Question 1

Small and medium-size business owners need to assess and anticipate the changes which are occurring with new opportunities.

Accepted Answer

A) True 
 B)False

Question 2

Explain SMAC principles and provide examples.

Accepted Answer

A fundamental underlying element to the ...

Question 3

Identifying anticipated moves by competitors is a key outcome of the I/E Analysis.

Accepted Answer

A) True 
 B)False

Question 4

Developing a business strategy looks at each of the six areas _______,but also ________,in determining the road which an organization should take.

Accepted Answer

A)   alone, holistically
B)   individually, together
C)   individually, holistically
D)   alone, simultaneously
E)   individually, simultaneouslyF) B) and E)
G) A) and B)

Question 5

,effectively respond to the following:

Accepted Answer

A)   Maintain the balance between the economic base and the social mission and goals
B)   Enhance the vitality of the organization
C)   Maintain the atmosphere of collective entrepreneurship
D)   Enhance the rootedness of the organization
E)   All of the aboveF) B) and C)
G) B) and E)

Question 6

Objectives should be expressed as broad,general principles rather than as specific short-term results.

Accepted Answer

A) True 
 B)False

Question 7

What is the final phase of the strategic planning process?

Accepted Answer

The final phase of the strategic plannin...

Question 8

___________ are broad,long-term accomplishments an organization wants to achieve.

Accepted Answer

A)   Goals
B)   Objectives
C)   Directives
D)   AgendasE) None of the above
F) B) and C)

Question 9

The revolution in management that is currently underway suggests that the most effective managers of the future will:

Accepted Answer

A)   be very strict in their treatment of workers.
B)   emphasize individual initiative rather than teamwork.
C)   specialize in performing one of the four management functions.
D)   be skilled communicators and team players.E) B) and C)
F) All of the above

Question 10

SWOT analysis focuses only on the internal activities of the firm,while other analytical tools are used to review the external environment in which the firm operates.

Accepted Answer

A) True 
 B)False

Question 11

An identification of required staffing,infrastructure,and process is a key component of the operating plan development process.

Accepted Answer

A) True 
 B)False

Question 12

Small and medium-size business owners need to assess and anticipate the changes which are occurring with the needs for their products.

Accepted Answer

A) True 
 B)False

Question 13

Assessing what strategies competitors are pursuing is part of the strategic planning process and its organizing framework.

Accepted Answer

A) True 
 B)False

Question 14

Every business is faced with the reality of having less uses for resources than resources available.

Accepted Answer

A) True 
 B)False

Question 15

Explain responsibility and accountability with respect to strategic planning.

Accepted Answer

Responsibility and Accountability refers...

Question 16

The corporate level of planning would be determining specific objectives which it hopes to achieve for each of its identified business initiatives and/or business units.

Accepted Answer

A) True 
 B)False

Question 17

Understanding what is influencing markets today is part of the strategic planning process and its organizing framework.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is NOT part of the strategic planning process and its organizing framework?

Accepted Answer

A)   assess what is changing in its macro-economic environment
B)   understanding what is influencing markets today
C)   assess what strategies its competitors are pursuing
D)   assess who its customers are and how they are changing
E)   assess what are its capabilities, competencies and advantagesF) A) and C)
G) A) and B)

Question 19

Goals are broad,long-term accomplishments an organization wants to achieve.

Accepted Answer

A) True 
 B)False

Question 20

Like for-profit entities,not-for-profits must develop ________ which produce positive financial results for the organization.

Accepted Answer

A)   competitive advantage
B)   substitutes
C)   opportunities
D)   operational tactics
E)   strategies and tacticsF) None of the above
G) A) and D)

Exam 6: Developing a Business Strategy

Developing a business strategy looks at each of the six areas _______,but also ________,in determining the road which an organization should take.

Correct AnswerverifiedShow Answer

Explain responsibility and accountability with respect to strategic planning.

Correct AnswerverifiedResponsibility and Accountability refers...View AnswerShow Answer

Goals are broad,long-term accomplishments an organization wants to achieve.

Correct AnswerverifiedShow Answer

An identification of required staffing,infrastructure,and process is a key component of the operating plan development process.

Correct AnswerverifiedShow Answer

___________ are broad,long-term accomplishments an organization wants to achieve.

Correct AnswerverifiedShow Answer

,effectively respond to the following:

Correct AnswerverifiedShow Answer

Assessing what strategies competitors are pursuing is part of the strategic planning process and its organizing framework.

Correct AnswerverifiedShow Answer

Understanding what is influencing markets today is part of the strategic planning process and its organizing framework.

Correct AnswerverifiedShow Answer

Like for-profit entities,not-for-profits must develop ________ which produce positive financial results for the organization.

Correct AnswerverifiedShow Answer

Small and medium-size business owners need to assess and anticipate the changes which are occurring with new opportunities.

Correct AnswerverifiedShow Answer

Small and medium-size business owners need to assess and anticipate the changes which are occurring with the needs for their products.

Correct AnswerverifiedShow Answer

The corporate level of planning would be determining specific objectives which it hopes to achieve for each of its identified business initiatives and/or business units.

Correct AnswerverifiedShow Answer

Every business is faced with the reality of having less uses for resources than resources available.

Correct AnswerverifiedShow Answer

Identifying anticipated moves by competitors is a key outcome of the I/E Analysis.

Correct AnswerverifiedShow Answer

Explain SMAC principles and provide examples.

Correct AnswerverifiedA fundamental underlying element to the ...View AnswerShow Answer

The revolution in management that is currently underway suggests that the most effective managers of the future will:

Correct AnswerverifiedShow Answer

SWOT analysis focuses only on the internal activities of the firm,while other analytical tools are used to review the external environment in which the firm operates.

Correct AnswerverifiedShow Answer

Objectives should be expressed as broad,general principles rather than as specific short-term results.

Correct AnswerverifiedShow Answer

What is the final phase of the strategic planning process?

Correct AnswerverifiedThe final phase of the strategic plannin...View AnswerShow Answer

Which of the following is NOT part of the strategic planning process and its organizing framework?

Correct AnswerverifiedShow Answer

Developing a business strategy looks at each of the six areas _,but also __,in determining the road which an organization should take.

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Responsibility and Accountability refers...
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A fundamental underlying element to the ...
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The final phase of the strategic plannin...
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