The first step in the process of developing a mission statement is to ask all participants
to prepare what they believe the organization’s mission should be.
The operating philosophy of organizations should be to develop a product and then try
to find a market for it.
With the rise in world commerce, government regulatory bodies are no longer able to
closely monitor foreign business practices.
In most respects, business strategy is very different than military strategy.
Market penetration can be classified as either a conservative, aggressive, or competitive
strategy.
It is okay for firms to create expectations that exceed the service the firm can or will
offer if it will attract customers.
Both business and military organizations must ________ and ________ to be
successful.
A) be impervious to change; continually improve
B) adapt to change; continually improve
C) shun change; stay the course
D) be impervious to change; stay the course
E) none of the above
Although Quadrant ________ companies are growing, according to the Grand Strategy
Matrix they are unable to compete effectively, and they need to determine why the
firm’s current approach is ineffective and how the company can best change to improve
its competitiveness.
A) I
B) II
C) III
D) IV
E) V
In the BCG Matrix, a division that has a low relative market share position and
competes in a slow-growth industry is referred to as a
A) Dog.
B) Question Mark.
C) Star.
D) Cash Cow.
E) Cowboy.
Strategic management enables an organization to ________, instead of just responding
to threats in its business environment.
A) be proactive
B) be immune to threats
C) avoid responsibility for shaping its future
D) relinquish control over its destiny
E) be reactive
Staffing involves all of these activities EXCEPT
A) recruiting
B) transferring
C) customer analysis
D) managing union relations
E) training and developing
Which ratio would be considered an activity ratio?
A) Debt-to-equity
B) Net profit margin
C) Average collection period
D) Earnings per share
E) Current ratio
Which approach for managing and resolving conflict involves playing down differences
between conflicting parties, while accentuating similarities and common interests?
A) Avoidance
B) Resistance
C) Compliance
D) Defusion
E) Confrontation
What are the means by which long-term objectives will be achieved?
A) Strategies
B) Strengths
C) Weaknesses
D) Policies
E) Opportunities
Which item is NOT included in net worth?
A) Fixed assets
B) Common stock
C) Additional paid-in-capital
D) Retained earnings
E) All of these are included in net worth.
________ includes the set of shared values, beliefs, attitudes, customs, norms,
personalities, heroes and heroines that describe a firm.
A) Strategy
B) Culture
C) Mission
D) Objectives
E) QSPM
What is NOT one of the basic ways a divisional structure can be organized?
A) By geographic area
B) By product
C) By customer
D) By process
E) By cost
Which variable would be considered part of the “product” element of the marketing
mix?
A) Advertising
B) Packaging
C) Payment terms
D) Inventory levels and location
E) Publicity
Americans place an exceptionally high priority on ________ whereas many foreigners
place more worth on ________.
A) time; relationships
B) relationships; time
C) silence; time
D) silence; relationships
E) formality; informality
Which of the following is a management issue central to strategy implementation?
A) Devising policies
B) Revising reward and incentive plans
C) Minimizing resistance to change
D) Developing an effective human resources function
E) All of the above
Explain the important issues involved in deciding whether to go public, i.e., a private
firm considering becoming a public firm. Include cost estimates, advantages and
disadvantages.
Define and give an example, where available, of three integrative strategies.
Discuss the appropriate role of a board of directors in an organization.
Compare and contrast vision statements with mission statements.
How do the economies of China and the United States compare?
List four major reasons annual objectives are essential for strategy implementation.
What is a CPM and how is it different from a EFE Matrix?
Discuss some things firms can do to diminish the risk of doing business internationally.