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1. Strategic management is that set of managerial decisions and actions that determine the long-run performance of a corporation.

Which one of the following is NOT one of the basic elements of the strategic management process? A) strategy formulation D) evaluation and control B) strategy implementation E) environmental scanning C) statistical process control 2. The variables structure, culture, and resources pertain to the A) external environment. D) task environment. B) internal environment. E) societal environment. C) sociocultural forces. 3. The Strategic Management Model presents the following process of strategy formulation: A) Objectives -- Policies -- Strategies -- Mission. B) Mission -- Policies -- Strategies -- Objectives. C) Policies -- Mission -- Strategies -- Objectives. D) Policies -- Strategies -- Objectives -- Mission. E) Mission -- Objectives -- Strategies -- Policies. 4. The corporate mission is best described by which one of the following? A) A description of the activities carried out by the organization. B) The purpose or reason for the corporation's existence. C) A description of top management's responsibilities. D) A statement of corporate objectives. E) A statement of what the organization would like to become. 5. The type of strategy which emphasizes the improvement of the competitive position of a corporation's products or services in a particular industry or market segment served by a business unit is A) functional. C) business. E) corporate. B) operational. D) environmental. 6. According to Porter, the corporation is most concerned with A) the intensity of competition within its industry. B) the aggregate level of demand for a product line. C) a market's position on its life cycle. D) the amount of pressure from the societal environment. E) the level of government action in an industry. 7. Which barrier to entry uses cost advantages associated with large size? A) rivalry among existing firms D) capital requirements B) switching costs E) economies of scale C) cost disadvantages independent of size 8. Other software companies could not compete with Microsoft based on the hesitation of consumers to try a new software. Which of Porter's forces does this reflect? A) threat of new entrants D) bargaining power of suppliers B) bargaining power of buyers E) rivalry among existing firms C) threat of substitutes

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9. What is a set of business units or firms that "pursue similar strategies with similar resources?" A) strategic group D) integral association B) collective collaboration E) strategic assembly C) cooperative 10. When the value chains of two separate products or services share activities, such as the same marketing channels, in order to reduce costs, this is an example of A) economies of scope. D) economies of learning. B) economies of scale. E) outsourcing. C) economies of integration. 11. Which of the following is a function of corporate culture? A) It encourages a laissez faire set of attitudes. B) It encourages flexibility and thus constant change. C) It conveys a sense of identity for employees. D) It generates creative approaches to new situations. E) It focuses employee commitment on their own careers. 12. What are the two generic competitive strategies that Porter promotes as the means for outperforming other corporations in a particular industry? A) competitive scope and differentiation B) diversification and concentration C) lower cost and competitive scope D) concentration and lower cost E) lower cost and differentiation 13. Growth through diversification out of an industry into an unrelated industry is called A) concentration. D) vertical growth. B) horizontal growth. E) conglomerate diversification. C) concentric diversification. 14. The strategy which takes place in two basic phases of contraction and consolidation is A) merger. C) integration. E) turnaround. B) liquidation D) divestment. 15. Alfred Chandler, known for his study of large American corporations, concluded that A) organic structure is best for firms in a changing environment. B) mechanistic structure is best for firms in a changing environment. C) structure follows strategy. D) strategy follows structure. E) strategic business units are the key to effective decentralization. 16. Which structure is often called a virtual organization? A) strategic business units D) network structure B) functional structure E) matrix structure C) divisional structure 17. The strategy implementation tool used to determine what actions are going to be taken, by whom, during what time frame, and with what expected results is called a(n) A) mission statement. D) TQM. B) action plan. E) succession plan. C) MBO.

18. Which one of the following is NOT a part of the evaluation and control of performance? A) Establish corporate strategies. D) Measure actual performance. B) Determine what to measure. E) Take corrective actions. C) Establish standards for performance. 19. Research suggests that strategic management evolves through four sequential phases in corporations. The first phase is A) externally-oriented planning. B) basic financial planning. C) internally-oriented planning. D) forecast-based planning. E) strategic management. 20. In the final phase of strategic management, strategic information is available to A) people throughout the organization. B) the top management responsible for decision making. C) middle management. D) operational personnel. E) only those responsible for implementing the strategy. 21. Members of the European Union (EU) include all of the following EXCEPT A) Ireland. D) Norway. B) France. E) Slovakia. C) Belgium. 22. The variables structure, culture, and resources pertain to the A) external environment. D) internal environment. B) task environment. E) societal environment. C) sociocultural forces. 23. Which of the following is an example of an objective? A) Diversify product line to appeal to more people. B) Increase sales by 10% over last year. C) Pay highest salaries to keep high quality employees. D) Develop and sell quality appliances worldwide. E) Divide a sales region into a group of sales districts. 24. Which of the following is NOT a major force in the societal environment? A) political-legal forces B) labor forces C) economic forces D) technological forces E) sociocultural forces 25. According to Porter's model, a strong or high force is likely to reduce profits and can be regarded as a(n) A) benefit. D) threat. B) opportunity. E) risk. C) advantage.

26. A sugar company that is worried that consumers may buy artificial sweetener instead of sugar is concerned about the A) threat of new entrants. B) rivalry among existing firms. C) threat of substitute products. D) bargaining power of suppliers. E) bargaining power of buyers. 27. In a fragmented industry A) no firm has large market share. B) prices drop as new competitors enter the market. C) economies of scale are used to reduce costs. D) companies integrate to further reduce costs. E) all of the above. 28. When the value chains of two separate products or services share activities, such as the same marketing channels, in order to reduce costs, this is an example of A) economies of scope. B) economies of scale. C) economies of integration. D) economies of learning. E) outsourcing. 29. Business strategy focuses on A) ensuring that the company maintains the existing market share that it has historically enjoyed. B) improving the competitive position of a corporation's products or services within the industry or market segment served. C) providing adequate shareholders' return on investment. D) preventing the competition from gaining a competitive edge by undermining their marketing plan. E) recovering the competitive lead by using all available resources that the company can provide. 30. Which of Porter's competitive strategies recommends that a company emphasize a particular buyer group or geographic market and attempts to seek a cost advantage in its targeted segment? A) differentiation D) competitive advantage B) cost leadership E) cost focus C) differentiation focus 31. According to the BCG Growth Share Matrix, those products with low market share that do NOT have the potential to bring in much cash are called A) cash cows. B) lost leaders. C) dogs. D) question marks. E) stars. 32. The strategy which takes place in two basic phases of contraction and consolidation is A) merger. C) integration. B) liquidation D) divestment.

E) turnaround. 33. A company which imitates the products of competitors is referred to as a(n) A) technological follower. D) technological manufacturer. B) technological opportunist. E) technological entrepreneur. C) technological leader. 34. Who typically implements strategy in large, multi-industry corporations? A) the board of directors B) top management C) middle management D) first level management E) everyone in the organization 35. Which structure simultaneously combines functional and product forms at the same level of the organization? A) strategic business units B) functional structure C) network structure D) divisional structure E) matrix structure 36. Which one of the following is NOT a part of the evaluation and control of performance? A) Establish corporate strategies. B) Determine what to measure. C) Establish standards for performance. D) Measure actual performance. E) Take corrective actions.

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