Strategic Management in Action, 6th Edition Test Bank

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1Strategic Management in Action, 6e(Coulter)Chapter 1 Introducing the Concepts1) Companies that use strategic management tend to have higher levels of performance.Answer: TRUEDiff: 2Page Ref:2Topic: Explain Why Strategic Management Is ImportantAACSB: Reflective ThinkingObjective: Define strategic management and identify its basic components2) Strategy should be developed from a number of approaches rather than a single approach.Answer: TRUEDiff: 2Page Ref:3Topic: Explain Why Strategic Management Is ImportantAACSB: Reflective ThinkingObjective: Define strategic management and identify its basic components3) An organization's simple action can be considered a strategy.Answer: FALSEDiff: 2Page Ref:5Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components4) Strategy involves only the examination of an organization's goals.Answer: FALSEDiff: 2Page Ref:5Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components5) An organization's strategy is its goal-directed decisions and actions in which its capabilitiesand resources are matched with the opportunities and threats in its environment.Answer: TRUEDiff: 2Page Ref:5Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components6) A situation analysis is the first step in the sequential strategic management process.Answer: TRUEDiff: 1Page Ref:6Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components

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27) Functional strategies are the goal-directed plans and actions of the organization's variousfunctional departments.Answer: FALSEDiff: 1Page Ref:7Topic: Explain What Strategic Management IsAACSB: Reflective ThinkingObjective: Define strategic management and identify its basic components8) Business strategies are concerned with the broad and more long-term choices of "whatbusiness(es) are we in or do we want to be in, and what do we want to do with these businesses?"Answer: FALSEDiff: 2Page Ref:7Topic: Explain What Strategic Management IsAACSB: Reflective ThinkingObjective: Define strategic management and identify its basic components9) Strategy implementation is the process of evaluating how the strategy has been implemented,as well as the outcomes of the strategy.Answer: FALSEDiff: 1Page Ref:8Topic: Explain What Strategic Management IsAACSB: Reflective ThinkingObjective: Define strategic management and identify its basic components10) The Surprise Principle of War calls for striking at the enemy at a time or a place that'sunexpected.Answer: TRUEDiff: 1Page Ref:9Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components11) The fields of economics and organization studies provided the earliest academic bases forstrategic management.Answer: TRUEDiff: 2Page Ref:10Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components12) A company's board of directors' legal obligation is to represent the shareholders and protecttheir interests.Answer: TRUEDiff: 2Page Ref:11Topic: Explain Who's Involved With Strategic ManagementAACSB: Ethical ReasoningObjective: Describe modern corporate governance practices

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313) Significant changes in legal mandates, investor activism, and corporate strategy havechanged the roles of many boards in the strategic management process.Answer: TRUEDiff: 2Page Ref:12Topic: Explain Who's Involved With Strategic ManagementAACSB: Ethical ReasoningObjective: Describe modern corporate governance practices14) Preparation of strategic plans are a typical board responsibility.Answer: FALSEDiff: 1Page Ref:12Topic: Explain Who's Involved With Strategic ManagementAACSB: Reflective ThinkingObjective: Define strategic management and identify its basic components15) The CEO's typical role is that of the chief strategist.Answer: TRUEDiff: 2Page Ref:12Topic: Explain Who's Involved With Strategic ManagementAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components16) Strategy formulation is the responsibility of managers and employees at other levelsthroughout the organization.Answer: FALSEDiff: 2Page Ref:13Topic: Explain Who's Involved With Strategic ManagementAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components17) The most basic question(s) in strategy is (are)A) Is strategy important?B) Why do firms succeed or fail?C) Why do firms have varying levels of performance?D) Is strategy important? and Why do firms have varying levels of performance?E) Why do firms succeed or fail? and Why do firms have varying levels of performance?Answer: EDiff: 2Page Ref:2Topic: Explain Why Strategic Management Is ImportantAACSB: Reflective ThinkingObjective: Define strategic management and identify its basic components

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418) Bases for understanding strategic management are all of the followingexceptA) managing strategically makes a difference in an organization's performance.B) all organizations encounter changing situations.C) single approaches to strategy development are superior to multiple approaches.D) All of the answer choices are correct.E) None of the answer choices is correct.Answer: CDiff: 3Page Ref:3Topic: Explain Why Strategic Management Is ImportantAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components19) Strategic management is defined asA) those decisions and actions where organizational members analyze the current situation anddevelop appropriate strategies.B) putting those strategies into action.C) evaluating and changing those strategies as needed.D) developing appropriate strategies.E) All of the answer choices are correct.Answer: EDiff: 2Page Ref:5Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components20) The following are all features of strategic managementexceptA) interdisciplinary.B) external focus.C) internal focus.D) future direction.E) All of the answer choices are correct.Answer: EDiff: 2Page Ref:5Topic: Explain What Strategic Management IsAACSB: Reflective ThinkingObjective: Define strategic management and identify its basic components

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521) How is strategic management different from other types of management?A) Strategic management has an external focus by its emphasis on the interactions of theorganization with its external environment.B) Strategic management involves the organization's specific resources and capabilities.C) Strategic management concerns itself with the choice of future direction that the organizationis going.D) Strategic management enables managers to evaluate the organization's internal and externalsituation and decide future actions to take.E) All of the answer choices are correct.Answer: EDiff: 3Page Ref:5Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components22) An organization's ________ are its goal-directed plans and actions in which its capabilitiesand resources are matched with the opportunities and threats in its environment.A) mission statementsB) vision statementsC) strategiesD) objectivesE) None of the answer choices is correct.Answer: CDiff: 1Page Ref:5Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components23) Which of the following is not a characteristic of strategic management that makes it differentfrom other types of management?A) It is interdisciplinary.B) It has an external focus.C) It has an internal focus.D) It concerns the present direction of the organization.E) None of the answer choices is correct.Answer: DDiff: 2Page Ref:5Topic: Explain What Strategic Management IsAACSB: Reflective ThinkingObjective: Define strategic management and identify its basic components

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624) The basic activities of strategic management includeA) offense, defense, and control.B) situation analysis, strategy formulation, strategy implementation, and strategy evaluation.C) development, control, and management.D) ethics, management, and practice.E) None of the answer choices is correct.Answer: BDiff: 2Page Ref:5Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components25) An organization's strategies should be designed so that they incorporateA) opportunities and threats.B) resources and capabilities.C) only traditional values of past organizations.D) opportunities, threats, resources, and capabilities.E) None of the answer choices is correct.Answer: DDiff: 2Page Ref:5Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components26) Situation analysis involves the process ofA) designing and choosing appropriate organizational strategies.B) analyzing the current environment of the organization.C) analyzing the external environment only.D) evaluating the internal aspects of the organization.E) None of the answer choices is correct.Answer: BDiff: 2Page Ref:6Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components27) Situation analysis allows the organization to examineA) external factors only.B) internal factors only.C) the organization's top management only.D) both external and internal factors.E) None of the answer choices is correct.Answer: DDiff: 3Page Ref:7Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components

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728) Examples of an organization's functional units include all of the followingexceptA) marketing.B) research and development.C) competencies.D) production.E) All of the answer choices are correct.Answer: CDiff: 2Page Ref:7Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components29) One issue considered in developing corporate strategies isA) What business(es) are we in?B) What direction are we going?C) What resources do we have to implement our strategies?D) What businesses are we in and what to do with those businesses?E) None of the answer choices is correct.Answer: DDiff: 2Page Ref:7Topic: Explain What Strategic Management IsAACSB: Reflective ThinkingObjective: Define strategic management and identify its basic components30) Which of the following is not a major element of the strategic management process?A) Formulating strategyB) Implementing strategyC) Evaluating strategyD) Assigning administrative tasksE) Undertaking a situation analysisAnswer: DDiff: 1Page Ref:8Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components

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831) Which of the following statements is not true regarding corporate strategies?A) They are concerned with the broad and more long-term issues of the organization.B) They are concerned with how the organization is going to compete in a specific business orindustry.C) They are concerned with the direction the organization is headed.D) They are concerned with the business(es) that the organization is in and the businesses theywant to be in.E) All of the answer choices are correct.Answer: BDiff: 3Page Ref:7Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define corporate strategy and identify its key elements32) Types of strategies within organizations includeA) corporate strategies.B) functional strategies.C) competitive strategies.D) All of the answer choices are correct.E) None of the answer choices is correct.Answer: DDiff: 2Page Ref:7Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components33) An example of a corporate strategy would involveA) the decision to increase the price of the Hummer.B) the decision to spin Taco Bell off from Pepsi.C) the decision to combine marketing functions in the Northeast and the Southeast.D) the decision to increase the advertising budget for Coca-Cola.E) None of the answer choices is correct.Answer: BDiff: 3Page Ref:7Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define corporate strategy and identify its key elements

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934) An example of a competitive strategy isA) Hewlett-Packard offers larger discounts to students to compete against Dell Computers.B) Sprint offers lower connection fees to compete against Verizon.C) Ford Motor offers larger rebates and zero percent financing to compete against GeneralMotors.D) All of the answer choices are correct.E) None of the answer choices is correct.Answer: DDiff: 3Page Ref:7Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components35) The organization type which first utilized strategy isA) the entertainment organization.B) the military organization.C) the retail organization.D) All of the answer choices are correct.E) None of the answer choices is correct.Answer: BDiff: 1Page Ref:9Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components36) Strategy concepts have been utilized outside of businesses inA) the military.B) chess.C) games such as Battleship.D) All of the answer choices are correct.E) None of the answer choices is correct.Answer: DDiff: 2Page Ref:10Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components

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1037) As part of its training, most military academies teachA) the Nine Principles of War.B) the Seven Principles of Success.C) the Five Keys to Effectiveness.D) the Eight Steps to Efficiency.E) the Three Principles to Effective Leadership.Answer: ADiff: 1Page Ref:9Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components38) The academic discipline primarily responsible for the development of strategic managementisA) accounting.B) economics.C) biology.D) philosophy.E) anthropology.Answer: BDiff: 1Page Ref:10Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components39) Theories developed about the efficiency and effectiveness of organizations were written byA) Frederick Taylor.B) Chester Barnard.C) Max Weber.D) All of the answer choices are correct.E) None of the answer choices is correct.Answer: DDiff: 2Page Ref:10Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components

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1140) In the development of strategic management as a discipline, Alfred Chandler wrote the bookA) Corporate Strategy.B) Business Policy: Text and Cases.C) The Pursuit of Excellence.D) Strategy and Structure.E) The Teflon Leader.Answer: DDiff: 1Page Ref:10Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components41) Strategic management affects all organizational members. However, the only issue thatdiffers among organizational members isA) the stage of the strategic management process.B) the scope of the individual's actions.C) the development of the strategy.D) All of the answer choices are correct.E) None of the answer choices is correct.Answer: BDiff: 2Page Ref:11Topic: Explain Who's Involved With Strategic ManagementAACSB: Reflective ThinkingObjective: Define strategic management and identify its basic components42) The board of directors in an organizationA) plays a significant role in corporate governance.B) is responsible for the implementation of the organization's operating activities.C) serves in the role of executive management.D) is not an important part of the organization's strategic development.E) None of the answer choices is correct.Answer: ADiff: 1Page Ref:11Topic: Explain Who's Involved With Strategic ManagementAACSB: Analytical SkillsObjective: Describe modern corporate governance practices

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1243) One of the issues that has increased the role of the board of directors isA) legal mandates.B) investor activism.C) corporate strategy.D) All of the answer choices are correct.E) None of the answer choices is correct.Answer: DDiff: 2Page Ref:12Topic: Explain Who's Involved With Strategic ManagementAACSB: Ethical ReasoningObjective: Describe modern corporate governance practices44) Aspects of a chief executive's role includeA) key decision maker.B) visionary leader.C) political actor.D) strategy designer.E) All of the answer choices are correct.Answer: EDiff: 2Page Ref:12Topic: Explain Who's Involved With Strategic ManagementAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components45) All of the following roles are representative of effective strategic leadershipexceptA) establishing appropriately balanced controls.B) checking inventory management.C) exploiting and maintaining core competencies.D) emphasizing ethical decisions and practices.E) creating and sustaining strong organizational culture.Answer: BDiff: 2Page Ref:13Topic: Explain Who's Involved With Strategic ManagementAACSB: Reflective ThinkingObjective: Define strategic management and identify its basic components

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1346) One strategic responsibility of managers and employees at other levels throughout theorganization isA) strategy implementation.B) situation analysis.C) strategy formulation.D) developing the organization's vision.E) None of the answer choices is correct.Answer: ADiff: 2Page Ref:13Topic: Explain Who's Involved With Strategic ManagementAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components47) An important issue affecting strategic management in today's world isA) globalization.B) corporate governance.C) e-business.D) All of the answer choices are correct.E) None of the answer choices is correct.Answer: DDiff: 2Page Ref:14Topic: Discuss Two Important Factors Impacting Strategic Management TodayAACSB: Use of Information Technology, Multicultural and DiversityObjective: Define strategic management and identify its basic components48) ________ is the determination of the broad uses to which organizational resources will bedeployed and the resolution of conflicts among the myriad of participants in organizations.A) VisionB) MissionC) Corporate governanceD) GoalsE) ObjectivesAnswer: CDiff: 2Page Ref:16Topic: Discuss Two Important Factors Impacting Strategic Management TodayAACSB: Reflective ThinkingObjective: Describe modern corporate governance practices

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1449) The Sarbanes-Oxley Act of 2002 is a U.S. federal law designed to protect investors byimproving the accuracy and reliability ofA) the corporate vision.B) the corporate mission.C) corporate disclosures.D) the balanced scorecard.E) All of the answer choices are correct.Answer: CDiff: 3Page Ref:16Topic: Discuss Two Important Factors Impacting Strategic Management TodayAACSB: Ethical Reasoning, Analytical SkillsObjective: Describe modern corporate governance practices50) In addition to expanding the role of board members, the Sarbanes-Oxley Act of 2002 alsocalled for more disclosure and transparency ofA) the corporate vision.B) the corporate mission.C) financial information.D) the balanced scorecard.E) All of the answer choices are correct.Answer: CDiff: 3Page Ref:17Topic: Discuss Two Important Factors Impacting Strategic Management TodayAACSB: Ethical Reasoning, Analytical SkillsObjective: Describe modern corporate governance practices51) Section 404 of the Sarbanes-Oxley Act deals with the establishment and auditing ofA) external financial controls.B) internal financial controls.C) appointment of the CEO.D) appointment of Board members.E) All of the answer choices are correct.Answer: BDiff: 1Page Ref:17Topic: Discuss Two Important Factors Impacting Strategic Management TodayAACSB: Analytical SkillsObjective: Describe modern corporate governance practices

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15George Smith, the new CEO of No Leaks Plumbing, has been hired to develop an effectivestrategic plan so this company can become number one in their market. You have been asked togive Mr. Smith advice on how best to follow the strategic management process.52) Which of the following is the first step Mr. Smith should complete when developing NoLeaks Plumbing's strategic plan?A) Situation analysisB) Strategy formulationC) Strategy implementationD) Strategy evaluationE) Strategy reformulationAnswer: ADiff: 2Page Ref:6Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components53) Mr. Smith has decided to offer free delivery of orders more than $1,000 to outcompete hislargest competitor. This strategy is an example of which of the following types of strategy?A) Corporate strategyB) Functional strategyC) Competitive strategyD) Operational strategyE) Organizational strategyAnswer: CDiff: 2Page Ref:7Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components54) Mr. Smith has been losing money on the free delivery of orders more than $1,000 and isdetermining if there are other ways to outcompete his largest competitor. Mr. Smith is at whichof the following steps in the strategic management process?A) Situation analysisB) Strategy formulationC) Strategy implementationD) Strategy evaluationE) Strategy reformulationAnswer: DDiff: 2Page Ref:8Topic: Explain What Strategic Management IsAACSB: Analytical SkillsObjective: Define strategic management and identify its basic components

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