Strategic Management Quiz 1

The first step in the strategic management process is to:

• define a firm's vision, mission, and values

• understand the strategies of the competitors

• put the guiding policies of a firm into practice

• develop functional and business-level strategies

A customer-oriented vision statement focuses employees to think about how best to:

• solve a problem for a consumer

• make a product easier to use

• increase their efficiency for consumers

• improve a popular product

____are best described as the ethical standards and norms that govern the behavior of individuals within a firm.

• Organizational values

• Corrective controls

• Customs duties

• Job descriptions

Corporate executives at LikeReal, Inc. decide to compete in the remote model airplane industry by making the largest model planes available. By doing this, they completed part of their

• corporate strategy

• mplementation strategy

• functional strategy

• business strategy

In a large company, who is most responsible for devising the corporate strategy?

• the CEO of the company

• the lower-level employees in the company

• the head of the production department in the company

• the human resource manager in the company

To implement specific business strategies, general managers of strategic business units rely on

• functional managers

• strategic leaders

• corporate executives

• external stakeholders

____is best described as a rational process in which executives at a company's headquarters take primary responsibility to program future success of the company they lead

• Top-down strategic planning

• Bottom-up strategic approach

• Reverse mentoring

• Emergent strategic plan

Which of the following is a top-down approach to the development of strategy that involves asking "what if" questions to anticipate plausible futures?

• scenario planning

• top-down strategic planning

• bottom-up strategic thinking

• reverse mentoring

Which is considered a force in the five-forces model?

• rivalry among competing firms

• increased deregulation in an industry

• the threat of government intervention

• higher unemployment rates

Airbnb, a room-sharing site, offers more rooms than Marriott. Goldman Sachs suggests that the supply of new rooms over the next two years will outpace the previous five even though the growth of American occupancy rates has begun to slow. Which competitive force is involved in this situation?

• the threat of new entrants

• the threat of favorable government policies

• the threat of new buyers

• the threat of proprietary products