What else must a company have besides an advantage in order to succeed in the long term?
b. Solid management
c. Open communication
d. Loyal shareholders
What is the simplest way to make sure that a plan is launched and completed by all parties involved?
a. Threaten the project leaders with layoffs if they do not perform. b. Give excessive compensation to the leaders.
c. Allow people to run the planning process whichever way they want regardless of its effectiveness. d. Create a simple project plan with specific deliverables.
How does a firm prioritize which threats to their business would be most damaging?
a. It considers all threats equally damaging.
b. It weighs the probability of the event occurring and how it will impact the business. c. It looks at the threats which have impacted other companies and assumes that they will impact them also the extent of damages. d. It considers only those threats damaging which impact employee morale.
What are the three levels of competitors?
a. Direct, Indirect, Substitute
b. Market, Governmental, Jurisdictional
c. Makers of the same product, Makers of a similar product, Makers of a different product d. Situational, Substitutional, Governmental
Which of the following is a reason for the failure of a strategic plan?
a. The management was 100% above board.
b. The plan looked at past successes and failures while planning for the future. c. The mission statement was only two sentences long. d. It was not communicated to everyone who needed to know.
What is a SWOT Analysis?
a. An analysis of the company's financial performance over the last year b. A list of standard operating procedures
c. Listing of managerial options regarding hiring employees d. Listing of a company's strengths, weaknesses, opportunities, threats
Which of the following needs to be addressed before implementing a plan?
a. Deciding how the board of directors may react
b. How to motivate people to implement the plan
c. How the next strategic plan will be drafted
d. Determining if it is worth the time of the management
Which of the following non financial factors from the past should be examined as they impact the company the most?
a. Net Income
b. Geographical Trends
c. Economic Trends
d. Population Growth
How should a strategic plan be evaluated for financial viability?
a. By seeing if the strategic initiatives are profitable as a whole b. By ensuring that the strategy does not impact finances c. By estimating revenues and expenses for each of the strategic initiatives, and determining if they will be profitable d. The management should make a rough judgment call.
How can a firm maintain its competitive advantage?
a. By trying to deceive the competition
b. By continually improving on its advantage
c. By forcing customers to purchase their products
d. By sabotaging the plans of competitors with close substitutes
What would examining the supply and demand dynamics for a supplier's goods accomplish?
a. Allow your firm to determine how much quantity to order based on their availability b. Allow your firm to determine what pricing schedule your competitors are receiving c. Allow your firm to determine the relative price setting power of the supplier compared to other suppliers d. It would not be of any use
How is the SWOT analysis used in setting priorities?