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| 1 | |
A document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success is called an operational plan. |
| | A) | True |
| | B) | False |
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| 2 | |
According to Porter, which of the following is a possible source of strategic position? |
| | A) | Acquiring competitive intelligence within the industry |
| | B) | Aligning employee talents with the strategic plan |
| | C) | Improving the speed of cycles of innovation |
| | D) | Making contact with all possible customers |
| | E) | Serving the broad needs of few customers |
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| 3 | |
Which of the following is true of the steps within the strategic management process? |
| | A) | The first step is establishing the mission and the vision. |
| | B) | Carrying out the strategic plans is the step that results in feedback. |
| | C) | Establishing a grand strategy is the final step. |
| | D) | Establishing the grand strategy comes before establishing the mission and vision. |
| | E) | Carrying out the strategic plan is the final step. |
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| 4 | |
Johnson & Johnson, an American multinational medical, pharmaceutical, and consumer packaged goods manufacturer, recently paid nearly $20 billion for the acquisition of Swiss medical device maker Synthes. This is an example of what type of grand strategy? |
| | A) | growth |
| | B) | stability |
| | C) | cost-leadership |
| | D) | opportunity |
| | E) | retrenchment |
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| 5 | |
In the strategic-management process, corrective action creates |
| | A) | negative attitudes about the entire process. |
| | B) | a feedback loop that requires returning to an earlier step. |
| | C) | an opportunity for new management to propose radical ideas. |
| | D) | a need for supervisor training and development. |
| | E) | a breach of trust among managers. |
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| 6 | |
Taking online courses is becoming more popular with college students, and more universities and colleges are offering them. For a traditional college, online courses are an example of what in a SWOT analysis? |
| | A) | An opportunity, if the college plans to begin offering some online courses |
| | B) | A weakness, if the college does not have faculty that have adequate expertise to develop online courses |
| | C) | A threat, if the college loses students to other institutions willing to provide online courses when it is not |
| | D) | A strength, if the college is already offering online courses that are highly valued by its students |
| | E) | Online courses could be any of these for a traditional college. |
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| 7 | |
A contingency plan is a hypothetical extension of a past series of events into the future. |
| | A) | True |
| | B) | False |
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| 8 | |
Which of the following is one of the primary competitive forces in Porter's model for industry analysis?
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| | A) | Level of demand for products |
| | B) | threat of differentiation |
| | C) | bargaining power of suppliers |
| | D) | intellectual property |
| | E) | buyer purchasing power |
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| 9 | |
The ______ strategy is to keep the costs, and hence prices, of a product or service below those of competitors and to target a wide market. |
| | A) | related differentiation |
| | B) | cost-leadership |
| | C) | differentiation |
| | D) | cost-focus |
| | E) | focused-differentiation |
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| 10 | |
According to Bossidy and Charan, setting clear priorities is one of the seven essential types of leader behaviors that fuel the engine of execution. |
| | A) | True |
| | B) | False |
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