Reference no: EM131931412
QUESTION 1
Generally speaking, which is the correct order of the steps in the planning process?
Mission, operational, strategic, and tactical goals
Strategic and tactical goals, mission, and operational plan
Mission, tactical, strategic, and operational goals
Tactical and strategic goals, mission, and operational plans
Mission, strategic, tactical, and operational goals
QUESTION 2
The target or what you are trying to achieve is called a
mission
strategy
diversity
goal
QUESTION 3
The goals set by middle managers to achieve the strategic goals are called
tactical goals
a mission statement
operational goals
operational plan
strategic goals
QUESTION 4
If Nike established a goal to be the leader in tennis equipment sales in the United States by the year 2022, this would be an example of a _________ goal.
operational
short term
tactical
long term
QUESTION 5
All of the following are reasons for having goals except:
they give direction
improves group decision making
motivates employees
provides an effective mechanism for control and evaluation
QUESTION 6
Goals set for short-term issues are called_____________ goals.
tactical.
strategic.
operational.
functional.
autonomous.
QUESTION 7
_________ usually have responsibility for setting operational goals.
middle managers
lower level managers
Stockholders
Top-level managers
QUESTION 8
Plans that have an intermediate time horizon and are concerned with the steps to achieve your strategic plans are called _____ plans.
strategic
standing
contingency
tactical
operational
QUESTION 9
Which of the following is an example of an intermediate-range plan?
Develop an alcohol-powered small engine in the next ten years
Conduct a Fourth of July sale
Sponsor a community wellness day next month
Reduce employee absenteeism by 20 percent within the next two years
QUESTION 10
_____ planning is the process by which managers identify alternative courses of action that the organization might follow if various conditions arise.
Strategic
Standard
Contingency
Integrative
Goal optimization
QUESTION 11
Which of the following is the BEST example of a single-use plan?
The "No Smoking" sign on the restaurant door
The sign requiring all workers to wash their hands after visiting the restroom
The plan to build a snowboard course for the 2018 Winter Olympics
The day-care plan for dealing with a toddler who hits another
The plan for how McDonald's should cook its french fries
QUESTION 12
All of the following are methods to make goal setting and planning more effective except:
Recognize that revision and updating are often required
Establish goals that are easy to achieve thus assuring success for your employees
Communicate with and involve those who are affected by the plan
Reward those who successfully achieve the goals
QUESTION 13
A plan which focuses on a fairly small set of activities with a short term focus is referred to as a(n) ________ plan.
Strategic
Tactical
Operational
Contingency
QUESTION 14
An organization's __________ is a statement of its fundamental, unique purpose which sets it apart from other businesses.
goal
mission
strategy
tactical plan
QUESTION 15
A plan that outlines the steps to be followed in a particular situation is called a:
Strategy
rule
SOP (Standard Operating Procedure)
Project
QUESTION 16
Which of the following is(are) a technique for overcoming barriers to goal setting and planning?
Explain the purpose of goals and planning
Communication and participation with employees about the process.
Revision and updating of the goals and plans.
An effective reward system
All of above are correct.
QUESTION 17
_____ is the component of a strategy that indicates what the organization does exceptionally well.
Resource deployment
Synergy
Scope
Distinctive competence
mission
QUESTION 18
GE must make decisions regarding the various businesses it competes in, ranging from medical devices to appliances to television networks. This is an example of _____ strategy.
corporate-level
short-term
business-level
functional
QUESTION 19
In an environmental SWOT analysis, the external environmental conditions are analyzed to determine the:
opportunities and threats.
opportunities and weaknesses.
strengths and threats.
strengths and weaknesses.
return on investment.
QUESTION 20
The first step in formulating strategies is usually
a tactical plan
goal implementation.
operational plans.
a mission statement.
a SWOT Analysis
QUESTION 21
Coca-Cola's success in the global marketplace is the result of its distribution system and its marketing communications, which are two of the company's
organizational strengths.
competitive disadvantages.
organizational opportunities.
scope.
SBUs.
QUESTION 22
When McDonald's introduced its new, improved coffee, this was considered a(n) ________ by Starbucks.
organizational opportunity
organizational threat
organizational weakness
a sustained competitive advantage
product imitation
QUESTION 23
Block Drug Company manufactures only products for your teeth such as, Poligrip, Polident, and Sensodyne toothpaste. Because it sells only products that are used to care for teeth, it is using a(n) _____ strategy.
prospecting
emergent
focus
cost leadership
guerrilla
QUESTION 24
When a company offers a superior quality product over its competitors, it is following a __________ strategy.
low cost
differentiation
focus
prospector
QUESTION 25
The Taco Bell division of Yum Brands has its own mission and strategy that often differs considerably from other divisions within the corporation. What is a division such as this called?
An independent business
A strategic business unit (SBU)
An entrepreneurship
A functional department
A competitive unit
QUESTION 26
For years the Tabasco Company used a(n) _____ strategy and only manufactured its famous hot sauce.
defender
single-product
aggregation
forward integration
backward integration
QUESTION 27
Reckitt & Colman, Inc. manufactures Spray 'n Wash laundry stain remover. Over the years it has acquired Resolve fabric refresher and Woolite fabric wash. This is an example of _________ diversification.
related
integrated
unrelated
consumer
QUESTION 28
Anheuser Busch purchased a company that supplied the cans it uses for its beverages. What type of corporate level strategy did it pursue?
forward vertical integration.
unrelated diversification.
backward vertical integration.
horizontal integration.
a defender strategy.
QUESTION 29
The Boston Consulting Group matrix, classifies an organizations' strategic business units (SBUs) on the basis of
market share and profit level
market share and market growth rate
market growth rate and financial strength.
financial strength and product life cycle.
cash generation potential and product life cycle.
QUESTION 30
The purchase of one firm by another firm in an attempt to diversify is called a(n)
focus strategy
acquisition
multi-domestic strategy
distinctive competence
QUESTION 31
According to the Boston Consulting Group matrix, any extra funds generated by an SBU should be allocated to a _______, which is a business with a high market share in a fast-growing market.
star
dog
question mark
defender
cash cow
QUESTION 32
Which is generally considered the most complex and risky corporate strategy is to pursue?
focus
related diversification
international
single product
QUESTION 33
A strategy in which an organization operates in several businesses that are similar to one another is called:
single product strategy
international expansion
focus strategy
related diversification
QUESTION 34
A comprehensive and ongoing management process aimed at formulating and implementing strategies for long term and organization wide success is called
mission statements
operational planning
strategic planning
goal setting
QUESTION 35
The first step in the decision-making process is
recognizing and defining the situation.
brainstorming.
the generation of alternatives.
the expression of a willingness to be innovative.
implementation.
QUESTION 36
Decisions that are routine and deal with situations in which the factors are familiar and have occurred in the past are called _____ decisions.
nonprogrammed
satisficing
rational
programmed
noninnovative
QUESTION 37
When a manager evaluates the different alternatives during the decision making process, all of the following characteristics of an alternative should be examined except:
its feasibility
is it satisfactory
level of bounded rationality
whether its affordable
QUESTION 38
The decision by the top managers at Verizon to purchase Alltel Wireless is an example of a __________ decision.
programmed
satisficing
delphi group
nonprogrammed
QUESTION 39
When the manager is involved in decision making and does not know all of the available alternatives or the risks associated with each alternative, the manager is experiencing
decision making under risk.
satisficing.
bounded rationality.
decision making under certainty.
decision making under uncertainty.
QUESTION 40
Most decisions are made under which of the following decision-making conditions?
Probability
Risk
Certainty
Uncertainty
QUESTION 41
The final and crucial stage of the decision making/problem solving process is to:
Developing a set of rational alternatives
Evaluating the possible alternatives
Follow-up and evaluate the results
Implementing the chosen alternative
Recognizing and defining the decision situation
QUESTION 42
Joyce wants to decrease employee turnover. Some of the options she considered included changing hiring practices, improve benefits, improve wages, or provide an annual bonus. She chooses a year-end bonus because it keeps payroll lower and should quickly affect turnover. This example suggests that Joyce is at which step in the decision-making process?
Developing a set of rational alternatives
Evaluating decision effectiveness
Selecting which alternative to implement
Recognizing and defining the decision situation
Evaluating the possible alternatives
QUESTION 43
____________ occurs when the decision maker is constrained by his or her own values, experiences, or skills. He or she also has less than complete knowledge and information.
Optimization
Intuitive decision making
Bounded rationality
Escalation of commitment
Satisficing
QUESTION 44
When decision makers search for an alternative only until one is found that meets some minimum level of acceptability, ____________ has occurred.
Optimization
Intuitive decision making
Bounded rationality
Escalation of commitment
Satisficing
QUESTION 45
Kellogg's introduced a new vodka flavored cereal that resulted in poor sales. It decided to triple advertising expenditures in order to improve sales. When this failed it decided to invest even more funds into its marketing of the cereal. This is an example of
bounded optimization.
escalation of commitment.
programmed decision making.
strategic maximization.
intuitive rationality.
QUESTION 46
Charlie feels each of the alternatives is basically the same. He chooses what he feels is the best alternative based on his gut feeling. Which of the behavioral factors that influence decision making does Charlie's behavior reflect?
The optimization principle
The iceberg principle
Synergy
Empathy
Intuition
QUESTION 47
One advantage of group decision making is
groupthink.
greater likelihood of meeting your goals
the diversity of the group members' backgrounds which results in a variety of alternatives.
ability of a strong individual to dominate the group.
QUESTION 48
Please list two advantages of group decision making and two disadvantages of group decision making.
QUESTION 49
Assume you are the Director of Strategic Planning at Nike. Please list and give specific examples of three (3) different corporate level strategies that you would recommend Nike pursue over the next five years.