Business Management: Real World Applications & Connections

Chapter 10: Planning and Strategic Management

Self-Assessment Quizzes



TRUE OR FALSE
Please answer the following questions as true or false.

1.

Divestiture is when an entire company is sold or dissolved.
A)True
B)False
2.

Customers are willing to pay more for a product that differentiates itself from its competitors through overall cost leadership.
A)True
B)False
3.

Good strategic managers continuously evaluate and respond to change.
A)True
B)False
FILL IN THE BLANKS
The following questions require you to find the correct answer that should appear in the blank.

4.

Strategic planning is _____ planning done by a company's senior managers.
A)emergency
B)long-range
C)occasional
D)tax
5.

In a SWOT analysis, a manager considers a company's _____.
A)weaknesses
B)threats
C)opportunities
D)all of the above
6.

A _____ outlines a company's reason for existing.
A)formulating strategy
B)policy statement
C)procedure manual
D)mission statement
CONNECT THE STRATEGY
Match the type of strategy to its description.

7.

Retrenchment Strategy
A)When a company plans to reverse negative trends.
B)When a company plans to expand sales, products, or personnel.
C)When a company plans to keep operating at the same level that it has been for years.
8.

Stability Strategy
A)When a company plans to reverse negative trends.
B)When a company plans to expand sales, products, or personnel.
C)When a company plans to keep operating at the same level that it has been for years.
9.

Growth Strategy
A)When a company plans to reverse negative trends.
B)When a company plans to expand sales, products, or personnel.
C)When a company plans to keep operating at the same level that it has been for years.
MULTIPLE CHOICE QUESTION

10.

What factors might make it difficult to implement a new strategy?
A)Old company policies
B)Training costs for new job tasks
C)Both
D)Neither
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