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Chapter 04 Planning and Strategic Management Answer Key
True / False Questions
1.
To be effective, goals should have open-ended completion times.
2.
The final step in the formal planning process—monitoring and controlling—is
overemphasized by many companies.
3.
The strategic management process begins with the analysis of internal strengths and
weaknesses.
4.
A thorough environmental analysis includes a macroeconomic analysis.
5.
In an environmental analysis, opportunities and threats are completely separate, unrelated
things.
6.
If resources are difficult to imitate, they provide a source of competitive advantage.
7.
A corporate strategy identifies the type of relationship with regulatory and other
government agencies that would create or maintain a profitable foundation for a firm.
8.
The Boston Consulting Group Matrix helps managers evaluate their strategy alternatives
for the entire business portfolio.
9.
A corporate strategy is defined as the major actions by which a business competes in a
particular industry or market.
10.
A strategic control system must simultaneously pursue both efficiency and flexibility.
Multiple Choice Questions
11.
In planning, the goal is to come up with a clear and _____ map to follow in future
activities.
12.
The steps followed during formal planning are similar to which of the following?
13.
A situational analysis should focus on which of the following?
14.
Contingency plans could be referred to as _____ plans.
15.
Contingency plans include sets of actions to be taken when
16.
Strategic planning involves making decisions about an organization's
17.
The CEO of Just-in-Time Shipping has set major profit and expansion targets for the
organization to achieve in the next five to ten years. What are these targets an example
of?
18.
Which of the following statements about planning is accurate?
19.
Which of the following statements about tactical planning is true?
20.
Operational planning identifies the specific procedures and processes required _____ of an
organization.
21.
A _____ provides a tool that managers can use to communicate their strategic goals and
enable members of the organization at every level to understand the parts they will play.
22.
Which of the following is one of the four key drivers of a firm's long-term success?
23.
Which of the following is included in the strategic management process?
24.
Which of the following describes an organization's basic purpose?
25.
Which of the following statements about mission and goals is true?
26.
The groups and individuals who affect and are affected by the achievement of an
organization's mission, goals, and strategies are known as _____.
27.
How would a firm's highly regarded brand be listed in a typical SWOT analysis?
Topic: Strategic Planning
28.
Which type of diversification involves moving into businesses that are related to the
company's original core business?
29.
Businesses using a low-cost strategy attempt to offer
30.
Anthony's Refrigerator Pasta tries to offer higher-quality food products, more product
variety, and wider distribution than its competitors do. What business strategy is
Anthony's Refrigerator Pasta pursuing?
31.
Production, human resources, marketing, research and development, finance, and
distribution are considered a company's _____ areas.
32.
Most strategic control systems include which of the following in order to monitor and
control major financial expenditures?
33.
During which step of strategy implementation would an executive evaluate his or her
company's ability to implement strategic tasks?
34.
_____ is the conscious, systematic process of making decisions about goals and activities
that an individual, group, work unit, or organization will pursue in the future.
35.
Which of the following is the first step in a formal planning process?
36.
Which of the following is a step in the formal planning process that involves studying past
events, examining current conditions, and forecasting future trends?
