Multiple Choice Questions
1. Which of the following is an element of a firm's remote external environment?
2. Which of the following is NOT a part of a firm's immediate external environment?
3. The immediate external environment includes:
4. The _______ comprises economic and social conditions, political priorities and technological developments, all of which must be anticipated, monitored, assessed and incorporated into the executive's decision making.
5. The set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company's objectives is defined as:
6. Strategic management compromises nine critical tasks. Which of the following is NOT one of the tasks?
7. Strategic management involves the _____, directing, _____ and controlling of a company's strategy-related decisions and actions.
8. Large-scale, future-oriented plans, for interacting with the competitive environment to achieve company objectives refers to its
9. A strategy is a company's
10. A _____is a company's game plan.
11. A(n) _____ provides a framework for managerial decisions.
12. A(n) strategy reflects a company's awareness of how, when and where is should ____, against whom it should _____ and for what purpose it should _____.
13. Strategic issues require which level of management decisions?
14. Strategic decisions ostensibly commit the firm for
15. Strategic issues require large amounts of the company’s\
16. Some business decisions are strategic and therefore deserve strategic management attention. Which of the following is one of the six strategic issue dimensions?
17. Which of the following applies to strategic issues?
18. Strategic issues are ____ oriented.
19. Strategic decisions are based on what managers _____, rather than on what they _____.
20. All businesses exist in a(n) _____ system.
21. Strategic decisions have ______ effects on firms.
22. The Walt Disney Company is a multi-business company. It typically would have ____ levels of strategy.
23. Which level of strategy uses a portfolio approach?
24. Which level of strategy is in the middle of the decision-making hierarchy?
25. A business, which by definition is a profit center that focuses on a specific combination of products, markets, and technologies, is also known as a
26. Which level of strategy is at the bottom of the decision-making hierarchy?
27. Typically how many strategic decision levels are there in the corporate decision-making hierarchy of a large corporation?
28. To a large extent, attitudes at the corporate level reflect the concerns of
29. The top of the decision-making hierarchy comprises all of these EXCEPT
30. In a multi-business firm, ______ -level executives determine the businesses in which the firm should be involved.
31. At Office Supply, Inc., ____ -level managers would be responsible for determining whether the company should be involved in home furnishings or electronic appliance businesses, whereas ____ -level managers would be responsible for determining how the firm will compete in the selected product-market arena.
32. In the middle of the decision-making hierarchy is the _____ level.
33. Who determines the basis on which a company can compete in the selected product-market arena?
34. Which of these managers tries to identify and secure the most profitable and promising market segment?
35. The functional level of decision making is characterized by:
36. Which strategic level is typically responsible for developing annual objectives and short-term strategies?
37. Which of the following is NOT a level in the decision-making hierarchy of a firm?
38. Functional managers are typically responsible for which of the following?
39. Whereas corporate and business-level managers center their attention on _____, managers at functional-level center their attention on ____.
40. Decisions at which level of management tend to be more value-oriented, more conceptual, and less concrete?
41. Dividend policies are decided at the
42. Which level of decisions encompasses greater risk, cost and profit potential?
43. Corporate-level decisions are characterized by:
44. Decisions concerning plant location, distribution channels, geographic coverage and market segmentation are typically made at:
45. The degree to which participation, responsibility, authority and discretion in decision-making are specified in strategic management is called:
46. Which one of these forces DOES NOT determine how much formality is needed in strategic management?
47. Which of these is usually positively correlated with the cost, comprehensiveness, accuracy and success of planning?
48. There are ____ commonly identified modes based upon formality in strategic management.
49. Very large firms typically use the _____ mode of strategic management.
50. The mode associated with medium-sized firms in relatively stable environments is called the _____ mode.
51. Firms that are basically under the control of a single individual and produce a limited number of products/services are referred to as following ______ mode.
52. The informal, intuitive and limited approach to strategic management associated with owner-managers of smaller firm refers to the ____ mode of formality.
53. The planning mode refers to the
54. The adaptive mode refers to
55. Which of these is NOT a mode of formality?
56. The ideal strategic management team includes decision makers from
57. Managers at the _____ level typically have principal responsibilities for developing environmental analysis and forecasting, establishing business objectives and developing business plans prepared by staff groups.
58. When the CEO is very autocratic, the effectiveness of the firm's strategic planning and management processes is likely to:
59. Which of these is NOT true about the behavioral effect of strategic management?
60. The behavioral consequences of strategic management are similar to those of
61. Which of the following is a major function of the strategic management model?
62. Social responsibility is a critical consideration for a company's strategic decision makers since
63. Assessment of the strengths and weaknesses of the company’s management and organizational structure is a part of
64. The external environment consists of:
65. Which one of the following is NOT an interactive segment of a firm's external environment?
66. Description of the company's product, market and technological areas of emphasis is contained in the
67. The results that an organization seeks over a multiyear period are its
68. The doubling of EPS within 5 years with increases in each intervening year is called a(n):
69. The difference between long-term and short-term objectives is principally:
70. Grand strategies include:
71. Which of the following is an example of a grand strategy?
72. Long-term objectives are principally attained through:
73. The minimum equity position required for all new McDonald's franchises is an example of:
74. The general plan of major actions through which a firm intends to achieve is long-term objectives is called its:
75. Broad, precedent-setting decisions that guide or substitute for repetitive or time-sensitive managerial decision making are called
76. Which of the following is a generic strategy option?
78. Horizontal integration is an example of a
79. Specific actions that need to be undertaken to achieve short-term objectives, usually by functional areas, refers to
80. 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?
81. _____ is a critical stage in strategy implementation wherein managers attempt to recast their organization.
82. _____ is concerned with tracking a strategy as it is being implemented, detecting problems or changes in its underlying premises and making necessary adjustments.
83. Which of these is a form of strategic control in which managers are encouraged to be proactive in improving all operations of the firm?
84. A flow of information through interrelated stages of analysis toward achievement of an aim is:
85. Influential individuals and groups that are vitally interested in the actions of the business are called
86. One implication of viewing strategic management as a process is that strategy formulation and implementation are:
87. Strategic management processes need which of the following to enhance future decision making?
88. The strategy management process is:
88. Define strategic management. Identify any four of the nine critical tasks of strategic management?
89. Strategic issues have several key dimensions. Briefly describe any three of them?
90. Describe the three levels of strategy in an organization. Provide an example of each?
91. With regards to the levels of strategy, compare and contrast single-business firms versus multiple-business firms?
92. How do the characteristics of strategic management decisions vary with the level of strategic activity considered?
93. What is meant by “formality” in strategic management? What forces determine how much formality is needed in strategic management?
94. How are the entrepreneurial, planning, and adaptive modes different?
95. Who are the strategy makers in an organization?
96. Discuss the benefits of a participative approach to strategic management?
97. Define and briefly describe any five components of the strategic management model?
98. Differentiate between generic and grand strategies?
99. Define strategic control. Give an example of strategic control from a managerial perspective?
100. What implications can be drawn from viewing strategic management as a process? Explain?
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