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51. Jerrica, a finance manager at LRV industries, is asked by her boss
to develop a plan in the event that company sales drop by 20 percent or
more. This type of plan is known as
a(n):

a.

Contingency planning

b.

Financial planning

c.

Crisis planning

d.

Consumer protection

e.

Environmental
planning

52. The two stages of crisis planning include:

a.

Prevention and
control

b.

Planning and
leading

c.

Prevention and
preparation

d.

Preparation and
control

e.

Leading and
organizing

53. Jeff is a top manager at a textile factory. He is developing a crisis plan in the event
that the company has a toxic spill or accident.
Which of the following should Jeff undertake to prepare for such a
crisis?

a.

Building
relationships with neighboring businesses

b.

Detecting signals
from the natural environment

c.

Polling employees
on the likelihood of an environmental disaster

d.

Designating a crisis management team in the
event of an environmental disaster

e.

Dismantling the
company’s ties to the external media

54. ___________ are reasonable yet highly ambitious goals that are so
clear, compelling, and imaginative that they fire up employees and engender
excellence.

a.

Operational goals

b.

Stretch goals

c.

Strategic goals

d.

Tactical goals

e.

Bottom-up goals

55. A(n) _________ is a
cross-functional group of managers and employees who work together to gain a
deep understanding of specific business issues, with the aim of presenting
insights related to that issue.

a.

Espionage team

b.

Functional team

c.

Task force

d.

Project team

e.

Intelligence team

56. At Save-tech, Sophia, director of marketing, is a member of a
cross-functional group of managers and employees. The purpose of the group is to gain a deep understanding
company’s competitive environment and periodically present these findings to
top management. Sophia is involved in
what type of team?

a.

Intelligence team

b.

Functional team

c.

Task force

d.

Project team

e.

Espionage team

57. One major limitation of goals and plans is:

a.

Goals and plans
guide resource allocation

b.

Goals and plans may
cause rigidity in a turbulent environment

c.

Goals and plans
decrease employee motivation

d.

Goals and plans
decrease employee commitment

e.

None of the above

58. The set of decisions and actions used to formulate and execute
strategies that will provide a competitively superior fit between the
organization and its environment so as to achieve organizational goals is known
as

a.

strategy formulation.

b.

strategic planning.

c.

strategic
management.

d.

strategy
implementation.

e.

strategy
evaluation.

59. The plan of action that prescribes resource allocation and other
activities for dealing with the environment and helping the organization attain
its goals is known as a(n)

a.

goal.

b.

objective.

c.

mission.

d.

vision.

e.

strategy.

60. The condition that exists when the organization’s parts interact
to produce a joint effect that is greater than the sum of the parts acting
alone is known as

a.

core competence.

b.

synergy.

c.

value creation.

d.

business-level
strategy.

e.

multidomestic
strategy.

61. ____ can be defined as the combination of benefits received and
costs paid by the customer.

a.

Organizational benefits

b.

Value

c.

Cost-benefit
diversity

d.

Synergy

e.

Core competence

62. When properly managed, ____ can create additional value with
existing resources, providing a big boost to the bottom line.

a.

synergy

b.

competitors

c.

government contacts

d.

command structure

e.

cooperation among
customers

63. ____ refers to the use of managerial tools to direct resources
toward the achievement of strategic results.

a.

Strategy
formulation

b.

Strategy
coordination

c.

Strategy execution

d.

Strategy control

e.

Strategy planning

64. Which of the following refers to the planning and decision making
that lead to the establishment of the organization’s goals and of a specific
strategic plan?

a.

Strategy
formulation

b.

Strategy implementation

c.

Strategy
coordination

d.

Strategy control

e.

SWOT

65. Fred has been assigned to conduct a SWOT analysis for his
organization, Flintstones, Inc. As part of this assignment, Fred will

a.

conduct an external
wage survey.

b.

search for the
strengths, weaknesses, opportunities, and threats that impact his firm.

c.

choose a grand
strategy for his firm.

d.

do a cost/benefit
analysis.

e.

develop a mission.

66. Classy Clay has extremely creative employees who, in the opinion
of the organization, keep the company ahead of the competition. The creativity
of these employees would be classified as

a.

an internal
weakness.

b.

an external
opportunity.

c.

an external
strength.

d.

an internal
strength.

e.

a neutral factor.

67. Where does the information about opportunities and threats comes
from?

a.

An analysis of the
organization’s internal environment

b.

A department by
department study of the organization

c.

Scanning the
external environments

d.

Employee grievances

e.

Financial ratios of
the organization

68. Flush Away, Inc. is particularly concerned about pending
legislation in Congress that would further regulate their organization. This
legislation would be classified as

a.

an external
opportunity.

b.

an internal
strength.

c.

an external threat.

d.

an external
weakness.

e.

a congressional
chaos.

69. Barriers to entry are related to which competitive force?

a.

Rivalry among
competitors

b.

Potential new
entrants

c.

Threat of
substitute products

d.

Bargaining power of
buyers

e.

Bargaining power of
suppliers

70. All of the following are Porter’s competitive forces EXCEPT

a.

differentiation.

b.

bargaining power of
buyers.

c.

bargaining power of
suppliers.

d.

threat of
substitute products.

e.

potential new
entrants.

71. Which of the following is NOT one of Porter’s competitive forces?

a.

Potential new
entrants

b.

Bargaining power of
suppliers

c.

Bargaining power of
stockholders

d.

Bargaining power of
customers

e.

Rivalry among competitors

72. Which of Porter’s five forces is influenced by all of the other
four?

a.

Threat of
substitute products

b.

Rivalry among
competitors

c.

Bargaining power of
buyers

d.

Potential new
entrants

e.

Bargaining power of
suppliers

73. The ____ strategy involves strong central authority, cutting
costs, and maintaining standard operating procedures to be more efficient than
competitors.

a.

cost leadership

b.

differentiation

c.

focus

d.

internal growth

e.

liquidation

74. Some people argue that ____ is the most difficult and most
important part of strategic management.

a.

SWOT analysis

b.

strategic formation

c.

strategic execution

d.

strategic analysis

e.

strategy evaluation

75. Persuasion, motivation, and changes in cultures and values are
examples of which of the dimensions used to execute strategy?

a.

Visible leadership

b.

Structural design

c.

Human resources

d.

Information and
control systems

e.

Candid
communication

76. Which of the following is NOT one of the tools used for putting
strategy into action?

a.

Visible leadership

b.

Diversification

c.

Human Resources

d.

Communication

e.

Clear roles and
accountability

77. The ____ function recruits, selects, trains, transfers, promotes,
and lays off employees to achieve strategic goals.

a.

Production

b.

Leadership

c.

information and
control systems

d.

structural design

e.

human resource

78. After Sunshine Systems merged with RTD Enterprises, company
executives noticed that due to increased employee collaboration between the two
units, costs were down and revenues increased within both areas. This is an example of what business
phenomenon?

a.

Strategy execution

b.

Portfolio strategy

c.

Core competency

d.

Synergy

e.

Delivering value

79. Which of the following is true regarding the impact of the
Internet on Porter’s Five Forces affecting industry competition?

a.

Internet increases
barriers to entry

b.

Internet decreases
bargaining power of suppliers

c.

Internet shifts
power away from end customers

d.

Internet cuts down
on substitute product threats

e.

Internet blurs
differences among competitors

80. Sugar manufacturers have been steadily losing business as a result
of increasing use of high-fructose corn syrup in processed foods. However, sugar sales are beginning to
increase again in recent months. This
example most closely demonstrates which of Porter’s Five Forces?

a.

Bargaining power of
suppliers

b.

Bargaining power of
consumers

c.

Rivalry among
competitors

d.

Threat of new
entrants

e.

Threat of new
substitutes

81. People need to understand how their individual actions can
contribute to achieving an organizational strategy. This can be accomplished by delegating
authority, creating teams, and defining roles.
These actions are part of which tool for putting strategy into action?

a.

Visible leadership

b.

Candid
communication

c.

Human resources

d.

Clear roles and
accountability

e.

Bargaining power of
employees

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