Question 1

Evaluating an organization's intangible assets is part of conducting an internal analysis in the strategic management process.

Accepted Answer

Evaluating an organization's intangible assets is an important part of conducting an internal analysis in the strategic management process. This includes assessing the organization's culture, brand, reputation, intellectual property, and human capital. These intangible assets can play a significant role in the organization's competitive advantage and overall success.

Question 2

The major value-creating capabilities of the organization are known as its ________.

Accepted Answer

Core competencies are the major value-creating capabilities that a company possesses, which give it a significant advantage over its competitors. These skills and expertise can be in the form of specialized resources, technologies, processes, or knowledge that are unique to the organization and are difficult to replicate by others. Strengths are internal factors that a company possesses, which may or may not be unique to the organization. Competitive advantages are the result of leveraging strengths and core competencies to create superior value for customers. Resources refer to the assets and capabilities that a company uses to carry out its operations.

Question 3

The final step in the strategic management process is implementing the objectives.

Accepted Answer

The final step in the strategic management process is evaluating and controlling, where the implementation of strategies is monitored and adjustments are made as necessary.

Question 4

Identify the six steps in the strategic management process and briefly explain what happens in each step.

Accepted Answer

The answer of Identify the six steps in the strategic...

Question 5

Activities that an organization does well or resources that it has available are called capabilities.

Accepted Answer

The answer of Activities that an organization does well or...

Question 6

Helen, the owner of Crazy Cupcakes, is conducting a SWOT analysis of her company. Which one of the following represents an opportunity for expansion?

Accepted Answer

The trend toward personalized cupcakes presents an opportunity for Crazy Cupcakes to expand its product line and potentially attract new customers who are interested in customized baked goods.

Question 7

A SWOT analysis includes an analysis of an organization's environmental opportunities and threats.

Accepted Answer

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, with opportunities and threats being the external factors in the organization's environment.

Question 8

Casey realizes that she has a personal characteristic that suggests she is not comfortable interacting with strangers. She interprets this as a(n) ________ if she is to get a job as a salesperson.

Accepted Answer

Casey's personal characteristic of not being comfortable interacting with strangers may hinder her ability to perform well as a salesperson, making it a weakness that she needs to work on or find strategies to overcome.

Question 9

A firm's reputation in the marketplace would be considered a resource.

Accepted Answer

The answer of A firm's reputation in the marketplace would...

Question 10

Bella Vista Clothing targets teenage girls with a range of affordable ready-to-wear clothing. The company is opening two new outlets, as sales have been excellent. Which one of the following represents a strength for the company?

Accepted Answer

The ability of in-house designers to identify and popularize fashion trends is a strength that can help Bella Vista continue to appeal to their target market of teenage girls.

Question 11

Harness International, a global wiring harness company, allows each customer to access its engineering drawings on the company's extranet, speeding up the design process for every project. Harness would consider this to be a(n) ________.

Accepted Answer

The answer of Harness International, a global wiring harness company,...

Question 12

The first step in the strategic management process is analyzing the external environment.

Accepted Answer

The first step in the strategic management process is typically defining the organization's mission and objectives, which then guides the analysis of the external and internal environments.

Question 13

Newmark RV is performing an internal analysis. Which of the following would be considered a resource?

Accepted Answer

A patent for a special design feature is a tangible asset that provides a competitive advantage, making it a resource.

Question 14

The final step in the strategic management process allows an organization to understand the ________.

Accepted Answer

The final step in the strategic management process is to evaluate the effectiveness of the strategies used. This evaluation helps the organization to understand what worked and what did not work, allowing for adjustments to be made for future planning. The other options listed are important components of strategic management, but do not specifically relate to the final step.

Question 15

When conducting a SWOT analysis, threats are activities the organization doesn't do well or resources it needs but doesn't possess.

Accepted Answer

Threats are external factors that may affect the organization negatively, such as competition, changes in regulations, or economic downturns. They are not related to the organization's internal activities or resources.

Question 16

An organization's financial, physical, human, and intangible assets are known as its ________.

Accepted Answer

The term "resources" refers to all the assets that an organization has at its disposal, including financial resources, physical assets like property and equipment, human resources such as employees, and intangible resources like intellectual property and brand reputation. "Capabilities" and "core competencies" are narrower terms that describe specific abilities and skills that an organization possesses, whereas "strengths" is a more general term that could refer to any aspect of an organization that gives it a competitive advantage.

Question 17

After the SWOT analysis is complete, managers are ready to ________.

Accepted Answer

The SWOT analysis helps managers identify the strengths, weaknesses, opportunities, and threats for a business. Once this is complete, managers can use this information to formulate strategies that leverage strengths and opportunities, while addressing weaknesses and threats. Therefore, the correct answer is C.

Question 18

Exceptional or unique organizational resources are known as core capabilities.

Accepted Answer

Core capabilities refer to the skills and expertise that give an organization a competitive advantage, while exceptional or unique resources are often termed as core competencies or distinctive competencies.

Question 19

A bank estimates the capabilities of its customer service employees prior to implementing a new training program designed to change their method of providing customer service. The bank is ________.

Accepted Answer

The bank is conducting an internal analysis by assessing the capabilities of its customer service employees. An internal analysis looks at a company's internal resources, including its employees, to identify strengths and weaknesses. This type of analysis is often used to inform training and development programs like the one being implemented by the bank.

Question 20

The combined external and internal analyses are called ________.

Accepted Answer

Only SWOT analysis combines both external and internal analyses. The acronym stands for Strengths, Weaknesses, Opportunities, and Threats, which covers both internal (strengths and weaknesses) and external (opportunities and threats) factors affecting the business.

Quiz 9: Strategic Planning