Question 1

Some organizations drift aimlessly during times of economic turmoil. What might be a concrete reason for an organization to be so unfocused?
A) The organization did not produce a vision statement to unite its employees.
B) The organization did not complete its long-term plan for the next 3 to 5 years.
C) The organization did not conduct a succession plan for its older managers.
D) The organization did not build a culture that supported work-life balance.

Accepted Answer

Without a clear vision statement, employees may not understand the organization's goals and may not feel motivated to work towards them. This can result in a lack of focus and direction during times of economic turmoil.

Question 2

If all organizations are different, what strategic concept demonstrates this reality?
A) solitary
B) unrivalled
C) exclusive
D) unique

Accepted Answer

The strategic concept that best demonstrates the reality that all organizations are different is "unique." No two organizations are exactly the same, and therefore each one should have a unique strategy tailored to its individual strengths, weaknesses, opportunities, and threats.

Question 3

"Our company is committed to honesty and improving society." What type of statement does this quote describe?
A) attitude
B) policy
C) strategic
D) value

Accepted Answer

This quote describes a company value, as it expresses the core beliefs or principles that guide the organization's actions and decisions.

Question 4

What type of strategy is an agreed-upon plan that is arrived at through formal planning processes?
A) discarded
B) emergent
C) realized
D) intended

Accepted Answer

An agreed-upon plan that is arrived at through formal planning processes is an intended strategy.

Question 5

What are the two primary types of inputs that influence an organization's competitive advantage?
A) profitability and human capital
B) reputation and superior performance
C) culture and distinct advantage
D) capabilities and tangible assets

Accepted Answer

The two primary types of inputs that influence an organization's competitive advantage are its capabilities and tangible assets. Capabilities refer to the unique skills, knowledge, and resources that enable an organization to perform its activities more effectively and efficiently than its competitors. Tangible assets include physical resources, such as property, equipment, and financial resources that can be used to create value for the organization. Together, capabilities and tangible assets provide the foundation for an organization's competitive advantage.

Question 6

In order to achieve success implementing change, what two concepts do HR managers need to match together?
A) motivation and hiring practices
B) position modules and salary theories
C) principles and salary theories
D) HRM practices and organizational goals

Accepted Answer

HR managers need to match their HRM practices with the organizational goals to achieve success in implementing change. Successfully implementing change requires HR initiatives that align with the goals and objectives of the organization. This includes aligning HR practices such as recruitment, training, compensation, and performance management with the goals of the organization.

Question 7

If an organization fails to engage in strategic planning it will be burdened by many challenges. Which of the following is NOT one of these challenges?
A) fail to involve senior managers and executives so that there is no buy-in
B) fail to use the plan as the guide to make decisions and evaluate performance
C) fail to align incentives and other hr policies to the achievement of strategy
D) fail to incorporate information generated from 360 degree reviews

Accepted Answer

Incorporating information generated from 360 degree reviews is not a typical challenge that an organization would face if they fail to engage in strategic planning. The other three choices are common challenges that occur when an organization does not engage in strategic planning.

Question 8

Salad-O is a fast food outlet located in a shopping mall that tries to compete with Greens-Away by offering gourmet salad dressings. Which of Porter's competitive strategies is Salad-O applying?
A) low-cost provider
B) broad differentiation
C) market niche with lower cost
D) market niche with differentiation

Accepted Answer

The answer of Salad-O is a fast food outlet located...

Question 9

What type of objective is represented by the ratio "return on investment?"
A) soft
B) short-term
C) long-term
D) hard

Accepted Answer

The answer of What type of objective is represented by...

Question 10

What is a tangible corporate goal that represents a point of view about the competitive positions a company hopes to build over a decade?
A) strategic plan
B) strategic intent
C) strategic implementation
D) strategic formulation

Accepted Answer

A tangible corporate goal that represents a point of view about the competitive positions a company hopes to build over a decade is referred to as strategic intent. It refers to a long-term orientation that focuses on the potential for the company's future success, rather than on its current state. Strategic intent is a motivational factor that can help shape corporate culture and encourage employees to work towards ambitious goals. A strategic plan, implementation, and formulation are all important aspects of a company's overall strategic process, but they do not necessarily reflect a specific point of view about competitive positions over a decade.

Question 11

McDonald's incorporated many unique strategies to turn the restaurant around. Which of the following is part of a different restaurant's corporate strategy?
A) aligning itself with Paul Newman's salad dressing
B) allowing free refills for all beverages
C) introducing new foods that reflected regional food interests
D) opening stores in non-traditional locations

Accepted Answer

The answer of McDonald's incorporated many unique strategies to turn...

Question 12

Which strategy is synonymous with logical incrementalism?
A) intended
B) emergent
C) discarded
D) realized

Accepted Answer

Logical incrementalism focuses on small, incremental changes that emerge as a result of feedback and learning, rather than a grand, pre-determined plan. Therefore, the strategy is synonymous with emergent choices.

Question 13

If employees understand the behaviours and performance levels that will be rewarded on the job, what type of benefit is produced that will help managers formulate a strategy?
A) clarity
B) incentives
C) change
D) efficiency

Accepted Answer

The answer of If employees understand the behaviours and performance...

Question 14

If a firm is applying a growth strategy, it will typically be focused on certain HR practices. Which of the following activities represent strategies that are NOT a growth strategy?
A) hoarding by managers
B) aggressive recruitment
C) rapidly rising wages
D) increased job creation

Accepted Answer

Hoarding by managers is not a growth strategy as it involves retaining resources without expanding or investing in new opportunities.

Question 15

Managers in a department store have decided that the shoe department is not a profitable part of the store and it would be better suited to being an independent organization that rented space from the store. What type of strategy is demonstrated if the shoe department is separated from the department store into a separate entity?
A) merger
B) divestiture
C) bankruptcy
D) growth

Accepted Answer

Divestiture refers to a strategy where a company sells or spins off a part of its business that is no longer deemed to be profitable or core to its operations. In this case, separating the shoe department into a separate entity would be an example of divestiture.

Question 16

What type of competency is represented by resources and capabilities that serve as a firm's competitive advantage?
A) core
B) central
C) cultural
D) collective

Accepted Answer

Resources and capabilities that serve as a firm's competitive advantage are considered core competencies. These are the unique strengths and abilities of a firm that set it apart from its competitors and contribute to its ability to create value for customers.

Question 17

Which of the following represents either a restructuring or stability strategy?
A) merger
B) liquidation
C) incremental
D) joint venture

Accepted Answer

Liquidation is a restructuring strategy which involves the selling off of assets in order to pay creditors and ultimately closing down the business.

Question 18

If a formulated plan is called an intended strategy, what strategy depicts the implemented plan?
A) intentional
B) ideal
C) realized
D) predicted

Accepted Answer

The implemented plan is called a realized strategy. This is the strategy that has actually been put into action and achieved results, as opposed to the intended strategy which was simply a plan.

Question 19

Which of the following represents either a growth or a stability strategy?
A) merger
B) turnaround
C) bankruptcy
D) liquidation

Accepted Answer

Merger is a growth strategy in which two companies come together to form a larger entity that is expected to have greater market share, economies of scale, and competitive advantages. Turnaround, bankruptcy, and liquidation, on the other hand, are all strategies that are employed when a company is in trouble and is seeking to survive or exit the market, making them stability or retrenchment strategies.

Question 20

How is the successful implementation of strategy judged?
A) by whether it satisfies top management's expectations
B) by whether it realizes organizational goals and objectives
C) by whether it engages employees to do their best
D) by whether it meets financial targets and ratios

Accepted Answer

The answer of How is the successful implementation of strategy...

Quiz 1: Strategic Management

Some organizations drift aimlessly during times of economic turmoil. What might be a concrete reason for an organization to be so unfocused?

If all organizations are different, what strategic concept demonstrates this reality?

"Our company is committed to honesty and improving society." What type of statement does this quote describe?

What type of strategy is an agreed-upon plan that is arrived at through formal planning processes?

What are the two primary types of inputs that influence an organization's competitive advantage?

In order to achieve success implementing change, what two concepts do HR managers need to match together?

If an organization fails to engage in strategic planning it will be burdened by many challenges. Which of the following is NOT one of these challenges?

Salad-O is a fast food outlet located in a shopping mall that tries to compete with Greens-Away by offering gourmet salad dressings. Which of Porter's competitive strategies is Salad-O applying?

What type of objective is represented by the ratio "return on investment?"

What is a tangible corporate goal that represents a point of view about the competitive positions a company hopes to build over a decade?

McDonald's incorporated many unique strategies to turn the restaurant around. Which of the following is part of a different restaurant's corporate strategy?

Which strategy is synonymous with logical incrementalism?

If employees understand the behaviours and performance levels that will be rewarded on the job, what type of benefit is produced that will help managers formulate a strategy?

If a firm is applying a growth strategy, it will typically be focused on certain HR practices. Which of the following activities represent strategies that are NOT a growth strategy?

What type of competency is represented by resources and capabilities that serve as a firm's competitive advantage?

Which of the following represents either a restructuring or stability strategy?

If a formulated plan is called an intended strategy, what strategy depicts the implemented plan?

Which of the following represents either a growth or a stability strategy?

How is the successful implementation of strategy judged?