Question 1

In pursuing a _____ strategy, managers aim to make their organization the lowest-cost company serving a few segments of the overall market.
A)differentiation
B)focused differentiation
C)low-cost
D)focused low-cost strategy
E)hypercompetition

Accepted Answer

Managers pursuing a focused low-cost strategy serve one or a few segments of the overall market and aim to make their organization the lowest-cost company serving that segment.

Question 2

List and describe the different corporate-level strategies.

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Question 3

Describe the three-step activity most organizations use in the planning process.

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Question 4

After defining new corporate strategies to accomplish the organization's mission and goals, managers face the challenge of
A)strategy formulation.
B)getting the necessary resources.
C)implementing the strategies.
D)strategic alliance.
E)strategic leadership.

Accepted Answer

After identifying appropriate business and corporate strategies to attain an organization's mission and goals, managers confront the challenge of putting those strategies into action.

Question 5

List the five steps involved in implementing an organizational strategy and explain why these steps are important for managers.

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Question 6

Differentiate between the main types of business-level strategies by explaining how they give an organization a competitive advantage.

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Question 7

What is a SWOT analysis? List the possible strengths, weaknesses, opportunities, and threats a SWOT analysis of your educational institution might reveal.

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Question 8

Managers use _____ to analyze how to respond effectively to multiple forecasts of future conditions.
A)scenario planning
B)a rolling plan
C)a standing plan
D)time horizons
E)a long-term plan

Accepted Answer

Scenario planning (also known as contingency planning) is the generation of multiple forecasts of future conditions followed by an analysis of how to respond effectively to each of those conditions.

Question 9

List and describe the different methods of international expansion.Arrange the methods according to the level of foreign involvement and investment and degree of risk starting from the least to the highest.

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Question 10

Explain the purpose of Michael Porter's five forces model.List the five factors that Porter identifies as major threats.

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Question 11

Describe the four qualities of an effective plan as emphasized by Henri Fayol.

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Question 12

After several months of planning new strategies for the organization, managers have finalized their plans and they are ready to implement the new strategies.However, they are not done planning.What additional planning will the managers likely face?

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Question 13

Define rolling plans, standing plans, and single-use plans.Provide examples of standing plans and single-use plans.

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Question 14

Explain why scenario planning is one of the most widely used planning methods or techniques.Also, explain how scenario planning improves the planning process.

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Question 15

Discuss the necessity and the importance of the planning process.

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Question 16

Define the three levels of planning and their respective strategies.For an organization of choice, give an example of a strategy that can be applied at each level.

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Question 17

As the managers plan for the future, they want to be able to handle unexpected circumstances.They are developing backup plans with alternative courses of action in case conditions change.This is an example of
A)a standing plan.
B)scenario planning.
C)long-term planning.
D)short-term planning.
E)a rolling plan.

Accepted Answer

The best way to improve planning is first to generate "multiple futures," or scenarios of the future, based on different assumptions about conditions that might prevail in the future and then to develop different plans that detail what a company should do if one of these scenarios occurs.

Question 18

Differentiate global strategy from multidomestic strategy for a business and discuss the advantages and disadvantages of each strategy.

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Question 19

Suzanne is pursuing a focused differentiation strategy for a start-up business.How will technology (IT) affect the small company's competitiveness against larger and more powerful companies?

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Question 20

With a _____ strategy, managers aim to make their organization the most distinguished company serving just one or a few segments of the overall market.
A)hypercompetition
B)low-cost
C)focused low-cost
D)differentiation
E)focused differentiation

Accepted Answer

Managers pursuing a focused differentiation strategy serve just one or a few segments of the market and aim to make their organization the most differentiated company serving that segment.

Quiz 8: The Manager As a Planner and a Strategist

In pursuing a _____ strategy, managers aim to make their organization the lowest-cost company serving a few segments of the overall market.