Question 1

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

Accepted Answer

False

Question 2

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

Accepted Answer

Intuition and quantitative analysis can complement each other and be used together to achieve a more complete understanding of a situation. Intuition can provide insight and help generate hypotheses, while quantitative analysis can provide evidence and support decision-making.

Question 3

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

Accepted Answer

Strategic management and planning involves analyzing the organization's internal and external environment, setting goals and objectives, and developing strategies to achieve them. This process helps the organization to adapt to changes in the market and stay competitive, ultimately leading to profitability.

Question 4

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

Accepted Answer

The answer of Strategic planning process is only applicable to...

Question 5

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

Accepted Answer

In today's fast-paced and complex environment, having a clear vision is crucial for success. While formal plans can be helpful in achieving that vision, they can also be rigid and limiting. It is important to be adaptable and agile, and sometimes that means deviating from formal plans in order to stay on course towards the overall 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.

Accepted Answer

Goals are defined as broad, open-ended statements of what a person or organization wants to achieve, while objectives are specific, measurable, and time-bound steps that need to be taken in order to achieve the goal.

Question 7

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

Accepted Answer

This statement is true. Organizational strategic planning typically involves three levels: 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.

Accepted Answer

Strategic planning at the business level is typically focused on how to compete successfully in specific markets and is not referred to as the organization's grand strategy. Grand strategy is a broader concept that encompasses the overall direction and scope of an organization, often at a higher, corporate level.

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.

Accepted Answer

Functional level strategies are developed and implemented in the various functional areas of the organization to achieve the overall organizational goals and objectives. Therefore, the statement is true.

Question 10

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

Accepted Answer

The answer of SWOT analysis helps the organizations to scan...

Question 11

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

Accepted Answer

This statement is true. A program outlines the specific activities and tasks that need to be carried out in order to achieve the goals and objectives of a 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.

Accepted Answer

The answer of Understanding and commitment to a strategy by...

Question 13

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

Accepted Answer

A mixed blessing stakeholder is one that has both potential for threat and cooperation, therefore the statement is false.

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."

Accepted Answer

Agency theory suggests that the interests of managers and shareholders may not always be aligned because managers may prioritize their own interests over those of the shareholders. Therefore, agency theory proposes that managers who own a significant amount of stock in the corporation are more likely to make decisions that benefit the shareholders because their own financial interests are tied to the success of the company.

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.

Accepted Answer

Employees who are consistently working with a product or service may have valuable insights into how to improve it based on their firsthand experience and feedback from customers. In fact, involving front-line employees in decision-making and continuous improvement initiatives can lead to more effective and efficient processes and better outcomes for both the company and its customers.

Question 16

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

Accepted Answer

Culture includes shared beliefs, values, behaviors, and artifacts that enable a group of individuals to adapt to and thrive in their environment. This can include solutions to problems related to food, shelter, climate, social organization, and more. Thus, culture can be seen as a tool for group problem-solving and survival.

Question 17

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

Accepted Answer

Management is subject to continuous change as new technologies, market trends, and social factors emerge. Effective management requires the ability to adapt and evolve strategies in response to changing circumstances.

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.

Accepted Answer

Strategic planning is not merely a prediction of the future; it is a process of defining a strategy or direction, and making decisions on allocating resources to pursue this strategy. It involves setting goals, determining actions to achieve the goals, and mobilizing resources to execute the actions. It does include monitoring and assessing to ensure the strategy remains valid over time, but it is more about preparation and adaptability than prediction.

Question 19

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

Accepted Answer

The statement is incorrect as it seems to be missing a word. It should say "No discussion of strategy formulation and planning is complete without addressing the important topic of intuition."

Question 20

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

Accepted Answer

The marginal stakeholder typically has low power and legitimacy, and their interests are not considered central to the organization's operations, thus they do not usually represent an opposite situation requiring a defense strategy.

Quiz 1: An Introduction to the Strategic Planning Process SPP