When the ABC Corporation makes decisions that assist it in formulating and implementing plans that are designed to achieve its objectives, it is most likely engaging in _________. Show Of the following, which one is least likely to be considered a critical task associated with an organization's strategic management process? C) Decreasing the levels of hierarchy present within the company's management structur The We Have It Your Way Organization has an established "game plan" for its business operations. This game plan reflects the company's awareness of how and where it should compete and against whom the competition should take place. It can be stated this organization has an established _________. Of the following, which statement would most likely not be considered a dimension of strategic issues? B) Strategic issues always impact the firm's long-term income. The decision making hierarchy of a firm typically contains _______ levels. Which level of the decision making hierarchy is best identified as being composed principally of business and corporate mangers who must translate the statements of direction and intent into concrete objectives and strategies for the individual business units? An organization's board of directors and administrative officers are most likely to be found at the ________ in its decision making hierarchy. At which hierarchy level would the decisions made be more value-oriented, more conceptual, and less concrete? Common functional-level decisions would include all of the following except ___________. D) how to best enhance the firm's image and fulfill its social responsibilities ________ refers to the degree in which participants, responsibilities, authority, and discretion in decision making are specified. At times very large organizations utilize strategic evaluation as part of their comprehensive, formal planning system. This approach, identified by Henry Mintzberg, is best referred to as the _________. Of the following, which statement regarding the benefits of strategic management is incorrect? B) The behavioral consequences of strategic management are similar to those found in a firm guided by an authoritarian leader. Which one of the following would not be considered a type of unintended negative consequence of involvement in strategy formulation? D) The involvement of employees in strategy formulation improves their understanding of the productivity-reward relationship and thus heightens their motivation. Firms with multiple products, markets, or technologies tend to utilize _______ strategic management systems. Which one of the following would not be considered a key component of the strategic management model? C) corporate level hierarchy When the Somewhat Unique Company analyzes the quantity and quality of its financial, human, and physical resources, it is most likely conducting a/an _________. Strategic analysis and choice in single or dominant product/service businesses center on which of the following? C) Identifying strategies that are most effective in building sustainable competitive advantage The XYZ Organization has a statement of means for how it will accomplish its objectives. XYZ is most likely to have a package of long-term objectives known as its ___________. ___________ is concerned with tracking a strategy as it is being implemented so as to detect problems in its underlying premises. When a firm is facing conditions that are constantly changing and those conditions can and do affect the interrelated and interdependent strategic activities of that firm, it can be stated the business is most likely operating in a/an _______ environment. All of the following statements would be considered true of a company's mission statement except which one? D) The mission statement staunchly presents a firm's strategic intent. Of the following, which aspect is least likely to be a consideration addressed in an organization's mission statement? D) What are the number of levels the corporate hierarchy will contai Which one of the following statements is least likely to represent a fundamental belief an organization would have to guide it in creating its mission statement? . A) The primary products will be made available to the market at a price reflecting less than total cost so as to gain market share. The XYZ Organization's mission statement is focused around three indispensable components. Of the following, which one would not be considered one of these components? B) XYZ shall hire only individuals with sufficient educational levels so as to be of benefit to our customers and shareholders. Of the following statements, which one would not fit well in the segment of a corporate mission statement expressing the corporation's concern for public image? A) Our organization is dedicated to the total success of our business as a worldwide competitor Purportedly, there are three economic goals that serve to guide the strategic direction of almost every business organization. ________ is least likely to be considered one of these goals? C) Sustained absolute advantage When an organization makes a statement such as "We believe that meeting the needs of customers, suppliers, and neighbors is instrumental to fulfilling our mission" the organization is most likely identifying its _________. Of the following statements, which one is least likely to be true regarding a company's statement of philosophy? D) A company's statement of philosophy rarely if ever appears within the organization's mission statement. Which one of the following statements would be considered false when discussing the value a company places on its public image? A) The chance of gaining negative public image does not inspire organizations into action A major determinant of a firm's success is the extent to which the firm can relate functionally to its _________ environment. Which one of the following would not be considered one of the newest trends in mission statement components? B) Inclusions of the top-level management team's work experience and ethics Of the following, which one is best identified as a statement that presents a firm's strategic intent designed to focus the energies and resources of the company on achieving a desirable future? All of the following statements would be considered to be true regarding company vision statements except ________. C) vision statements are never presented with an organization's mission statement The BYOB Organization has a highly dedicated team of strategic decision makers. Of the following, which one is least likely to be one of the duties or responsibilities handled by these individuals? A) Hiring front line supervisors and managers The board of directors of the TMJ Company takes great pride in the operations of this very successful company. Which of the following statements would most likely be considered false about TMJ's board of directors? C) The board rarely has to deal with potentially unethical business issues. If an organization is suffering from disruptions because the wishes of its owners and the actions of its managers do not coincide the problem is actually one of _______. When the costs of problems that arise if the philosophies of company agents and owners do not align are coupled with the costs associated with minimizing these problems, it is known as _________. The owners of the Rounders Company are experiencing a problem because they are unable to gain sufficient information about the company to effectively monitor the actions of its executives. This type of problem is best known as a/an _______ problem. ________ is/are an agency problem caused by the limited ability of stockholders to precisely determine the competencies and priorities of executives at the time they are hired. All of the following except ______ would be considered viable maneuvers an organization can undertake to minimize or correct agency problems. A) provide frontload bonuses to executives he Stormio Damage Repairio Corporation of Topeka is in the process of establishing its long-term objectives. These objectives will be used to guide the corporation toward achieving prosperity in its future years. All but which of the following areas would these long-term objectives need to address? A) The ability of the firm to invest in capital equipment this year. There are several qualities the long-term objectives developed by Stormio should posses that will improve their chances of being attained. All of the following except _________ would be considered one of these necessary qualities. D) Encompass a one-year time span A set of measures directly linked to a company's strategy, financial performance, customer knowledge, internal business processes, and learning and growth is best known as that company's _________. The Grinder Up Corporation is a waste disposal business based in Santa Fe. This corporation possesses unique capabilities that assist it in being able to sustain its current market position. These capabilities include having secured suppliers of scarce raw materials, continuing dominance in its market, excellence at efficiencies, and a high degree of capitalization. It is most likely that Grinder Up engages in which one of the following strategies? Strategies dependent on ______ are designed to appeal to customers with a special sensitivity for a particular product attribute. The strategy embraced by the Kun-Pow Fortune Cookie Company of Memphis strives to address the needs of a very select and specialized market segment. Kun-Pow is most likely to engage in which one of the following types of strategy? Of the value disciplines proposed by Michael Treacy and Fred Wiersema, which one is best identified as referring to providing customers with convenient and reliable products and services at competitive prices? B) Operational excellence Companies that implement a strategy of ________ continually tailor and shape products and services to fit an increasingly refined definition of the customer. Companies that pursue the discipline of _______ strive to produce a continuous stream of state-of-the-art products and services. Master or business strategies are often referred to as grand strategies. These types of strategies provide basic direction for strategic actions and are the basis for sustained efforts to achieve long-term objectives. Which one of the following would not be classed as a grand strategy? A grand strategy in which a firm directs its resources to the profitable growth of a single product is best referred to as ______. All of the following are conditions that favor concentrated growth except which one? C) The firm is willing to settle for little if any growth. Which one of the following grand strategies is noted as presenting products, often with only cosmetic modifications, to customers in related marketing areas? _________ involves the substantial modification of existing products or the creation of new but related products that can be marketed to current customers through established channels. Which of the following is least likely to be true about the grand strategy of innovation? B) It is becoming less and less risky for companies to engage in innovation. Very large firms are noted for initiating plans to acquire another business because it represents the most promising investment opportunity that is available to them. This type of strategic maneuver is best identified as _______. A) conglomerate diversification The grand strategy that involves the reduction of costs and assets by a company in order to survive and recover from declining profits is best known as _______. A _____ involves the sale of a firm or a major component of a firm. All of the following would be true statements regarding the concept of bankruptcy except which one of the following? D) Creditors receive full payment of monies owed according to the placement or ranking of the amounts due them. A _____ is a grand strategy in which companies create a co-owned business that operates for their mutual benefit. Which one of the following statements would be considered false about the concept of competitive advantage? D) Businesses that engage other than a low-cost strategy usually experience below-average profitability. The business strategy decided upon by the Ripper Up Remodeling Corporation is one that engages in value chain activities, which are achieved at a cost that is well below its competitors. In this way, the competitors can require less money for its services than competitors can. It is safe to say this corporation is engaging a __________. Major Lionel Minor began his own new home construction company when he retired from the Air Force five years ago. The company has rapidly grown to be very large and has reported earnings of over $40 million in the past year. Retired Major Minor attributes this high rate of success to his ability to service his customers at a low price. His organization has to meet several requirements in order to continually support and sustain this low-cost leadership status.
Which of the following would not be one of these requirements? B) Avoidance of economies of scale A business strategy that seeks to build competitive advantage with its product or service by having it be unique from other available competitive products would be classed as __________ strategy. All of the following would be considered organizational skills and resources that foster a differentiation strategy except which one? B) Products of services designed for ease of manufacture or delivery Sustainable activities that provide all of the following opportunities relative to key industry forces except _________ should become the basis for differentiation aspects within the business's competitive strategy. C) technological changes increase learning and investments The Tick-Tock Clock Corporation is able to successfully meet the needs of its customers more rapidly than any of its competitors can. It is most likely this corporation is engaging in which one of the following business strategies? Through its use of speed-based strategy, the Tick-Tock Clock Corporation is most likely to gain its competitive advantage by being proficient in all but which one of the following activities? D) Product cost leadership The extent to which a business concentrates on a narrowly defined market is best referred to as ___________. All of the following would be considered emerging industries of the last decade except _______. All of the following except which one would be considered a characteristic of the markets in emerging industries? B) There are low initial costs that escalate at time goes by. For success in the emerging industry setting, business strategies require all but which one of these features? D) The ability to be self-sufficient Which one of the following would not be considered a necessary requirement of business strategies for growing industries? A) The ability to rapidly improve product quality ________ strategies are those used by firms competing in markets where the growth rate of that market from year to year has reached or is close to zero. At which one of the following stages of evolution would the industry firms most likely sell increasingly to experienced, repeat buyers, face competition that is more oriented to cost and service, and competition for market share intensifies? Strategic elements of successful firms in maturing industries often include all of the following except which one? Firms in a declining industry should choose strategies that emphasize all but which one of the following? A _______ industry is one in which no firm has a significant market share and can strongly influence industry outcomes. Of the following, which one is least likely to be considered as a generic global competitive strategy? The Times-R-Rough Corporation has decided to cut back on its product lines and reduce the size of its operations because it can no longer support commitments needed to sustain it. This business is most likely attempting to engage in _________. Jerome Washington's company has decided to acquire two other businesses in order to increase its growth and earning potential. In essence, Jerome's company desires to become a multibusiness company. Which one of the following would be least likely to be considered another valid rationale for why the company would desire to take this action? A) The company wants to be able to monopolize a portion of the market segment. The market share of a business divided by the market share of its largest competitor equals the business's ________. D) relative competitive position According the BCG growth-share matrix, which of the following would be most likely to possess a low market share and a high growth rate? The 1 4 U 2 N V Corporation currently possesses a low share of its available market. Additionally, this company's portfolio reveals it has extremely low market growth. This business is most likely to be classed as which one of the following according the BCG growth-share matrix? All of the following would be considered reasons for why the industry attractiveness-business strength matrix offers improvement over the BCG matrix except _________. B) it reduces the need for strategy formulation Which one of the following would not be classed as a necessary financial strength factor to be considered when a company is constructing its industry attractiveness-business strength matrix? The Ride 'Em Cowboy Western Wear Corporation of Houston is very efficient in maintaining low overhead costs. This corporation has excellent skills in operational efficiency and cost management. However it faces few sources of advantage within its industry, with most of those being quite small. Under which of the following industry environments is this corporation most likely to be placed? usinesses with many sources of advantage that are characterized by high levels of skill in achieving differentiation such as product design and innovation would most likely be classed as which one of the following under the BCG's strategic environments matrix? D) Specialization business Which one of the following would not be considered a contribution to strategic analysis through the organizations' use of the portfolio approach? A) It does not address how value is created across business units. In multibusiness organizations, there are many opportunities to build value or sharing. Which one of the following would be least likely to be considered a potential competitive advantage for organizations sharing common distribution channels? C) Improved input quality When making evaluations of multibusiness companies, impediments to achieving enhanced value through operating opportunities are most likely to include all but which one of the following? All of the following would be considered to be true statements regarding organizations that embrace the synergy approach except __________. D) One of the businesses must possess all the stronger core competencies for the approach to work effectively. The ______ perspective sees multibusiness companies as creating value by influencing the businesses they own. There are various places organizations can look to obtain parenting opportunities that can become the focal points of strategic analysis across multiple businesses. Which one of the following would not be considered a place for this type of opportunity to be found? Excessive diversification, under or over investment during business cycle swings, and lengthy product life cycles are all examples of ______ found within the parenting framework. The executives of the Johnson Submarine Corporation are facing rapid changes taking place within the available market opportunities of the organization. These executives have decided to "remap" the business so as to better match these quick changes. This "remapping" approach is best referred to as _________. All of the following are true about the concept of patching except which one of the following? C) Patching is a costly undertaking with an anticipated low return on the investment. Critical business undertakings such as decision making, operational activities, and sales activities are often referred to as an organization's ________. _________ is the way a business is designed and positioned to serve target markets. Of the following, which one would not be considered a type of simple rule for flexibility that can help executives manage the different aspects of seizing opportunities? Measurable outcomes that are designed to be achievable in one year or less of the company's life are called ___________. Short-term objectives are more consistent when they clearly indicate all but which one of the following? D) Who will make the decisions? The key, routine activities that must be undertaken in each business area - such as marketing, finance, and operations - that provide the business's products and services are called _________. Functional tactics are different from business or corporate strategies in all but which one of the following ways? The Up and At 'Em Clock Company of Vermont recently began to provide its employees with training and development that is provided by a Boston-based firm. The company has found this new method to be cost effective and time saving. It can be stated that the Up and At 'Em Clock Company is engaging the use of ________. ________ are directives designed to guide the thinking, decisions, and actions of managers and subordinates in implementing a firm's strategy. The act of allowing an individual or team the right and flexibility to make decisions and initiate actions is best referred to as which one of the following? An organization's formal, written polices have several advantages. Which one of the following would not be considered one of these advantages? D) They decrease the need for elaborate business strategy implementation processes. The type of executive bonus compensation that is noted for promoting longer executive tenure than other forms is which one of the following? C) Restricted stock plans When discussing executive bonus compensation plans, the right to purchase company stock at a fixed price at some future date is called ________. Which of the following types of executive bonus compensation is most likely to have the shortcoming of achievement of compensation whether or not wealth is created for shareholders of the company? All of the following would be considered a type of executive bonus compensation except ________. Under which one of the following plan would the executive's compensation be based on the difference between the item's initial price and its selling or exercised price? Of the following, which one is least likely to be considered true when discussing the concept of stock options? C) Stock options provide no actual upside potential for executives. A/An ________ is designed to provide benefits of direct executive stock ownership. All of the following statements except ________ would be considered true regarding the concept of restricted stock plans. A) The executive is free to sell the company shares at any time. _____________ refer(s) to either a restricted stock plan or to a bonus income deferred in a series of annual installments. A form of bonus compensation that is designed to retain talented executives and which calls for a substantial cash payment if the executive quits, is fired, or retires is best known as a/an __________. All of the following except which one would be considered true about golden parachutes? C) Golden parachutes do not involve the maximization of stockholder wealth. If an organization has the strategic goal of improving its operational efficiency, which one of the following compensation plans would it most likely incorporate? Managers who are in charge of the success of an organization's strategy typically are concerned with all but which one of the following? D) How are we doing in comparison to our closest competitor? Strategic control is concerned with tracking a strategy A) as it is being implemented Which one of the following would not be considered a basic type of strategic control? Which one of the following strategic controls would have the basic characteristics of a high degree of focusing, a high degree of formalization in data acquisition, can be used with company- and strategy-specific factors, and have key strategic thrusts and milestones as objects of control? B) Implementation control Every strategy is based on certain assumptions and predications. ________ control is designed to check systematically and continuously whether or not what the strategy is based on is still valid. _________ control is designed to monitor a broad range of events inside and outside the firm that are likely to affect the course of its strategy. B) Strategic surveillance Which one of the following is best described as being a thorough, often rapid reconsideration of the firm's strategy because of a sudden, unexpected event? Which one of the following would not be considered a basic type of implementation control? Implementation control is enabled through all of the following operational systems except _______. A) incremental innovation _________ is one of the basic types of strategic control. Planning premises are primarily concerned with _____ and _____ factors B) environmental and industry The two basic types of implementation controls are monitoring strategic thrusts and Managers must select premises whose change. An alternative approach linking operational and strategic control, named the balanced scorecard, was developed by which of the following persons? C) Robert Kaplan and David Norton _________ is a management control system. The balanced Scorecard incorporates feedback around internal business The Balanced Scorecard views the organization from ___ perspectives. The question, "What are our core competencies and areas of operational excellence" is part of which perspective of the Balanced Scorecard? A) The business process perspective The question, "How are we doing for our shareholders" is part of which perspective of the Balanced Scorecard? D) The financial perspective A _____ helps executives and CEOs access specific information to monitor measurable outcomes related to the execution of their strategies. Which of the following is part of strategy formulation?Three Aspects of Strategy Formulation, Corporate-Level Strategy, Competitive Strategy, Functional Strategy, Choosing Strategies, and Troublesome Strategies.
Which of the following activities is part of strategy implementation?The basic activities in strategy implementation involve the following: Establishment of annual objectives. Formulation of policies for execution of strategies. Allocation of resources.
Which of the following is the first step in strategy formulation?The first step is to define the vision, mission, and values statements of the organization. This is done in combination with the external analysis of the business environment (PESTEL) and internal analysis of the organization (SWOT).
Which of the following are important in the formulation of a strategy?Annual objectives are especially important in strategy formulation. According to research, a healthier workforce can more effectively and efficiently implement strategies. Identifying an organization's existing vision, mission, objectives, and strategies is the final step for the strategic management process.
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