Question 1

Strategic planning processes are something that only the company's most senior executives are involved with.

Accepted Answer

Strategic planning processes often involve a range of stakeholders including senior executives, middle management, and sometimes even entry-level employees to ensure diverse perspectives and comprehensive planning.

Question 2

In analyzing the corporate controllable variables,management must address the question:

Accepted Answer

The answer of In analyzing the corporate controllable variables,management must...

Question 3

International strategy:

Accepted Answer

The best choice is E because it covers all the aspects mentioned in the question. International strategy needs to achieve and maintain competitive advantage, be consistent among various functions, products, regional units of the company, and with the demands of the international competitive environment. It is concerned with making fundamental choices about developing and deploying scarce resources internationally, which are all covered in choice E. Therefore, E is the most comprehensive answer.

Question 4

Top management of companies generally accept the fact that,to be effective,strategic planning processes should permit ideas to surface from anywhere in the organization and at any time.

Accepted Answer

Top management of companies often encourage a culture of innovation and idea-sharing, which can come from employees at any level and department. This can improve the effectiveness of strategic planning processes and help businesses stay competitive.

Question 5

According to the text,value chain analysis focuses primarily on what question(s)?

Accepted Answer

The answer of According to the text,value chain analysis focuses...

Question 6

There is a growing tendency for firms to use strategic planners to devise the corporate plan,which is then handed to operations people for execution.

Accepted Answer

The answer of There is a growing tendency for firms...

Question 7

Managers of international companies that are attempting to develop a competitive advantage face a formidable challenge because:

Accepted Answer

Managers face the challenge of scarce resources, limited attractive alternatives, and the necessity to make strategic choices, which are all encompassed in option C.

Question 8

To fully understand why,how,and where they intend to do business,now and over time,managers must have:

Accepted Answer

To fully understand their business, managers must have a clear understanding of the company's mission, a vision for how to achieve that mission, and an understanding of how to compete with other companies. Only option D provides all three elements necessary for managers to make informed decisions about the company's present and future operations.

Question 9

According to the text,the strategic planning process provides a formal structure in which managers will:

Accepted Answer

The text states that the strategic planning process includes analyzing the company's external and internal environments, as well as defining the company's business and mission. Therefore, option E is the best choice as it combines both elements mentioned in the text. The other options may be part of the strategic planning process, but they are not explicitly mentioned in the text or are incomplete.

Question 10

To create a competitive advantage that is sustainable over time,the international company should try to develop competencies that:

Accepted Answer

Developing competencies that create value for customers and for which they are willing to pay can lead to a sustainable competitive advantage as it is unlikely that competitors will be able to replicate these competencies easily. Additionally, if customers perceive the value created by these competencies as unique or superior, they will be more likely to remain loyal to the company over time.

Question 11

According to a survey by Bain & Company,the most commonly used management tool among global executives is:

Accepted Answer

According to the survey, the most commonly used management tool among global executives is strategic planning. While other tools such as value chain analysis, industry and competitor analysis, and environmental analysis are important, strategic planning is the most widely adopted tool among executives for long-term planning and decision-making.

Question 12

According to the text,the strategic planning process provides a formal structure in which managers will:

Accepted Answer

The strategic planning process provides a formal structure in which managers will set corporate objectives.

Question 13

Repetition of the bottom-up or top-down planning process until all differences are reconciled is sequential planning.

Accepted Answer

Sequential planning involves completing one phase of planning before moving on to the next, without necessarily repeating phases to reconcile differences. Repetition to reconcile differences is more characteristic of iterative planning processes.

Question 14

According to the text,the firm's ultimate manager of strategic planning is the:

Accepted Answer

The text suggests that the ultimate manager of strategic planning in a firm is the firm's chief executive officer.

Question 15

An assessment conducted on the chain of interlinked activities of an organization or set of interconnected organizations,intended to determine where and to what extent value is added to the final product or service is known as:

Accepted Answer

Value chain analysis is a process of examining the activities performed by a firm to create a product or service and identifying the activities that add value and those that do not. This analysis helps firms identify opportunities to create value and reduce costs, ultimately leading to an improvement in their competitive position in the market. Economic value added (A) is a financial performance metric, while internal analysis (B) is a general term that can refer to any assessment of an organization's internal processes. SWOT analysis (D) and internal SWOT analysis (E) are tools for assessing an organization's strengths, weaknesses, opportunities, and threats, which is different from value chain analysis.

Question 16

International firms have found it necessary to institute formal global planning:

Accepted Answer

Formal global planning provides top management with a means to identify threats and opportunities worldwide, while also ensuring consistency of action among the firm's managers. Informal planning can lead to inconsistency and missed opportunities, making formal global planning necessary for international firms. Consistency of decision among the firm's stockholders is not the primary reason for formal global planning.

Question 17

An advantage of bottom-up planning is that the people responsible for attaining the goals are formulating them.

Accepted Answer

Bottom-up planning involves involving individuals at all levels in the planning process, with the idea that those closest to the work are often best equipped to make decisions and identify potential challenges. As such, those responsible for attaining the goals are involved in formulating them, leading to a greater sense of ownership and commitment to achieving them.

Question 18

Due to developments such as a rapid rise in the level of uncertainty in many areas of international business,many firms have moved toward more structured strategic planning formats and longer planning documents.

Accepted Answer

While it's true that uncertainty in international business has increased, many firms are actually moving towards more flexible and adaptive strategic planning approaches rather than more structured formats and longer documents, to better respond to rapid changes in the global market.

Question 19

According to the text,competencies:

Accepted Answer

The answer of According to the text,competencies:
...

Question 20

According to Frederick W.Gluck,formal strategic planning teams must assume a more explicit strategic decision making role in strategic planning,including dedicating a large amount of time to deciding how things ought to be instead of listening to analyses of how they are.

Accepted Answer

The answer of According to Frederick W.Gluck,formal strategic planning teams...

Quiz 10: International Competitive Strategy

Strategic planning processes are something that only the company's most senior executives are involved with.

In analyzing the corporate controllable variables,management must address the question:

International strategy:

Top management of companies generally accept the fact that,to be effective,strategic planning processes should permit ideas to surface from anywhere in the organization and at any time.

According to the text,value chain analysis focuses primarily on what question(s) ?

There is a growing tendency for firms to use strategic planners to devise the corporate plan,which is then handed to operations people for execution.

Managers of international companies that are attempting to develop a competitive advantage face a formidable challenge because:

To fully understand why,how,and where they intend to do business,now and over time,managers must have:

According to the text,the strategic planning process provides a formal structure in which managers will:

To create a competitive advantage that is sustainable over time,the international company should try to develop competencies that:

According to a survey by Bain & Company,the most commonly used management tool among global executives is:

According to the text,the strategic planning process provides a formal structure in which managers will:

Repetition of the bottom-up or top-down planning process until all differences are reconciled is sequential planning.

According to the text,the firm's ultimate manager of strategic planning is the:

An assessment conducted on the chain of interlinked activities of an organization or set of interconnected organizations,intended to determine where and to what extent value is added to the final product or service is known as:

International firms have found it necessary to institute formal global planning:

An advantage of bottom-up planning is that the people responsible for attaining the goals are formulating them.

Due to developments such as a rapid rise in the level of uncertainty in many areas of international business,many firms have moved toward more structured strategic planning formats and longer planning documents.

According to the text,competencies:

According to Frederick W.Gluck,formal strategic planning teams must assume a more explicit strategic decision making role in strategic planning,including dedicating a large amount of time to deciding how things ought to be instead of listening to analyses of how they are.