Question 1

Strategy formulation is ______________.

Accepted Answer

The answer of Strategy formulation is ______________.
...

Question 2

As part of the strategic planning process,a __________ is concerned with assessing the interests of each group of stakeholders as well as the organization's record in responding to them.

Accepted Answer

A strategic constituencies analysis is specifically focused on identifying the stakeholders who have an interest in the success of the organization and assessing the organization's past performance in responding to their needs and concerns. This can include employees, customers, shareholders, suppliers, and community groups. By understanding the expectations and priorities of these key groups, the organization can better integrate their interests into its strategic planning process and ultimately improve its performance and reputation.

Question 3

__________ refers)to an organization's basic reason for existence in society.

Accepted Answer

Mission refers to an organization's basic reason for existence in society. It defines its purpose and primary objectives. Core values represent the fundamental beliefs and guiding principles that shape an organization's culture and decision-making. Competitive advantage refers to the unique advantage a company has over its competitors, while strategic objectives are specific goals an organization sets for itself to achieve its mission. Strategic advantage is a broader concept that encompasses all the advantages an organization has over its competitors.

Question 4

Organizational culture refers to __________.

Accepted Answer

Organizational culture refers to the predominant value system for an organization as a whole. It includes shared beliefs, attitudes, and practices that shape the behavior of individuals within the organization. It is not specific to top management or a capitalist society. It is also not a process for transferring managerial values to society as a whole.

Question 5

Strategy analysis is _____________.

Accepted Answer

Strategy analysis is the process of analyzing an organization's existing strategies, the changes in the organizational environment, and the organization's competitive position and strategies. It involves evaluating the organization's strengths, weaknesses, opportunities, and threats to develop new or enhanced strategies that align with its goals and objectives. It is a critical component of strategic planning and decision-making. Choices B, C, D, and E do not fully capture the meaning of strategy analysis.

Question 6

Michael Hammer recommends that an organization's mission statement should address certain questions,including which of the following?

Accepted Answer

Michael Hammer recommends that an organization's mission statement should address questions such as "what are we moving to?", "what is our dream?", and "what kind of difference do we want to make in the world?", among others. Therefore, the best choice is D, all of the above.

Question 7

__________ are individuals and groups who are directly affected by the organization and its strategic accomplishments.

Accepted Answer

Stakeholders refer to individuals and groups who have a direct interest in the success or failure of an organization. This includes employees, customers, suppliers, shareholders, and the local community. Stakeholders may also include regulatory bodies, government agencies, and industry associations.

Question 8

The starting point in formulating strategies is usually

Accepted Answer

A SWOT analysis is typically the starting point in formulating strategies as it helps to analyze an organization's strengths, weaknesses, opportunities, and threats, which can inform the development of a strategic plan.

Question 9

The major responsibilities of the strategic management process include:

Accepted Answer

The answer of The major responsibilities of the strategic management...

Question 10

In evaluating the organizational resources and capabilities,a major goal is to identify the organization's __________.

Accepted Answer

Evaluating the organizational resources and capabilities helps to identify the organization's core competencies, which are the unique strengths and strategic advantages that give the company a competitive edge in the marketplace. Operating objectives and strategic objectives are related to setting goals and strategies for achieving those goals, but do not necessarily involve assessing the organization's resources and capabilities. Important external stakeholders and potential investors are also relevant to the organization, but not the main focus of evaluating resources and capabilities.

Question 11

__________ refer to special strengths that the organization has or things the organization does exceptionally well in comparison with competitors.

Accepted Answer

The term "core competencies" specifically refers to unique strengths or abilities that distinguish an organization from its competitors. A, B, C, and D are all broader terms that could encompass a variety of different organizational attributes or characteristics, but they don't specifically capture the idea of a competitive advantage based on unique strengths.

Question 12

A national grocery store chain has made strategic price cuts and spent millions on customer-friendly initiatives to successfully set itself apart from its competitors.This demonstrates which competitive advantages)?

Accepted Answer

The strategic price cuts demonstrate that the grocery store chain is focusing on cost as a competitive advantage, while the investment in customer-friendly initiatives suggests a focus on quantity (i.e. attracting and retaining more customers).

Question 13

__________ are shorter-term targets against which actual performance results can be measured as indicators of progress and continuous improvement.

Accepted Answer

Operating objectives are shorter-term targets against which actual performance results can be measured for progress and continuous improvement. Other answer choices such as corporate objectives, official objectives, strategic objectives, and planning objectives typically refer to broader, long-term goals and plans for the organization as a whole.

Question 14

Which of the following statements accurately describe the benefits associated with strong core values?

Accepted Answer

Strong core values give character to an organization, back up the mission statement, and help guide members' behaviour in meaningful and consistent ways. They create a shared sense of purpose and provide a framework for decision making within the organization. Additionally, they can attract like-minded employees and customers, and enhance the organization's reputation.

Question 15

An)____________ involves an assessment of organizational strengths and weaknesses as well as environmental opportunities and threats.

Accepted Answer

SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats. It is a strategic planning tool that helps organizations identify their internal strengths and weaknesses, as well as external opportunities and threats in the environment. Through this analysis, organizations can develop strategies that leverage their strengths, address their weaknesses, capitalize on opportunities, and mitigate threats. The other answer choices do not accurately describe the process of conducting a SWOT analysis.

Question 16

A good mission statement should incorporate all of the following elements EXCEPT:

Accepted Answer

A good mission statement typically focuses on the company's purpose, values, and the products/services it offers, as well as the customers it serves, rather than detailing the competitive environment.

Question 17

__________ direct activities toward key and specific performance results.

Accepted Answer

Operating objectives are specific and measurable outcomes designed to achieve the overall strategic objectives of the organization. These objectives direct the day-to-day activities of the organization towards achieving desired performance results.

Question 18

Organizational culture accomplishes all of the following except:

Accepted Answer

While organizational culture can influence and inform strategy, it does not determine strategy outright. Strategy depends on a variety of internal and external factors, including market conditions, industry trends, and competitive dynamics.

Question 19

In conducting a SWOT analysis,the presence of manufacturing efficiencies,a skilled workforce,a good market share,strong financing,and a superior reputation would be identified as a company's __________.

Accepted Answer

These factors are all internal attributes that give a company an advantage over competitors and can help it succeed in the marketplace. Therefore, they are recognized as strengths in a SWOT analysis.

Question 20

The mission of an organization describes its __________.

Accepted Answer

The mission statement of an organization describes the fundamental purpose of the organization, including what it does, who its customers are, and what value it brings to them. It is a statement of the organization's reason for being and its overall goal. Strategic edge, competitive advantage, environmental scanning, and strategic advantage are all related to the organization's strategy, but they are not the same as its mission.

Quiz 7: Strategy and Strategic Management