Protectionism refers to countries imposing tariffs, taxes, and regulations on firms
outside the country to favor their own companies and people.
Strategies may be inconsistent if policy problems and issues continue to be brought to
the top for resolution.
One aspect of ads in a recession is that they generally take more direct aim at
competitors.
Many people consider it unethical for a firm to be socially irresponsible.
The overall aim of the Balanced Scorecard is to balance financial objectives with
strategic objectives.
Having a clear mission and vision can provide a basis for a company’s internal and
external assessment.
The basic premise of the research-based view is that the mix, type, amount, and nature
of a firm’s internal resources should be considered first and foremost in devising
strategies that can lead to sustainable competitive advantage.
Stakeholders of an organization include stockholders, customers and creditors, but not
competitors.
The final stage in strategic management is strategy implementation.
Once a firm acquires a competitive advantage, they are usually able to sustain the
competitive advantage indefinitely.
The decreasing time span for which planning can be done with any degree of certainty
is a reason strategy evaluation is more difficult today.
Because activities are organized according to the way work is actually performed, a
divisional structure by process is similar to the matrix structure.
Holding a meeting at which conflicting parties present their views and work through
their differences is part of the defusion technique of managing conflict.
Which of the following nations has the highest corporate tax rate?
A) Ireland
B) The United States
C) Great Britain
D) France
E) Germany
What are guides to decision making?
A) Laws
B) Rules
C) Policies
D) Objectives
E) Goals
Which of the following is NOT one of the steps involved in constructing a SWOT
Matrix?
A) List the firm’s key external threats.
B) Match internal strengths with external opportunities, and record the resultant SO
strategies in the appropriate cell.
C) Match internal weaknesses with external threats, and record the resultant WT
strategies.
D) List the firm’s external weaknesses.
E) List the firm’s external opportunities.
Most quantitative criteria are geared to ________ objectives rather than ________
objectives.
A) top-management; employee
B) short-term; annual
C) annual; long-term
D) environmental; community
E) profit; social
Which of the following is a limitation associated with a SWOT Matrix?
A) Viewing every business as a Star, Cash Cow, Dog, or Question Mark is an
oversimplification.
B) Many businesses fall right in the middle of the matrix.
C) It is a static assessment in time.
D) Other variables besides relative market share position and industry growth rate in
sales need to be considered.
E) The matrix does not reflect whether or not various divisions or their industry are
growing over time.
Which individuals are most responsible for the success and failure of an organization?
A) Strategists
B) Financial planners
C) Personnel directors
D) Stakeholders
E) Human resource managers
Which function of management includes areas such as job design, job specification, job
analysis, and unity of command?
A) Planning
B) Organizing
C) Motivating
D) Staffing
E) Controlling
In general, what happens to American goods in overseas markets when there is a strong
dollar?
A) They are less expensive.
B) They are more attractive.
C) They are cheaper.
D) They are more expensive.
E) They are desirable.
Considerable time and effort should be devoted to assuring objectives are well
conceived because they represent the basis for
A) monitoring progress toward long-term objectives.
B) establishing divisional priorities.
C) allocating resources.
D) evaluating managers.
E) all of the above
Which of the following is NOT true about objectives?
A) They should be communicated throughout the organization.
B) They should have an appropriate time dimension.
C) They should use terms like “maximize,” “minimize,” and “as soon as possible.”
D) They should be measurable.
E) They should be consistent.
In which phase of strategic management are long-term objectives especially important?
A) Formulation
B) Control
C) Evaluation
D) Implementation
E) Management
All of the following are examples of marketing decisions that may require policies
EXCEPT
A) to be a market leader or follower
B) how to make advertisements more interactive to be more effective
C) to offer a complete or limited warranty
D) to use heavy, light, or no TV advertising
E) to use exclusive dealerships or multiple channels of distribution
Describe some key features of the European work environment.
What four basic steps comprise the controlling function of management?
What are the pitfalls in strategic planning that management in an organization should
watch out for or avoid? Identify any five pitfalls.
There are four basic ways a divisionally structured firm could be organized. What are
these four ways? Give an example of each.
In a BCG Matrix, all divisions are classified as either Question Marks, Stars, Cash
Cows, or Dogs. Define each of these terms.
What are the five major types of external forces that should be examined as part of an
external audit? Give an example of each type of force.
Identify the reasons dividends are sometimes paid out even when funds could be better
reinvested in the business or when the firm has to tap outside sources to pay the
dividends.