Question 1

In response to the global recession,companies that focused on flexible strategies were better able to cope with the environmental uncertainty.

Accepted Answer

Companies that have flexible strategies are able to make changes and adjustments quickly in response to uncertain or changing environments. This can help them to better cope with economic downturns and other external factors that may impact their business.

Question 2

Managers use the strategic management process in order to ________.
A)better cope with uncertain environments
B)ensure they stay ahead of the competition
C)provide products and services the marketplace demands
D)be profitable

Accepted Answer

The strategic management process helps managers better cope with uncertain environments by providing a structured approach to analyzing and responding to changes and challenges in the business environment.

Question 3

At which step of the strategic management process do managers identify opportunities and threats?
A)internal objectives
B)formulate strategies
C)external analysis
D)evaluate results

Accepted Answer

Managers identify opportunities and threats during the external analysis step of the strategic management process. This involves examining the organization's external environment to identify potential opportunities and threats that may impact its performance in the future. The internal objectives step involves defining the organization's goals and objectives, while the formulate strategies step involves developing a plan of action to achieve those objectives. Evaluate results comes later in the process when the strategies are implemented and their outcomes are assessed.

Question 4

Strategic management consists of the decisions and actions that determine the long-run performance of the organization.

Accepted Answer

Strategic management involves identifying and implementing strategies to achieve the organization's objectives and goals in the long term. It involves decisions and actions that have a significant impact on the organization's future performance, including resource allocation, goal setting, and performance evaluation. Therefore, it is true that strategic management determines the long-run performance of the organization.

Question 5

The same environment can present opportunities to one organization and pose threats to another.

Accepted Answer

This statement is true. For example, changes in government regulations may present an opportunity for a company to innovate and develop new products, while at the same time posing a threat to another company that is unable to adapt to the new regulations. Similarly, a natural disaster could present an opportunity for a company to offer relief services, while posing a threat to a competitor that is unable to operate due to infrastructure damage.

Question 6

The purpose of Cathy's Clowns is "to provide healthy entertainment that makes young children laugh." This statement describes Cathy's ________.
A)strategic goal
B)strategic purpose
C)business model
D)mission statement

Accepted Answer

The statement describes the mission statement of Cathy's Clowns, which outlines the company's purpose and core values.

Question 7

Concern for survival,growth,and profitability are all expressed in the organization's ________.
A)strategic plan
B)mission statement
C)business model
D)SWOT analysis

Accepted Answer

The answer of Concern for survival,growth,and profitability are all expressed...

Question 8

A ________ is a strategic design for how a company intends to profit from its strategies,work processes,and work activities.
A)mission statement
B)master plan
C)business model
D)functional strategic plan

Accepted Answer

A business model is a blueprint for how a company generates revenue and profits from its activities, products or services. It describes the value proposition, target customer segments, key partnerships, distribution channels, cost structure, and revenue streams of a business. A mission statement is a brief statement of the organization's purpose, while a master plan is a comprehensive long-term plan for achieving a specific goal. A functional strategic plan outlines specific actions or initiatives to achieve strategic goals in a particular functional area, such as marketing, finance, or operations.

Question 9

Studies of the factors that contribute to organizational performance have shown ________ relationship between strategic planning and performance.
A)no
B)a mixed
C)a positive
D)a neutral

Accepted Answer

Studies have consistently shown a positive relationship between strategic planning and performance, indicating that organizations which engage in strategic planning tend to perform better than those that do not.

Question 10

The mission statement of Cirque du Soleil states,"We are united by one overriding goal: to entertain,uplift,and enlighten audiences the world over." This statement relates most closely to which component of a mission statement?
A)markets
B)customers
C)concern for public image
D)philosophy

Accepted Answer

The answer of The mission statement of Cirque du Soleil...

Question 11

Mission statement should contain an expression about ________.
A)profitability
B)strengths and opportunities
C)concern for public image
D)e-business strategy

Accepted Answer

A mission statement often includes a concern for public image as it reflects the organization's values and how it wants to be perceived by the public.

Question 12

"At IBM,we recognize individual differences and appreciate how these differences provide a powerful competitive advantage and a source of great pride and opportunity in the workplace and marketplace." This statement relates most closely to which component of a mission statement?
A)products or services
B)concern for public image
C)concern for survival
D)concern for employees

Accepted Answer

This statement is related to the concern for employees component of a mission statement, as it emphasizes the recognition and appreciation of individual differences, which can create a positive work environment and benefit the company in the marketplace.

Question 13

Computer peripherals provider Ascent plans to enter a new market in another country.Which of the following represents a threat for Ascent?
A)Ascent lacks the resources to enter the market on its own and has to find a partner in the new market.
B)Ascent will have to plan its entry carefully as the laws in the country do not favour foreign businesses.
C)Ascent needs to improve its service capabilities in the new country as this is an important source of revenue.
D)Ascent has to find internal resources to provide most of the financing for the new venture.

Accepted Answer

The fact that the laws in the country do not favour foreign businesses represents a threat for Ascent as it may face legal barriers and restrictions that could hinder its operations and profitability. The other options (A, C, and D) may represent challenges, but they do not necessarily pose a threat to the company's success in the new market.

Question 14

A business model comprises of ________ and whether the company can make money doing that.
A)what managers do to develop the organization's strategies
B)focus on the short-run performance of an organization
C)providing products/services that customers will value
D)beating the competition

Accepted Answer

The definition of a business model is focused on providing products/services that customers will value and whether the company can make money doing that. The other options listed here - what managers do to develop the organization's strategies, focus on the short-run performance of an organization, and beating the competition - are all important considerations in running a business, but they are not the definition of a business model.

Question 15

The ________ answers the question "What is our reason for being in business?"
A)strategic plan
B)strategic purpose
C)operational goal
D)mission statement

Accepted Answer

A mission statement defines the purpose and reason for existence of an organization, including its values and objectives.

Question 16

The most fundamental questions about strategy address why firms,facing the same environmental conditions,have varying levels of performance.

Accepted Answer

This statement is true as one of the key concerns of strategy is understanding why firms with similar operating conditions show different levels of performance.

Question 17

At which step of the strategic management process do managers try to find out what the competition is doing and what pending legislation might affect the organization?
A)identify current mission,objectives,and strategies
B)formulate strategies
C)conduct market analysis
D)conduct external analysis

Accepted Answer

Conducting external analysis involves scanning the external environment for opportunities and threats. This includes analyzing the competition and identifying any potential legislative changes that may affect the organization.

Question 18

Generally,strategic plans do not work well for small,entrepreneurial companies.

Accepted Answer

Strategic plans can be just as important for small entrepreneurial companies as they are for larger organizations. In fact, having a clear strategy in place can help these types of companies to focus their efforts and make the most of their limited resources. However, it's important to note that the strategic planning process may look different for smaller companies, and they may need to be more nimble and flexible in executing their plans.

Question 19

"At HBC,we have a tremendous sense of responsibility,not only to the continued growth and success of our company,but also to the nation that we have been instrumental in building.Our culture is grounded in a commitment to take into account the social needs and issues impacting the communities where we do business." This statement relates most closely to which component of a mission statement?
A)products or services
B)customers
C)concern for public image
D)philosophy

Accepted Answer

The statement emphasizes the company's commitment to social responsibility and its impact on the communities it operates in, which aligns with the "philosophy" component of a mission statement.

Question 20

________ are positive trends in external environmental factors,while ________ are negative trends.
A)Strengths; weaknesses
B)Opportunities; weaknesses
C)Opportunities; threats
D)Opportunities; risks

Accepted Answer

Opportunities are positive external environmental factors that can be leveraged by the organization, while threats are negative trends that can pose a risk or challenge to the organization. Therefore, option C, opportunities and threats, best describes the positive and negative trends in external environmental factors.

Quiz 10: Managing Strategically

In response to the global recession,companies that focused on flexible strategies were better able to cope with the environmental uncertainty.

Managers use the strategic management process in order to ________.

At which step of the strategic management process do managers identify opportunities and threats?

Strategic management consists of the decisions and actions that determine the long-run performance of the organization.

The same environment can present opportunities to one organization and pose threats to another.

The purpose of Cathy's Clowns is "to provide healthy entertainment that makes young children laugh." This statement describes Cathy's ________.

Concern for survival,growth,and profitability are all expressed in the organization's ________.

A ________ is a strategic design for how a company intends to profit from its strategies,work processes,and work activities.

Studies of the factors that contribute to organizational performance have shown ________ relationship between strategic planning and performance.

The mission statement of Cirque du Soleil states,"We are united by one overriding goal: to entertain,uplift,and enlighten audiences the world over." This statement relates most closely to which component of a mission statement?

Mission statement should contain an expression about ________.

"At IBM,we recognize individual differences and appreciate how these differences provide a powerful competitive advantage and a source of great pride and opportunity in the workplace and marketplace." This statement relates most closely to which component of a mission statement?

Computer peripherals provider Ascent plans to enter a new market in another country.Which of the following represents a threat for Ascent?

A business model comprises of ________ and whether the company can make money doing that.

The ________ answers the question "What is our reason for being in business?"

The most fundamental questions about strategy address why firms,facing the same environmental conditions,have varying levels of performance.

At which step of the strategic management process do managers try to find out what the competition is doing and what pending legislation might affect the organization?

Generally,strategic plans do not work well for small,entrepreneurial companies.

are positive trends in external environmental factors,while are negative trends.