MAN 2021 - Chapter 4 Quiz

In a SWOT analysis, the lack of qualified workforce would be considered a(n)

weakness.

The BCG matrix categorizes businesses within a conglomerate's portfolio as cash cows, stars, question marks, and

dogs.

Giselle wants to apply the differentiation strategy to build competitive advantage in her plumbing company. Of the following strategies, which one best exemplifies the differentiation strategy?

offering a free hour of service to first-time customers

Two years after launching her firm's new strategy, Lara reflected that it had not had the positive impact that she had envisioned. Looking back, Lara recalled that she and her executive team—all strong leaders and managers—had worked behind closed doors for months to create a strategy that was concise, easy to understand, and supported by all. The executive team had rolled out the strategy in impressive fashion, and she knew that her middle-level and frontline managers were good communicators, collaborators, coordinators, and implementers. Among the barriers to strategy implementation, what went wrong?

top-down or laissez-faire senior management style

Which of the following is one among the six major components of the strategic management process?

SWOT analysis

"Within our industry, we have world-class talent, great name recognition, and a sterling reputation. Over the next five years, I want us to upgrade our manufacturing plants and further develop our proprietary designs and products. As we accumulate these ________, our firm's performance will be enhanced," said Suzette Coleman, Chief Operating Officer.

resources

The planning level with the shortest time horizon is known as ________ planning.

operational

Maik is creating a vision statement for his pizza chain. Maik needs to remember that the vision statement should

be inspiring to organization members.

Benchmarking is the process of assessing how well one company's basic functions and skills compare with

those of another company, usually in the same industry.

Which of the following is true of operational planning?

It identifies specific plans and procedures.

Planning begins with

targte market considerations/mission statement

________ provides individuals and work units with a clear map to follow in future activities.

Planning

Which of the following takes place after a firm formulates its strategy?

strategy implementation

A concentric diversification strategy is a strategy

used to add new businesses that produce related products or are involved in related markets and activities.

Which of the following is true of strategic planning?

Strategic plans have a strong external orientation and focus on the longer term.

In the BCG matrix, low-growth, weak-competitive-position businesses are called

question marks.

A(n) ________ illustrates the four key drivers of a firm's long-term success and shows how goals in each area are linked to others.

strategy map

________ groups are consumer, environmental, and similar activist groups that attempt to influence the industry.

Social interest

The planning process is similar to the ________ process in that both have a series of steps that are typically repeated in a cycle.

decision-making

During the Covid-19 pandemic, many companies had to implement, or develop, new ________ due to the sudden change in the environment.

contingency plans