Question 1

Tight cost control;trained,dependable,honest in-store managers can be success factor for a restaurant.

Accepted Answer

Tight cost control is essential for the success of a restaurant as it helps in managing expenses and improving profitability. Trained, dependable, and honest in-store managers are also important as they can help in ensuring smooth operations and delivering quality customer service.

Question 2

A time frame for achieving objectives is important.

Accepted Answer

A time frame helps to establish a sense of urgency and accountability for achieving objectives. It also helps to measure progress and adjust strategies accordingly.

Question 3

One of the strategic management processes is to establish accurate control.

Accepted Answer

Establishing accurate control is a key component of strategic management as it helps to ensure that the organization is achieving its goals and objectives efficiently and effectively. Control involves monitoring performance, comparing it to planned objectives, and taking corrective action as necessary.

Question 4

In a competitive profile matrix,a major strength is given a ranking of 1.

Accepted Answer

In a competitive profile matrix, a major strength is typically given a higher ranking, such as 4, with lower numbers indicating weaknesses.

Question 5

Owners of traditional travel agencies are facing threats from many sides,including the World Wide Web.

Accepted Answer

The internet has made it easier for travelers to book their trips online, which poses a threat to traditional travel agencies who rely on in-person bookings and commissions.

Question 6

Early involvement of the total work force in the strategic management process is a luxury that larger businesses cannot achieve.

Accepted Answer

The answer of Early involvement of the total work force...

Question 7

Highly successful entrepreneurs are able to communicate their vision and their enthusiasm about that vision to those around them.

Accepted Answer

Communication is a key skill for successful entrepreneurs, and being able to effectively convey their vision and passion for their business is essential in gaining support from others.

Question 8

A focus strategy is ideally suited to many small businesses,which often lack the resources to reach a national market.

Accepted Answer

A focus strategy involves targeting a specific segment or niche market, which can be an effective approach for small businesses that cannot afford to compete in a larger market. By focusing on a smaller market, a business can tailor its products or services to the specific needs and preferences of that market, build a strong reputation within the niche, and potentially achieve higher profit margins.

Question 9

Common bases for a focus strategy include superior customer service,special product features,complete product lines,instantaneous parts availability,absolute product reliability,supreme product quality,and extensive product knowledge.

Accepted Answer

The answer of Common bases for a focus strategy include...

Question 10

A sound mission statement needs to be lengthy in order for it to be effective.

Accepted Answer

A sound mission statement should be concise and clear, usually consisting of only one or two sentences. It should effectively communicate the purpose and goals of the organization in a memorable way.

Question 11

A strategic plan doesn't need to be put into action to be complete.

Accepted Answer

A strategic plan is not complete until it is put into action. The purpose of creating a strategic plan is to guide decision-making and actions of an organization towards achieving its goals and objectives. Without implementing the plan, there will be no progress towards those goals, and the plan itself will be meaningless.

Question 12

A differentiation strategy works well when buyers are sensitive to price changes,when competing firms sell the same commodity products,and when companies can benefit from economies of scale.

Accepted Answer

A differentiation strategy works well when buyers are not sensitive to price changes, when competing firms sell similar products, and when companies can command a premium price for their unique features or benefits.

Question 13

To be effective,a mission statement must become a natural part of the organization,embodied in the minds,habits,attitudes,and decisions of everyone in the company every day.

Accepted Answer

A mission statement should not just be a written document, but should truly guide the actions and decisions of everyone within the organization on a daily basis. Only then can it be considered effective.

Question 14

One of the strategic management processes is to develop a clear vision and translate it into a meaningful mission statement.

Accepted Answer

Developing a clear vision and mission statement is indeed one of the strategic management processes.

Question 15

A mission statement addresses the first question of any business venture: "Where do I see myself to be?"

Accepted Answer

A mission statement addresses the purpose of the business and what it aims to achieve in the present, answering the question, "What do we do?" A vision statement, on the other hand, addresses where the business sees itself in the future.

Question 16

Developing core competences does not necessarily require a company to spend a great deal of money.

Accepted Answer

Developing core competences can involve strategic planning, employee training and development, and knowledge sharing, which do not always require significant financial investments.

Question 17

A company's intellectual capital is likely to be the source of its competitive advantage in the marketplace.

Accepted Answer

Intellectual capital refers to the knowledge, skills, and other intangible assets that a company possesses. This can include things like patents, trademarks, proprietary technology, and the expertise of its employees. Companies that are able to leverage their intellectual capital effectively are often able to outperform competitors, as it is difficult for others to replicate or substitute these resources. Therefore, intellectual capital is often a key source of competitive advantage in the marketplace.

Question 18

One of the strategic management processes is to translate strategic plans into unachievable plans.

Accepted Answer

One of the strategic management processes is to translate strategic plans into achievable plans. The purpose of strategic planning is to set goals and develop a roadmap for achieving those goals, and to ensure that the plans are realistic and achievable within the organization's resources and capabilities. Translating strategic plans into unachievable plans would defeat the purpose of strategic planning and hinder the organization's ability to succeed.

Question 19

The balanced scorecard is a set of measurements unique to a company that includes both financial and operational measures and gives managers a quick yet comprehensive picture of the company's total performance.

Accepted Answer

The statement accurately describes the balanced scorecard, which is a management tool used to track and communicate various aspects of a company's performance. It includes financial metrics as well as non-financial measures such as customer satisfaction, internal business processes, and learning and growth initiatives. The objective is to provide a balanced perspective on how the company is performing overall, rather than focusing solely on financial results.

Question 20

One of the biggest pitfalls many entrepreneurs stumble into is failing to differentiate their companies from the crowd of competitors.

Accepted Answer

This statement is true. It is important for entrepreneurs to distinguish their companies from their competitors in order to stand out in their industry and appeal to potential customers. Failure to do so can result in a lack of market share and ultimately, business failure.

Quiz 2: Strategic Management and the Entrepreneur