Organizational Strategy Study Guide Questions
Course Introduction
Organizational Strategy explores the principles and frameworks that guide organizations in formulating, implementing, and evaluating strategies to achieve competitive advantage and long-term success. The course covers topics such as environmental analysis, mission and vision development, strategic planning, resource allocation, and performance measurement. Through case studies and practical applications, students learn to assess both internal and external factors affecting organizations, make informed strategic decisions, and adapt to changing business environments. The course equips students with critical thinking and analytical skills necessary to understand and navigate the complexities of strategy in various sectors.
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Chapter 1: The Nature of Strategic Management
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Q1) What types of skills are especially critical for successful strategy implementation?
A) Interpersonal
B) Marketing
C) Technical
D) Conceptual
E) Visionary
Answer: A
Q2) Analytical and intuitive thinking should complement each other.
A)True
B)False
Answer: True
Q3) Many organizations mistakenly spend more time and effort on the implementation of a plan, than on the formulation of the plan itself.
A)True
B)False
Answer: False
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Chapter 2: The Business Vision and Mission
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Q1) A study by Rarick and Vitton found that firms with a formalized mission statement have ________ the average return on shareholders' equity than those firms without a formalized mission statement.
A) one-quarter
B) half
C) twice
D) three times
E) five times Answer: C
Q2) A mission statement should be broad in scope, since concrete specification could be the base for rallying opposition.
A)True
B)False Answer: True
Q3) It is unusual for the claims and concerns of a company's stakeholders to vary or conflict.
A)True
B)False Answer: False
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Chapter 3: The External Assessment
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Q1) A total weighted score of _______ in an EFE Matrix indicates that the firm's strategies are NOT capitalizing on opportunities or avoiding external threats.
A) 0.0
B) 1.0
C) 2.5
D) 3.3
E) 4.0
Answer: B
Q2) Competition in virtually all industries is ________.
A) nonexistent
B) intense
C) never cutthroat
D) easily avoidable
E) insignificant
Answer: B
Q3) Wild guesses should never be part of the planning process.
A)True
B)False
Answer: True
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Chapter 4: The Internal Assessment
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Q1) A limitation of financial ratios is the fact that they are based on accounting data.
A)True
B)False
Q2) Four common approaches to determine R&D budget allocations are: 1) finance as many project proposals as possible; 2) use a percentage-of-sales method; 3) budget for R&D about what competitors spend; or 4) decide how many successful new products are needed and work backwards to estimate the required R&D investment.
A)True
B)False
Q3) All of the following are basic functions of marketing EXCEPT
A) value chain analysis
B) customer analysis
C) product and service planning
D) pricing
E) distribution
Q4) Organizing is the cornerstone of effective strategy formulation.
A)True
B)False
Q5) Discuss the limitations of financial ratio analysis.
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Chapter 5: Strategies in Action
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Q1) The nonprofit sector is America's largest employer.
A)True
B)False
Q2) Strategists in governmental organizations operate with far more strategic autonomy than their counterparts in private firms.
A)True
B)False
Q3) Define and give examples of the two diversification strategies.
Q4) Which of the following is most likely NOT included in the functional level of a small company?
A) Finance
B) Marketing
C) R&D
D) Department managers
E) Human resource managers
Q5) Product development is a strategy that seeks increased sales by improving or modifying present products or services.
A)True
B)False
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Chapter 6: Strategy Analysis and Choice
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Q1) The Grand Strategy Matrix is based on two evaluative dimensions, market share and market growth.
A)True B)False
Q2) Strategy changes may be highly effective and productive if a supportive culture does not exist.
A)True B)False
Q3) One of the steps of the SWOT Matrix is to list the firm's key external opportunities.
A)True
B)False
Q4) Explain the concept of matching in the strategy formulation framework. Give at least three examples of matching.
Q5) Describe the positive features and limitations of QSPM.
Q6) The major benefit of the BCG Matrix is that it draws attention to the cash flow, investment characteristics, and needs of an organization's various divisions.
A)True B)False
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Chapter 7: Implementing Strategies: Management and Operations Issues
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Q1) Not allocating resources according to the priorities indicated by approved objectives is detrimental to the strategic-management process.
A)True
B)False
Q2) What is the best divisional structure when a few major customers are of paramount importance and many different services are provided to these customers?
A) By geographic area
B) By customer
C) By product
D) By process
E) By cost
Q3) There are four basic ways a divisionally structured firm could be organized. What are these four ways? Give an example of each.
Q4) Being long-term in nature, strategy implementation affects top and middle managers but not lower-level employees.
A)True
B)False
Q5) Name at least ten issues that may require a management policy.
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Chapter 8: Implementing Strategies: Marketing, Financeaccounting,
RD, and MIS
Issues
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Q1) Why is market segmentation an important variable in the strategy-implementation process?
A) Company strategies do not require increased sales through new markets and products.
B) It allows a firm to operate with no resources.
C) It directly affects marketing mix variables.
D) It allows a firm to minimize per-unit profits and per-segment sales.
E) All of the above
Q2) Discuss some ways in which management information systems can benefit a company.
Q3) If an initial stock issuance is at or under $1 million, what is the average total cost paid to lawyers, accountants and underwriters?
A) 5 percent
B) 10 percent
C) 25 percent
D) 50 percent
E) 40 percent
Q4) The most common type of financial budget is the capital budget.
A)True
B)False
Q5) Identify and describe three approaches for determining a business' worth. Page 10
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Chapter 9: Strategy Review, Evaluation, and Control
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Q1) What aims to balance long-term with short-term concerns, financial with nonfinancial concerns, and internal with external concerns?
A) Contingency planning
B) The Balanced Scorecard approach
C) Taking corrective action
D) Benchmarking
E) Consonance
Q2) What corrective actions might a firm take during strategy evaluation?
A) Revising the business mission
B) Issuing stock
C) Revising objectives
D) Selling a division
E) All of the above
Q3) In strategy evaluation, a revised IFE matrix should indicate how effective a firm's strategies have been in response to key opportunities and threats.
A)True
B)False
Q4) Discuss the different perspectives and concerns of the Balanced Scorecard.
Q5) Compare and contrast two of Rumelt's four criteria for evaluating strategies.
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Chapter 10: Business Ethicssocial
Responsibilityenvironmental Sustainability
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Q1) The ISO 14000 family of standards concerns the extent to which a firm minimizes harmful effects on the environment caused by its activities and continually monitors and improves its own environmental performance.
A)True
B)False
Q2) A code of business ethics is
A) a document that provides behavioral guidelines that cover daily activities and decisions within an organization.
B) concerned with what responsibilities the firm has to employees, consumers, environmentalists, minorities, communities, and other groups.
C) a report that reveals how the firm's operations impact the natural environment.
D) a set of strict regulations requiring firms to conserve energy.
E) a series of voluntary standards in the environmental field.
Q3) ISO 14001 is a technical standard and as such replaces technical requirements embodied in statutes or regulations.
A)True
B)False
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Chapter 11: Globalinternational Issues
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Q1) The strategic-management process for multinational firms is ________ for purely domestic firms, and the process is ________ for international firms.
A) conceptually the same as; more simple
B) conceptually the same as; more complex
C) conceptually different than; more simple
D) conceptually different than; more complex
E) conceptually the same; simplistic
Q2) The U.S. furniture manufacturing industry is not yet greatly challenged by foreign competitors.
A)True
B)False
Q3) A global strategy means considering individual countries distinctly, one at a time, when designing, producing, and marketing products.
A)True
B)False
Q4) Trade barriers are one of the unique and diverse risks that face multinational corporations.
A)True
B)False
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