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Mgt 3301 UHD Ch. 6 Questions And 100% Correct Answers
Which of the following reflects the proper sequence of the planning process? - ANSWER Identifying the mission and major objectives; selecting or formulating strategies; selecting the best methods to achieve the strategies
Identifying and selecting proper goals and courses of action is the process of, which is a primary function of management. - ANSWER planning
The planning process can be challenging for managers due to _______. (Select all that apply.) - ANSWER uncertainties in the external environment
incomplete information
bounded rationality
Failure to plan may result in which of the following? (Select all that apply.) - ANSWER Hesitation in actions
Mistaken changes of direction
False steps
Planning, in large companies, takes place at the corporate, business and _______ levels.
Planning is a three-step process: identifying an organization's goals, determining the best strategies to achieve those goals, and creating an action plan for implementing those strategies. The third step in the planning process is _______. - ANSWER choosing the most effective way to put strategies into action
______ is the process managers use to identify and select appropriate goals and courses of action for a company. - ANSWER Planning
The type of plan that defines an organization's mission and goals, overall strategy, and structure is the _______ plan. - ANSWER corporate-level
Which of the following summarizes the planning job? - ANSWER Predict what might happen in the future in order to identify what should be done in the present.
Which of the following are reasons that almost all managers must do some kind of planning? (Select all that apply.) - ANSWER To anticipate opportunities
To anticipate threats
The targeted length of time a plan is intended to cover is called its _______ horizon. - ANSWER time
Where might planning occur in a large organization? (Select all that apply.) - ANSWER Corporate
Department or functional
Business or division
When the same circumstances are repeated over and over, _______ plans are employed.
Which of the following is the proper sequence of the planning process?
- ANSWER Identifying the mission and major objectives; selecting or devising strategies; selecting the best means to achieve the strategies
If managers ask the questions "who are our customers?", "what customer needs do we satisfy?", and "how do we satisfy customer needs?", the manager is ______. - ANSWER defining the business
Corporate level plans _______. - ANSWER detail top management decisions on mission, goals, overall strategy and structure
The threat of substitute products
For the chief executive officer and other senior managers of an enterprise, the job of strategic leadership is _______. - ANSWER to communicate an exciting view of what they want the organization to achieve
Business-level strategy is best described as _______. - ANSWER strategy directed at gaining a competitive advantage in a particular marketplace or industry
Which of the following summarizes what the planning task involves? - ANSWER Predict what will happen in the future to determine which course of action to pursue in the present.
Under a low cost strategy, managers _______. - ANSWER seek to achieve lower costs than industry competitors to have a competitive advantage
The process by which a set of corporate, business and functional strategies are developed that permit an organization to achieve its mission and goals is called _______ formulation. - ANS strategy
When managers pursue a differentiation strategy, they attempt to differentiate their organization's products from the products of competitors along dimensions such as _______. (Select all that apply.) - ANS product design
quality
after-sales service
The second step in a SWOT analysis is to _______. - ANSWER identify potential external opportunities and threats
In a focused low-cost strategy, managers _______. - ANSWER serve one or a few markets to be the lowest-cost company in that segment
The purpose of Porter's Five Forces Model is to help managers focus on the five ___ in the external environment. - ANSWER most important potential threats
Concentration on a single industry is one type of _______ strategy.- ANSWER corporatelevel
Which level of strategy includes an approach that outlines how the firm will gain an advantage in counterbalancing or lessening the threat of the five industry forces?- ANSWER Businesslevel
Firms focus on a single industry to ____. - ANSWER improve their competitive position
The strategy that drives down an organization's costs below those of its competitors is the _______ strategy. - ANSWER low-cost
Distinguishing an organization's products from the products of competitors on dimensions such as product design, quality, or after-sales service is an example of a _______ strategy. - ANSWER differentiation
The corporate-level strategy that is applied when a firm enters an industry that either supplies products to the firm or purchases the firm's products is _______. - ANSWER vertical integration
Businesses that attempt to specialize in only one or a few segments of the marketplace and undercut the prices of the other sellers in the marketplace are implementing a _______ strategy. - ANSWER focused low-cost
Expanding a company's business operations into a new industry to produce new kinds of valuable goods or services is an example of the strategy of _______. - ANSWER diversification
Vertical integration, diversification, and international expansion are examples of _______ strategies - ANSWER corporate-level
In a multi-domestic strategy, managers _______. - ANSWER customize products and marketing strategies to specific national conditions
A company manufacturing goods at home and then selling them in another country is considered to be _______. - ANSWER exporting
Strategy implementation is a _______-step process. - ANSWER five
