Quiz 6

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Question #1

______________ require(s) a long-term orientation.

A Tactical plans

B Strategic planning

C A focused sigma plan

D A synergy plan

E Mission and vision statements

Question #2

Stars are _____, according to the BCG matrix. Stars have included Apple and the diamond company DeBeers.

A risky new ventures

B beyond reach, due to their high purchase price and profits

C highly overvalued, so are not wise purchases

D organizations with high growth and high market share which are definite keepers

E companies with slow growth and high market share

Question #3

Kendall’s Home Decorators believes that the demand for its services will expand greatly because a real-estate developer has just purchased 100 acres in town. The developer is planning to build 1,000 condominium units on the property. The managers of Kendall’s Home Decorators are making a projection for the future, also known as a

A benchmark.

B past correction.

C trend.

D final analysis.

E forecast.

Question #4

Many customers have visited Patty’s Diner for decades because of the diner’s friendly service. Most customers feel that Patty’s is the friendliest placed around. In a SWOT analysis, the friendly service at Patty’s is an example of a company

A vision.

B weakness.

C strength.

D threat.

E opportunity.

Question #5

Jim and his partner are studying the strengths and weaknesses of their construction business, Open Concept Construction, as well as researching the opportunities and threats in the external environment. Jim and his partner are conducting a

A SWOT analysis.

B strength statement.

C synergy plan.

D contingency plan.

E forecast.

Question #6

As the CEO of a mid-size airline, Karyn knows that most commercial airplanes are manufactured by either Airbus or Boeing. To mitigate the __________ of the airline industry, Karyn explores options for her company to manufacture its own airplanes.

A threats of new entrants

B bargaining power of buyers

C bargaining power of suppliers

D rivalry among competitors

E threats of substitute products or services

Question #7

Hunter, who is starting a painting business, plans to write down the purpose of his painting business and his company’s reason for being. Hunter is writing his

A vision statement.

B ownership belief statement.

C proprietorship pact.

D mission statement.

E code of ethics.

Question #8

An organization’s vision statement states _____. For example, the Cleveland Clinic’s vision statement says that it “strives to be the world’s leader in patient experience, clinical outcomes, research, and education.”

A its competition and external environment

B what the company wants to become and where it wants to go strategically

C the organization’s purpose or reason for being

D the ethical and diversity standards of the organization

Question #9

Strategic position emerges from three sources:

A (1) high-profit margin, few customers; (2) few needs, many customers; and (3) broad needs, few customers.

B (1) high profits, many customers; (2) low profits, few customers; and (3) broad needs, many customers.

C (1) low-profit margin, many customers; (2) no needs, many customers; and (3) broad needs, few customers.

D (1) no needs, many customers; (2) broad needs, few customers; and (3) broad needs, many customers.

E (1) few needs, many customers; (2) broad needs, few customers; and (3) broad needs, many customers.

Question #10

Adam, the owner of The Toy Box (a toy store), has chosen his products carefully. They are all handmade of wood; none are cheap games made of cardboard and paper. He knows he will be selling his toys to both adults and children; for example, his expensive chess and backgammon sets are quite expensive because the board and pieces are all made of wood by local artists and craftsmen. He knows that his customer base will not include parents who are looking for an inexpensive toy for their children or to give as a birthday gift; there is another store in town that offers mass-produced games. As part of his marketing outreach, Adam offers “game nights” where he sets up game boards and invites local teens and adults to take part in light-hearted competitions, where the winners receive a 10 percent discount to a game at the Toy Box. All of Adam’s activities are aimed at giving Adam a sustainable competitive advantage through

A vertical integration.

B strategic positioning.

C blue ocean strategy.

D diversified portfolio.

E defensive strategy.

Question #11

The owners of a computer repair shop want to better formulate strategies, so they are doing a SWOT analysis to understand the strengths and weaknesses within their company and the opportunities and threats of the external environment. These are some of the benefits of doing a SWOT analysis.

A False

B True

Question #12

Strategy implementation is putting strategic plans into effect, which means dealing with roadblocks within the organization’s structure and culture and seeing if the right people and control systems are available to execute the plans.

A True

B False

Question #13

Several studies found that strategic planning does not benefit smaller companies, as they very seldom see improvements in financial performance from this type of planning.

A False

B True

Question #14

A stability strategy is a grand strategy that involves little or no significant organizational change. For example, Forever and Ever is a jewelry store that sells only one type of item: engagement and wedding rings. The management of Forever and Ever does not plan to branch out into selling different types of jewelry; the company has a reputation for being the go-to store to purchase wedding rings, and it plans to maintain that strategy.

A False

B True

Question #15

An offensive strategy is a grand strategy that involves reduction in the organization’s efforts. For example, some large publishers are no longer publishing children’s books because they are too expensive to produce and distribute, and because the profit margins are too low to justify the investment.

A False

B True

Question #16

Paige and Parker are writing their values statement for their new consignment shop, Then & Now. Because they want their employees and business to grow and reach goals, Then & Now’s values statement should be positive and inspiring, describing what the organization stands for and its core priorities.

A False

B True

Question #17

Strategic positioning involves performing the same activities as rivals in a similar way, but at a lower cost.

A True

B False

Question #18

McAllister’s Fruit Farm is one of several stores in the county where customers can purchase locally grown fruits and vegetables. However, Mrs. McAllister also offers weekly workshops in her store on topics such as canning, healthy eating, and how to grow a garden, which no other store in the county does. By offering these unique workshops, the McAllisters are engaging in strategic positioning.

A False

B True

Question #19

Strategy formulation is the process of choosing among different strategies and altering them to best fit the organization’s needs.

A True

B False

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