Chapter 8 Quiz on Strategic Management

What is a strategic design for how a company intends to profit from its strategies, work processes, and work activities?

• A strategic management model.

• A strategic model.

• A business model.

• A competitive model.

Studies of the factors that contribute to organizational performance have shown ________ relationship between strategic planning and performance.

• a negative

• a positive

• no

• a mixed

Why is strategic management important?

• Most organizations do not change.

• It has little impact on organizational performance.

• Organizations are composed of similar divisions and functions.

• It is involved in many of the decisions that managers make.

The first ________ steps of the strategic management process describe the planning that must take place.

• four

• three

• five

• two

In the first step of strategic management, the mission of the firm answers the question, ________

• "who are our customers?"

• "what is our reason for being in business?"

• "what business should we be in?"

• "who are our creditors?"

What provides clues as to what an organization sees as its purpose?

• The organization's strategies.

• The organization's mission.

• The organization's goals.

• The organization's business model.

In the first step of strategic management, identifying the current strategies and goals provides ________.

• an understanding of what the competition is doing

• important information about an organization's specific resources and capabilities

• a basis to determine if the goals need to be changed

• an idea of what trends and changes are occurring

In analyzing the environment, managers should know ________.

• the goals currently in place and the strategies currently being used

• the competition's stock price

• the organization's purpose

• about pending legislation that might affect the organization

When an organization is analyzing its labor supply, it is studying its ________.

• internal environment

• external environment

• organizational culture

• organizational structure

________ and ________ are outcomes from a study of the external environment.

• Strengths; weaknesses

• Opportunities; threats

• Threats; weaknesses

• Weights; measures