54. Analyzers commonly match their rivals’ prospecting actions through the use of _________.
a.
monitoring
b.
intuition
c.
benchmarking
d.
big data
55. The _________ strategy calls for staying with the present product line and markets and
maintaining or increasing customers slowly in new markets.
a.
analyzing
b.
defending
c.
focus
d.
prospecting
56. MTV focuses on young people, and Rolex watches have a market niche of upper-income
people. Both are examples of what type of strategy?
a.
Cost leadership
b.
Focus
c.
Analyzing
d.
Differentiation
57. Which adaptive strategy is most closely related to the grand strategy of growth?
a.
Prospecting
b.
Defending
c.
Analyzing
d.
Focus
58. Which of the following is not one of the three adaptive strategies?
a.
Analyzing
b.
Focus
c.
Prospecting
d.
Defending
59. What two competitive strategies typically cannot work in tandem?
a.
Cost leadership and focus strategy
b.
Differentiation and cost leadership
c.
Differentiation and focus
d.
Focus and analyzing
60. Which functional department would focus their strategy on the four Ps: product, promotion,
place, and price?
a.
Finance
b.
Human resources
c.
Marketing
d.
Operations
61. What strategy is responsible for recruiting, selecting, training, evaluating, and compensating
employees?
a.
Finance
b.
Marketing
c.
Operations
d.
Human resources
62. The workshop where Randy works has a sign that says “Employees cannot have weapons on
company premises.” Which of the following types of plans is this statement?
a.
Policy
b.
Procedure
c.
Rule
d.
Program
63. ______ are a sequence of actions to be followed in order to achieve an objective.
a.
Procedures
b.
Policies
c.
Rules
d.
Budgets
64. What provide general guidelines to be followed when making decisions?
a.
Programs
b.
Policies
c.
Procedure
d.
Rules
65. Which of the following is not a key component of the time management system?
a.
Priorities
b.
Objectives
c.
Plans
d.
Budgets
66. Lately, Maya has had difficulty keeping up with the amount of work her new project requires.
To determine how much time she is spending on high-priority and low-priority responsibilities,
Maya should analyze how she spends her time using a _________.
a.
calendar app
b.
time log
c.
to-do list
d.
flowchart
67. Time management refers to techniques that _____________.
a.
help people become more punctual
b.
enable people to get more done in less time
c.
improve the capability of handling more than one task
d.
eliminate stressors on the job
68. Which of the following is not a standing plan?
a.
Policies
b.
Programs
c.
Procedures
d.
Rules
69. __________ are alternative plans to be implemented if uncontrollable events occur.
a.
Secondary plans
b.
Standing plans
c.
Single-use plans
d.
Contingency plans
70. The steps of the time management system, in order, are __________.
a.
schedule each week, plan each week, plan each day
b.
schedule each week, plan each week, schedule each day
c.
plan each week, schedule each week, plan each day
d.
plan each week, schedule each week, schedule each day
71. What is multitasking?
a.
The practice or capability of handling more than one task at a time
b.
Asking for more work than you can handle
c.
Keeping track of your actives
d.
Planning for a variety of nonrecurring tasks
72. Successful implementation of strategies requires efficient and effective __________ throughout
the organization.
a.
support systems
b.
budgetary processes
c.
data analysis
d.
mission statements
73. Controlling is the process of _________.
a.
setting objectives for employees
b.
determining which lines of business the corporation will be in and how it will
allocate resources among them
c.
monitoring progress and taking corrective action when needed to achieve objectives
d.
closely watching employees
74. Companies using __________ have greater quality and speed of executing their strategies
because it helps in developing specific action plans to meet objectives.
a.
the Delphi technique
b.
intuition
c.
consensus mapping
d.
big data
75. It is expensive to expand globally, so one of the growth strategies being used to keep costs down
is to use __________.
a.
direct investment
b.
outsourcing
c.
importing
d.
exporting
TRUE/FALSE
76. Middle- and lower-management levels usually engage in operational planning.
77. A mission is often based on or also creates a vision that defines where the company is headed in
inventing its future and why.
78. The company situation analysis has three steps.
79. In the assessment of competitive strength, one should compare the critical success factors for
the business to those of each major competitor.
80. A company situation analysis is used to determine the strategic issues and problems that need to
be addressed.
81. Goals are more general and broad than objectives.
82. A number of studies show that individuals perform better when given easier-to-reach
objectives, as they are less likely to become frustrated and give up.
83. One of the must criteria in setting objectives is that they be participatively set.
84. Communication is the key factor in determining MBO’s success or failure.
85. With a stability strategy, the company attempts to hold and maintain its present size or to grow
slowly.
86. Diversification occurs when a corporation goes into related or unrelated lines of products.
87. Ernesto’s family business has been manufacturing shoes for three generations. In the past, the
shoes have been sold to retailers around the world, but recently, Ernesto opened three retail
stores to sell the shoes directly to customers. This is an example of backwards integration.
88. Sun owns a chain of car washes and is thinking of also opening some restaurants. If she does,
this would be an example of unrelated diversification.
89. Functional departments of a company must develop internal strategies for achieving the mission
and objectives.
90. One of the main functions for the finance strategy is keeping records of transactions, developing
budgets, and reporting financial results.
91. A budget is the funds allocated to operate a unit for a fixed period.
92. Standing plans are developed for handling nonrepetitive situations.
93. Contingency plans are alternative plans to be implemented if unpredictable events occur.
94. Research indicates that most people are fairly skilled multitaskers.
95. In terms of strategic planning, top and middle managers are more involved with planning,
whereas the lower-level functional managers and employees implement the operational
strategies on a day-to-day basis.
96. An important part of controlling is staying within the budget when appropriate or changing it
when necessary to meet changes in the dynamic environment.
97. A strategic trend in the fast food industry is to buy franchisee-owned restaurants and convert
them to be company owned, thus decreasing costs and improving revenue generation.
98. One reason strategic plans fail is that no action is taken to implement the strategy.
99. With the growing use of social media, many companies are developing time logs for their use at
work.
100. While selecting strategies and planning, implementing, and controlling them, be sure to be
ethical at all stages.
ESSAY
101. Explain why lower-level and some middle-level managers spend time doing operational
planning.
102. What is the difference between corporate strategy and business strategy?
103. What is operational planning?
104. You are starting your own business and must do an industry and competitive situation analysis
to determine where you stand with the competition. Describe the forces of the competitive
situation analysis and explain the importance of this analysis.
105. Explain the reasons for conducting a company situation analysis.
106. Explain why it is important to set a specific date for accomplishing an objective.
107. List and describe the four grand strategies.
108. Describe the adaptive strategies.
109. Discuss the two functions of the finance department.
110. What is the difference between standing plans and single-use plans?