Chapter 9

Which of the following best describes a strategy?

• A short-term goal

• A detailed plan for daily operations

• A plan of action designed to achieve long-term or overall goals

• A routine procedure

What is a business model?

• A plan for marketing products

• A blueprint for how a company plans to make money and sustain operations

• A design for product development

• A report on business performance

Strategic management involves which of the following?

• Hiring employees

• The process of formulating, implementing, and evaluating decisions to achieve organizational objectives

• Managing daily operational activities

• Creating short-term financial plans

A mission statement is best described as:

• A description of a company’s future goals

• A detailed business plan

• A brief description of a company’s purpose and objectives

• A document outlining market strategies

Which of the following describes a company’s vision?

• Its daily activities

• A long-term goal describing what the company wants to become

• A summary of past achievements

• A list of current financial objectives

What is a SWOT analysis used for?

• Identifying new products

• Measuring sales growth

• Identifying strengths, weaknesses, opportunities, and threats in an organization

• Monitoring employee performance

A competitive advantage is:

• A unique feature that allows a company to outperform its competitors

• The ability to lower product prices

• A temporary edge over competitors

• A result of increased advertising

Core competency refers to:

• A company’s marketing plan

• A company’s defining capability or advantage that distinguishes it from competitors

• Employee training programs

• A pricing strategy

Corporate strategy focuses on:

• A company’s short-term tactics

• How a company competes within a particular business segment

• The overall plan for a diversified company

• Reducing employee turnover

Business-level strategy refers to:

• Improving efficiency in specific departments

• Competing within a particular market

• Developing a new product

• Expanding into international markets