MGT 316T Wk 3 – Practice: Knowledge Check

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MGT 316T Wk 3 - Practice: Knowledge Check
MGT 316T Wk 3 – Practice: Knowledge Check
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MGT 316T Wk 3 – Practice: Knowledge Check

________ is setting goals and deciding how to achieve them

Multiple Choice

  • Controlling
  • Focusing
  • Organizing
  • Planning
  • Regulating

 

 

Strategy implementation is putting strategic plans into effect, which means dealing with roadblocks within the organization’s structure and culture and seeing if the right people and control systems are available to execute the plans.

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TF Qu. 8 Several studies found that strategic plannin…

Several studies found that strategic planning does not benefit smaller companies, as they very seldom see improvements in financial performance from this type of planning.

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MC Qu. 20 ______________ require(s) a long-term orient…

______________ require(s) a long-term orientation.

Multiple Choice

  • A synergy plan
  • Strategic planning
  • A focused sigma plan
  • Tactical plans
  • Mission and vision statements

 

 

 

Adam, the owner of The Toy Box (a toy store), has chosen his products carefully. They are all handmade of wood; none are cheap games made of cardboard and paper. He knows he will be selling his toys to both adults and children; for example, his expensive chess and backgammon sets are quite expensive because the board and pieces are all made of wood by local artists and craftsmen. He knows that his customer base will not include parents who are looking for an inexpensive toy for their children or to give as a birthday gift; there is another store in town that offers mass-produced games. As part of his marketing outreach, Adam offers “game nights” where he sets up game boards and invites local teens and adults to take part in light-hearted competitions, where the winners receive a 10 percent discount to a game at the Toy Box. All of Adam’s activities are aimed at giving Adam a sustainable competitive advantage through

Multiple Choice

  • strategic positioning.
  • defensive strategy.
  • blue ocean strategy.
  • vertical integration.
  • diversified portfolio.

 

 

 

Hunter, who is starting a painting business, plans to write down the purpose of his painting business and his company’s reason for being. Hunter is writing his

Multiple Choice

  • mission statement.
  • proprietorship pact.
  • vision statement.
  • code of ethics.

 

 

Paige and Parker are writing their values statement for their new consignment shop, Then & Now. Because they want their employees and business to grow and reach goals, Then & Now’s values statement should be positive and inspiring, describing what the organization stands for and its core priorities.

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Strategic position emerges from three sources:

Multiple Choice

  • (1) low-profit margin, many customers; (2) no needs, many customers; and (3) broad needs, few customers.
  • (1) no needs, many customers; (2) broad needs, few customers; and (3) broad needs, many customers.
  • (1) high-profit margin, few customers; (2) few needs, many customers; and (3) broad needs, few customers.
  • (1) few needs, many customers; (2) broad needs, few customers; and (3) broad needs, many customers.
  • (1) high profits, many customers; (2) low profits, few customers; and (3) broad needs, many customers.

 

 

Many customers have visited Patty’s Diner for decades because of the diner’s friendly service. Most customers feel that Patty’s is the friendliest placed around. In a SWOT analysis, the friendly service at Patty’s is an example of a company

Multiple Choice

  • weakness.
  • vision.
  • opportunity.
  • threat.
  • strength.

 

 

In Dr. De Bono’s Six Thinking Hats, the Red Hat concentrates on positivity and optimism.

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