Final Exam

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1) In a survey of 50 corporations, which of the following was rated as a benefit of strategic management?
A.Clearer sense of vision for the firm
B.Higher levels of employee motivation
C.Higher levels of job satisfaction
D.Improved productivity
E.Lower employee turnover

2) Research suggests that strategic management evolves through four sequential phases in corporations. The first phase is
A.externally-oriented planning
B.basic financial planning
C.internally-oriented planning
D.forecast-based planning
E.strategic management

3) Strategic management is that set of managerial decisions and actions that determine the long-run performance of a corporation. Which one of the following is NOT one of the basic elements of the strategic management process?

A.Strategy formulation
B.Strategy implementation
C.Statistical process control
D.Evaluation and control
E.Environmental scanning

4) The relationship among the board of directors, top management, and shareholders is referred to as
A.corporate synergy
B.corporate management
C.corporate governance
D.corporate strategy
E.corporate responsibility

5) The concept that proposes private corporations have responsibilities to society that extend beyond making a profit is known as
A.flexible responsibility responsibility flexibility
D.managerial responsibility
E.profit maximization

6) Who said that the social responsibility of business is a "fundamentally subversive doctrine" and that the one social responsibility of business is "to use its resources and engage in activities designed to increase its profits so long as it stays with the rules of the game..."?

A.Adam Smith
B.Edward Freeman
C.Archie Carroll
D.William C. Norris
E.Milton Friedman

7) Which of the following is NOT descriptive of external environmental scanning?
A.Used as a tool to ensure a corporation's long-term health
B.Used to monitor, evaluate, and disseminate information from the external environment to key people within the corporation
C.Used to identify opportunities and threats
D.It is a tool that corporations use to avoid strategic surprise
E.Used to identify strengths and weaknesses

8) According to Porter, the corporation is most concerned with
A.the intensity of competition within its industry
B.the aggregate level of demand for a product line
C.a market's position on its life cycle
D.the amount of pressure from the societal environment
E.the level of government action in an industry

9) When a company determines a competency's competitive advantage, Barney refers to this issue as

10) An acronym for the assessment of the external and internal environments of the business corporation in the process of strategy formulation/strategic planning is

11) In the development of a SFAS matrix, the first step is to
A.enter the ratings of how the company's management is responding to each of the strategic factors
B.calculate the weighted scores
C.list the most important EFAS and IFAS items
D.indicate short-term for the duration
E.enter the weights for all of the internal factors

12) The technique that illustrates how management can match the external opportunities and threats with its strengths and weaknesses to yield four sets of strategic alternatives is called a (an)
A.IFAS Table
B.EFAS Table
C.SFAS Table
D.TOWS Matrix
E.Issues Priority Matrix

13) Which strategy specifies the firm's overall direction in terms of its general orientation toward growth, the industries or markets in which it competes, and the manner in which it coordinates activities and transfers resources among business units?...
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