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Kinicki 4e Test Bank: Revised Questions Key Chapter 6 21. A good vision statement challenges and inspires people. Answer: True Page: 175-176 LO: 2 Difficulty: Moderate AACSB: 3 BT: Comprehension Rationale: Visions can challenge and inspire people in the organization and help align their energies in a common direction. 27. A grand strategy can be established by using tools including a SWOT analysis and forecasting. Answer: True Page: 177 LO: 2 Difficulty: Moderate AACSB: 3 BT: Comprehension Rationale: Among the strategic-planning tools and techniques used to establish a grand strategy are (1) SWOT analysis and (2) forecasting. 28. The starting point in establishing a grand strategy is often a SWOT analysis. Answer: True Page: 177 LO: 2 Difficulty: Moderate AACSB: 3 BT: Comprehension Rationale: Among the strategic-planning tools and techniques used to establish a grand strategy are (1) SWOT analysis and (2) forecasting. 42. The basic assumption of a contingency plan is that what happened in the past can be projected into the future. Answer: False Page: 180 LO: 3 Difficulty: Easy AACSB: 3 BT: Knowledge 52. A small florist most likely follows the single-product strategy. Answer: True Page: 187-188 LO: 4 Difficulty: Moderate AACSB: 3 BT: Comprehension Rationale: A single-product strategy is followed by the small florist who sells only one product within its market. 57. The three core processes of business include people, products, and prices. Answer: False Page: 191-192 LO: 5 Difficulty: Easy AACSB: 3 BT: Knowledge 1 77. Which of the following is a question that should be answered by a companys mission statement? A) Does it inspire enthusiasm and encourage commitment? B) Does it set standards of excellence? C) Is it appropriate for the organization? D) Is it well articulated? E) What is our basic technology? Answer: E Page: 174 LO: 2 Difficulty: Hard AACSB: 3 BT: Comprehension Rationale: Only choice E is a question that should be answered by a companys mission statement. All of the other choices are questions that should be answered by a companys vision statement. 79. The grand strategies are A) cost-leadership, differentiation, cost focus, focused differentiation. B) SWOT. C) growth, stability, defensive . D) defender, prospector, analyzer, reactor. E) introduction, growth, maturity, decline. Answer: C Page: 176 LO: 2 Difficulty: Easy AACSB: 3 BT: Knowledge 96. When analyzing the O in SWOT analysis, a manager might be assessing A) competitors' actions. B) absenteeism among employees. C) good morale among workers. D) high service levels. E) good financial position. Answer: A Page: 179 LO: 3 Difficulty: Hard AACSB: 3 BT: Application Rationale: Competitors actions may be an opportunity if the competitor makes a misstep. ... View Full Document

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