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Exam 4: Planning and Strategic Management

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Question 1

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Strategic goals are

A) efforts and actions that are focused solely on maintaining competitiveness.
B) major targets related to the long-term survival, value, and growth of an organization.
C) efforts and actions that are focused solely on achieving diversification.
D) patterns of actions and resource allocation designed to solve immediate problems.
E) narratives that describe a particular set of future conditions to be planned for.

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Question 2

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Who is responsible for an organization's strategic plan?

A) senior executives
B) middle management
C) frontline supervisors
D) tactical managers
E) operational managers

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Question 3

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Once a situational analysis has been completed, the next step for organizations is to use what they have learned to

The managers of Synergy Software have decided on their goals for the next two years. Their next step is to

Which of the following is the first step in a formal planning process?

A situational analysis should focus on which of the following?

Mindful Maids Inc., a housecleaning services firm, has completed a SWOT analysis as part of its ongoing strategic planning process. Management has uncovered the following information through extensive research:1. New regulations have been passed limiting the number of hours per week the company's employees can work without receiving benefits.2. Mindful Maids is a company that uses environmentally friendly products; its competitors do not.3. More and more homeowners are concerned about the environment; it is expected that this trend will continue for decades.4. Compared to its competitors, its management team is by far the best in the industry.5. It has fallen behind in staff training over the last few years.6. The company has adequate financial resources to invest in its operations.7. The percentage of people hiring cleaning services has fallen off due to a difficult recession. Which of the following findings presents an opportunity for Mindful Maids?

"I was surprised to find our corporate strategic plan to be so broad and general," said Carlos to his manager, who replied, "That's because, compared to tactical planning, strategic planning

The Ascent, a mountain bicycle manufacturer, has been in the bicycle industry for a year now. The CEO wishes to better the company. He starts by looking at the sales records of the year that they have been in business and notices that the company's sales have been declining at a steady pace for the past six months and that at present they are selling only half as many bicycles as they want to. In an attempt to increase sales, he either wants to bring down the prices of his bicycles or expand the company by opening a new branch in another area. The CEO shares his views with the sales manager and finance managers. Together they decide that reducing the prices would definitely increase sales, although the profits would come down. They also determine that opening a new branch would only increase expenses. They conclude that they will reduce the prices of the bicycles. The plan is implemented and the CEO keeps a record of the sales every month to make sure the change is effective. Which of the following steps in formal planning process is the CEO performing when he debates between opening a new branch and reducing the prices?

The Ascent, a mountain bicycle manufacturer, has been in the bicycle industry for a year now. The CEO wishes to better the company. He starts by looking at the sales records of the year that they have been in business and notices that the company's sales have been declining at a steady pace for the past six months and that at present they are selling only half as many bicycles as they want to. In an attempt to increase sales, he either wants to bring down the prices of his bicycles or expand the company by opening a new branch in another area. The CEO shares his views with the sales manager and finance managers. Together they decide that reducing the prices would definitely increase sales, although the profits would come down. They also determine that opening a new branch would only increase expenses. They conclude that they will reduce the prices of the bicycles. The plan is implemented and the CEO keeps a record of the sales every month to make sure the change is effective. Which of the following steps in the basic planning process does the CEO perform by checking the past years sales records?

In a SWOT analysis, an example of an organization's strength would be

What is SWOT analysis? Give examples.

Which of the following statements about planning is accurate?

The senior managers of Bronson Forge Corporation knew that a successful implementation of their business plan in the coming year was critical to the company's survival in a competitive industry. Bronson Forge could not afford for different parts of the organization to "stray" from the plan; in fact, each organizational unit needed to perform in sync with the goals of the unit above it and the units below it. Thus, it was critical that the individual plans of the corporation, each division, each department, and each section be

The Ascent, a mountain bicycle manufacturer, has been in the bicycle industry for a year now. The CEO wishes to better the company. He starts by looking at the sales records of the year that they have been in business and notices that the company's sales have been declining at a steady pace for the past six months and that at present they are selling only half as many bicycles as they want to. In an attempt to increase sales, he either wants to bring down the prices of his bicycles or expand the company by opening a new branch in another area. The CEO shares his views with the sales manager and finance managers. Together they decide that reducing the prices would definitely increase sales, although the profits would come down. They also determine that opening a new branch would only increase expenses. They conclude that they will reduce the prices of the bicycles. The plan is implemented and the CEO keeps a record of the sales every month to make sure the change is effective.When the managers were discussing that a change in location would be more expensive and that reducing prices would definitely increase sales, they were

The final component of the strategic management process is strategic

Write an essay on mission and strategic vision. Give an example of each.

Juanita, a manager of a glassware company, is in the process of deciding what items to add to next year's line of merchandise. For research purposes, she analyzed the past and present conditions of the market and also forecasted future trends. Which of the following steps of the formal planning process has Juanita performed?

Once alternative goals and plans have been identified, the next step in the formal planning process is

A strategic control system must simultaneously pursue both efficiency and flexibility.