Strategic Management - Summer Quiz

Managers use operational plans to _____.

• determine the company's long-term goals.

• specify what to do in case the original plan fails.

• regulate production quotas that must be met each quarter.

• regulate the day-to-day affairs of each department.

One of the biggest mistakes a manager can make is to _____.

• ask a colleague for advice

• calculate the probability of failure

• have a sense of certainty and not look at any risk

• do extensive research to identify risk

Define how to develop a strategy.

• You do not develop strategy; you develop action plans.

• You look at all the other competitors and the economy.

• Take all the pieces of information it found during its environmental scan and begins to assemble a strategy that will help them go where they want to go

• List out the important areas you need to address, and then discuss them with team members.

When assessing an organization's external environment a manager is concerned with

• Opportunities and Threats

• Weaknesses and Threats

• Strengths and Weaknesses

• Strengths and Opportunities

Which of the following is the final step in the decision-making process?

• Selecting an alternative

• Implementing a choice

• Performing additional research

• Reviewing and assessing

Determining the feasibility, while assessing the costs and benefits comes into play during which phase of the decision-making process?

• Collecting relevant information

• Analyzing and weighing alternatives

• Identifying alternatives

• Selecting among alternatives

If we have an investment of $25,000, and will save $5,000 a year due to that investment, what is the payback time frame in years?

• One Year

• Three Years

• Five Years

• Eight Years

Why is a tactical plan relevant for the functioning of each company?

• It designs the long-term goals and plans of a company.

• It focuses on the day-to-day operations of a company.

• Because it deals with the responsibility and functionality of lower-level departments.

• Because it is responsible for developing the mission and the vision of each department.

Once the important questions are answered during the SWOT analysis, managers can begin to place the strengths, weaknesses, opportunities, and threats in the appropriate quadrant of the _____.

• SWOT matrix

• SWOT worksheet

• SWOT form

• SWOT template

The fundamental purpose for the existence of any organization is described by its

• policies

• mission

• procedures

• strategy