Mid Semester 2

All of these are pitfalls an organization should avoid in strategic planning except:

• Using strategic planning to gain control over decisions and resources.

• Hastily moving from mission development to strategy formulation.

• Failing to involve key employees in all phases of planning.

• Using plans as a standard for measuring performance

The term strategic planning refers only to strategy formulation.

• Not entirely true

• Correct

• False

• Somewhat

________ is the process by which a firm manages the formulation and implementation of its strategy.

• Micro Management

• Total Quality Management

• Strategic Management

• Economic Logic

The problem of limited resources within a firm makes ______________ particularly important as the firm decides how to allocate its resources.

• Short-term planning

• Strategy implementation

• Long-range planning

• Strategy formulation

Which of these requires a firm to establish annual objectives, devise policies, and allocate resources?

• Strategy evaluation

• Strategy formulation

• Strategy manipulation

• Strategy implementation

Which is not a part of strategy implementation?

• Structure & Control

• Strategic Leadership

• International Strategy

• Entrepreneurship & Innovation

The two most critical questions that __________ strategy must address are how a company will achieve its objectives today, when other firms may be competing to satisfy the same customer's needs and how the firm plans to compete in the future.

• Business

• Corporate

• Operational

• Functional

The term _________ is used to refer to strategy formulation, implementation, and evaluation, with _________referring only to strategy formulation.

• Strategic management; strategic planning

• Management cycle; brainstorming

• Strategic planning; strategic management

• Assessment; planning

Which of the following is not one of the three fundamental questions addressed by corporate strategy?

• How can we, as a corporate parent, add value to our various lines of business?

• How can we best position our operations to compete against present and future rivals within a particular business?

• In what business will we compete?

• How will diversification or our entry into a new industry help us to compete in our other industries?

The process of conducting research and gathering and assimilating external information is called:

• Industry analysis

• Mission development

• Lobbying

• Long range planning