0324302592_72712

0324302592_72712 - Chapter 4STRATEGIC MANAGEMENT AND...

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Chapter 4—STRATEGIC MANAGEMENT AND PLANNING IN A GLOBAL ENVIRONMENT TRUE/FALSE 1. Strategic planning is the process by which an organization makes decisions and takes actions that affect its long-run performance. ANS: T DIF: E OBJ: 1 2. Strategic Management refers to overall, long-run management, including planning, organizing, leading, and controlling effectively and efficiently over the long-run. ANS: T DIF: E OBJ: 1 3. Strategic planning is a part of strategic management. ANS: T DIF: E OBJ: 1 4. The four stage process of strategic planning includes strategic analysis, strategy formulation, strategy implementation, and strategic evaluation and control. ANS: T DIF: E OBJ: 2 5. The strategy formulation phase of the strategic planning process addresses the question, "What is the current position of the organization?" ANS: F DIF: E OBJ: 2 6. While the level of sophistication and formality of the strategic planning process will differ among organizations, the process itself should be similar across all organizations. ANS: T DIF: E OBJ: 2 7. Information gathered during the strategic analysis stage serves as a foundation for the implementation stage. ANS: F DIF: E OBJ: 2 8. The strategic implementation phase involves doing the things necessary to ensure that the strategy of the organization is achieved effectively and efficiently. ANS: T DIF: E OBJ: 2 9. The information gathered during strategy implementation serves as a foundation for the formulation of the organization's strategic plan. ANS: F DIF: E OBJ: 2 10. A comprehensive plan that provides overall direction for the organization is known as a strategic plan. ANS: T DIF: E OBJ: 2 84
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11. “What is the current position of the organization?” is asked during the strategic analysis phase of strategic planning. ANS: T DIF: E OBJ: 2 12. Strategic control mechanisms identify deviations between actual and planned results so that managers can make the adjustments necessary to ensure that organizational goals can be achieved in the long term. ANS: T DIF: E OBJ: 2 13. An organization monitors its progress toward its strategic goals during the strategic implementation phase. ANS: F DIF: E OBJ: 2 14. Strategic analysis requires two primary activities: internal analysis and financial analysis. ANS: F DIF: E OBJ: 3 15. The purpose of an external environmental analysis is to identify the assets, resources, skills, and processes that represent either strengths or weaknesses for the organization. ANS: F DIF: E OBJ: 3 16. The three primary activities of strategic analysis are: 1) assessing the mission of the organization; 2) conducting an external environmental analysis; and, 3) conducting an internal environmental analysis. ANS: T
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This note was uploaded on 01/31/2011 for the course MGMT 302 taught by Professor N/a during the Spring '10 term at Mountain State.

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0324302592_72712 - Chapter 4STRATEGIC MANAGEMENT AND...

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