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Exam 6: Developing a Business Strategy

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Question 41

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A vision for a company is:

A) an explanation of why the company exists and where it wants to go.
B) the same thing as an objective.
C) a detailed plan that outlines the major organizational structure of the firm.
D) very relevant for the short-term, but less useful for the long-term.

E) B) and D)
F) All of the above

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Question 42

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What is a key outcome of the I/E Analysis?

A) identification of competitive advantage
B) identify threats
C) identify opportunities
D) assess position in the marketplace
E) identifying anticipated moves by competitors

F) D) and E)
G) B) and E)

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Question 43

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The operating plans is developed after the corporate level and business level strategies and objectives have been identified?

Strategy execution is the final phase of the strategic planning process.

In order for an organization to be successful over the long term,managers need to have a game plan.

A key component of the operating plan development process is to seek out acquisitions,collaborations,and strategic alliances which complement existing products and capabilities

Operational planning looks at the organization as a whole,while strategic planning focuses on specific departmental managers.

A modern manager's main job is to issue orders,then follow up to make sure employees do as they were told.

_________ analysis is used to help companies evaluate their economic environments,assess their strengths and weaknesses,and identify competitive threats and market opportunities.

A __________ is an overall explanation of why an organization exists and where it is trying to head.

What are the three parts of formulating the strategic plan?

,as well as other strategy considerations.

Jamal is part of a management group that is examining whether his company,State Engineering,should offer some important new services that would broaden its business by appealing to a different group of potential clients.Jamal's group is involved with:

Continuously monitoring the success of the implementation of the strategy is a key requirement of the strategy execution phase.

Operational activities alignment is the final phase of the strategic planning process.

Business level strategy objectives define how to accomplish the stated corporate objectives.

Strategic planning involves setting the organizational vision,goals and objectives in a "road map".

A meaningful mission statement should address topics such as the organization's:

A key component of the operating plan development process is the identification of required staffing,infrastructure,and process.

Demographics is one of the key areas in which the I/E Analysis is assessing business risk and change.