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Strategic Management UE University of Wroclaw

Strategic Management UE University of Wroclaw

Question 1 of 82

1

In the Five Forces Model, the ease with which companies can enter into competition with other companies within the industry is known as which type of force?

Select one of the following:

  • the threat of substitute products

  • the power of suppliers

  • the power of customers

  • the level of rivalry

  • the potential for entry

Explanation

Question 2 of 82

1

In which step of SWOT analysis would “obsolete, narrow product line” be most likely to arise?

Select one of the following:

  • T

  • O

  • W

  • both O and T

  • S

Explanation

Question 3 of 82

1

An organization that treats customers better than its rivals is wasting money.

Select one of the following:

  • True
  • False

Explanation

Question 4 of 82

1

The development of a set of functional-level strategies to increase the performance of the operating system a company uses to transform inputs into finished goods and services is known as:

Select one or more of the following:

  • value chain management

  • research and development

  • utilizing new technology

  • materials management

  • efficiency management

Explanation

Question 5 of 82

1

An organization attempts to gain a competitive advantage by aiming its efforts at driving down its production costs per unit below those of its competitors. This is known as which type of strategy?

Select one or more of the following:

  • low-cost strategy

  • focused differentiation strategy

  • unrelated diversification strategy

  • related diversification strategy

  • concentration on a single business strategy

Explanation

Question 6 of 82

1

A general guide to action for the managers of an organization is known as:

Select one or more of the following:

  • a rule

  • a policy

  • none of the above

  • a standing plan

  • an SOP

Explanation

Question 7 of 82

1

Another name for contingency planning is:

Select one or more of the following:

  • divisional-level planning

  • scenario planning

  • synergy planning

  • business-level planning

  • ad hoc planning

Explanation

Question 8 of 82

1

Organizations that use a global strategy typically customize the product to meet the needs of customers in different countries.

Select one of the following:

  • True
  • False

Explanation

Question 9 of 82

1

Another name for contingency planning is scenario planning.

Select one of the following:

  • True
  • False

Explanation

Question 10 of 82

1

The more desired attributes an organization builds into its products, lower the price they can charge to attract customers.

Select one of the following:

  • True
  • False

Explanation

Question 11 of 82

1

When an organization updates its five-year plan annually in order to take into account changing conditions within the organization and in the organization's external environment, this is known as which type of plan?

Select one or more of the following:

  • SWOT

  • scenario

  • functional

  • inflexible

  • rolling

Explanation

Question 12 of 82

1

Another name for the departmental level of the organization is the __________ level of the organization.

Select one or more of the following:

  • functional

  • divisional

  • corporate

  • business

  • first-line

Explanation

Question 13 of 82

1

The set of decisions that managers make to assist the organization in the attainment of its goals is called the strategy of the organization.

Select one of the following:

  • True
  • False

Explanation

Question 14 of 82

1

PepsiCo purchased KFC so that it could replace Coke products with Pepsi products in KFC restaurants. This was an example of:

Select one or more of the following:

  • a low cost strategy

  • vertical integration

  • a diversification strategy

  • horizontal integration

  • a global strategy

Explanation

Question 15 of 82

1

Fast inventory turnover was not a factor influencing competitive advantage in the retailing industry.

Select one of the following:

  • True
  • False

Explanation

Question 16 of 82

1

Managers monitor and evaluate the organization's strategy to see if it is working using the controlling function.

Select one of the following:

  • True
  • False

Explanation

Question 17 of 82

1

The service function controls the movement of physical materials through the value chain.

Select one of the following:

  • True
  • False

Explanation

Question 18 of 82

1

When an organization enters a new type of industry that is not similar in any way to the
current businesses of the organization, this is known as a(n) ____________ strategy.

Select one or more of the following:

  • related diversification

  • international expansion

  • unrelated diversification

  • vertical integration

  • concentration on a single business

Explanation

Question 19 of 82

1

The marketing and sales functions of a company are responsible for the creation of a good or service.

Select one of the following:

  • True
  • False

Explanation

Question 20 of 82

1

All of the following are major corporate-level strategies that managers can use to help their
organization increase its sales and profits EXCEPT:

Select one or more of the following:

  • focus

  • vertical integration

  • diversification

  • concentration on a single business

  • international expansion

Explanation

Question 21 of 82

1

A department of the organization (such as manufacturing, accounting, marketing) that contains employees who have the same skills and use the same organizational resources to perform their jobs is known as a(n) __________ of the organization.

Select one or more of the following:

  • vertical integration

  • function

  • business

  • division

  • synergy

Explanation

Question 22 of 82

1

General Electric Company sets a goal that every product line of the company should be either first or second in its industry in market share. What type of goal does this represent?

Select one or more of the following:

  • business-level

  • divisioanl level

  • multidomestic-level

  • functional-level

  • corporate-level

Explanation

Question 23 of 82

1

Anything new or better about the way an organization operates, or the goods or services it produces, is the result of innovation.

Select one of the following:

  • True
  • False

Explanation

Question 24 of 82

1

A formal, written guide to action for managers in an organization is known as:

Select one or more of the following:

  • a heuristic

  • a policy

  • synergy

  • a rule

  • none of the above

Explanation

Question 25 of 82

1

An organization creates a list of possible future forecasts of business situations and creates a plan to respond to each of these forecasts. This is known as:

Select one or more of the following:

  • synergy planning

  • ad hoc planning

  • scenario planning

  • divisional-level planning

  • functional planning

Explanation

Question 26 of 82

1

When an organization designs a corporate-level strategy that includes expanding its operations into a new type of business for the organization, this is known as a(n) __________ strategy.

Select one or more of the following:

  • concentration

  • international expansion

  • sybergistic

  • diversification

  • vertical integration

Explanation

Question 27 of 82

1

A broad statement of the organization's purpose, its products, and its customers is called a mission statement.

Select one of the following:

  • True
  • False

Explanation

Question 28 of 82

1

High quality products have superior design, features, reliability, and after-sales support.

Select one of the following:

  • True
  • False

Explanation

Question 29 of 82

1

A group of managers analyzes both the internal strengths and weaknesses of their organization as well as the opportunities and threats of the external environment. What type of analysis is this?

Select one or more of the following:

  • related diversification

  • functional analysis

  • mission analysis

  • diversification

  • SWOT analysis

Explanation

Question 30 of 82

1

Unilever sells different products using a different marketing approach in Great Britain than it uses when marketing these products in the United States. This is an example of:

Select one or more of the following:

  • a global strategy

  • unrelated diversification

  • a multidomestic strategy

  • vertical integration

  • a focused low-cost strategy

Explanation

Question 31 of 82

1

Managerial goals should be both challenging and realistic.

Select one of the following:

  • True
  • False

Explanation

Question 32 of 82

1

Functional goals and strategies need not be consistent with divisional goals and strategies.

Select one of the following:

  • True
  • False

Explanation

Question 33 of 82

1

The information systems function controls the electronic systems for managing inventory, tracking sales,
pricing products, selling products, dealing with customer service inquires, and so on.

Select one of the following:

  • True
  • False

Explanation

Question 34 of 82

1

An organization attempts to succeed by distinguishing its products from those of the
competition. What type of strategy is this?

Select one or more of the following:

  • unrelated diversification strategy

  • concentration on a single business strategy

  • low-cost strategy

  • related diversification strategy

  • focused differentiation strategy

Explanation

Question 35 of 82

1

SWOT is a part of:

Select one or more of the following:

  • none of the above

  • all of the above

  • business-level strategy

  • functional-level strategy

  • corporate-level strategy

Explanation

Question 36 of 82

1

The first step in defining an organization's mission is to define its business.

Select one of the following:

  • True
  • False

Explanation

Question 37 of 82

1

The fewer the inputs required to produce a given output, the lower is the efficiency and the higher the cost of outputs.

Select one of the following:

  • True
  • False

Explanation

Question 38 of 82

1

__________ means producing goods and services with superior design, features, reliability, and after-sales support.

Select one or more of the following:

  • efficiency

  • responsiveness

  • quality

  • flexibility

  • innovation

Explanation

Question 39 of 82

1

The ___________ function can create a perception of superior value by solving customer problems and supporting customers after they have purchased the product.

Select one or more of the following:

  • production

  • information systems

  • materials management

  • service

  • marketing

Explanation

Question 40 of 82

1

Firestone Tire and Rubber Company purchases rubber plantations in Africa so that it will have a source of supply for its tire manufacturing plants in Akron, Ohio. This is an example of:

Select one or more of the following:

  • forward vertical integration

  • a global strategy

  • a focused differentiation strategy

  • a multidomestic strategy

  • backward vertical integration

Explanation

Question 41 of 82

1

Two divisions of a company decide to use the same distribution channels for their products to reduce the overlap of their marketing efforts. This is an example of:

Select one or more of the following:

  • a differentiation strategy

  • synergy

  • a low-cost strategy

  • diversification

  • a focused-differentiation strategy

Explanation

Question 42 of 82

1

Procter & Gamble uses a joint sales force to sell both its laundry detergent products and its bath soap products to the same supermarket chains. This is an example of:

Select one or more of the following:

  • a differentiation strategy

  • a low-cost strategy

  • a focused-differentiation strategy

  • a diversification strategy

  • synergy

Explanation

Question 43 of 82

1

The company that customizes every product to the unique demands of individual customers is likely to see its cost structure:

Select one or more of the following:

  • all of the above

  • become obsolete

  • become lowers as demand increases rapidly

  • rise as unit revenues rise

Explanation

Question 44 of 82

1

SWOT analysis is the last step in the strategy formulation process.

Select one of the following:

  • True
  • False

Explanation

Question 45 of 82

1

Which of the following is NOT a reason to try to boost product quality?

Select one or more of the following:

  • To charge a higher price

  • All of these are reasons

  • To provide a higher quality product, for the same price, as the competition

  • To become more responsive to customers

  • To increase efficiency

Explanation

Question 46 of 82

1

Organizational plans that cover a timespan of one to five years are typically referred to as _____________ plans.

Select one or more of the following:

  • short-term plans

  • corporate-term plans

  • intermediate-term plans

  • long-term plans

  • division-term plans

Explanation

Question 47 of 82

1

Differentiation raises costs.

Select one of the following:

  • True
  • False

Explanation

Question 48 of 82

1

A functional-level plan spells out the goals of the __________ that are intended to assist the organization to achieve its __________ goals.

Select one or more of the following:

  • department;corporate

  • none of the above

  • division;corporate

  • business;divisional

  • division;business

Explanation

Question 49 of 82

1

A business plan that is updated every year depending on the changes in the organization and in the external environment that have taken place in the previous year is known as a rolling plan.

Select one of the following:

  • True
  • False

Explanation

Question 50 of 82

1

IBM has a written set of guidelines for its managers in terms of behavior that IBM considers to be either ethical or unethical. This set of written guidelines is called:

Select one of the following:

  • rules

  • a single-use plan

  • policy

  • a standard operating procedure

  • a mission statement

Explanation

Question 51 of 82

1

Which type of organizational strategy states the industries and markets in which the organization intends to compete?

Select one or more of the following:

  • business-level strategy

  • divisional-level strategy

  • functional-level strategy

  • departmental-level strategy

  • corporate-level strategy

Explanation

Question 52 of 82

1

The cluster of decisions that managers make to assist the organization to achieve its goals is known as:

Select one or more of the following:

  • SWOT analysis

  • strategy

  • related diversification

  • diversification

  • scenario planning

Explanation

Question 53 of 82

1

Which level of management of a large organization contains the organization's marketing department, R&D department, and human resources department?

Select one or more of the following:

  • multidomestic

  • divisional

  • scenario

  • first-line

  • vertical

Explanation

Question 54 of 82

1

Procter & Gamble uses the same distribution system to deliver its oral care products and its hair care products to drugstore chains. This is an example of:

Select one or more of the following:

  • a diversification strategy

  • a focused-differentiation strategy

  • synergy

  • an unrelated diversification strategy

  • a differentiation strategy

Explanation

Question 55 of 82

1

The corporate-level plan of an organization contains the decisions that are related to the organization's mission, goals, strategy, and structure.

Select one of the following:

  • True
  • False

Explanation

Question 56 of 82

1

Planning is a goal-making but not a strategy-making process.

Select one of the following:

  • True
  • False

Explanation

Question 57 of 82

1

Wal-Mart, the US retailing giant, has created the most efficient ________________ function in the retail industry by tightly controlling the flow of goods from its suppliers through its stores into the hands of customers.

Select one or more of the following:

  • marketing

  • production

  • service

  • information systems

  • materials management

Explanation

Question 58 of 82

1

When Gallo (wine producer) purchased a company that makes wine bottles, it was involved in:

Select one or more of the following:

  • forward vertical integration

  • horizontal integration

  • strategic alliance

  • backward vertical integration

  • upward integration

Explanation

Question 59 of 82

1

Most customers prefer products with few features to products with many features.

Select one of the following:

  • True
  • False

Explanation

Question 60 of 82

1

If Organization A is able to provide, for the same price, a product of higher quality than Organization B's product, Organization A is serving its customers better, but it is not being more responsive.

Select one of the following:

  • True
  • False

Explanation

Question 61 of 82

1

What type of strategy specifies the activities of managers at the departmental level of the organization?

Select one or more of the following:

  • business-level strategy

  • top-level strategy

  • divisional-level strategy

  • corporate-level strategy

  • functional-level strategy

Explanation

Question 62 of 82

1

When Matsushita sells its TVs and VCRs using the same basic marketing approach in various countries, this is an example of:

Select one or more of the following:

  • a focused low-cost strategy

  • a multidomestic strategy

  • a global strategy

  • vertical integration

  • a differentiation strategy

Explanation

Question 63 of 82

1

In the typical organization, top managers are primarily responsible for planning that takes place at the business level of the organization.

Select one of the following:

  • True
  • False

Explanation

Question 64 of 82

1

An organization's strategy is an outcome of its planning processes.

Select one of the following:

  • True
  • False

Explanation

Question 65 of 82

1

Which type of plan details the goals, strategy, and structure of a division within an organization?

Select one or more of the following:

  • departmental-level plan

  • none of the above

  • corporate-level plan

  • business-level plan

  • functional-level plan

Explanation

Question 66 of 82

1

Southwest's low-cost operating system focuses only on improving the maintenance of aircraft.

Select one of the following:

  • True
  • False

Explanation

Question 67 of 82

1

Managers at ABC, Inc. analyze the current situation of their organization and then develop plans to help their organization to accomplish its mission and achieve its goals. This is known as:

Select one or more of the following:

  • strategy formulation

  • SWOT analysis

  • diversification

  • synergy planning

  • functional planning

Explanation

Question 68 of 82

1

When General Electric Company expanded its operations by acquiring NBC television, this was an example of which type of strategy?

Select one or more of the following:

  • low-cost strategy

  • vertical integration

  • concentration on a single business strategy

  • diversification

  • international expansion

Explanation

Question 69 of 82

1

Organizational plans that cover a time-span of up to one year are referred to as __________ plans.

Select one or more of the following:

  • division-term plans

  • long-term plans

  • corporate-term plans

  • intermediate-term plans

  • short-term plans

Explanation

Question 70 of 82

1

Through brand positioning and advertising, the __________ function can increase the value that customers perceive to be contained in a company's product.

Select one or more of the following:

  • production

  • materials management

  • marketing

  • service

  • information systems

Explanation

Question 71 of 82

1

In managing the value chain to add value, functional managers need to find ways to attain superior quality, efficiency, innovation, and responsiveness to customers.

Select one of the following:

  • True
  • False

Explanation

Question 72 of 82

1

The production function of a company can perform its activities in a way that is consistent with high product quality, which leads to _____________ and _____________.

Select one or more of the following:

  • Disgruntled employees; better sales

  • Product differentiation; higher costs

  • Product differentiation; lower costs

  • Inconsistencies; higher costs

  • Happy employees; more mistakes

Explanation

Question 73 of 82

1

According to Michael Porter's theory, it is possible for managers to pursue both a low-cost strategy and a differentiation strategy at the same time.

Select one of the following:

  • True
  • False

Explanation

Question 74 of 82

1

With a multidomestic strategy, managers decide to sell the same product with the same marketing approach in all of the countries in which the product is sold.

Select one of the following:

  • True
  • False

Explanation

Question 75 of 82

1

When managers focus on being ___________ to their customers, and not just on producing or providing a product, they see new ways to reduce costs and increase quality.

Select one or more of the following:

  • friendly

  • honest

  • ethical

  • efficient

  • responsive

Explanation

Question 76 of 82

1

Which plan of the organization contains top management's decisions about the organization's mission, goals, strategy, and structure?

Select one or more of the following:

  • functional-level plan

  • departmental-level plan

  • business-level plan

  • corporate-level plan

  • divisional-level plan

Explanation

Question 77 of 82

1

When PepsiCo purchased Frito-Lay and expanded its operations into the snack-food business, this was an example of which type of strategy?

Select one or more of the following:

  • vertical integration

  • diversification

  • low-cost strategy

  • international expansion

  • concentration on a single business

Explanation

Question 78 of 82

1

The last step in a SWOT analysis is to identify the organization's internal strengths and internal weaknesses.

Select one of the following:

  • True
  • False

Explanation

Question 79 of 82

1

The term “value chain” refers to the idea that a company is a chain of functional activities that transforms inputs into an output of goods or services that customers value.

Select one of the following:

  • True
  • False

Explanation

Question 80 of 82

1

Fast inventory turnover was not a factor influencing competitive advantage in the retailing industry.

Select one of the following:

  • True
  • False

Explanation

Question 81 of 82

1

The management of the value-chain activities that bring new products or services to market is called ________________.

Select one or more of the following:

  • product development

  • JIT

  • product innovation

  • CRM

  • TQM

Explanation

Question 82 of 82

1

Firestone Tire and Rubber Company set up a chain of Firestone retail stores to sell its tires to American consumers. This is an example of:

Select one or more of the following:

  • forward vertical integration

  • a focused-differentiation strategy

  • a global strategy

  • a multidomestic strategy

  • backward vertical integration

Explanation

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