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The term _________ is used to refer to strategy formulation, implementation, and evaluation, with _________referring only to strategy formulation.

strategic planning; strategic management assessment; planning strategic management; strategic planning management cycle; brainstorming Which of these requires a firm to establish annual objectives, devise policies, and allocate resources? Strategy formulation Strategy implementation Strategy manipulation Strategy evaluation The rationale for periodically conducting strategic-management meetings away from the work site is to encourage more _____________ and ____________ among participants. feedback; rigidity creativity; candor confidence; self-interest strategy evaluation; candor

Anything that a firm does especially well compared to rival firms is referred to as: competitive advantage. comparative advantage. an external opportunity. opportunity cost.

Both military and business organizations do all of the following except: use of the element of surprise. aim "to gain competitive advantage." use the assumption of conflict to develop strategies. use their own strengths to exploit competitors' weaknesses.

__________ are the individuals who are most responsible for the success or failure of an organization. Ethics officers Operatives Consultants Strategists

A disadvantage of international operations is: foreign operations can allow firms to establish low-cost production facilities in locations close to raw materials and/or cheap labor. economies of scale can be achieved from operation in global rather than solely domestic markets. competitors in foreign markets may not exist. language, culture, and value systems differ among countries, causing communication barriers and problems managing people.

The problem of limited resources within a firm makes ______________ particularly important as the firm decides how to allocate its resources. strategy formulation strategy implementation long-range planning short-range planning

All of these are pitfalls an organization should avoid in strategic planning except: using strategic planning to gain control over decisions and resources. failing to involve key employees in all phases of planning. hastily moving from mission development to strategy formulation. using plans as a standard for measuring performance.

The process of conducting research and gathering and assimilating external information is called: lobbying. industry analysis. long-range planning. mission development.

The term strategic planning refers only to strategy formulation.

True False

The action stage of strategic management is called strategy formulation.

True False

Three fundamental strategy evaluation activities are reviewing external and internal factors, measuring performance, and taking corrective actions. True False

Strategies can be defined as specific results that an organization seeks to achieve in pursuing its basic mission. True False

In a multidivisional firm, objectives should be established for the overall company and not for each division. True False

An organization can pursue any and/or all strategies that potentially could benefit the firm. True False

Communication is an act of strengthening employees' sense of effectiveness by encouraging them to participate in decision making and to exercise initiative and imagination, and rewarding them for doing so. True False

Given that formality creates flexibility and creativity, managers must be very formal in strategic planning. True False

One pitfall to avoid in strategic planning is top management making many intuitive decisions that conflict with formal planning.

Reasons for poor or no strategic planning on part of firms include overconfidence, too expensive, suspicion, and laziness. True False

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