Deck 1: An Introduction to the Strategic Planning Process SPP

Question 1

Three functions that permeate the work process are problem analysis, decision-making, and execution.

Answer 1

False

Question 2

Intuition is neither the opposite of quantitative analysis, nor an attempt to eliminate quantitative analysis.

Answer 2

True

Question 3

Strategic management and planning provide a framework for seeking profitable ways for the organization to adapt to change.

Answer 3

True

Question 4

Strategic planning process is only applicable to large profit-oriented organizations.

Question 5

In the current competitive and unpredictable environment, having formal plans is more important than having a vision.

Question 6

Goals are defined as being the desired end result of this planned accomplishment, while objectives are defined as open-ended statements of planned accomplishment.

Question 7

Three levels of organizational strategic planning are corporate level, business level, and functional level.

Question 8

Strategic planning that takes place at the business level is often referred to as the organization's grand strategy.

Question 9

Functional level relates to the strategies employed in the various functional areas (i.e., human resources, production, marketing, finance, research and development, etc.) of the organization.

Question 10

SWOT analysis helps the organizations to scan only the internal environment.

Question 11

A program is simply a statement of the activities necessary for accomplishing the strategy.

Question 12

Understanding and commitment to a strategy by managers at different levels often involves a refine?ment of the strategies into programs and budgets.

Question 13

A mixed blessing stakeholder is one that is characterized by a low potential for threat and cooperation.

Question 14

Agency theory suggests that problems arise in organizations because "the agents (top management) no longer bear the full results of their decisions unless they own a substantial amount of stock in the corporation."

Question 15

Employees who are working with the product (or service) every day are not in a position to render decisions about how to improve it.

Question 16

Culture is a group problem-solving tool that enables individuals to survive in a particular environment.

Question 17

Management is all about planning, organizing, recruiting, selecting, leading, communicating, problem-solving, and is not subject to continuous change.

Question 18

Strategic planning is a prediction of the future and it helps to monitor and assess whether the assumptions are still valid over time.

Question 19

No discussion of strategy formulation and planning is complete with addressing the important topic of intuition.

Question 20

The marginal stakeholder represents the opposite situation and suggests a defense strategy.

Question 21

Mission statements can be very narrow but not broad in scope.

Question 22

The implementation of a strategy is arguably the least important stage with respect to the other stages.

Question 23

Strategy of simple rules is to determine a small number of important strategic processes and develop simple rules for decision-making.

Question 24

At the corporate level, strategies tend to have the narrowest scope.

Question 25

Intuitive decisions suffer from inconsistency.

Question 26

A strategic consensus is whereby managers at the same levels share understanding and common commitment to the strategy.

Question 27

_________ refers to the match between the organizations internal capabilities and its external relationship.

A) Organizational strategy
B) Strategy
C) Grand Strategy
D) Dynamic strategic management process

Question 28

___________ involves the formulation of a strategy, the implementation of the strategy, and the evaluation of the strategy's success.

A) Dynamic strategic management process
B) Total Quality Management
C) Intuition
D) Mission

Question 29

Which of the following is not a level in an organization?

A) Corporate level
B) Middle level
C) Business level
D) Functional level

Question 30

Goals are defined as ________statements of planned accomplishment.

A) Open-ended
B) Close-ended
C) Clear
D) Brief

Question 31

Which of the following is not a type of a stakeholder?

A) Supportive
B) Non-supportive
C) Non-marginal
D) Mixed blessing

Question 32

Which of the following is not a type of organizational strategists?

A) The Board of Directors
B) Top Managers
C) Subordinates
D) Shareholders

Question 33

R. Alec Mackenzie's three-dimensional view of the management process is a combination of the basic elements of management activities including:

A) People, Things and Ideas
B) People, Things and Innovation
C) People, Threats and Ideas
D) People, Thinking and Innovation

Question 34

Strategic planning answers an organization's position in terms of:

A) When, Why, Who, Where
B) Now, Which, Who, When
C) Now, When, Who, Where
D) Which, Where, Now, Why

Question 35

If ________ provide specificity for________, the latter might be said to provide focus for the organization's ___________.

A) Goals, Vision, Mission statement
B) Goals, Mission statement, Objectives
C) Objectives, Strategy, Mission statement
D) Objectives, Goals, Mission statement

Question 36

Dynamic strategic management process involves:

A) Formulation of a strategy and the evaluation of the strategy's success
B) Formulation of a strategy, implementation of the strategy, and evaluation of the strategy's success
C) Implementation of the strategy and evaluation of the strategy's success
D) Formulation of a strategy, monitoring of the strategy, and evaluation of the strategy's success

Question 37

_________ finds the advantages coming from successfully capturing unanticipated and fleeting opportunities in order to grow and succeed.

A) Strategy as simple rules
B) Unconventional strategy
C) Traditional strategy
D) Innovative strategy

Question 38

The mission statement of any organization would be accomplished at:

A) Corporate level
B) Business level
C) Sub-units level
D) Functional level

Question 39

Strategies employed in areas of human resources, production, marketing, finance, research and development pertains to:

A) Corporate level
B) Business level
C) Sub-units level
D) Functional level

Question 40

__________ sees advantages resulting from exploiting resources or establishing stable market positions to generate profits and be market dominant.

A) Strategy as simple rules
B) Unconventional strategy
C) Traditional strategy
D) Innovative strategy

Question 41

A program is:

A) is a statement in terms of dollars
B) the sequential steps
C) simply a statement of the activities necessary for accomplishing the strategy
D) understanding and common commitment to the strategy

Question 42

____________suggests that problems arise in organizations because "the top management no longer bear the full results of their decisions unless they own a substantial amount of stock in the corporation."

A) Investment theory
B) Agency theory
C) Strategic theory
D) Management theory

Question 43

XTZ Inc.'s assumes that their project teams must know when a product has to be delivered to the leading customer, and product development time must be less than twelve months. Which Simple Rules does this statement support?

A) How-to rules
B) Exit rules
C) Timing rules
D) Entry rules

Question 44

Jonas, Fry, and Srivastva have derived four types of individual behaviors in the formulation a strategy:

A) Strategist, Enthusiastic, Steward, and Artist
B) Systematic, Analyst, Enthusiastic, and Artist
C) Strategist, Analyst, Steward, and Artist
D) Systematic, Authentic, Steward, and Artist

Question 45

According to John A. Pearce, "grand strategy" is defined as:

A) Open-ended statements of planned accomplishment
B) The desired end result of a planned accomplishment
C) The comprehensive plan by which the firm intends to achieve its objectives
D) Statements aimed at solving organizational threats

Question 46

Which of the following is not considered an objective?

A) Increase revenues by 10% each year
B) Increase the market share by 5% each year
C) Achieve sufficient profit to finance company growth
D) Raise the awareness about the offerings by 10% each year

Question 47

___________ and _________ stage of the process is the point at which the results of a given strategy are monitored.

A) Evaluation and Planning
B) Implementing and Evaluation
C) Evaluation and Control
D) Planning and Control

Question 48

The strategic location of a shop is a/an _________, whereas the risk of natural disasters is not a/an _________.

A) Opportunity, Strength
B) Opportunity, Threat
C) Strength, Opportunity
D) Strength, Threat

Question 49

Internal analysis does not include analyzing an organization's.

A) Strengths and Weaknesses
B) Opportunities and Threats
C) Weakness and Threats
D) Strength and Opportunities

Question 50

Which of the following is not true about culture?

A) It encompasses an identifiable group of people who share common values, beliefs, and customs
B) It is learned, mostly informally, within the social environment
C) It represents a unified worldview and mindset since it is static
D) It includes the unique artifacts, language, art, music, drama, literature, folklore, cuisine, and architecture

Question 51

Which of the following is a part of the strategic consensus?

A) Programs
B) Budget
C) Procedures
D) All of the above

Question 52

"Put more boldly, if you have no vision but only formal plans, then every unpredicted change in the environment makes you feel like your sky is falling." How does this perspective oppose or agree with Henry Mintzberg's statement, "while it was planning that experienced the turbulence, it was the environment that got labeled turbulent!"?

Question 53

Define and discuss the importance of having a well-formulated mission and vision for an organization. Identify the advantages and disadvantages to the various stakeholders (shareholders, employees, customers, the overall organization, etc.).

Question 54

What are the different levels of organizational strategic planning? Discuss the role they play in the overall strategy of the organization.

Question 55

In your opinion, does the SWOT analysis have limitations? If yes, how would those limitations affect the strategic planning process of an organization? Support your answer with examples.

Question 56

What are the possible negative aspects of intuitive decisions? Explain with examples.

Question 57

Define and explain the relationship between strategic implementation and strategic consensus.

Question 58

"Stakeholder concerns are not always based on what might be best for the organization, but what might be best for the stakeholder." Do you agree or disagree with this statement? Justify your answer.

Question 59

Discuss the significance of inside and outside directors in the Board members' committee of an organization.

Question 60

Discuss the implications of the agency theory on the organization's strategic plan.

Question 61

Why is it important to consider national culture and organizational culture while making strategic plans? Validate your answer with examples.

Question 62

In your opinion, what are the key components derived from the systematic environmental scanning that would be reflected in the organization's strategic plan?