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• 1) Strategic planning primarily benefits a firm's managers by ________. A) outlining procedures for firing employees B) creating a hierarchy of decision-makers C) establishing goals to be accomplished D) allowing employees to provide input E) cla   C) establishing goals to be accomplished 
• 2) Since most well-run firms utilize a hierarchy of goals to guide major decisions, ________ is especially important to managers at every level to prevent departments from working at cross-purposes. A) strategic planning B) financial auditing C) e A) strategic planning
• 3) What is the first step in the management planning process? A) evaluating the alternatives B) making forecasts of trends C) implementing a course of action D) setting an objective E) comparing options D) setting an objective
• 4) Which of the following is the most significant difference between managerial planning and the basic planning process? A) evaluation of alternative methods B) comparisons of strengths and weaknesses C) establishment of clear objectives D) asses E) interference from corporate hierarchies
• E) interference from corporate hierarchies 5) Which of the following provides a comprehensive view of both a firm's current situation and its goals for the next 3 to 5 years? A) SWOT analysis B) business plan C) value proposition D) financial B) business plan
• 6) The main contents of a typical business plan include all of the following EXCEPT ________. A) political forecast B) business description C) marketing plan D) financial plan E) personnel plan A) political forecast
• 7) The purpose of the marketing plan that is included within a business plan is to ________. A) clarify the projected profits of a firm's products B) set long-term objectives for a firm's middle managers C) assign measurable goals for a firm's sal D) specify the features of a firm's product or service
• 8) In order to implement a marketing plan, Apple needs a(n) ________ that will address its productive assets like the factories, machines, and facilities required to manufacture and distribute its popular iPods. A) balance sheet B) pricing strategy C) operations plan
• 9) SMART goals set by managers are ________. A) specific, measurable, aggressive, required, and tested B) short-term, motivational, attainable, relevant, and total C) standardized, manageable, accurate, restrictive, and tested D) short-term, meas E) specific, measurable, attainable, relevant, and timely
• 10) Raj and his manager meet for lunch to jointly set Raj's quarterly sales goals. Raj's manager will periodically assess the progress Raj makes towards those goals. Raj and his manager are most likely participating in ________. A) strategic plannin C) management by objectives
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• 11) Which of the following is the primary benefit of MBO? A) MBO is an effective method for determining the relationship between an employee's goals and the goals of supervisors and subordinates. B) Feedback provided by customers who participate in A) MBO is an effective method for determining the relationship between an employee's goals and the goals of supervisors and subordinates.
• 12) A(n) ________ is a firm's method for matching its internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage. A) strategic plan B) situation analysis C) environmental scan D) SWOT analysis E A) strategic plan
• 13) A course of action that a firm can pursue to achieve its strategic aims is known as a …. A) vision B) goal C) strategy D) tactic E) mission C) strategy
• 14) All of the following are steps involved in the strategic management process EXCEPT A) evaluating the firm's internal and external situation B) defining the business and developing a mission C) translating the mission into strategic goals D) E) offshoring low-skill jobs
• 15) What is the first step in the strategic management process? A) formulating a strategy B) defining the current business C) translating a mission into goals D) performing internal and external audits E) implementing an environmental scan B) defining the current business
• 16) Which of the following is a simple guide used to compile relevant information about economic, competitive, and political trends that may affect a firm? A) organization chart B) workforce requirement matrix C) environmental scanning worksheet C) environmental scanning worksheet
• 17) The primary tool used by managers who are performing external and internal audits as part of the strategic management process is the ________. A) BCG matrix B) QSPM matrix C) SWOT chart D) EPS/EBIT table E) MBO assessment C) SWOT chart
• 18) Which of the following provides a summary of a firm's intended direction and shows, in broad terms, "what we want to become"? A) mission statement B) strategic plan C) code of ethics D) vision statement E) marketing plan D) vision statement
• 19) The sales director at WebMD is calculating annual sales revenue targets and the number of new medical-related content providers that the firm needs to maintain a competitive advantage. In which step of the strategic management process is the sale C) translating a mission into strategic goals
• 20) The ________ of the California Energy Commission indicates that the organization assesses and acts through public and private partnerships to improve energy systems that promote a strong economy and a healthy environment. A) mission statement B A) mission statement
• 21) A company's ________ strategy identifies the portfolio of businesses that comprise a firm and the ways in which these businesses relate to each other. A) functional B) business unit C) corporate-level D) competitive E) departmental C) corporate-level
• 22) A diversification corporate strategy implies that a firm will ________. A) become an industry's low-cost leader B) expand by adding new product lines C) reduce the company's size to increase market share D) save money by producing its own r B) expand by adding new product lines
• 23) Harley-Davidson sells a line of boots, helmets, and leather jackets indicating that the firm is pursuing which of the following strategies? A) cost leadership B) conglomerate diversification C) geographic expansion D) related diversification D) related diversification
• E) horizontal integration 24) Acquiring control of competitors in the same or similar markets with the same or similar products is known as ________. A) market penetration B) product development C) vertical integration D) geographic expansion E) horizontal integration
• 25) Winchester Rugs operates a web site called www.buyrugsdirect.com, so Winchester Rugs is most likely using a strategy of ________. A) consolidation B) conglomerate diversification C) geographic expansion D) vertical integration E) horizontal D) vertical integration
• 26) Which of the following activities most likely indicates that a firm is implementing a vertical integration strategy? A) selling unprofitable divisions B) offshoring low-skill jobs C) producing raw materials D) aggressively selling a new pr C) producing raw materials 
• 27) The 2008 announcement by Starbucks that it would be closing approximately 600 of its stores suggests the firm was using a ________ strategy. A) consolidation B) diversification C) geographic expansion D) vertical integration E) product devel A) consolidation
• 28) Sweet Leaf Tea, a Texas-based maker of bottled iced tea, is a small but fast-growing firm that has gained a loyal following for its use of fresh, organic ingredients in its beverages. Although beverage industry experts recommended that Sweet Leaf D) Sweet Leaf Tea can achieve growth by aggressively selling its beverages in current markets where loyal customers will help boost word-of-mouth.
• 29) Which of the following, if true, would most likely undermine the argument that Sweet Leaf Tea should implement a corporate-level strategy of vertical integration? A) Sweet Leaf Tea lacks the facilities or knowledge to produce the raw ingredients A) Sweet Leaf Tea lacks the facilities or knowledge to produce the raw ingredients for its beverages.
• 30) Which of the following, if true, best supports the idea that Sweet Leaf Tea has implemented a competitive strategy of differentiation? A) New Sweet Leaf Tea customers are initially attracted to the unique labels and logo on the bottles. B) Loy B) Loyal customers of Sweet Leaf Tea seek products that are USDA certified organic despite the associated higher costs.
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• losing regional customers. 31) A company's ________ strategy identifies how to build and strengthen the business's long-term competitive position in the marketplace. A) functional B) economic C) corporate-level D) horizontal E) competitive E) competitive
• 32) Which of the following refers to any factors that allow a company to differentiate its product or service from those of its competitors to increase market share? A) functional strategy B) competitive advantage C) distinctive competence D) com B) competitive advantage
• 32) Which of the following refers to any factors that allow a company to differentiate its product or service from those of its competitors to increase market share? A) functional strategy B) competitive advantage C) distinctive competence D) com B) competitive advantage
• 33) A company's business-level strategy identifies the ________. A) ways to build and strengthen a firm's long-term competitive position in the marketplace B) tools for diversifying a business portfolio through the acquisition of a multi-national e A) ways to build and strengthen a firm's long-term competitive position in the marketplace
• 34) Companies like Ferrari are known as ________ because they carve out a market niche and compete by providing a product that customers can attain in no other way. A) cost leaders B) focusers C) visionaries D) market leaders E) complementary co B) focusers
• 35) Which of the following strategies identifies the broad activities that each department will pursue in order to help a business attain its competitive goals? A) competitive B) business-level C) corporate-level D) consolidation E) functional E) functional
• 36) A firm's functional strategies identify the broad activities that each ________ will pursue in order to help the firm accomplish its competitive goals. A) board member B) supplier C) department D) executive E) employee C) department
• 37) Strategic planning expert Michael Porter uses the term ________ to describe how a firm's departmental strategies and competitive aims should align for the greatest impact. A) strategic objectives B) visionary strategy C) vertical strategy D) E) strategic fit
• 38) All of the following are roles that departmental managers would most likely have in the strategic planning process EXCEPT ________. A) assisting top managers in devising a strategic plan B) developing functional, departmental plans C) impleme D) deciding the businesses in which a firm will be involved
• 39) Exporting jobs from developed countries to countries with low labor force costs is known as A) freelancing B) unionizing C) offshoring D) integrating E) networking C) offshoring
• 40) Formulating and executing human resource policies and practices that produce the employee competencies and behaviors a company needs to achieve its strategic aims is known as A) strategic human resource management B) human resource performance A) strategic human resource management
• 41) The primary purpose of strategic human resource management is to ________. A) develop human resource policies that align with the industry standard B) link a company's strategic plan with its human resource strategies C) create stringent appra B) link a company's strategic plan with its human resource strategies
• 42) In order to generate the desired workforce skills, competencies, and behaviors that a firm needs to achieve its strategic goals, human resource management must first develop ________. A) HR consultants B) HR strategies C) HR databases D) emp B) HR strategies
• 43) Which of the following most likely serves as the basis for the HR strategies developed by the majority of firms? A) mission statements B) potential strengths C) supervisory objectives D) competitive advantages E) workforce requirements E) workforce requirements
• 44) Which of the following is the final step in the strategic human resource management process? A) formulating HR policies and practices B) identifying a firm's workforce requirements C) formulating an effective business strategy D) developing d D) developing detailed HR scorecard measures
• 45) Human resource strategies are the ________ used to support a firm's strategic goals. A) visions and objectives B) policies and practices C) missions and goals D) plans and evaluations E) theories and tools B) policies and practices
• 46) As with many failed mergers and acquisitions, the Bank of America acquisition of Merrill Lynch was unsuccessful because of problems with ________. A) technology B) financing C) geography D) personnel E) stock prices D) personnel
• 47) Which of the following best explains the increased success of mergers and acquisitions in recent years? A) improvements in wireless communication technology B) union support of employee rights in multiple industries C) fewer restrictions regar E) consistent involvement of human resource management
• 48) During a merger or an acquisition, due diligence reviews performed by human resource teams are most likely to assess all of the following EXCEPT ________. A) accounting procedures B) organizational culture C) employee compensation D) employee A) accounting procedures
• 49) Which of the following is the most important human resource issue to address during the first few months of a merger? A) interviewing and hiring low-level managers B) modifying benefits packages C) identifying and retaining key talent D) modi C) identifying and retaining key talent

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