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WorksheetsStrategic Management
Total questions: 70
Worksheet time: 44mins
Try to guess: in 2010, which was the global company with more stores in the world?
With franchising strategy:
Firms make their product and services in its home country to export them to foreign markets
Foreign companies are allowed to use the company’s technology or to produce and distribute the company’s products and service
A separate organization operates the business with the name of another company, in exchange for money
What are the 4 P?
Price, Promotion, Place, Profit
Price, Place, Promotion, Prince
Price, Promotion, Product, Place
Pizza, Poker, Party, Pasta
A small coffee shop faces significant potential competition because of the low capital requirements compared with business environments such as universities and laboratories.
True
False
A video-streaming service provider such as Netflix is a complement to a manufacturer of streaming video devices such as Roku
True
False
Kirsten, a manager, is writing an analysis of her employer's current and possible future revenues. Which of the following could she identify as an economic factor in her firm's external general environment?
A) the government regulations and laws in the country in which the firm exists
B) the stage of the business cycle that the country is in
C) the values and norms prevalent in the society in which the firm operates
D) the bargaining power of the firm's suppliers and buyers
A
B
C
D
The goal of most organisation is to choose a strategy that
Maximizes the value of the firm for its shareholders
Emphasizes high sales
Minimizes costs
Controls both costs and expenses
Marketing campaigns are always long term?
True.
False
What is the most widely used strategic tool?
Five forces analysis
PESTEL analysis
SWOT analysis
VRIO analysis
SWOT-TOWS
Organizational culture
is long term plan how to win, visible and changes fast
consist of values, beliefs, behaviors, paradigm (=stories, rituals, power structures, symbols, control systems)
is theory of competitive advantage
fairly easy to copy and defines, what you do, when everyone sees
Digital camera inventor Kodak, continued to promote photo film to world, even though there was strong customer trend towards consumers buying digital cameras. This led to collapse or their core organization.
Yes, they failed to promote new technology. Kodak moved too slowly and failed to keep pace with changing environment.
No, digitalization of cameras and film did not affect Kodak. They made fast strategic decisions and let go of historical influences.
The first step in the six-step strategic management process is to ________.
analyze the organization’s strengths and weaknesses
identify the organization’s mission
identify strategies to reach the organization’s goals
analyze the opportunities the organization has
A mission statement includes identification of an organization's ________.
strengths and weaknesses
purpose and basic philosophy
assets and resources
resources and strengths
A formal summary of a businesses goals and values is a
Policy
Business Plan
Schedule
Mission statement
Strategic planning is
Long term planning
Short term planning
General Planning
Seasonal Planning
What is an advantage for centralized organizations?
High cost
Clear chain of command
Increased administration
delays in decision making
When managers look back to reflect on what has been done in the past and make sure things are being done as planned, they are engaging in the function of
Organizing
Reflecting
Controlling
Planning
BENEFITS OF USING DECISION TREES include:
Uses quantitative data only – ignores qualitative aspects of decisions
It is based on assumptions and estimates
Choices are set out in a logical way
Assignment of probabilities and expected values prone to bias
DRAWBACKS OF USING DECISION TREES include:
Likely costs are considered as well as potential benefits
Use of probabilities enables the “risk” of the options to be addressed
Uses quantitative data only – ignores qualitative aspects of decisions
Easy to understand & tangible results
DRAWBACKS OF USING DECISION TREES include:
Likely costs are considered as well as potential benefits
Easy to understand & tangible results
Decision-making technique doesn’t necessarily reduce the amount of risk
It is a mathematical model used to help managers make decisions.
Contingency planning identifies the firm’s main business focus over a long-term period.
True
False
The management of a firm would benefit from having ______ in order to effectively handle various possible unexpected business conditions.
Interpersonal plans
Strategic plans
Tactical management
Contingency plans
__________ is a ratio or rate of return concept.
A. Profitability
B. Performance
C. Cash flow
D. Efficiency
Companies that are successful at global expansion are successful at transferring their
A. competitive advantage
B. comparative advantage
C. core competencies
D. core advantage
Who is the father of the Scientific Management Movement?
Charles Babbage
F.W.Taylor
Harold Koontz
Hentry Fayol
MBO stands for---------
Management by objectives
Major basic order
Minimum bearing objectives
Management before order
Profit growth can be achieved through ________
increase cost
decrease cost
add value and raise prices
enter new markets
The two basic strategies for creating value are ________
value and cost
differentiation and low cost
profitability and profit growth
R&D and production
Voluntary or involuntary leaving the position.
Hire
Fire
Resign
Appoint
How could you define organisational culture?
The way things aren't done round here
Round here, we do nothing
The way things are done round here
What the organisational building looks like
Where can culture be seen in an organisation?
In the company handbook
On the organisational chart
In daily work practices
During the corporate induction
Objectives that are precise and quantifiable
WAIT
SMART
CLEAR
Tactics
The moral principles that guide decision-making
Profit
Ethics
Growth
Laws
The conscientious consideration of external impact of business activities
JIT
CSR
NBIT
SMART
What is a core competency?
Something the business can do well
Something unique that the business is good at
Something the business uses to build strength
Being the market leader
Which of these is not a core competency?
Providing good customer service in a hotel
Using technically skilled staff to produce a new chip
Providing superior quality products
Using innovative production techniques
Core Competencies will change the business grows and develops:
True
False
Diversification is good because:
It focuses investments on a single stock to take advantage of growth potential
Mutual funds have higher fees than individual stocks
Interest rates rise and fall
It spreads the risk of investment
outlines the process of determining which forces drive and which resist a proposed change.
Maslow's hierarchy of needs
Nohria's Four Drive theory
Lewin's Force Field Analysis
Senge's Learning Organisation theory
Are the forces that support change
Driving forces
Pushing forces
Restraining forces
Draining forces
Managers could also potentially act as a...
restraining force on change that may occur in a business.
negative key performance indicator.
player in the big scheme of the business culture.
shareholder within the business structure of change.
Competitors will often be seen as a...
competition for change
welcome opportunity for change
driving force for change in business.
restraint in the production process.
Lewin's Force Field Analysis is made up of what?
Driving forces
Restraining forces
Pushing and Pulling forces
Driving and restraining forces
_____ is critical in a changing environment
Human Resources
Operations
Marketing
Finance
Scoring favourable and unfavourable factors based on influence to make a go/no-go decision is known as conducting a
Favourable Force Analysis
Locke's goal setting
Herzberg two factor theory
Force Field Analysis
A small response to change is referred to as an _____________________ change
impervious
impactful
immediate
incremental
The costs to fix and update, the constant changes and lack of reliability are all reasons _______ technology
for
against
A business plan would normally be updated:
Every day
A month after the business starts
Once a business adjusts its aims/objectives
Every so often
Never - It stays the same in its original form
