Business

Difficulty: Medium

Learning Objective: 4

 

40. (p. 8) The informal, intuitive and limited approach to strategic management associated with owner-managers of smaller firm refers to the ____ mode of formality, according to Mintzberg.

A. Entrepreneurial

B. Functional

C. Planning

D. Adaptive

 

 

Difficulty: Easy

Learning Objective: 4

 

41. (p. 8) The planning mode refers to the

A. Strategic formality associated with the large firms that operate under a comprehensive, formal planning system

B. Strategic formality associated with medium-sized firms that emphasize the incremental modification of existing competitive approaches

C. Strategic formality associated with global firms that emphasize cultural value systems

D. Informal, intuitive and limited approach to strategic management with owner-manager of smaller firms

 

 

Difficulty: Medium

Learning Objective: 4

 

 

 

42. (p. 8) According to Mintzberg, the adaptive mode refers to

A. Strategic formality associated with the large firms that operate under a comprehensive, formal planning system

B. Strategic formality associated with medium-sized firms that emphasize the incremental modification of existing competitive approaches

C. Strategic formality associated with global firms that emphasize cultural value systems

D. Informal, intuitive and limited approach to strategic management with owner-manager of smaller firms

 

 

Difficulty: Medium

Learning Objective: 4

 

43. (p. 8) Which of these is NOT a mode of formality identified by Mintzberg?

A. Adaptive

B. Planning

C. Functional

D. Entrepreneurial

 

 

Difficulty: Easy

Learning Objective: 4

 

44. (p. 9) The ideal strategic management team includes decision makers from

A. All three company levels (corporate, business and functional)

B. Just the functional level since they are closest to the customers

C. Just the corporate and business levels given that they focus on doing the right thing

D. Just the top management since they understand the big picture

 

 

Difficulty: Medium

Learning Objective: 4

 

 

 

45. (p. 8) Managers at the _____ level typically have principal responsibilities for developing environmental analysis and forecasting, establishing business objectives and developing business plans prepared by staff groups.

A. Corporate

B. Functional

C. Operational

D. Business

 

 

Difficulty: Medium

Learning Objective: 4

 

46. (p. 9) When the dominance of the CEO approaches autocracy, the effectiveness of the form’s strategic planning and management processes are likely to:

A. Enhance strategic planning but diminish its processes

B. Be greatly enhanced

C. Have no effect

D. Be diminished

 

 

Difficulty: Medium

Learning Objective: 5

 

47. (p. 11) Which of these is NOT true about the behavioral effect of strategic management?

A. Strategy formulation activities enhance the firm’s ability to prevent problems

B. Resistance to change is reduced

C. Gaps and overlaps in activities among individuals and groups are increased to ensure the checks and balance

D. The employee involvement is strategy formulation improves their understanding of the productivity reward relationship in every strategy plan

 

 

Difficulty: Hard

Learning Objective: 5

 

 

 

48. (p. 11) Managers must be trained to guard against all of the following types of unintended negative consequences of involvement in strategy formulation EXCEPT

A. Managers must be trained to minimize the negative impact on operational responsibilities by scheduling their duties to allow the necessary time for strategic activities

B. Managers must be trained to limit their promises to performance that the decision makers and their subordinates can deliver

C. Managers must be trained to anticipate and respond to the disappointment of participating subordinates over unattained expectations

D. Managers must be trained to disregard the productivity-reward relationship since strategy implementation makes it invalid

 

 

Difficulty: Hard

Learning Objective: 5

 

49. (p. 11) Which of the following is a major function of the strategic management model?

A. It helps make profits for the firm

B. It helps in identifying key issues faced by the firm

C. It helps in deciding which products to sell

D. It depicts the sequence and relationships of the major components of the strategic management process

 

 

Difficulty: Medium

Learning Objective: 5

 

50. (p. 13) Social responsibility is a critical consideration for a company’s strategic decision makers since

A. Stockholders demand it

B. The mission statement must express how the company intends to contribute to the societies that sustain it

C. It increases a company’s profits

D. It helps make decisions

 

 

Difficulty: Medium

Learning Objective: 5

 

 

 

51. (p. 13) Analysis of the quantity and quality of the company’s financial, human and physical resources is a part of

A. Internal analysis

B. Mission statement

C. External environment analysis

D. Corporate goals

 

 

Difficulty: Easy

Learning Objective: 5

 

52. (p. 13) The external environment consists of:

A. The operating environment

B. Managers

C. Employees

D. Owners

 

 

Difficulty: Easy

Learning Objective: 5

 

53. (p. 13) Which one of the following is NOT an interactive segment of a firm’s external environment?

A. Functional

B. Remote

C. Industry

D. Operating

 

 

Difficulty: Medium

Learning Objective: 5

 

 

 

54. (p. 12) Description of the company’s product, market and technological areas of emphasis is contained in the

A. Assessment of the external environment

B. Company profile

C. Company mission

D. Interactive opportunity analysis

 

 

Difficulty: Easy

Learning Objective: 5

 

55. (p. 13) The results that an organization seeks over a multiyear period are its

A. Generic strategies

B. Grand strategies

C. Mission statements

D. Long-term objectives

 

 

Difficulty: Easy

Learning Objective: 5

 

56. (p. 13) The doubling of EPS within 5 years with increases in each intervening year is called a(n):

A. Long-term goal

B. Long-term objective

C. Short-term goal

D. Short-term objective

 

 

Difficulty: Hard

Learning Objective: 5

 

57. (p. 13-14) The difference between long-term and short-term objectives is principally:

A. Greater attainability

B. Greater flexibility

C. Greater measurability

D. Greater specificity

 

 

Difficulty: Hard

Learning Objective: 5

 

 

 

58. (p. 14) Grand strategies include:

A. Market turnaround

B. Vertical diversification

C. Conglomerate integration

D. Concentric diversification

 

 

Difficulty: Medium

Learning Objective: 5

 

59. (p. 14) Which of the following is an example of a grand strategy?

A. Decentralization

B. Policy making

C. Conglomerate integration

D. Innovation

 

 

Difficulty: Hard

Learning Objective: 5

 

60. (p. 14) Long-term objectives are principally attained through:

A. Annual goals

B. Functional strategies

C. Short-term goals

D. Grand strategy

 

 

Difficulty: Hard

Learning Objective: 5

 

61. (p. 14) The minimum equity position required for all new McDonald’s franchises is an example of:

A. A goal

B. A procedure

C. A policy

D. An objective

 

 

Difficulty: Medium

Learning Objective: 5

 

 

 

62. (p. 14) The general plan of major actions through which a firm intends to achieve is long-term objectives is called its:

A. Corporate plan

B. Long-term goal

C. Grand strategy

D. Mission

 

 

Difficulty: Easy

Learning Objective: 5

 

63. (p. 14) Broad, precedent-setting decisions that guide or substitute for repetitive or time-sensitive managerial decision making are called

A. Goals

B. Strategies

C. Objectives

D. Policies

 

 

Difficulty: Easy

Learning Objective: 5

 

64. (p. 13) Which of the following is a generic strategy option?

A. Narrow margins

B. Diversification

C. Differentiation

D. Retrenchment

 

 

Difficulty: Medium

Learning Objective: 5

 

65. (p. 14) Horizontal integration is an example of a

A. Generic strategy

B. Grand strategy

C. Functional level strategy

D. SBU strategy

 

 

Difficulty: Hard

Learning Objective: 5

 

 

 

66. (p. 14) Specific actions that need to be undertaken to achieve short-term objectives, usually by functional areas, refers to

A. Policies

B. Formality

C. Tactics

D. Process

 

 

Difficulty: Easy

Learning Objective: 5

 

67. (p. 14) Which of these refers to short-term, narrow scoped plans that detail “means” or activities that a company will use to achieve short-term projects?

A. Policies

B. Formality

C. Vision

D. Functional tactics

 

 

Difficulty: Easy

Learning Objective: 5

 

68. (p. 15) _____ is a critical stage in strategy implementation wherein managers attempt to recast their organization.

A. Continuous improvement

B. Reengineering

C. Strategic control

D. Strategy formulation

 

 

Difficulty: Medium

Learning Objective: 5

 

 

 

69. (p. 15) _____ is concerned with tracking a strategy as it is being implemented, detecting problems or changes in its underlying premises and making necessary adjustments.

A. Restructuring strategy

B. Strategic control

C. Internal analysis

D. Functional tactics

 

 

Difficulty: Easy

Learning Objective: 5

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