Q&A Hero

Q: (p. 33) Mission statement expresses an answer to which of these questions? A. How do we compete in this industry? B. What business are we in? C. Who are our competitors? D. How do we meet the regulatory requirements?

Q: (p. 33) Whereas the ______ expresses an answer to the question "What business are we in?" a company ____ is sometimes developed to express the aspirations of the executive leadership. A. Mission statement; vision statement B. Economic goals; self-concept C. Vision statement; mission statement D. Self-concept; economic goals

Q: (p. 32) Which of these is one of Demming's well-known points on quality? A. Create dependence on mass inspections to achieve quality B. Award business on the measure of price tag C. Breakdown barriers between departments D. Corporate transformation should be the responsibility of top management

Q: (p. 32) All of these are Demming's well-known points on quality EXCEPT: A. Drive out fear B. Create slogans, exhortations and numerical targets C. Institute a vigorous program of education and self-improvement D. Create constancy of purpose

Q: (p. 32) Which two U.S. management experts fostered a worldwide emphasis on quality in manufacturing? A. Bill Gates and Steve Jobs B. Bill Hewlett and Gary Packard C. Bill Gates and Warren Buffet D. W. Edwards Demming and J. M. Juran

Q: (p. 32) "The customer is our top priority" is a A. Mission statement B. Concern for quality C. Slogan D. Vision statement

Q: (p. 31) Three issues have become prominent in the strategic planning for organizations and are increasingly becoming integral parts in the development and revisions of mission statements. These are: A. Self-concept, customers and markets B. Customers, quality and vision statement C. Markets, quality and concern for employees D. Concern for employees, suppliers and customers

Q: (p. 31) Which of these is NOT a newest trend in mission components? A. Concern for suppliers and distributors B. Sensitivity to customer wants C. Concern for quality D. Statements of company vision

Q: (p. 31) Which of these is the newest trend in mission components? A. Sensitivity to customer wants B. Concern for suppliers and distributors C. Inclusion of both positive and negative aspects of public image D. Aligning the firm's self-concept to that of competitor's

Q: (p. 30) Ace Tools Company performs an extensive evaluation of its competitive strengths and weaknesses. This effort is directed towards determining its A. Vision B. Economic goals C. Public image D. Self-concept

Q: (p. 30) The essence of the company self-concept is the idea that A. The firm's public image is positive B. The firm must know itself C. The firm must know the industry D. The firm's economic goals must be aligned with the industry's top competitor

Q: (p. 30) Much behavior in firms is _______ based. A. competitively B. organizationally C. individually D. community

Q: (p. 30) A major determinant of a firm's success is the extent to which it can relate functionally to the external environment. To accomplish this, the firm must have: A. Infinite sources of capital for expansion B. A realistic self-concept C. Specific objectives and job descriptions D. Community involvement

Q: (p. 30) The idea that the firm must know itself is the essence of the company A. Self-concept B. Objective C. Goal D. Strategy

Q: (p. 29) Firms ____ address the question of their public image in an intermittent fashion. A. seldom B. always C. frequently D. unanimously

Q: (p. 30) Which of the following statements about public image is FALSE? A. Negative public image often prompts firms to reemphasize the beneficial aspects of their mission B. The image the company seeks to project should be reflected in its mission C. Firms always address the question of their public image in an intermittent fashion D. Concern for public image is an important components of a firm's mission

Q: (p. 28) Mission statements should reflect the ____ expectations. A. publics B. managers C. stockholders D. Board of Directors

Q: (p. 28) The image the company seeks to project is reflected in the firm's: A. Profile B. Tactics C. Mission D. Strategic options

Q: (p. 27) Given that managers implicitly accept a general, unwritten, yet pervasive code of behavior that govern business actions, the _____ vary little from one firm to another. A. Philosophies B. Visions C. Missions D. Self-concepts

Q: (p. 28) Which of these often reads more like public relations handouts than the commitment to values they are meant to be? A. Firm's economic goals B. Company's self-concept C. Statement of company philosophy D. Firm's core competencies and competitive advantage statement

Q: (p. 27) The statement which usually accompanies the mission statement and expresses the firm's basic beliefs, values and aspirations is known as: A. Grand strategy B. The company's statement of philosophy C. The company profile D. Long-term objectives

Q: (p. 28) Most _____ are so platitudinous that they read more like public relations handouts. A. Philosophies B. Mission statements C. Goals D. Vision statements

Q: (p. 27) _____ vary little from one firm to another. A. Philosophies B. Mission statements C. Goals D. Vision statements

Q: (p. 27) The company's philosophy is sometimes also called the: A. Company creed B. Corporate profile C. Corporate motto D. Corporate symbol

Q: (p. 26) In a dynamic business environment, ______ is essential. A. Status quo B. Compromising ethics in decision making C. Proactive change D. Adverse selection

Q: (p. 26) Growth means change, and _____ change is required in a _____ business environment. A. proactive, dynamic B. reactive, dynamic C. proactive, stable D. reactive, uncertain

Q: (p. 26) Growth means: A. Change B. Stability C. Effectiveness D. Efficiency

Q: (p. 26) Basing decisions on a short-term concern for profitability would lead to A. A reduced market share B. A strategic myopia C. A competitive warfare D. A governmental lawsuit

Q: (p. 26) A firms _____ is tied inextricably to its survival and profitability. A. growth B. prominence C. fame D. salability

Q: (p. 26) Generally, _____ is accepted as the clearest indication of a firm's ability to satisfy the principal desires of employees and stockholders. A. Profit over the long term B. Profit over the short term C. Return on assets D. The number of lawsuits brought against the firm

Q: (p. 26) A firm will be incapable of satisfying its stakeholders' claims, if it does NOT insure: A. Growth B. Survival C. Profitability D. Competitive dominance

Q: (p. 26) ______ is the mainstay goal of a business organization. A. Profitability B. Products C. Service D. Growth

Q: (p. 26) Profitability is the ______ goal of a business organization. A. Mainstay B. Least important C. Non economic D. Subjective

Q: (p. 26) When the survival goal is taken for granted, therefore neglected in strategic decision making, the firm's focus shifts to A. Long run B. Intermediate run C. Direction-less activities D. Short run

Q: (p. 26) Which of the following goals are taken for granted to such an extent that it is neglected as a principal criterion in strategic decision making? A. Maturity B. Ethics C. Survival D. Competitiveness

Q: (p. 26) All of these are economic goals that guide the strategic direction of organizations EXCEPT A. Survival B. Market share C. Profitability D. Growth

Q: (p. 24) The combination of which of these factors describe the company's business activity? A. Basic product or service, primary markets and principal technology B. Self-concept, managerial philosophy and public image C. Concern for survival through growth, self-concept and primary markets D. Economic goals, core competencies and primary and secondary customers

Q: (p. 24) Three indispensable components of the mission statements are specifications of the: A. Basic product or service, primary markets and principal technology B. Self-concept, managerial philosophy and public image C. Concern for survival through growth, self-concept and primary markets D. Economic goals, core competencies and primary and secondary customers

Q: (p. 24) A mission statement should include all of these components EXCEPT A. Basic types of products or services to be offered B. The firm's managerial philosophy C. The public image the firm seeks D. The government regulations the firm must meet

Q: (p. 24) When should a company redefine its mission? A. When the competition have failed B. When the board meets with top management annually C. When the business is forced by competitive pressures to alter its products of market D. When the government requires the business to redefine it

Q: (p. 24) In deriving a mission statement, which of the following should be included? A. Tax advantages B. Secondary markets to be served C. Concern for survival through growth D. Employee rules and policies

Q: (p. 24) The process of defining the company mission for a specific business can be best understood by A. Thinking about the business at its inception B. Looking at the industry attributes C. Analyzing the regulatory requirements of what to include in a mission D. Analyzing the most successful competitors in the marketplace

Q: (p. 24) In general terms, which of the following questions is addressed by the mission statement? A. How should we price our products? B. What are our economic goals? C. Which employees should we hire? D. What leverage structure should we follow?

Q: (p. 24) In general terms, the mission statement addresses all of the following questions EXCEPT A. What are our economic goals? B. What is our operating philosophy in terms of quality, company image and self-concept? C. What customers do and can we serve? D. Who are our competitors and how can we collaborate with them?

Q: (p. 24) Which one of the following is NOT an outcome designed to be accomplished by a company mission? A. To provide a unifying purpose for the organization B. To provide a basis for strategic objective setting C. To provide a basis for decision making D. To reward stockholders

Q: (p. 24) A revised mission will contain _____ components as the original. A. the same B. more C. fewer D. different

Q: (p. 23) The mission statement is a message designed to be inclusive of the expectations of _______ stakeholders for the company's performance over the ______. A. All; long run B. Only key; short run C. All; short run D. Only key; long run

Q: (p. 23) Characteristically, the company mission is a statement of all of these EXCEPT A. Attitudes B. Outlooks C. Measurable targets D. Orientation

Q: (p. 23) The company mission reflects the firm's A. Vision B. Self-concept C. Corporate governance D. Agency costs

Q: (p. 23) Which of these is NOT true about the company mission? A. It embodies the business philosophy of the firm's strategic decision makers B. It implies the image the firm seeks to project C. It provides specific strategies for front-line managers D. It reflects the firm's self-concept

Q: (p. 23) The company mission identifies the A. Key competitors in the marketplace B. Board of directors' responsibility towards the owners C. Specific strategies for gaining market share D. Scope of its operations in product and market terms

Q: (p. 23) The mission reflects the: A. Values of the decision makers B. Goals of the decision makers C. Experiences of the decision makers D. Policies of firm

Q: (p. 24) As the business grows or is forced by competitive pressures to alter its product, market, or technology, ______ the company mission may be necessary. A. redefining B. abandoning C. writing D. discarding

Q: (p. 23) The mission: A. Sets policy B. Describes the firm's product C. Identifies stakeholders D. Creates the board of directors

Q: (p. 23) The company mission is a broadly framed but enduring statement of A. A firm's intent B. Corporate structure C. A firm's competitive positioning D. Stakeholder analysis

Q: (p. 23) _____ is a statement, not of measurable targets but of attitude, outlook, and orientation. A. Company mission B. Company vision C. Company strategy D. Company policy

Q: (p. 23) Which external body requires that a company have a mission statement? A. None B. SEC C. Justice Department D. IRS

Q: (p. 23) The unique purpose that sets a company apart from others of its type and identifies the scope of its operations. In product, market and technology terms is defined as (the) A. Adverse selection B. Company mission C. Moral hazard problem D. Vision statement

Q: What implications can be drawn from viewing strategic management as a process? Explain?

Q: Define strategic control. Give an example of strategic control from a managerial perspective?

Q: Differentiate between generic and grand strategies?

Q: Discuss the benefits of a participative approach to strategic management?

Q: How are the entrepreneurial, planning, and adaptive modes different?

Q: How do the characteristics of strategic management decisions vary with the level of strategic activity considered?

Q: With regards to the levels of strategy, compare and contrast single-business firms versus multiple-business firms?

Q: Describe the three levels of strategy in an organization. Provide an example of each?

Q: Strategic issues have several key dimensions. Briefly describe any three of them?.

Q: Define strategic management. Identify any four of the nine critical tasks of strategic management?

Q: (p. 18) The strategy management process is: A. Stationary B. Dynamic C. Static D. Radical

Q: (p. 17) Strategic management processes need which of the following to enhance future decision making? A. Testing B. Feedback C. Discontinuity D. Projecting

Q: (p. 16) One implication of viewing strategic management as a process is that strategy formulation and implementation are: A. Sequential B. Simultaneous C. Random D. Reversible

Q: (p. 16) Influential individuals and groups that are vitally interested in the actions of the business are called A. Stockholders B. Stakeholders C. Strategists D. Customers

Q: (p. 15) A flow of information through interrelated stages of analysis toward achievement of an aim is: A. A process B. A procedure C. A policy D. A system

Q: (p. 15) Which of these is a form of strategic control in which managers are encouraged to be proactive in improving all operations of the firm? A. Continuous improvement B. Adaptive mode C. Functional tactics D. Planning mode

Q: (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

Q: (p. 15) _____ is a critical stage in strategy implementation wherein managers attempt to recast their organization. A. Continuous improvement B. Restructuring C. Strategic control D. Strategy formulation

Q: (p. 13) 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

Q: (p. 13) Specific actions that need to be undertaken to achieve short-term objectives, usually by functional areas, refers to A. Policies B. Formality C. Functional tactics D. Process

Q: (p. 13) Horizontal integration is an example of a A. Generic strategy B. Grand strategy C. Functional level strategy D. SBU strategy

Q: (p. 13) Which of the following is a generic strategy option? A. Vertical integration B. Diversification C. Differentiation D. Retrenchment