Question 1

Managers only perform environmental analysis to help them understand what is happening outside their organization.

Accepted Answer

Managers perform environmental analysis to understand both external and internal factors that affect their organization, helping them make informed decisions.

Question 2

Lobbying efforts by interest groups and progress on the passage of laws are examples of the ________ component of the general environment.
A)social
B)political
C)legal
D)technological
E)international

Accepted Answer

Lobbying efforts and legislative progress are part of the political component, as they involve influencing government policy and decision-making processes.

Question 3

According to Porter,________ refers to the power that customers have over the firms operating in an industry.
A)the threat of new entrants
B)buyer power
C)supplier power
D)the threat of substitute products
E)intensity of rivalry

Accepted Answer

Buyer power, according to Porter's Five Forces model, refers to the impact that customers have on a market. When buyers have strong bargaining power, they can influence the terms and conditions of transactions, including price, quality, and service, which can affect the competitive environment and profitability of firms within an industry.

Question 4

The document that is written by management and describes and explains what the purpose for which the organization exists is the ________.
A)mission statement
B)strategic plan
C)operating plan
D)annual budget
E)vision statement

Accepted Answer

A mission statement is a document that describes the purpose and core values of an organization, explaining why it exists.

Question 5

The answer to which one of the following critical questions indicates whether the organization is progressing satisfactorily or not?
A)What are the purposes and objectives of the organization?
B)Where is the organization presently going?
C)In what kind of environment does the organization now exist?
D)What can be done to better achieve organizational goals in the future?
E)What does our SWOT analysis show?

Accepted Answer

The question "Where is the organization presently going?" directly addresses whether the organization is making satisfactory progress towards its goals, by asking for an assessment of its current direction and momentum.

Question 6

"In what kind of environment does the organization now exist?" is one of the four basic questions required for critical question analysis.

Accepted Answer

The question "In what kind of environment does the organization now exist?" is indeed one of the four basic questions of critical question analysis, focusing on understanding the external and internal context in which an organization operates.

Question 7

The level of an organization's external environment that contains components normally having relatively specific and immediate implications for managing the organization is the ________.
A)demographic environment
B)general environment
C)industry environment
D)international environment
E)internal environment

Accepted Answer

The industry environment consists of elements like competitors, suppliers, and customers that have specific and immediate implications for managing an organization. These elements directly affect how a company operates and competes in the market.

Question 8

Which level of the organization's environment exists inside the organization and normally has immediate and specific implications for managing the organization?
A)the general environment
B)the internal environment
C)the operating environment
D)the external environment
E)the political environment

Accepted Answer

The internal environment refers to the elements within the organization, including employees, management, and corporate culture, which have direct effects on its operations and success.

Question 9

Discuss the value of management conducting an Environmental Analysis.

Accepted Answer

The answer of Discuss the value of management conducting an...

Question 10

The general environment of an organization's external environment contains international,labor,customer,competitor,and supplier components.

Accepted Answer

The general environment typically includes the technological, economic, sociocultural, political/legal, international, and natural environment sectors, not specifically labor, customer, competitor, and supplier components, which are part of the task environment.

Question 11

________ is the process of determining appropriate courses of action for achieving organizational objectives and thereby accomplishing organizational purpose.
A)Establishment of organizational direction
B)Strategy implementation
C)Strategy control
D)Strategy formulation
E)Environmental analysis

Accepted Answer

Strategy formulation is the process of determining the appropriate courses of action for achieving organizational objectives, which is essential for accomplishing the organization's purpose. This involves defining the organization's strategy or direction and making decisions on allocating its resources to pursue this strategy.

Question 12

George's Quick Stop is planning to compete using a cost-leadership strategy.Doing this means George's will have what kind of products in their convenience stores?
A)basic,no frills product offerings
B)highly unique product offerings
C)specialty shopping bags
D)high-end products
E)live music on the weekends

Accepted Answer

A cost-leadership strategy focuses on providing basic, no-frills products at a lower price than competitors, rather than offering unique, high-end, or specialty items.

Question 13

Bristol Jones is the owner of a women's shoe store in Wainscot,PA.Her store has been extremely successful selling high-end shoes to the adult market in Wainscot.Management is looking to grow revenues and is considering offering men's shoes as well.What would you advise Ms.Jones to consider before taking on this new product line?

Accepted Answer

The answer of Bristol Jones is the owner of a...

Question 14

According to Porter,threat of new entrants refers to ________.
A)the power that customers have over the firms
B)the power that suppliers have over the firms
C)the extent to which customers may use services from another industry instead of the focal industry
D)the ability of new firms to enter an industry
E)the intensity of the rules of an organization

Accepted Answer

The threat of new entrants, according to Porter's Five Forces model, refers to the ease with which new competitors can enter the market and compete with existing firms, potentially reducing their market share and profitability.

Question 15

Which one of the following components includes new approaches to producing goods and services?
A)the technology component
B)the political component
C)the labor component
D)the legal component
E)the productive component

Accepted Answer

The technology component includes new approaches to producing goods and services because it encompasses the tools, techniques, and processes used to enhance productivity, efficiency, and innovation in production.

Question 16

________ is the purpose for which - and the reason why - an organization exists.
A)Organizational objective
B)Organizational strategy
C)Organizational mission
D)Organizational policy
E)Organizational rule

Accepted Answer

The organizational mission defines the purpose and primary objectives related to an organization's customer needs, products, or services, and often its philosophy and values. It is the reason why the organization exists.

Question 17

Jewel Delight is planning to compete using a differentiation strategy.Doing this means they will have what kind of products in their jewelry stores?
A)basic,no frills jewelry offerings
B)highly unique jewelry offerings
C)one line of jewelry
D)comparable jewelry their competitors offer
E)easily imitable jewelry offerings

Accepted Answer

A differentiation strategy involves offering products or services that are unique and different from those of competitors. For Jewel Delight, this means they will have highly unique jewelry offerings to stand out in the market.

Question 18

A summer storm just passed through the town of Chester Oaks and caused much roofing and siding damage to homes.This storm offers a(n)________ to roofing and siding contractors.
A)strength
B)weakness
C)opportunity
D)threat
E)force fulfillment

Accepted Answer

The storm causing damage creates an opportunity for roofing and siding contractors to offer their services for repairs, thus benefiting from the increased demand.

Question 19

Porter's model emphasizes ________.
A)strengths,weaknesses,opportunities,and threats
B)stars,dogs,cash cows,and question marks
C)competitive forces in an industry
D)business strength and industry attractiveness
E)environmental analysis

Accepted Answer

Porter's model, also known as Porter's Five Forces, focuses on analyzing the competitive forces within an industry to understand its competitive intensity and attractiveness.

Question 20

Which one of the following statements accurately reflects the relationship between the mission and the objectives?
A)The mission statement reflects and flows naturally from the objectives.
B)The objectives reflect and flow naturally from the mission.
C)There is no direct relationship between the mission and the objectives.
D)The mission statement stands alone and has no influence on the objectives.
E)The mission and the objectives influence each other.

Accepted Answer

Objectives are specific, measurable steps that can be taken to achieve the mission. The mission provides a broad, overarching goal, and the objectives outline the path to achieve this goal, thus reflecting and flowing naturally from the mission.

Quiz 9: Strategic Planning: Strategies, tactics, and Competitive Dynamics

Managers only perform environmental analysis to help them understand what is happening outside their organization.

Lobbying efforts by interest groups and progress on the passage of laws are examples of the ________ component of the general environment.

According to Porter,________ refers to the power that customers have over the firms operating in an industry.

The document that is written by management and describes and explains what the purpose for which the organization exists is the ________.

The answer to which one of the following critical questions indicates whether the organization is progressing satisfactorily or not?

"In what kind of environment does the organization now exist?" is one of the four basic questions required for critical question analysis.

The level of an organization's external environment that contains components normally having relatively specific and immediate implications for managing the organization is the ________.

Which level of the organization's environment exists inside the organization and normally has immediate and specific implications for managing the organization?

Discuss the value of management conducting an Environmental Analysis.

The general environment of an organization's external environment contains international,labor,customer,competitor,and supplier components.

________ is the process of determining appropriate courses of action for achieving organizational objectives and thereby accomplishing organizational purpose.

George's Quick Stop is planning to compete using a cost-leadership strategy.Doing this means George's will have what kind of products in their convenience stores?

According to Porter,threat of new entrants refers to ________.

Which one of the following components includes new approaches to producing goods and services?

________ is the purpose for which - and the reason why - an organization exists.

Jewel Delight is planning to compete using a differentiation strategy.Doing this means they will have what kind of products in their jewelry stores?

A summer storm just passed through the town of Chester Oaks and caused much roofing and siding damage to homes.This storm offers a(n) ________ to roofing and siding contractors.

Porter's model emphasizes ________.

Which one of the following statements accurately reflects the relationship between the mission and the objectives?