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Exam 5: Planning and Decision Making

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Question 1

Multiple Choice

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In the context of the levels of planning, an organization's strategic, tactical, and operational goals and plans must be _____ in order to be fully effective.

A) aligned
B) independent
C) mutually exclusive
D) focused on long-term gains only
E) focused on short-term benefits only

F) A) and B)
G) C) and D)

Correct Answer

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Question 2

Multiple Choice

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In the context of the levels of planning, typical strategic goals involve:

A) updating equipment used.
B) increasing market share.
C) advertising expenditures.
D) compliance with civil rights laws.
E) human resource utilization.

F) B) and C)
G) C) and D)

Correct Answer

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B

Question 3

True/False

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Businesses using a low-cost strategy try to be efficient and offer a standard, no-frills product.

Which of the following is true of strategic control systems?

The most effective strategy that can be adopted by strategy managers is one that:

The outcome of situational analysis is the:

Differentiate between programmed and nonprogrammed decisions. Which type is more typical for managerial decisions?

_____ refer(s) to a decision bias influenced by the way in which a problem or decision alternative is phrased or presented.

Scenario C. Use the information given below to answer the following questions. Shine cosmetics, a global company, is considering its corporate strategy. Several people on the board of directors believe they have the "perfect" strategy for the company. Joe believes that the best option is to continue their present strategy of offering cosmetics to customers who like the "look" of the products. Martin wants the company to expand by purchasing the manufacturing plants that produce Shine products. Cathy wants to add products like skin care and perfume to the product line. Ruth wants to develop the company by opening restaurants or setting up an amusement park. -Which of the following corporate strategies does Cathy advocate?

In the context of decision making in groups, the job of a devil's advocate is to create potentially destructive conflict.

Individuals usually make higher-quality decisions when compared to groups, provided there is enough time.

The level of planning involving the longest time horizon, usually ranging from three to seven years, is:

Scenario D. Use the information given below to answer the following questions. Healthy Day Regional Medical Center's management team has several decisions to make. They are: 1. Determine which patients have to be admitted the next day. 2. Decide whether to purchase the only other medical center in the region. 3. Decide which candidates will meet the requirements for the nursing training program. 4. Determine whether the medical center should diversify to include more advanced (and substantially more costly) technologies. -Decision 4 is an example of a _____ decision.

The first step in strategy implementation involves articulating in simple language what a particular business must do to create or sustain a competitive advantage. This step is known as:

Party Beverages Corp. had focused only on alcoholic beverages for the last two decades. Now, the company is considering entering the soft drink market. In the context of the above scenario, which of the following corporate strategies will the company adopt?

Use the paragraph given below to answer the following questions. Scenario A. The senior management of Alpha Omega, Corp. have conducted a planning meeting. They need to make decisions about the following questions: 1. How many employees should be hired for the cafeteria this month? 2. Should the company expand into a new region in the next ten years? 3. How can the visibility of their marketing campaign be increased? 4. How can the biggest trucks in the business be scheduled for next week? 5. Should the company allow employees to work from home? -The decision regarding the number of employees to be hired for the cafeteria is a part of operational planning because:

Use the paragraph given below to answer the following questions. Scenario A. The senior management of Alpha Omega, Corp. have conducted a planning meeting. They need to make decisions about the following questions: 1. How many employees should be hired for the cafeteria this month? 2. Should the company expand into a new region in the next ten years? 3. How can the visibility of their marketing campaign be increased? 4. How can the biggest trucks in the business be scheduled for next week? 5. Should the company allow employees to work from home? -Which of the following questions is related to strategic planning?

Shadow Blinds, an American company, is trying to decide whether to open its first international branch in Europe or Asia. The managers of the company are operating under a condition of _____.

In the context of a SWOT analysis, describe at least five elements of an environmental analysis.

GR Real Estate Inc. recently decided to expand from its original base in real estate to several wide-ranging industries such as trucking, lawn mower manufacturing and catering. This corporate strategy is known as: