QUESTION 1

Generally speaking, which is the correct order of the steps in the planning process?

Mission, operational, strategic, and tactical goals

Strategic and tactical goals, mission, and operational plan

Mission, tactical, strategic, and operational goals

Tactical and strategic goals, mission, and operational plans

Mission, strategic, tactical, and operational goals

QUESTION 2

The target or what you are trying to achieve is called a

mission

strategy

diversity

goal

QUESTION 3

The goals set by middle managers to achieve the strategic goals are called

tactical goals

a mission statement

operational goals

operational plan

strategic goals

QUESTION 4

If Nike established a goal to be the leader in tennis equipment sales in the United States by the year 2022, this would be an example of a _________ goal.

operational

short term

tactical

long term

QUESTION 5

All of the following are reasons for having goals except:

they give direction

improves group decision making

motivates employees

provides an effective mechanism for control and evaluation

QUESTION 6

Goals set for short-term issues are called_____________ goals.

tactical.

strategic.

operational.

functional.

autonomous.

QUESTION 7

_________ usually have responsibility for setting operational goals.

middle managers

lower level managers

Stockholders

Top-level managers

QUESTION 8

Plans that have an intermediate time horizon and are concerned with the steps to achieve your strategic plans are called _____ plans.

strategic

standing

contingency

tactical

operational

QUESTION 9

Which of the following is an example of an intermediate-range plan?

Develop an alcohol-powered small engine in the next ten years

Conduct a Fourth of July sale

Sponsor a community wellness day next month

Reduce employee absenteeism by 20 percent within the next two years

QUESTION 10

_____ planning is the process by which managers identify alternative courses of action that the organization might follow if various conditions arise.

Strategic

Standard

Contingency

Integrative

Goal optimization

QUESTION 11

Which of the following is the BEST example of a single-use plan?

The "No Smoking" sign on the restaurant door

The sign requiring all workers to wash their hands after visiting the restroom

The plan to build a snowboard course for the 2018 Winter Olympics

The day-care plan for dealing with a toddler who hits another

The plan for how McDonald's should cook its french fries

QUESTION 12

All of the following are methods to make goal setting and planning more effective except:

Recognize that revision and updating are often required

Establish goals that are easy to achieve thus assuring success for your employees

Communicate with and involve those who are affected by the plan

Reward those who successfully achieve the goals

QUESTION 13

A plan which focuses on a fairly small set of activities with a short term focus is referred to as a(n) ________ plan.

Strategic

Tactical

Operational

Contingency

QUESTION 14

An organization's __________ is a statement of its fundamental, unique purpose which sets it apart from other businesses.

goal

mission

strategy

tactical plan

QUESTION 15

A plan that outlines the steps to be followed in a particular situation is called a:

Strategy

rule

SOP (Standard Operating Procedure)

Project

QUESTION 16

Which of the following is(are) a technique for overcoming barriers to goal setting and planning?

Explain the purpose of goals and planning

Communication and participation with employees about the process.

Revision and updating of the goals and plans.

An effective reward system

All of above are correct.

QUESTION 17

_____ is the component of a strategy that indicates what the organization does exceptionally well.

Resource deployment

Synergy

Scope

Distinctive competence

mission

QUESTION 18

GE must make decisions regarding the various businesses it competes in, ranging from medical devices to appliances to television networks. This is an example of _____ strategy.

corporate-level

short-term

business-level

functional

QUESTION 19

In an environmental SWOT analysis, the external environmental conditions are analyzed to determine the:

opportunities and threats.

opportunities and weaknesses.

strengths and threats.

strengths and weaknesses.

return on investment.

QUESTION 20

The first step in formulating strategies is usually

a tactical plan

goal implementation.

operational plans.

a mission statement.

a SWOT Analysis

QUESTION 21

Coca-Cola's success in the global marketplace is the result of its distribution system and its marketing communications, which are two of the company's

organizational strengths.

competitive disadvantages.

organizational opportunities.

scope.

SBUs.

QUESTION 22

When McDonald's introduced its new, improved coffee, this was considered a(n) ________ by Starbucks.

organizational opportunity

organizational threat

organizational weakness

a sustained competitive advantage

product imitation

QUESTION 23

Block Drug Company manufactures only products for your teeth such as, Poligrip, Polident, and Sensodyne toothpaste. Because it sells only products that are used to care for teeth, it is using a(n) _____ strategy.

prospecting

emergent

focus

cost leadership

guerrilla

QUESTION 24

When a company offers a superior quality product over its competitors, it is following a __________ strategy.

low cost

differentiation

focus

prospector

QUESTION 25

The Taco Bell division of Yum Brands has its own mission and strategy that often differs considerably from other divisions within the corporation. What is a division such as this called?

An independent business

A strategic business unit (SBU)

An entrepreneurship

A functional department

A competitive unit

QUESTION 26

For years the Tabasco Company used a(n) _____ strategy and only manufactured its famous hot sauce.

defender

single-product

aggregation

forward integration

backward integration

QUESTION 27

Reckitt & Colman, Inc. manufactures Spray 'n Wash laundry stain remover. Over the years it has acquired Resolve fabric refresher and Woolite fabric wash. This is an example of _________ diversification.

related

integrated

unrelated

consumer

QUESTION 28

Anheuser Busch purchased a company that supplied the cans it uses for its beverages. What type of corporate level strategy did it pursue?

forward vertical integration.

unrelated diversification.

backward vertical integration.

horizontal integration.

a defender strategy.

QUESTION 29

The Boston Consulting Group matrix, classifies an organizations' strategic business units (SBUs) on the basis of

market share and profit level

market share and market growth rate

market growth rate and financial strength.

financial strength and product life cycle.

cash generation potential and product life cycle.

QUESTION 30

The purchase of one firm by another firm in an attempt to diversify is called a(n)

focus strategy

acquisition

multi-domestic strategy

distinctive competence

QUESTION 31

According to the Boston Consulting Group matrix, any extra funds generated by an SBU should be allocated to a _______, which is a business with a high market share in a fast-growing market.

star

dog

question mark

defender

cash cow

QUESTION 32

Which is generally considered the most complex and risky corporate strategy is to pursue?

focus

related diversification

international

single product

QUESTION 33

A strategy in which an organization operates in several businesses that are similar to one another is called:

single product strategy

international expansion

focus strategy

related diversification

QUESTION 34

A comprehensive and ongoing management process aimed at formulating and implementing strategies for long term and organization wide success is called

mission statements

operational planning

strategic planning

goal setting

QUESTION 35

The first step in the decision-making process is

recognizing and defining the situation.

brainstorming.

the generation of alternatives.

the expression of a willingness to be innovative.

implementation.

QUESTION 36

Decisions that are routine and deal with situations in which the factors are familiar and have occurred in the past are called _____ decisions.

nonprogrammed

satisficing

rational

programmed

noninnovative

QUESTION 37

When a manager evaluates the different alternatives during the decision making process, all of the following characteristics of an alternative should be examined except:

its feasibility

is it satisfactory

level of bounded rationality

whether its affordable

QUESTION 38

The decision by the top managers at Verizon to purchase Alltel Wireless is an example of a __________ decision.

programmed

satisficing

delphi group

nonprogrammed

QUESTION 39

When the manager is involved in decision making and does not know all of the available alternatives or the risks associated with each alternative, the manager is experiencing

decision making under risk.

satisficing.

bounded rationality.

decision making under certainty.

decision making under uncertainty.

QUESTION 40

Most decisions are made under which of the following decision-making conditions?

Probability

Risk

Certainty

Uncertainty

QUESTION 41

The final and crucial stage of the decision making/problem solving process is to:

Developing a set of rational alternatives

Evaluating the possible alternatives

Follow-up and evaluate the results

Implementing the chosen alternative

Recognizing and defining the decision situation

QUESTION 42

Joyce wants to decrease employee turnover. Some of the options she considered included changing hiring practices, improve benefits, improve wages, or provide an annual bonus. She chooses a year-end bonus because it keeps payroll lower and should quickly affect turnover. This example suggests that Joyce is at which step in the decision-making process?

Developing a set of rational alternatives

Evaluating decision effectiveness

Selecting which alternative to implement

Recognizing and defining the decision situation

Evaluating the possible alternatives

QUESTION 43

____________ occurs when the decision maker is constrained by his or her own values, experiences, or skills. He or she also has less than complete knowledge and information.

Optimization

Intuitive decision making

Bounded rationality

Escalation of commitment

Satisficing

QUESTION 44

When decision makers search for an alternative only until one is found that meets some minimum level of acceptability, ____________ has occurred.

Optimization

Intuitive decision making

Bounded rationality

Escalation of commitment

Satisficing

QUESTION 45

Kellogg's introduced a new vodka flavored cereal that resulted in poor sales. It decided to triple advertising expenditures in order to improve sales. When this failed it decided to invest even more funds into its marketing of the cereal. This is an example of

bounded optimization.

escalation of commitment.

programmed decision making.

strategic maximization.

intuitive rationality.

QUESTION 46

Charlie feels each of the alternatives is basically the same. He chooses what he feels is the best alternative based on his gut feeling. Which of the behavioral factors that influence decision making does Charlie's behavior reflect?

The optimization principle

The iceberg principle

Synergy

Empathy

Intuition

QUESTION 47

One advantage of group decision making is

groupthink.

greater likelihood of meeting your goals

the diversity of the group members' backgrounds which results in a variety of alternatives.

ability of a strong individual to dominate the group.

QUESTION 48

Please list two advantages of group decision making and two disadvantages of group decision making.

QUESTION 49

Assume you are the Director of Strategic Planning at Nike. Please list and give specific examples of three (3) different corporate level strategies that you would recommend Nike pursue over the next five years.