Question 1: One issue considered in developing corporate strategies is:
A. What competition are we facing?
B. What direction are we going in?
C. What resources do we have to implement our strategies?
D. What businesses are we in and what to do with those businesses?
Question 2: The basic activities of strategic management include:
A. offense, defense, and control.
B. situation analysis, strategy formulation, strategy implementation, and strategy evaluation.
C. strategy development, strategy control, and strategy management.
D. ethics, management, and practice.
Question 3: Bases for understanding strategic management are all of the following EXCEPT:
A. managing strategically makes a difference in an organization's performance.
B. all organizations encounter changing situations.
C. single approaches to strategy development are superior to multiple approaches.
D. all strategies must be evaluated and changed over time.
Question 4: The academic discipline primarily responsible for the development of strategic management is:
A. accounting.
B. economics.
C. philosophy.
D. anthropology.
Question 5: Types of strategies within organizations include:
A. situational strategies.
B. functional strategies.
C. product strategies.
D. global strategies.
Question 6: The __________ is an elected group that represents a company's shareholders.
A. board of directors
B. senior management team
C. steering committee
D. corporate counsel
Question 7: Strategic management affects all organizational members. However, the only issue that differs among organizational members is the:
A. stage of the strategic management process.
B. scope of the individual's actions.
C. development of the strategy.
D. administrative impacts.
Question 8: In the development of strategic management as a discipline, Alfred Chandler wrote the book:
A. Corporate Strategy.
B. The Teflon Leader.
C. The Pursuit of Excellence.
D. Strategy and Structure.
Question 9: An organization's strategy is its goal-directed decisions and actions in which its capabilities and resources are matched with the __________ in its environment.
A. internal and external financial controls
B. opportunities and threats
C. long-term issues
D. sequential management process
Question 10: In addition to expanding the role of board members, the Sarbanes-Oxley Act of 2002 also called for more disclosure and transparency of:
A. the corporate vision.
B. the corporate mission.
C. financial information.
D. the balanced scorecard.
Question 11: Globalization has created challenges because of the __________ that is necessary to make it work.
A. investment
B. management
C. openness
D. staffing
Question 12: An example of a corporate strategy would involve the decision to:
A. increase the price of the Hummer.
B. spin Taco Bell off from Pepsi.
C. combine marketing functions in the Northeast and the Southeast.
D. increase the advertising budget for Coca-Cola.
Question 13: An organization's __________ are its goal-directed plans and actions in which its capabilities and resources are matched with the opportunities and threats in its environment.
A. mission statements
B. vision statements
C. strategies
D. objectives
Question 14: Situation analysis involves the process of:
A. designing and choosing appropriate organizational strategies.
B. analyzing the current environment of the organization.
C. identifying external competitive threats.
D. evaluating the internal aspects of the organization.
Question 15: One strategic responsibility of managers and employees at other levels throughout the organization is:
A. strategy implementation.
B. situation analysis.
C. strategy formulation.
D. developing the organization's vision.
Question 16: Which of the following is NOT a major element of the strategic management process?
A. Formulating strategy
B. Implementing strategy
C. Undertaking a situation analysis
D. Assigning administrative tasks
Question 17: The organization type which first utilized strategy was the __________ organization.
A. entertainment
B. military
C. retail
D. not-for-profit
Question 18: Section 404 of the Sarbanes-Oxley Act deals with the establishment and auditing of:
A. external financial controls.
B. internal financial controls.
C. appointment of the CEO.
D. appointment of Board members.
Question 19: __________ involves how a corporation uses its resources and protects stakeholders' interests.
A. Financial oversight
B. Corporate governance
C. Steering committee focus
D. Corporate counsel
Question 20: Which of the following statements is NOT true regarding corporate strategies?
A. They are concerned with the broad and more long-term issues of the organization.
B. They are concerned with how the organization is going to compete in a specific business or industry.
C. They are concerned with the direction the organization is headed.
D. They are concerned with the business(es) that the organization is in and the businesses they want to be in.