Question 1

Which of the following best describes strategic vision?

Accepted Answer

Strategic vision refers to the long-term direction and strategic intent of a company, outlining where the company wants to go and what it wants to achieve in the future, serving as a guide for decision-making and strategy formulation.

Question 2

On-Time Delivery has a unique software program that tracks packages in real time and maps every step of their journey.Such a technology,which gives the company an edge over competitors,would be called a

Accepted Answer

The technology of tracking packages in real time and mapping every step of their journey is a core capability for On-Time Delivery. It gives them a unique advantage over their competitors and is a key feature of their service.

Question 3

Farah's Falafels,a chain of Middle Eastern restaurants,periodically compares its quality and service levels to other successful restaurants in order to continually improve its own performance.This practice is known as

Accepted Answer

The practice described is benchmarking, which involves comparing an organization's performance to that of competitors or other successful businesses in order to identify areas where the organization can improve.

Question 4

In a SWOT analysis,an example of an organization's strength would be

Accepted Answer

Skilled management is a strength for an organization because having experienced and capable managers can lead to effective decision-making, efficient operations, and successful strategy implementation.

Question 5

An example of a tangible asset is

Accepted Answer

Real estate is a physical asset that can be seen and touched, making it a tangible asset. Company reputation, goodwill, technical knowledge, and company culture are intangible assets that cannot be physically touched.

Question 6

Which of the following is a component of the strategic management process?

Accepted Answer

Strategy implementation is a crucial component of the strategic management process. It is the process of executing the chosen strategy and involves designing the organization's structure, allocating resources, and developing policies and procedures to ensure successful implementation. While the other choices may be important in the overall management process, they are not specific components of the strategic management process.

Question 7

A clear and concise expression of what an organization does,whom it does it for,its basic goods or services,and its values is known as its

Accepted Answer

A mission statement is a clear and concise expression of what an organization does, whom it does it for, its basic goods or services, and its values.

Question 8

"To fly what others only imagine" is an example of a

Accepted Answer

"To fly what others only imagine" is an example of a strategic vision statement because it describes an aspirational view of what the organization seeks to achieve in the future, focusing on the unique value or experience it aims to provide.

Question 9

Resources are viewed as a company's core capabilities when they are

Accepted Answer

The most valuable resources for a company are those that are rare or unique, as they give the company a competitive advantage. Resources that are common or easily accessible to competitors are easily replicated, making them less valuable. Intangible resources can also be valuable, but only if they are rare or difficult to replicate. Tangible resources are important, but again, their value lies in their rarity or uniqueness. Therefore, the best choice is E, rare resources.

Question 10

Which of the following is true of an effective vision statement?

Accepted Answer

An effective vision statement should inspire and motivate the members of an organization. It should provide a clear and compelling picture of the organization's desired future state, rather than just describing its current operations. It should not be based solely on financial targets or clarify only the short-term direction of the company.

Question 11

A process that involves managers from all parts of an organization in the formulation and implementation of strategic goals and strategies is called

Accepted Answer

Strategic management involves managers from all parts of an organization in the formulation and implementation of strategic goals and strategies.

Question 12

Prior to doing a remodel to increase the size of her bakery products store,Ming wants to conduct an analysis to help her decide on the viability of the expansion.Ming has discovered that a competing bakery in the same neighborhood is going out of business.She also finds that,due to a downturn in the real estate market,many of the neighborhood's wealthier residents are moving to a more affluent part of town.Based on your knowledge of environmental factors,which of the following conclusions should Ming derive from this information?

Accepted Answer

The answer of Prior to doing a remodel to increase...

Question 13

Which of the following does environmental analysis examine?

Accepted Answer

The answer of Which of the following does environmental analysis...

Question 14

The process of assessing how well one company's basic functions and skills compare to those of another company or set of companies is known as

Accepted Answer

Benchmarking is the process of comparing one company's performance metrics and practices to those of similar companies in the industry. This helps identify areas where the company needs to improve and provides a benchmark for setting goals and objectives. Situational analysis, strategic planning, operational planning, and SWOT analysis are all important elements of the overall process, but benchmarking specifically focuses on comparing one company to others.

Question 15

A technique for assessing an organization's internal and external environments in order to formulate strategy is called a

Accepted Answer

SWOT analysis is a technique used to assess an organization's internal strengths and weaknesses as well as external opportunities and threats in order to formulate a strategy. The other choices are either specific tools within the strategy formulation process or focus on different aspects of strategy development.

Question 16

Raja,the CEO of Perfect Paper Products,Inc. ,wants to perform an assessment of the company and research ways to improve profitability.First,Raja determines that while Perfect Paper Products has skilled,dedicated workers and ample space in their production facility,the company's manufacturing equipment is inefficient and prone to breaking down.What is another step Raj might take if his focus is on the first two letters of a SWOT analysis?

Accepted Answer

The focus of the SWOT analysis is on the company's internal strengths and weaknesses. The fact that the manufacturing equipment is inefficient and prone to breaking down points to a weakness in the company's procedures and efficiency. Therefore, the best step for Raja to take would be to assess the company's procedures in light of efficiency and manufacturing costs. Option D addresses this concern directly.

Question 17

Strategic goals should

Accepted Answer

The answer of Strategic goals should
...

Question 18

Which of the following is a major component of an internal analysis?

Accepted Answer

The answer of Which of the following is a major...

Question 19

An example of an intangible asset is

Accepted Answer

An intangible asset is something that has value but cannot be physically touched, such as patents, copyrights, trademarks, brand names, and reputation. Out of the given choices, only company reputation falls under this category.

Question 20

________ are inputs to production that can be accumulated over time to enhance the performance of a firm.

Accepted Answer

Resources are inputs to production that can be accumulated over time to enhance the performance of a firm. Core capabilities and patents are types of resources, but not all resources are necessarily core capabilities or patents. Strategies and benchmarks are not inputs to production, but rather methods or measures for evaluation or planning.

Quiz 4: Planning and Strategic Management