Management Chap 03

Strategy formulation is the

• set of decisions an organization makes about how it will distribute its resources

• method by which strategies are operationalized or executed

• set of processes for determining the strategies that will be used by an organization

• process of evaluating an organizations strengths and weaknesses

• set of decisions an organization makes to neutralize threats and avoid weaknesses

A(n) ____ goal for a waste management plant could be to "identify barriers to recycling as well as means to overcome those barriers; determine recycling rates by neighborhood and find correlations, if any, between barriers and neighborhoods." It would develop naturally out of a strategic goal "to increase recycling by 10% everywhere."

• strategic

• departmental

• tactical

• functional

• divestiture

Gadgetbug Inc. is known for its extremely efficient after-purchase service. None of Gadgetbug's competitors provide the same kind of customer service. Gadgetbug's _____ is described in the scenario.

• resource deployment

• scope

• distinctive competence

• effective strategy

Business-level strategy is

• the set of decisions an organization makes about how it will distribute its resources.

• the set of strategic alternatives from which an organization chooses as it manages its operations simultaneously across several industries and several markets.

• the set of processes involved in creating or determining an organization's strategies.

• the set of strategic alternatives that helps an organization focus its competitive efforts for each industry or market in a targeted and focused manner.

• the methods by which strategies are operationalized or executed within the organization.

Which of the following is most closely associated with an overall cost leadership strategy?

• Manufacturing highly-customized products

• Manufacturing products in bulk

• Providing highly efficient customer service that is better than any other competitor

• Selling products at high prices

• Using expensive raw materials

A(n) _____ is an area in an organization's environment that, if exploited, may generate higher performance.

• organizational opportunity

• economic downswing

• organizational strength

• process gain

• process loss

Zing Inc. is a large fashion brand that manufactures clothing and shoes. The top managers of Zing have decided to use the profits from its clothing outlets to invest in the shoes business. This scenario illustrates the _____ component of a strategy.

• resource deployment

• scope

• distinctive competence

• effective strategy

An organization's _____ is a statement of its fundamental, unique purpose that sets a business apart from other firms of its type and identifies the scope of the business's operations in product and market terms.

• Vision

• Mission

• Goal

• Plan

A(n) _____ plan is a general plan outlining decisions about resource allocation, priorities, and action steps necessary to reach the goals set by the top managers.

• recovery

• strategic

• tactical

• operational

• contingency

Which of the following statements is true about strategic goals?

• They are set by an organization's middle managers.

• They are set by first-line managers.

• They provide plans for the day-to-day operations of an organization.

• They focus on broad and general issues.

• Their focus is on short-term issues.