12. Define the seven steps in the strategic planning process: a. Organizational mission: b. Strategic business units: c. Marketing objectives: d. Situational analysis: e. Marketing strategy: f. Tactical plans: g. Results:
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- 1.The description of how different levels and employees in the organization must perform for the organization to achieve its goals is a:A)business-level strategy.B)business model.C)mission statement.D)balanced scorecard.E)None of the above. 2.Which of the following statements regarding multiple measures or a single measure of performance is not correct?A)The advantage of using branch profits to evaluate branch mangers is that profit is relatively simple to compute and reflects the organization's ultimate goal.B)The use of multiple measures can influence branch managers' decisions by changing the components of the performance measurement system to reflect changes in the firm's strategy.C)If the branch managers are more knowledgeable than the corporate staff about local conditions and what local clients value, a single measure could be preferable.D)If the corporate office has better knowledge of what it requires to operate a profitable branch, using multiple measures provides a way to…This strategy evaluation and control technique contains a carefully chosen combination of strategic and financial objectives tailored to the company’s business. Its overall aim is to balance shareholders’ objectives with customer and operational objectives. a. SWOT Analysis b. Balanced Scorecard c. Quantitative Strategic Planning Matrix d. Internal-External (IE) Matrix9.A manager has a clear knowledge of where the company needs to be at the end of the coming year and is in the process of identifying the goals that would lead the company to that desired position. Which stage of the strategic management process is being illustrated? A.Formulation B.Implementation C.Evaluation D.Objectives
- The strategic management process is: a. A decision-making activity concerned with a firm’s internal resources, capabilities, and competencies, independent of the conditions in its external environment. b. The full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. c. A process directed by top-management with input from other stakeholders that seeks to achieve above-average returns for investors through effective use of the organization’s resources. d. A set of activities that will assure a temporary advantage and average returns forthe firm.Which of the following is NOT part of strategy formulation? a. Strategic Analysis b. Strategic Evaluation c. Strategic Direction d. Strategic Leadershipwhich one is correct please confirm? QUESTION 11 In considering financial planning, the type of planning that focuses more on the overall direction of the business and the industry is _______. a. strategic b. deterministic c. operational d. probabilistic
- 11. If an IS organization is viewed as a cost center/service provider, its strategic planning process is typically directed inward and focused on determining how to do what it is currently doing but doing it cheaper, faster, and better. a. True b. False 14 The strategic plan of an information system (IS) must identify those technologies, vendors, competencies, people, systems, and projects in which an organization will invest to support the corporate and business unit strategies. a. True b. False 16. The release of a new and more powerful mobile computing device or data-crunching software package can influence the strategic plan of an information system. a. True b. FalseOne illustrative example of effective planning in a business context is the development and execution of a marketing campaign for a new product launch. In this case study, meticulous planning played a central role in ensuring the campaign's success. The planning process encompassed market research to identify target demographics, competitor analysis to understand the competitive landscape, and setting specific and measurable objectives. The strategic planning phase involved crafting a compelling value proposition, selecting appropriate channels for promotion, and allocating resources efficiently. Moreover, the tactical planning aspect addressed the day-to-day execution details, including content creation, budget allocation, and timeline management. The synchronization of short-term tactical plans with the overarching long-term marketing strategy was crucial for maintaining consistency and maximizing impact. By continually reassessing performance metrics and adapting strategies based…When a company defines its mission like "To be a world class competitor", it creates a _____ place in the minds of its customers. Select one: a. Challenging b. Precise c. Specific d. All the mentioned options are wrong
- 12. Despite its best effort, a firm has failed to achieve its long-term goal to increase sales performance for the last three quarters. Which strategic management process will help this firm in this situation? A:Perform strategic formulation B:Conduct strategic evaluation C:Pursue strategic implementation D:Identify strategic objectivesSubject: Strategic management MCQ's Which of the following is NOT true of vision statements? a) A vision statement should reveal the type of business the firm engages. b) Vision statements should be written from a customer perspective. c) Vision statements should indicate the expected amounts of profits the firm wants to make. d) A vision statement should describe a desired future state. e) "The vision statement needs to be doable, but challenging."Which of the following is NOT a major element of the strategic management process? Select one: O a. Evaluating strategy and make necessary change O b. Put strategy in action c. Assigning administrative tasks O d. Analyzing the present position
