Chapter 1 Quiz-3

What is often considered to be the first step in strategic planning?

A.
Devising a mission
B.
Obtaining shareholders or financial supporters
C.
Securing capital to operate
D.
Establishing objectives
E.
Developing a vision statement

E.
Developing a vision statement

To build four new manufacturing plants in Europe is an example of a(n) ____________.

A.
threat
B.
opportunity
C.
weakness
D. strategy
E.
strength

D. strategy

Strengths and weaknesses can be determined by elements of being rather than performance.
For example, ______________.
A. a strength may involve ownership of natural resources
B. a strength may be a historic reputation for quality
C. a weakness may be a current ratio below 1.0
D. All of the above
E. A & B above

E.
A & B above

Recent research by Rose and Cray examined the strategic-management process and concluded
that perhaps the most important "activity" is what?
A. Deciding upon internal strengths and weaknesses
B. The feedback loop
C. Developing vision and mission statements
D. Deciding upon external opportunities and threats
E. Deciding upon long-term and annual objectives
B.
The feedback loop