Question 1

A vision statement is a forward-thinking statement which defines what a company wants to become and/or where it is going.

Accepted Answer

A) True 
 B)False

Question 2

In formulating and implementing strategy in the social economy,managers must ensure that their actions guide the philosophical activity of the not-for-profit (NFP),as well as other strategy considerations.

Accepted Answer

A) True 
 B)False  False

Question 3

Monitoring the cash flowing into and out of the business is a key requirement of the strategy execution phase.

Accepted Answer

A) True 
 B)False  False

Question 4

Operational goals set is the final phase of the strategic planning process.

Accepted Answer

A) True 
 B)False

Question 5

In order for an organization to be successful over the long term,managers need to have a ___________ as to where and how to compete in the markets in which they intend to serve.

Accepted Answer

A)   strategic direction
B)   business strategy
C)   game plan
D)   business goal
E)   business missionF) B) and E)
G) A) and B)

Question 6

The identification of the key revenue drivers and an assessment of the total potential revenue forecasts which the business can expect from a particular initiative is a key components of the operating plan development process.

Accepted Answer

A) True 
 B)False

Question 7

______________ refers to identifying who,within the business,will be responsible for each aspect of the strategic plan.

Accepted Answer

A)   Business System Configuration
B)   Resources
C)   Products and Services
D)   Responsibility and Accountability
E)   MarketsF) A) and E)
G) A) and D)

Question 8

Strategic level strategy objectives define how to accomplish the stated corporate objectives.

Accepted Answer

A) True 
 B)False

Question 9

A vision is a detailed set of specific steps that a firm must take to achieve its short-run objectives.

Accepted Answer

A) True 
 B)False

Question 10

Industry is one of the key areas in which the I/E Analysis is assessing business risk and change.

Accepted Answer

A) True 
 B)False

Question 11

When a firm makes use of SWOT analysis,one of its objectives is to:

Accepted Answer

A)   identify the best employees to fill each position within the organization.
B)   set specific short-term performance standards for each department.
C)   evaluate the desirability of issuing stocks or bonds in the current financial climate.
D)   identify the things it does well as an organization and the things it needs to improve.E) B) and C)
F) All of the above

Question 12

The identification of the up-front and ongoing cost commitments which must be made in order to develop the market opportunity which the business has decided to focus on is a key components of the operating plan development process.

Accepted Answer

A) True 
 B)False

Question 13

The evaluation of assets is one of the six key areas that business managers answer in the development of a business strategy.

Accepted Answer

A) True 
 B)False

Question 14

Today,managers have to make allocation decisions around the use of which scarce resources,

Accepted Answer

A)   financial
B)   human
C)   natural
D)   all resourcesE) B) and D)
F) B) and C) D

Question 15

________ involves setting the organization's vision,goals,and objectives.

Accepted Answer

A)   Organizing
B)   Planning
C)   Controlling
D)   DirectingE) None of the above
F) A) and D)

Question 16

Which of the following is NOT one of the key areas in which the I/E Analysis is assessing business risk and change?

Accepted Answer

A)   macro-economic
B)   industry
C)   demographics
D)   competitor
E)   companyF) None of the above
G) A) and D)

Question 17

A vision is the overall explanation of why an organization exists and where it is trying to head.

Accepted Answer

A) True 
 B)False

Question 18

An assessment of the position in the marketplace is a key component of the operating plan development process.

Accepted Answer

A) True 
 B)False

Question 19

What is developed after the corporate level and business level strategies and objectives have been identified?

Accepted Answer

A)   operational goals
B)   operating plans
C)   business goals
D)   business level tactics
E)   corporate level tacticsF) B) and D)
G) A) and E)

Question 20

Most managers consider planning to be of little importance in today's rapidly changing business environment.

Accepted Answer

A) True 
 B)False

Exam 6: Developing a Business Strategy

A vision statement is a forward-thinking statement which defines what a company wants to become and/or where it is going.

Correct AnswerverifiedShow Answer

In formulating and implementing strategy in the social economy,managers must ensure that their actions guide the philosophical activity of the not-for-profit (NFP),as well as other strategy considerations.

Correct AnswerverifiedFalse

Monitoring the cash flowing into and out of the business is a key requirement of the strategy execution phase.

Correct AnswerverifiedFalse

Operational goals set is the final phase of the strategic planning process.

Correct AnswerverifiedShow Answer

In order for an organization to be successful over the long term,managers need to have a ___________ as to where and how to compete in the markets in which they intend to serve.

Correct AnswerverifiedShow Answer

The identification of the key revenue drivers and an assessment of the total potential revenue forecasts which the business can expect from a particular initiative is a key components of the operating plan development process.

Correct AnswerverifiedShow Answer

______________ refers to identifying who,within the business,will be responsible for each aspect of the strategic plan.

Correct AnswerverifiedShow Answer

Strategic level strategy objectives define how to accomplish the stated corporate objectives.

Correct AnswerverifiedShow Answer

A vision is a detailed set of specific steps that a firm must take to achieve its short-run objectives.

Correct AnswerverifiedShow Answer

Industry is one of the key areas in which the I/E Analysis is assessing business risk and change.

Correct AnswerverifiedShow Answer

When a firm makes use of SWOT analysis,one of its objectives is to:

Correct AnswerverifiedShow Answer

The identification of the up-front and ongoing cost commitments which must be made in order to develop the market opportunity which the business has decided to focus on is a key components of the operating plan development process.

Correct AnswerverifiedShow Answer

The evaluation of assets is one of the six key areas that business managers answer in the development of a business strategy.

Correct AnswerverifiedShow Answer

Today,managers have to make allocation decisions around the use of which scarce resources,

Correct AnswerverifiedD

________ involves setting the organization's vision,goals,and objectives.

Correct AnswerverifiedShow Answer

Which of the following is NOT one of the key areas in which the I/E Analysis is assessing business risk and change?

Correct AnswerverifiedShow Answer

A vision is the overall explanation of why an organization exists and where it is trying to head.

Correct AnswerverifiedShow Answer

An assessment of the position in the marketplace is a key component of the operating plan development process.

Correct AnswerverifiedShow Answer

What is developed after the corporate level and business level strategies and objectives have been identified?

Correct AnswerverifiedShow Answer

Most managers consider planning to be of little importance in today's rapidly changing business environment.

Correct AnswerverifiedShow Answer

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False

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False

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D

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