Question 1 of 20 5.0 Points
Which of the following is NOT a benefit of planning?
A. Helps you check on your progress
B. Helps you think ahead
C. Helps you cope with uncertainty
D. Helps you compare your results to a standard
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Question 2 of 20 5.0 Points
XYZ Company scans it environment regularly. However, it does not tend to seek opportunities outside its present markets. This company would most likely be a(n):
A. reactor.
B. prospector.
C. analyzer.
D. defender.
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Question 3 of 20 5.0 Points
A company that believes in letting other organizations take the risks of product development and marketing and then imitate what seems to work best is called a(n):
A. reactor.
B. prospector.
C. analyzer.
D. defender.
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Question 4 of 20 5.0 Points
A "vision statement" is:
A. a statement of the organization's purpose.
B. a statement of what the organization sees in its environment.
C. a statement of what the organization wants to become.
D. a statement of the organization's reason for being.
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Question 5 of 20 5.0 Points
What is the time frame of a strategic plan?
A. 15 – 25 years
B. 5 – 15 years
C. 1 – 5 years
D. 6 – 24 months
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Question 6 of 20 5.0 Points
Harley Davidson Motorcycles states that it will improve its profit margin by 15% by ensuring continued high sales of its products for the next three years. This is a statement of Harley Davidson's:
A. operational goal.
B. tactical goal.
C. strategic goal.
D. management objective.
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Question 7 of 20 5.0 Points
A "SMART" goal is one that is:
A. specific, maintainable, attainable, realistic, and time-bound.
B. specific, measurable, attainable, results-oriented, and time-bound.
C. specific, maintainable, achievement-oriented, real-time, and targeted.
D. specific, measurable, affordable, realistic, and targeted.
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Question 8 of 20 5.0 Points
MBO stands for:
A. Management by Observation.
B. Management by Objectives.
C. Management by Objection.
D. Management by Obligation.
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Question 9 of 20 5.0 Points
MBO was developed by Peter Drucker in the:
A. 1980s.
B. 1970s.
C. 1960s.
D. 1950s.
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Question 10 of 20 5.0 Points
In practicing MBO, a manager should:
A. decide on goals for employees and inform them of these goals clearly.
B. let employees set their own goals.
C. set objectives jointly with employees.
D. make sure goals are stated generally so they can cover all situations that might arise.
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Question 11 of 20 5.0 Points
Effective strategic management involves:
A. only top management.
B. only top and middle management.
C. only middle and lower management levels.
D. all levels of management.
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Question 12 of 20 5.0 Points
Bad planning usually results from all of these EXCEPT:
A. lack of competition in the industry.
B. ineffective group dynamics.
C. poor assessment of an organization's capabilities.
D. information overload.
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Question 13 of 20 5.0 Points
The most important thing a good mission statement should express is:
A. the organization's attitude toward its employees.
B. the geographical areas in which the firm will compete.
C. the firm's basic technology.
D. the firm's purpose.
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Question 14 of 20 5.0 Points
"SWOT" analysis is also known as:
A. strategic control.
B. situational analysis.
C. trend analysis.
D. contingency planning.
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Question 15 of 20 5.0 Points
Karen has just completed an assessment that indicates that her employees lack technological expertise for a new product line. She has engaged in analysis of her firm's:
A. strengths.
B. weaknesses.
C. opportunities.
D. threats.
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Question 16 of 20 5.0 Points
A vision or projection of the future is called a:
A. trend.
B. forecast.
C. contingency.
D. strategy.
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Question 17 of 20 5.0 Points
The creation of alternative hypothetical but equally likely future conditions is called:
A. contingency planning.
B. trend analysis.
C. balancing the scorecard.
D. strategy formulation.
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Question 18 of 20 5.0 Points
An organization that is offering unique, superior products or services to a wide market is pursuing a strategy of:
A. cost leadership.
B. differentiation.
C. cost focus.
D. retrenchment.
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Question 19 of 20 5.0 Points
In the growth stage of the product life cycle, most products are probably:
A. making large profits.
B. making moderate profits.
C. making small profits.
D. breaking even.
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Question 20 of 20 5.0 Points
Keeping track of what competitor's are doing is called:
A. forecasting.
B. contingency planning.
C. strategic control.
D. competitive intelligence.
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