Question 1

The organization type which first utilized strategy is

Accepted Answer

A)   the entertainment organization.
B)   the military organization.
C)   the retail organization.
D)   All of the answer choices are correct.
E)   None of the answer choices is correct.

Question 2

An organization's simple action can be considered a strategy.

Accepted Answer

A) True 
 B)False

Question 3

A company's board of directors' legal obligation is to represent the shareholders and protect their interests.

Accepted Answer

A) True 
 B)False

Question 4

An important issue affecting strategic management in today's world is

Accepted Answer

A)   globalization.
B)   corporate governance.
C)   e-business.
D)   All of the answer choices are correct.
E)   None of the answer choices is correct.

Question 5

Preparation of strategic plans are a typical board responsibility.

Accepted Answer

A) True 
 B)False

Question 6

How has the Sarbanes-Oxley Act of 2002 reformed corporate governance?

Accepted Answer

Two areas in which corporate reform was ...

Question 7

As part of its training, most military academies teach

Accepted Answer

A)   the Nine Principles of War.
B)   the Seven Principles of Success.
C)   the Five Keys to Effectiveness.
D)   the Eight Steps to Efficiency.
E)   the Three Principles to Effective Leadership.

Question 8

The Sarbanes-Oxley Act of 2002 is a U.S. federal law designed to protect investors by improving the accuracy and reliability of

Accepted Answer

A)   the corporate vision.
B)   the corporate mission.
C)   corporate disclosures.
D)   the balanced scorecard.
E)   All of the answer choices are correct.

Question 9

The board of directors in an organization

Accepted Answer

A)   plays a significant role in corporate governance.
B)   is responsible for the implementation of the organization's operating activities.
C)   serves in the role of executive management.
D)   is not an important part of the organization's strategic development.
E)   None of the answer choices is correct.

Question 10

An example of a competitive strategy is

Accepted Answer

A)   Hewlett-Packard offers larger discounts to students to compete against Dell Computers.
B)   Sprint offers lower connection fees to compete against Verizon.
C)   Ford Motor offers larger rebates and zero percent financing to compete against General Motors.
D)   All of the answer choices are correct.
E)   None of the answer choices is correct.

Question 11

The Surprise Principle of War calls for striking at the enemy at a time or a place that's unexpected.

Accepted Answer

A) True 
 B)False

Question 12

An example of a corporate strategy would involve

Accepted Answer

A)   the decision to increase the price of the Hummer.
B)   the decision to spin Taco Bell off from Pepsi.
C)   the decision to combine marketing functions in the Northeast and the Southeast.
D)   the decision to increase the advertising budget for Coca-Cola.
E)   None of the answer choices is correct.

Question 13

Strategy concepts have been utilized outside of businesses in

Accepted Answer

A)   the military.
B)   chess.
C)   games such as Battleship.
D)   All of the answer choices are correct.
E)   None of the answer choices is correct.

Question 14

Significant changes in legal mandates, investor activism, and corporate strategy have changed the roles of many boards in the strategic management process.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is the first step Mr. Smith should complete when developing No Leaks Plumbing's strategic plan?

Accepted Answer

A)   Situation analysis
B)   Strategy formulation
C)   Strategy implementation
D)   Strategy evaluation
E)   Strategy reformulation

Question 16

Strategy implementation is the process of evaluating how the strategy has been implemented, as well as the outcomes of the strategy.

Accepted Answer

A) True 
 B)False

Question 17

How are the three types of organizational strategies different?

Accepted Answer

Functional strategies (also called opera...

Question 18

The most basic question(s) in strategy is (are)

Accepted Answer

A)   Is strategy important?
B)   Why do firms succeed or fail?
C)   Why do firms have varying levels of performance?
D)   Is strategy important? and Why do firms have varying levels of performance?
E)   Why do firms succeed or fail? and Why do firms have varying levels of performance?

Question 19

One of the issues that has increased the role of the board of directors is

Accepted Answer

A)   legal mandates.
B)   investor activism.
C)   corporate strategy.
D)   All of the answer choices are correct.
E)   None of the answer choices is correct.

Question 20

Strategic management affects all organizational members. However, the only issue that differs among organizational members is

Accepted Answer

A)   the stage of the strategic management process.
B)   the scope of the individual's actions.
C)   the development of the strategy.
D)   All of the answer choices are correct.
E)   None of the answer choices is correct.

Exam 1: Introducing the Concepts

How has the Sarbanes-Oxley Act of 2002 reformed corporate governance?

Correct AnswerverifiedTwo areas in which corporate reform was ...View AnswerShow Answer

Significant changes in legal mandates, investor activism, and corporate strategy have changed the roles of many boards in the strategic management process.

Correct AnswerverifiedShow Answer

As part of its training, most military academies teach

Correct AnswerverifiedShow Answer

An organization's simple action can be considered a strategy.

Correct AnswerverifiedShow Answer

An example of a competitive strategy is

Correct AnswerverifiedShow Answer

The Sarbanes-Oxley Act of 2002 is a U.S. federal law designed to protect investors by improving the accuracy and reliability of

Correct AnswerverifiedShow Answer

How are the three types of organizational strategies different?

Correct AnswerverifiedFunctional strategies (also called opera...View AnswerShow Answer

The most basic question(s) in strategy is (are)

Correct AnswerverifiedShow Answer

Strategic management affects all organizational members. However, the only issue that differs among organizational members is

Correct AnswerverifiedShow Answer

The Surprise Principle of War calls for striking at the enemy at a time or a place that's unexpected.

Correct AnswerverifiedShow Answer

An example of a corporate strategy would involve

Correct AnswerverifiedShow Answer

Strategy concepts have been utilized outside of businesses in

Correct AnswerverifiedShow Answer

A company's board of directors' legal obligation is to represent the shareholders and protect their interests.

Correct AnswerverifiedShow Answer

An important issue affecting strategic management in today's world is

Correct AnswerverifiedShow Answer

Preparation of strategic plans are a typical board responsibility.

Correct AnswerverifiedShow Answer

The board of directors in an organization

Correct AnswerverifiedShow Answer

Which of the following is the first step Mr. Smith should complete when developing No Leaks Plumbing's strategic plan?

Correct AnswerverifiedShow Answer

Strategy implementation is the process of evaluating how the strategy has been implemented, as well as the outcomes of the strategy.

Correct AnswerverifiedShow Answer

The organization type which first utilized strategy is

Correct AnswerverifiedShow Answer

One of the issues that has increased the role of the board of directors is

Correct AnswerverifiedShow Answer

Correct Answer
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Two areas in which corporate reform was ...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Functional strategies (also called opera...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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