Question 1

All of the following are business-level strategies,except:

Accepted Answer

Vertical integration is not a business-level strategy; it is a corporate-level strategy that involves a company expanding its operations into different stages of production within the same industry.

Question 2

The goal of GE lighting to reduce production costs by 20% over three years is a _________ goal.

Accepted Answer

Functional-level goals focus on specific functions within a company, such as production, aiming to improve efficiency and reduce costs.

Question 3

A plan that indicates how a division intends to compete against its rivals in an industry is known as a:

Accepted Answer

A business-level strategy outlines how a division or business unit will compete in its industry, focusing on gaining a competitive advantage over rivals.

Question 4

TD Bank Group's __________ is to "be the best run,customer focused,integrated financial institution with a unique and inclusive employee culture."

Accepted Answer

The statement describes the purpose and primary objectives of TD Bank Group, which aligns with the definition of a mission statement.

Question 5

A ______________ is a broad declaration of an organization's overriding purpose intended to identify its products and customers and distinguish itself from other similar organizations.

Accepted Answer

A mission statement is a broad declaration of an organization's overriding purpose, intended to identify its products and customers and distinguish itself from other similar organizations.

Question 6

When operations managers set goals to reduce shipping time to customers,this is an example of which level of planning?

Accepted Answer

Functional-level planning involves setting specific goals and strategies for different departments or functions within an organization, such as operations, to improve efficiency and performance.

Question 7

Through the use of a ________,managers try to gain a competitive advantage by driving the organization's costs down below the cost of its rivals.

Accepted Answer

A cost-leadership strategy focuses on becoming the lowest-cost producer in the industry, allowing the organization to offer lower prices than competitors and gain a competitive advantage.

Question 8

The organization's vision is generally set by:

Accepted Answer

The vision of an organization is typically set by top management, as they are responsible for defining the long-term direction and goals of the organization.

Question 9

When a company targets a specific language group to sell its products to,it is using a _______ strategy.

Accepted Answer

A focused strategy involves targeting a specific group or niche market, such as a particular language group, to tailor products or marketing efforts to meet their specific needs.

Question 10

Which researcher developed the Five Forces Model?

Accepted Answer

Michael Porter developed the Five Forces Model, which is a framework for analyzing the competitive forces within an industry.

Question 11

Evaluating strategy involves which of the following?

Accepted Answer

Evaluating strategy involves monitoring progress, evaluating performance levels, comparing performance against goals, and making corrections if the strategy is not achieving the mission and goals, hence all choices are part of evaluating strategy.

Question 12

The intended duration of a plan is known as a:

Accepted Answer

A time horizon refers to the intended duration or timeframe over which a plan or strategy is expected to be executed or evaluated.

Question 13

The strategy in which managers try to gain a competitive advantage by focusing the energy of all the organization's departments or functions on driving the organization's costs down below the costs of its rivals is called:

Accepted Answer

Cost leadership is a strategy where managers focus on reducing costs across all departments to gain a competitive advantage by offering lower prices than competitors.

Question 14

With a differentiation strategy,managers may try to gain a competitive advantage by distinguishing their products or services from competitors on all of the following dimensions,except:

Accepted Answer

Differentiation strategy focuses on distinguishing products or services through design, quality, and service aspects, while distribution channels are more related to how products reach customers, not a direct differentiation factor.

Question 15

A plan that indicates the actions that managers intend to take at departmental levels such as marketing and R&D in order to allow the organization to attain its goals is known as a:

Accepted Answer

A functional-level strategy focuses on specific departments or functions within an organization, such as marketing or R&D, to support the overall business strategy and help achieve organizational goals.

Question 16

Effective plans should have all of the following features,except:

Accepted Answer

Effective plans should not have divisiveness, as it implies creating division or conflict, which is not a desirable feature in planning.

Question 17

A plan that indicates in which industries and national markets an organization intends to compete is known as:

Accepted Answer

A corporate-level strategy is a plan that indicates in which industries and national markets an organization intends to compete.

Question 18

The desire of Bill Gates of Microsoft to have "a computer on every desk" is an example of a:

Accepted Answer

A vision statement outlines the long-term aspirations and desired future position of a company, which aligns with Bill Gates' desire for widespread computer accessibility.

Question 19

"To unleash the power of the internet to deliver the best solutions to Canadians at home,in the workplace,and on the move" is TELUS' __________.

Accepted Answer

TELUS' mission statement is "To unleash the power of the internet to deliver the best solutions to Canadians at home,in the workplace,and on the move".

Question 20

Successful innovation that gives a department something unique that its rivals lack is a(n)__________ strategy.

Accepted Answer

Differentiation strategy involves creating a product or service that is perceived as unique or distinct from competitors, providing a competitive advantage.

Quiz 4: Managing Planning and Strategy