Question 1

At which step of the strategic management process do managers assess their financial capital,technical expertise,employee skills,and marketing capabilities?
A)identify current mission,objectives,and strategies
B)formulate strategies
C)internal analysis
D)external analysis

Accepted Answer

The answer of At which step of the strategic management...

Question 2

SWOT Analysis (Scenario)
Terri has been asked to review her company's strategy in the cosmetics industry. Top management wants to ensure that they are aware of emerging trends and changes. Terri began reviewing a list of factors in her mind. Recently, there has been some negative publicity about cosmetics testing on animals; an industry practice that has become very controversial and increasingly unacceptable to consumers. The laboratory animals at Terri's company are well treated, but they are still used to test new products. On a positive note, industry-wide sales are up 10 percent. Women are buying more cosmetics in general, which is good news for the company. Another positive factor is their personnel. They have many good people working in the company, particularly in research and development where the expertise is exceptional. The only other negative factor noted by Terri was that last year's advertising campaign had not achieved the desired results. Something needed to be done in that department. Terri began to compile her report.
-The exceptional expertise in research and development would be considered a(n)________.
A)core competency
B)differential benefit
C)environmental advantage
D)opportunity

Accepted Answer

The exceptional expertise in research and development is a core competency, which is a unique strength or advantage that a company possesses compared to its competitors.

Question 3

Once managers have completed their analysis of the strengths,weaknesses,opportunities,and threats facing the organization,they can proceed to the next step of the strategic management process,which is to ________.
A)identify competitors
B)identify the organization's current mission,goals,and strategy
C)formulate strategies
D)identify environmental trends

Accepted Answer

Once the analysis of the SWOT has been completed, the next step is to formulate strategies based on the results of the analysis. This involves identifying a course of action that takes advantage of the strengths, overcomes the weaknesses, capitalizes on the opportunities, and manages the threats. Therefore, option C is the correct choice.

Question 4

SWOT Analysis (Scenario)
Terri has been asked to review her company's strategy in the cosmetics industry. Top management wants to ensure that they are aware of emerging trends and changes. Terri began reviewing a list of factors in her mind. Recently, there has been some negative publicity about cosmetics testing on animals; an industry practice that has become very controversial and increasingly unacceptable to consumers. The laboratory animals at Terri's company are well treated, but they are still used to test new products. On a positive note, industry-wide sales are up 10 percent. Women are buying more cosmetics in general, which is good news for the company. Another positive factor is their personnel. They have many good people working in the company, particularly in research and development where the expertise is exceptional. The only other negative factor noted by Terri was that last year's advertising campaign had not achieved the desired results. Something needed to be done in that department. Terri began to compile her report.
-The fact that industry-wide sales are up by 10 percent because women are buying more cosmetics would be considered a(n)________.
A)core competency
B)strength
C)weakness
D)opportunity

Accepted Answer

The increase in sales due to women buying more cosmetics is an opportunity for the company to capitalize on. It presents a chance for growth and expansion in the industry.

Question 5

SWOT Analysis (Scenario)
Terri has been asked to review her company's strategy in the cosmetics industry. Top management wants to ensure that they are aware of emerging trends and changes. Terri began reviewing a list of factors in her mind. Recently, there has been some negative publicity about cosmetics testing on animals; an industry practice that has become very controversial and increasingly unacceptable to consumers. The laboratory animals at Terri's company are well treated, but they are still used to test new products. On a positive note, industry-wide sales are up 10 percent. Women are buying more cosmetics in general, which is good news for the company. Another positive factor is their personnel. They have many good people working in the company, particularly in research and development where the expertise is exceptional. The only other negative factor noted by Terri was that last year's advertising campaign had not achieved the desired results. Something needed to be done in that department. Terri began to compile her report.
-The failure of the advertising campaign would be classified as a(n)________.
A)question mark
B)weakness
C)opportunity
D)threat

Accepted Answer

The failure of the advertising campaign is a weakness within the company's strategy.

Question 6

Personal SWOT Analysis (Scenario)
University students in their last year are focused on getting information about the situation in the job market on graduation. As a process of self-examination during her senior year of college, Casey decides to develop a SWOT analysis of her prospects relative to getting a job.
-Casey has been taking courses in the Asian languages department for the last three years and consequently speaks reasonably coherent Chinese.Spending a summer in Shanghai on an intensive language course further improved her language skills.Few students are interested in learning Chinese these days so this is a(n)________ Casey possesses over other job applicants.
A)opportunity
B)strength
C)differentiation
D)core competency

Accepted Answer

Casey's ability to speak reasonably coherent Chinese, especially after spending a summer in Shanghai on an intensive language course, is a personal strength. It distinguishes her from other job applicants, particularly in contexts where Chinese language skills are valuable.

Question 7

Jill is assessing the labour supply in the locations where her company currently operates.She is currently at which stage of the strategic management process?
A)identify current mission,objectives,and strategies
B)internal analysis
C)external analysis
D)formulate strategies

Accepted Answer

Jill is conducting an external analysis by examining the labour supply in the locations where her company operates. This is part of the process of evaluating the external factors that may impact the company's operations, which is done in the external analysis stage of the strategic management process.

Question 8

Bella Vista Clothing targets teenaged girls with a range of affordable ready-to-wear clothing.The company is opening two new outlets,as sales have been excellent.Which of the following represents a strength for the company?
A)The company's in-house designers have a knack for identifying and popularizing fashion trends.
B)Overseas customers have shown an interest in buying Bella Vista clothes through the company's online store.
C)A long-time competitor recently went out of business,so Bella Vista can cut down on its advertising budget.
D)Teenage girls are increasingly taking part-time jobs so they can afford to buy more clothes.

Accepted Answer

The company's in-house designers have a knack for identifying and popularizing fashion trends is a strength for the company because it helps them stay relevant and trendy in the market, attracting more teenage girls who want to stay up-to-date with the latest fashion trends.

Question 9

SWOT Analysis (Scenario)
Terri has been asked to review her company's strategy in the cosmetics industry. Top management wants to ensure that they are aware of emerging trends and changes. Terri began reviewing a list of factors in her mind. Recently, there has been some negative publicity about cosmetics testing on animals; an industry practice that has become very controversial and increasingly unacceptable to consumers. The laboratory animals at Terri's company are well treated, but they are still used to test new products. On a positive note, industry-wide sales are up 10 percent. Women are buying more cosmetics in general, which is good news for the company. Another positive factor is their personnel. They have many good people working in the company, particularly in research and development where the expertise is exceptional. The only other negative factor noted by Terri was that last year's advertising campaign had not achieved the desired results. Something needed to be done in that department. Terri began to compile her report.
-The quality of the company's personnel would be considered a(n)________.
A)differential benefit
B)strength
C)core competency
D)opportunity

Accepted Answer

The quality of the company's personnel would be considered a strength, as it is a positive factor that contributes to the success of the company in the cosmetics industry.

Question 10

Which of the following is one of the drawbacks to strong organizational cultures that a manager should consider when completing the strategic management process?
A)They always hinder the organization's strategic actions.
B)Employees will have less understanding of the planning process.
C)Employee attitudes tend to be strong,but their organizational values are weak.
D)They are difficult to change.

Accepted Answer

Strong organizational cultures can be difficult to change, which can hinder the organization's ability to adapt to changing external environments and pursue new strategic initiatives. It is important for managers to consider this potential drawback when completing the strategic management process.

Question 11

If a bank evaluates the capabilities of its training and development department employees prior to implementing a new training program designed to change their method of providing customer service,it is completing what step in the strategic management process?
A)identify the organization's current mission,goals,and strategies
B)internal analysis
C)formulate strategies
D)implement strategies

Accepted Answer

Evaluating the capabilities of employees falls under the internal analysis step in the strategic management process.

Question 12

Personal SWOT Analysis (Scenario)
University students in their last year are focused on getting information about the situation in the job market on graduation. As a process of self-examination during her senior year of college, Casey decides to develop a SWOT analysis of her prospects relative to getting a job.
-In looking at her graduating class,Casey notices that there are large numbers of students graduating with the same major as she is.This situation can be a(n)________ in her job hunt.
A)opportunity
B)weakness
C)strength
D)threat

Accepted Answer

The situation of having large numbers of students graduating with the same major as Casey is a threat because it increases the competition in the job market and makes it harder for her to stand out from other candidates.

Question 13

Personal SWOT Analysis (Scenario)
University students in their last year are focused on getting information about the situation in the job market on graduation. As a process of self-examination during her senior year of college, Casey decides to develop a SWOT analysis of her prospects relative to getting a job.
-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.
A)threat
B)weakness
C)opportunity
D)differentiation

Accepted Answer

The personal characteristic of being uncomfortable interacting with strangers is a weakness because it could potentially hinder Casey's ability to succeed in a job as a salesperson, where interacting with customers and potential clients is a crucial aspect of the role.

Question 14

Carly's Car Care has just found out that a new competitor is opening a few doors down in a prime location.The competitor will feature the very latest in car washing technology at competitive prices.The new competitor represents which of the following for Carly?
A)opportunity
B)weakness
C)threat
D)risk

Accepted Answer

The new competitor with the latest technology and competitive prices represents a threat to Carly's Car Care business. It may lead to a loss of customers and a decrease in revenue.

Question 15

An organization that has been able to excel in product research and design,manufacturing,marketing,and managing its human resources to reach a leadership position in the marketplace is taking advantages of its ________.
A)competitive advantage
B)leadership expertise
C)creativity and innovation
D)core competencies

Accepted Answer

Core competencies are the unique capabilities and resources of an organization that enable it to achieve a competitive advantage in the marketplace. The organization described in the question has excelled in various functional areas, indicating that it has developed strong core competencies in these areas.

Question 16

The major value-creating capabilities and skills of the organization are knows as ________.
A)core competencies
B)human resources
C)financial resources
D)leadership expertise

Accepted Answer

Core competencies refer to the specific capabilities and skills that an organization possesses and uses to create value and gain a competitive advantage in the market. Human resources and financial resources are important components but not necessarily the only source of capabilities and skills. Leadership expertise can contribute to the development and utilization of core competencies, but it is not a core competency in itself.

Question 17

SWOT Analysis (Scenario)
Terri has been asked to review her company's strategy in the cosmetics industry. Top management wants to ensure that they are aware of emerging trends and changes. Terri began reviewing a list of factors in her mind. Recently, there has been some negative publicity about cosmetics testing on animals; an industry practice that has become very controversial and increasingly unacceptable to consumers. The laboratory animals at Terri's company are well treated, but they are still used to test new products. On a positive note, industry-wide sales are up 10 percent. Women are buying more cosmetics in general, which is good news for the company. Another positive factor is their personnel. They have many good people working in the company, particularly in research and development where the expertise is exceptional. The only other negative factor noted by Terri was that last year's advertising campaign had not achieved the desired results. Something needed to be done in that department. Terri began to compile her report.
-The controversy and negative publicity associated with cosmetics testing on animals would be classified as a(n)________.
A)strength
B)weakness
C)threat
D)opportunity

Accepted Answer

The controversy and negative publicity associated with cosmetics testing on animals is a threat to the company, as it could potentially harm their reputation and sales if they do not address the issue.

Question 18

Helen,the owner of Crazy Cupcakes,is conducting a SWOT analysis of her company to find out where she can improve her business and to identify possibilities for expansion.Which of the following represents an opportunity for expansion?
A)There has been a trend toward personalized cupcakes for a variety of occasions.
B)The production process was found to be highly efficient,and wastage was kept to a minimum.
C)In a taste test,Crazy Cupcakes products ranked higher than competitors in the taste and texture segments.
D)The prices of flour and sugar have gone down in the last six months.

Accepted Answer

The trend toward personalized cupcakes presents an opportunity for Crazy Cupcakes to expand its product offerings and potentially attract new customers. The other options represent strengths or external factors that may not necessarily lead to expansion opportunities.

Question 19

Personal SWOT Analysis (Scenario)
University students in their last year are focused on getting information about the situation in the job market on graduation. As a process of self-examination during her senior year of college, Casey decides to develop a SWOT analysis of her prospects relative to getting a job.
-Casey majored in marketing and really enjoyed studying market research as a subject.Through research on the Internet and in the university library,she discovers that this industry appears to have significant positive external trends.She interprets this as a(n)________.
A)weakness
B)threat
C)strength
D)opportunity

Accepted Answer

Positive external trends in the industry indicate an opportunity for Casey.

Question 20

Pat's Pets has developed a reputation as the industry leader in quality pet care.It has exceptionally skilled employees who are known for their humane and loving treatment of animals.For Pat's,these resources would be considered ________.
A)opportunities
B)competitive assets
C)primary resources
D)core competencies

Accepted Answer

Pat's Pets' exceptionally skilled employees who are known for their humane and loving treatment of animals are core competencies. Core competencies are unique resources and capabilities that enable a company to achieve a competitive advantage in its industry.

Quiz 10: Managing Strategically

At which step of the strategic management process do managers assess their financial capital,technical expertise,employee skills,and marketing capabilities?

Once managers have completed their analysis of the strengths,weaknesses,opportunities,and threats facing the organization,they can proceed to the next step of the strategic management process,which is to ________.

Jill is assessing the labour supply in the locations where her company currently operates.She is currently at which stage of the strategic management process?

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

Which of the following is one of the drawbacks to strong organizational cultures that a manager should consider when completing the strategic management process?

If a bank evaluates the capabilities of its training and development department employees prior to implementing a new training program designed to change their method of providing customer service,it is completing what step in the strategic management process?

Carly's Car Care has just found out that a new competitor is opening a few doors down in a prime location.The competitor will feature the very latest in car washing technology at competitive prices.The new competitor represents which of the following for Carly?

An organization that has been able to excel in product research and design,manufacturing,marketing,and managing its human resources to reach a leadership position in the marketplace is taking advantages of its ________.

The major value-creating capabilities and skills of the organization are knows as ________.

Helen,the owner of Crazy Cupcakes,is conducting a SWOT analysis of her company to find out where she can improve her business and to identify possibilities for expansion.Which of the following represents an opportunity for expansion?

Pat's Pets has developed a reputation as the industry leader in quality pet care.It has exceptionally skilled employees who are known for their humane and loving treatment of animals.For Pat's,these resources would be considered ________.