand Strategy is the store using?

A)Retrenchment
B)Turnaround
C)Combination
D)Spinoff

Question 39

Which is the correct order of the Objective Writing Model?

A)(1)action verb + (2)to + (3)specific and measurable result + (4)target date
B)(1)to + (2)action verb + (3)specific and measurable result + (4)target date
C)(1)to + (2)action verb + (3)target date + (4)specific and measurable result
D)(1)specific and measurable result + (2)to + (3)action verb + (4)target date

Question 40

Strategic Analysis _____.

A)provides its employees with a sense of unified purpose that brings everyone in the organization together to achieve it
B)is the process of setting short-range objectives and determining in advance how they will be accomplished
C)focuses on those features in a company's environment that most directly affect its options and opportunities
D)is a plan for pursuing a mission and achieving objectives

Question 41

Acquiring a merger or acquisition is which strategy?

A)Grand strategy
B)Business strategy
C)Adaptive strategy
D)Growth strategy

Question 42

Which of the following is considered a growth strategy?

A)Concentration
B)Adaptive
C)Analyzing
D)Duplication

Question 43

Analyzers commonly match their rivals' prospecting actions through the use of _________.

A)Monitoring
B)Technology
C)Benchmarking
D)Defending

Question 44

Which strategy uses a niche to compete?

A)Analyzing
B)Cost Leadership
C)Focus
D)Functional

Question 45

The _________ strategy calls for staying with the present product line and markets and maintaining or increasing customers in new markets.

A)Analyzing
B)Defending
C)Marketing
D)Prospecting

Question 46

One of TreSemme's strategies is to extend their business by creating hair care products that have more natural ingredients.This type of Growth Strategy is called_________.

A)Integration Strategy
B)Grand Strategy
C)Combination Strategy
D)Concentration Strategy

Question 47

Which type of Growth Strategy did Exxon and Mobil use when they decided to come together as one to form the company Exxon-Mobil?

A)Merger
B)Acquisition
C)Spinoff
D)Diversification

Question 48

______________strategy is when a company decides to venture into selling products that are unrelated to their organization.

A)Grand
B)Diversification
C)Growth
D)Acquisition

Question 49

Lennox company is planning on extending its marketing business in the Asian market and it is looking to turnaround one of his offices located in Europe by liquidating the assets there and pulling out of that market.Which one of the grand strategy is Lennox using?

A)Growth
B)Stability
C)Combination
D)Turnaround and Retrenchment

Question 50

When a company decides to enter a line of business that is farther away from its final company,what type of growth strategy is this called?

A)Backward Integration
B)Forward Integration
C)Turnaround Strategy
D)Stability

Question 51

Concentration,backward and forward integration,and related and unrelated diversification are which type of strategy?

A)Growth strategy
B)Grand strategy
C)Combination strategy
D)Turnaround strategy

Question 52

A/an ___________ occurs when two companies form one corporation.

A)Merger
B)Acquisition
C)Diversification
D)Business Strategy

Question 53

Which one of the following is not a grand strategy?

A)Stability
B)Turnaround and Retrenchment
C)Diversification
D)Growth

Question 54

A ______________ strategy means an organization is growing aggressively in its existing line(s)of business.

A)Integration
B)Diversification
C)Concentration
D)Stability

Question 55

Carol's Bakery has decided to hold and maintain its present size and not expand into the global market.What type of Grand Strategy is Carol's Bakery using?

A)Growth
B)Concentration
C)Stability
D)Turnaround

Question 56

MTV focuses on young people,and Rolex watches have a market niche of upper-income people.Both are examples of what type of strategy?

A)Cost leadership
B)Focus
C)Operations
D)Differentiation

Question 57

The _________ strategy calls for aggressively offering new products and services and/or entering new market.

A)Prospective
B)Competitive
C)Differentiation
D)Analyzing

Question 58

Which of the following is a part of the grand strategy?

A)Target date
B)Competition
C)Turnaround
D)Profit

Question 59

What strategy is between two extremes and tends to outperform the other two as it simultaneously achieves efficiency and adaptions?

A)Prospecting
B)Defending
C)Differentiation
D)Analyzing

Question 60

H&M is looking to expand its business by opening more stores across the USA.What type of Grand Strategy is H&M using?

A)Stability
B)Turnaround and Retrenchment
C)Growth
D)Concentration

Question 61

Which of the following is not one of the three adaptive strategies?

A)analyzing
B)justifying
C)prospective
D)defending

Question 62

Which adaptive strategy is most closely related to differentiation strategy?

A)Prospective strategy
B)Defending strategy
C)Analyzing strategy
D)Focus strategy

Question 63

What two competitive strategies typically cannot work in tandem?

A)Cost leadership and focus strategy
B)Differentiation and cost leadership
C)Differentiation and defending
D)Cost leadership and defending

Question 64

Google is an example as a company that has an aggressive attempts to increase its through its increased sales.

Question 65

What are general guidelines to be followed when making decisions?
B)Policies
B)Standing plans
C)Procedure
D)Rules

Question 66

A budget is the funds allocated to operate a unit for a fixed period.

Question 67

Adaptive strategies of a company must develop internal strategies for achieving the mission and objectives.

Question 68

Lately,Maya has had difficulty keeping up with the amount of work her new project requires.To determine how much time she is spending on high-priority and low-priority responsibilities,Maya should analyze how she spends her time using a/an _________.

A)Time management system
B)Time log
C)To-do list
D)Time management techniques

Question 69

Time management refers to techniques which _____________.

A)help people become more punctual
B)enables people to get more done in less time
C)improve the capability of handling more than one task
D)increase the chance of objectives being met

Question 70

Controlling is the process of _________.

A)setting objectives for employees
B)devising a plan for pursing a mission and achieving objectives
C)monitoring progress and taking corrective action when needed to achieve objectives
D)handling more than one task at a time

Question 71

One of the main functions for the finance strategy is keeping records of transactions,developing budgets,and reporting financial results.

Question 72

What strategy is responsible for recruiting,selecting,training,evaluating,and compensating employees?

A)Finance strategy
B)Marketing strategy
C)Cost leadership strategy
D)Human Resources strategy

Question 73

______ are a sequence of actions to be followed in order to achieve an objective.

A)Procedures
B)Policies
C)Rules
D)Plans

Question 74

Diversification occurs when a corporation goes into related or unrelated line of products.

Question 75

Which of the following is NOT a key component of the time management system?

A)Priorities
B)Objectives
C)Plans
D)Budgets

Question 76

Which of the following three are parts of a plan most used by manufacturing operations?

A)Programs,Rules,Budgets
B)Policies,Procedures,Rules C.Procedures,Programs,Policies
D)Budgets,Procedures,Programs

Question 77

What is multi-tasking?

A)The practice or capability of handling more than one task at a time
B)Asking for more work than you can handle
C)Keeping track of your actives
D)Planning for a variety of nonrecurring tasks

Question 78

Nissan planned to offer Datsun a low-priced new car for $7,000 to $9,000.This is an example of what strategy?

A)Focus Strategy
B)Cost Leadership Strategy
C)Differentiation
D)Finance Strategy

Question 79

The workshop where Randy works has a sign that says "Employees cannot have weapons on company premises." Which of the following types of plans is this statement?

A)policy
B)procedure
C)rule
D)program

Question 80

Which functional department would focus their strategy on the four P's: product,promotion,place,and price?

A)Finance
B)Human resources
C)Marketing
D)Operations