Cultural Aspects of Strategy Choice Show
75. Culture includes the set of shared values, beliefs, attitudes, customs, norms, personalities, heroes and heroines that describe a firm. Ans: T Page: 219 76. Generally, small organizations have a business plan whereas large organizations have culture. Ans: F Page: 219 77. Culture is the unique way an organization does business. Ans: T Page: 219 78. Whenever two firms merge, it becomes especially important to evaluate and consider culture-strategies linkages. Ans: T Page: 220 The Politics of Strategy Choice 79. Successful strategists establish additional hurdles or tests for strongly supported ideas that are considered unacceptable, but which are best not opposed openly. Ans: T Page: 220-221 80. Successful top managers keep a low political profile on acceptable proposals. Ans: F Page: 221 81. By continuously chatting and informally questioning, successful CEOs stay abreast of how things are progressing and know when to step in to intervene. Ans: T Page: 221 82. Successful strategists minimize their own political exposure on issues that are highly controversial and in circumstances where opposition from major power centers was likely. Ans: T Page: 221 83. Equifinality means it is often possible to achieve similar results using different means or paths. Ans: T Page: 221 84. Satisficing means it is often possible to achieve similar results using different means or paths. Ans: F Page: 221 85. Shifting focus from specific issues to more general ones may increase strategists’ options for gaining organizational commitment. Ans: T Page: 221 The Role of a Board of Directors 86. Now averaging 18 members rather than 12 as they did a few years ago, the trend in America is toward larger boards. Ans: F Page: 222 87. Boards of directors are composed mostly of outsiders who are becoming more involved in an organization’s strategic management. Ans: T Page: 222 88. Business Week recommends board members retire at age 65. Ans: F Page: 223 89. Business Week recommends the entire board of directors be up for election annually. Ans: T Page: 223 90. The board of directors of Trans Union Corporation, according to a ruling by the Supreme Court of Delaware in 1985, violated the interests of shareholders when they hastily accepted a takeover bid from the Marmon Group. Ans: T Page: 224 91. The impact of increasing legal pressures on board members is that directors are demanding access to more financial performance information on a regular basis. Ans: T Page: 224 92. Boards of directors today are composed mostly of outsiders who are becoming more involved in the company’s strategic-management activities. Ans: T Page: 224 93. There are on average five times more outsiders on the board than insiders at American firms. Ans: F Page: 224 Conclusion 94. Rather than just react to management initiatives, board directors must assume a more activist stance in management development. Ans: T Page: 225 Multiple Choice The Nature of Strategy Analysis and Choice 95. Strategy analysis and choice largely involves making __________ decisions based on __________
information. b. subjective; objective c. short-term; long-term d. subjective; short-term e. objective; subjective Ans: b Page: 196 A Comprehensive Strategy-Formulation Framework 96. Stage 1 consists of IFE, EFE and CPM. What stage is this in the strategy formulation framework? a. Output b. Decision c. Input d. Matching e. Functional Ans: c Page: 198 97. Which stage in the strategy-formulation framework focuses on generating feasible alternative strategies? a. Input b. Output c. Decision d. Stage 3 e. Matching Ans: e Page: 198 98. The ________ stage involves a single technique, QSPM. a. Stage 2 b. Decision c. Input d. Matching e. Stage 1 Ans: b Page: 198 99. A(n) __________ reveals the relative attractiveness of alternative strategies and thus provides an objective basis for selecting specific strategies. a. TOWS b. SPACE c. QSPM d. IFE e. CPM Ans: c Page: 198 100. Each of the nine techniques included in the strategy formulation framework rely on the use of a. strictly factual data. b. luck. c. financial formulas and statistics. d. intuition and analysis. e. synergy. Ans: d Page: 198 The Input Stage 101. The __________ stage includes an Internal Factor Evaluation Matrix and a Competitive Profile Matrix. a. input b. matching c. decision d. penetration e. research Ans: a Page: 198 102. __________ is not an input stage matrix. a. IFE b. IE c. CPM d. EFE Ans: b Page: 198 The Matching Stage 103. __________ is not a Stage 2 matching technique. a. The SPACE Matrix b. The Grand Strategy Matrix c. The Competitive Profile Matrix d. The Business Portfolio Matrix e. The TOWS Matrix Ans: c Page: 198 104. The __________ of the strategy formulation framework contains the TOWS Matrix, the SPACE Matrix, the Grand Strategy Matrix and the Competitive Profile Matrix. a. input stage b. matching stage c. decision stage d. output stage e. None of the above Ans: e Page: 199 105. __________ is not a TOWS strategy. a. SO b. WO c. SW d. ST e. WT Ans: c Page: 200 106. Poor product quality, coupled with reliable suppliers, would suggest a. WT strategies. b. WO strategies. c. ST strategies. d. SO strategies. Ans: b Page: 200 107. Matching internal strengths with external opportunities is part of which section of the TOWS Matrix? a. The WT cell b. The WO cell c. The ST cell d. The SO cell e. The center four cells Ans: d Page: 200 108. The most ideal situation for a company to be in on the TOWS Matrix would be if they had all a. SO strategies. b. WO strategies. c. ST strategies. d. WT strategies. Ans: a Page: 200 109. Which strategies aim at improving internal weaknesses by taking advantage of external opportunities? a. SO b. WO c. SW d. ST e. WT Ans: b Page: 200 110. The purpose of each Stage 2 matching tool is to a. identify the strengths, weaknesses, opportunities and threats of the firm. b. generate the feasible alternative strategies for the firm. c. pick the best strategy for the firm to carry out. d. decide who the company’s major competitors are. Ans: b Page: 200 111. If an organization were to match high employee turnover with increased local competition, what type of strategies would be appropriate? a. SO strategies b. WO strategies c. ST strategies d. WT strategies Ans: d Page: 201 112. Which strategies use a firm’s strengths to avoid or reduce the impact of external threats? a. SW b. WO c. SW d. ST e. WT Ans: d Page: 201 113. __________ strategies are defensive tactics directed at reducing internal weaknesses and avoiding environmental threats. a. SO b. WO c. SW d. ST e. WT Ans: e Page: 201 114. A TOWS Matrix is composed of __________ cells. a. four b. six c. nine d. eight e. two Ans: c Page: 201 115. Which of the following is not a step of a TOWS Matrix? a. List the firm’s key external threats b. Match strengths with external opportunities and record the resultant SO strategies in the appropriate cell c. Match internal weaknesses with external threats and record the resultant WT strategies d. List the firm’s external weaknesses e. List the firm’s external threats Ans: d Page: 202 116. Which of these is not a SPACE Matrix quadrant? a. Aggressive b. Defensive c. Competitive d. Offensive e. Conservative Ans: d Page: 204 117. __________ reveals whether aggressive, conservative, defensive, or competitive strategies are most appropriate. a. Grand Strategy Matrix b. SPACE Matrix c. Competitive Profile Matrix d. TOWS Matrix e. QSPM Ans: b Page: 204 118. The two positive-rated dimensions on SPACE Matrix are a. FS and CA. b. CA and ES. c. FS and IS. d. IS and ES. e. FS and ES. Ans: c Page: 204 119. A firm located in the aggressive quadrant of the SPACE Matrix should use its internal strengths to a. take advantage of external opportunities. b. overcome internal weaknesses. c. avoid external threats. d. do all of the above. Ans: d Page: 205 120. Financial strengths are measured on the SPACE Matrix by variables such as investment, leverage, liquidity, working capital and a. ease of entry into the market. b. product quality. c. operations and facilities. d. working capital. Ans: d Page: 206 Which stage of the strategy formulation analytical framework includes the use of the internal factor evaluation matrix?Stage 1 of the strategy-formulation analytical framework consists of the External Factor Evaluation (EFE) Matrix, the Internal Factor Evaluation (IFE) Matrix, and the Competitive Profile Matrix (CPM).
How many techniques are included in the strategy formulation analytical framework?The matching stage of the strategy-formulation framework consists of five techniques that can be used in any sequence: the SWOT Matrix, the SPACE Matrix, the BCG Matrix, the IE Matrix, and the Grand Strategy Matrix.
Which matrix is included in the decision stage of the strategy formulation framework?Stage three, called the decision stage, involves a single technique, the Quantitative Strategic Planning Matrix (QSPM). A QSPM uses input information from stage one to objectively evaluate feasible strategies identified in stage two.
What are the 3 stages in the strategy formulation framework?Techniques of strategy formulation can be integrated into a decision making framework. Strategies can be identified, evaluated and selected by this framework that includes three stages: (1) input stage, (2) matching stage, and (3) decision stage (Figure 1) (David, 2007).
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Each of the nine techniques included in the strategy formulation framework rely on the use of
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