Download Strategic Management Lecture 1 Quiz Study Guide with Answers and more Exams Strategic Management in PDF only on Docsity! C209 Strategic Management – BUS 670 Lecture 1 Quiz Study guide with correct answers T/F: A mission is a sort of "social contract" between firm and society. - correct answer True Which of the following is NOT involved in selecting the firm's mission? A. Survival of the fittest B. Distinctive competence C. Matching the firms resources to economic needs D. The firm's goal - correct answer D. The firm's goal T/F: Strategic planning is one way managers put strategic management theory into practice. - correct answer True There are three general stages in the strategic planning process: name them. - correct answer a. Gather evidence (to make a decision) b. Make decisions (select goal and strategy) c. Implementation of strategy Strategic planning can accomplish two purposes that were discussed at the beginning of this lecture. What are the names of those two purposes? - correct answer Affirmative and protective. What portion of companies on the Fortune 500 list of leading American corporations in 1960 still were on that list in 1999? In 2019? - correct answer ~20% and ~10% There are three basic steps in the strategic decision making process: name them. - correct answer 1. Select goal 2. Select strategic objectives 3. Select strategy T/F: Companies that practice strategic planning usually do not have any better financial results than other companies. - correct answer False T/F: Gaps between a firm's "baseline" forecast and its goals can be used to describe its "strategic objectives". - correct answer True T/F: Strategies aimed at enhancing financial and competitive performance often conflict. - correct answer True T/F: Contingency or scenario planning is the current state of building resiliency into a company's business model. - correct answer True In this lecture, the close relationship between goals and strategy was explained. a. What is a "goal"? b. What is "strategy"? - correct answer a. A goal is the existing definition of success. A goal determines the market share, place in the market or the industry field, and the potential risk and reward. b. Strategy, set by the management team, is the determined approach intended to meet the identified goals and expectations set. A "top-down" approach to strategic decision-making best suits which type of organization? a. Large - single line of business b. Large - multiple lines of business
