Question 1

Define the strategic management process.

Accepted Answer

The answer of Define the strategic management process....

Question 2

In Scenario B,Blossoms long-term intent-to build an empire in the clothing industry,setting the trend for people to have fashionable and affordable clothes,easily available,wherever they may be-is an example of a(n)_____.

Accepted Answer

The strategic vision points to the future-it provides a perspective on where the organization is headed and what it can become.

Question 3

What are goals? List and describe the qualities of effective goals.

Accepted Answer

The answer of What are goals? List and describe the...

Question 4

Which of the following steps in the basic planning process does the CEO perform by checking the past years sales records?

Accepted Answer

As the contingency approach advocates,planning begins with a situational analysis.Within their time and resource constraints,planners should gather,interpret,and summarize all information relevant to the planning issue in question.A thorough situational analysis studies past events,examines current conditions,and attempts to forecast future trends.

Question 5

In Scenario B,Blossoms basic purpose-to be the place where everyone wants to shop-is an example of a(n)_____.

Accepted Answer

The mission is a clear and concise expression of the basic purpose of the organization.It describes what the organization does,whom it does it for,its basic good or service,and its values.

Question 6

Define a strategy map and explain its features.

Accepted Answer

The answer of Define a strategy map and explain its...

Question 7

Based on Scenario C,which of the following findings is likely to present a threat for Barefoot?

Accepted Answer

Opportunities and threats arise in the macroenvironment and competitive environment.The macroeconomic analysis has revealed that new regulations have been passed limiting the company's ability to spray certain types of fertilizer,thus presenting a threat of not being able to use certain fertilizers which in turn might reduce efficiency.

Question 8

Discuss the three levels of planning.What are the characteristics of each in terms of managerial level,level of detail,and time horizon?

Accepted Answer

The answer of Discuss the three levels of planning.What are...

Question 9

Based on Scenario C,which of the following findings presents an opportunity for Barefoot?

Accepted Answer

Opportunities and threats arise in the macroenvironment and competitive environment.The social analysis provides an opportunity for Barefoot: more home owners are concerned about the environment,and Barefoot is an environmentally friendly company that should be able to take advantage of the market's interest in its field of expertise.

Question 10

Which of the following corporate strategies does Marsha favor?

Accepted Answer

A corporate strategy identifies the set of businesses,markets,or industries in which the organization competes and the distribution of resources among those businesses.A vertical integration strategy involves expanding the domain of the organization into supply channels such as manufacturing or to distributors.

Question 11

Which of the following steps in the basic planning process does the CEO perform when he closely watches the sales structures in the next six months?

Accepted Answer

Although it is sometimes ignored,the sixth step in the formal planning process-monitoring and controlling-is essential.Without it,managers will never know whether their plans are succeeding.

Question 12

List out the six major components involved in the strategic management process.

Accepted Answer

The answer of List out the six major components involved...

Question 13

Which of the following corporate strategies is Carson advocating?

Accepted Answer

A corporate strategy identifies the set of businesses,markets,or industries in which the organization competes and the distribution of resources among those businesses.A strategy of concentric diversification involves moving into new businesses that are related to the company's original core business (cosmetics).

Question 14

Based on Scenario C,which of the following findings is a strength for Barefoot Grass?

Accepted Answer

SWOT analysis is a comparison of strengths,weaknesses,opportunities,and threats that helps executives formulate strategy.Managers assess the strengths and weaknesses of major functional areas inside their organization,such as the abilities of management.

Question 15

Which of the following corporate strategies is Doris advocating?

Accepted Answer

A corporate strategy identifies the set of businesses,markets,or industries in which the organization competes and the distribution of resources among those businesses.Conglomerate diversification is a corporate strategy that involves expansion into unrelated businesses.

Question 16

Which of the following corporate strategies is Joe advocating?

Accepted Answer

A corporate strategy identifies the set of businesses,markets,or industries in which the organization competes and the distribution of resources among those businesses.A concentration strategy focuses on a single business competing in a single industry.

Question 17

Summarize the basic steps in a formal planning process.

Accepted Answer

The answer of Summarize the basic steps in a formal...

Question 18

Based on Scenario C,which of the following findings is a weakness for Barefoot Grass?

Accepted Answer

SWOT analysis is a comparison of strengths,weaknesses,opportunities,and threats that helps executives formulate strategy.Managers assess the strengths and weaknesses of major functional areas inside their organization,such as the fact that its research and development has fallen behind the competition.

Question 19

When the managers were discussing that a change in location would be more expensive and that reducing prices would definitely increase sales,they were:

Accepted Answer

Managers evaluate the advantages,disadvantages,and potential effects of each alternative goal and plan.They must prioritize those goals and even eliminate some of them.

Question 20

Which of the following steps in formal planning process is the CEO performing when he contemplates between opening a new branch and reducing the prices?

Accepted Answer

Based on the situational analysis,the planning process should generate alternative goals that may be pursued in the future and the alternative plans that may be used to achieve those goals.

Quiz 4: Planning and Strategic Management