Basic Managerial Planning Quiz

What is the first step in the basic planning process?

• evaluating the possible alternatives

• implementing a course of action

• setting an objective

• comparing options

Which one of the following is NOT part of the basic managerial planning process?

• evaluation of best options

• establishment of clear objectives

• implementation of the plan

• building corporate hierarchies

Which term indicates the course of action for getting from where you are to where you want to go?

• goal

• plan

• proposition

• assessment

A course of action that a firm can pursue to achieve its strategic aims is known as a ___.

• vision

• goal

• strategy

• mission

All of the following are steps involved in the strategic management process EXCEPT

• evaluating the firm’s internal and external situation

• asking, 'Where are we now as a business?'

• formulating a new business direction

• offshoring low-skill jobs

Which one of the following provides a summary of a firm’s intended direction and shows, in broad terms, 'what we want to become'?

• mission statement

• strategic plan

• vision statement

• marketing plan

The sales director at WebMD is calculating annual sales revenue targets and the number of new medical-related content providers that the firm needs to maintain a competitive advantage. In which step of the strategic management process is the sales director involved?

• evaluating the firm’s internal and external strengths

• defining the business and its mission

• choosing specific strategies or courses of action

• evaluating the strategic plan

A diversification corporate strategy implies that a firm will

• expand by adding new product lines

• reduce the company’s size to increase market share

• save money by producing its own raw materials

• increase profits by offering one popular product

Harley-Davidson sells a line of boots, helmets, and leather jackets indicating that the firm is pursuing which one of the following strategies?

• consolidation

• geographic expansion

• diversification

• horizontal integration

Winchester Rugs operates a Website called www.buyrugsdirect.com, so Winchester Rugs is most likely using a strategy of

• consolidation

• geographic expansion

• vertical integration

• concentration