BUS 475 EXAM 1 ,2 AND FINAL EXAM BUNDLE LATEST ACTUAL
QUESTIONS AND CORRECT DETAILED ANSWERS
Distinguishing strategy from tactics:
_________ is the overall plan for deploying resources to establish a favorable
position. ___________ is a scheme for a specific maneuver. - ANSWER: Strategy
Tactic
Characteristics of strategic decisions:
__________
Involve a significant commitment of ___________
Not easily ___________ - ANSWER: Important
Resources
Reversible
What makes a successful strategy?
________-term, simple and agreed ___________
Profound understanding of the competitive ___________
Objective appraisal of __________ - ANSWER: Long-term, objectives
Environment
Resources
Strategy as decision support: improve the quality of ___________ _________ -
ANSWER: Decision making
Strategy as coordination and communication: creates __________ and ________ -
ANSWER: Consistency
Unity
Strategy as target: improve performance by setting high ________________ -
ANSWER: Aspirations
What is more important than strategy? - ANSWER: Company culture
Strategy as design: planning and rational ___________ - ANSWER: Choice
Strategy as process: many decision makers responding to multitude of
____________ and ___________ forces - ANSWER: External
Internal
True or false: strategy as design is an intended strategy - ANSWER: True
True or false: strategy as process is an emergent strategy - ANSWER: True
Mintzberg critique of formal strategic planning:
, The fallacy of prediction - the future is ___________
The fallacy of detachment - impossible to divorce ___________ from
________________
The fallacy of formalization - it inhibits ____________, ____________, ___________
and __________ - ANSWER: Unknown
Formulation , implementation
Flexibility, spontaneity, intuition, learning, and
____________ is important to the success of individuals and organizations -
ANSWER: Strategy
True or false: successful strategies embody clear goals, fit with the external
environment and internal resources, and sound implementation - ANSWER: True
The framework for strategy analysis: strategy as a link between the _______ and it's
_____________ - ANSWER: Firm
Environment
Strategy describes __________ a firm is competing, _______ it is competing, and the
______________ in which it is developing - ANSWER: Where
How
Direction
Why do firms need strategy? Strategy allows firms to make better and more
consistent _____________ facilitates _____________ - ANSWER: Decisions
Coordination
How is strategy made? Through combining purposeful planning ( __________
________ ) and flexible responses to changing circumstances ( ______________ ) -
ANSWER: Rational design
Emergence
True or false: strategies should be simple - ANSWER: True
Every business has a unique __________, often reflecting the motives of the founder
- ANSWER: Purpose
The desire/need to create ___________ is common to every business enterprise -
ANSWER: Value
Monetary worth of a product is ________. The purpose of the business is to create
value for ___________ and to appropriate some of that value in the form of
__________ in order to ensure survival of the firm - ANSWER: Value
Customers
Profit
QUESTIONS AND CORRECT DETAILED ANSWERS
Distinguishing strategy from tactics:
_________ is the overall plan for deploying resources to establish a favorable
position. ___________ is a scheme for a specific maneuver. - ANSWER: Strategy
Tactic
Characteristics of strategic decisions:
__________
Involve a significant commitment of ___________
Not easily ___________ - ANSWER: Important
Resources
Reversible
What makes a successful strategy?
________-term, simple and agreed ___________
Profound understanding of the competitive ___________
Objective appraisal of __________ - ANSWER: Long-term, objectives
Environment
Resources
Strategy as decision support: improve the quality of ___________ _________ -
ANSWER: Decision making
Strategy as coordination and communication: creates __________ and ________ -
ANSWER: Consistency
Unity
Strategy as target: improve performance by setting high ________________ -
ANSWER: Aspirations
What is more important than strategy? - ANSWER: Company culture
Strategy as design: planning and rational ___________ - ANSWER: Choice
Strategy as process: many decision makers responding to multitude of
____________ and ___________ forces - ANSWER: External
Internal
True or false: strategy as design is an intended strategy - ANSWER: True
True or false: strategy as process is an emergent strategy - ANSWER: True
Mintzberg critique of formal strategic planning:
, The fallacy of prediction - the future is ___________
The fallacy of detachment - impossible to divorce ___________ from
________________
The fallacy of formalization - it inhibits ____________, ____________, ___________
and __________ - ANSWER: Unknown
Formulation , implementation
Flexibility, spontaneity, intuition, learning, and
____________ is important to the success of individuals and organizations -
ANSWER: Strategy
True or false: successful strategies embody clear goals, fit with the external
environment and internal resources, and sound implementation - ANSWER: True
The framework for strategy analysis: strategy as a link between the _______ and it's
_____________ - ANSWER: Firm
Environment
Strategy describes __________ a firm is competing, _______ it is competing, and the
______________ in which it is developing - ANSWER: Where
How
Direction
Why do firms need strategy? Strategy allows firms to make better and more
consistent _____________ facilitates _____________ - ANSWER: Decisions
Coordination
How is strategy made? Through combining purposeful planning ( __________
________ ) and flexible responses to changing circumstances ( ______________ ) -
ANSWER: Rational design
Emergence
True or false: strategies should be simple - ANSWER: True
Every business has a unique __________, often reflecting the motives of the founder
- ANSWER: Purpose
The desire/need to create ___________ is common to every business enterprise -
ANSWER: Value
Monetary worth of a product is ________. The purpose of the business is to create
value for ___________ and to appropriate some of that value in the form of
__________ in order to ensure survival of the firm - ANSWER: Value
Customers
Profit
