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Questions and Answers
Planning involves establishing an overall strategy and developing a comprehensive hierarchy of non-integrated plans.
False
Formal planning is criticized for being too flexible and adaptable.
False
Strategic management is the process where managers develop an organization's strategies.
True
The mission statement helps managers identify the organization's purpose.
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External analysis in strategic management includes evaluating an organization's resources and capabilities.
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A growth strategy involves reducing the number of markets served by an organization.
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Directional plans provide specific guidelines for activities performed repeatedly.
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Single-use plans are ongoing plans designed to meet the needs of unique situations.
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Managers must be flexible in responding to changes due to current environmental uncertainty.
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Strategic plans apply to specific departments within an organization.
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Tactical plans focus on how overall goals will be achieved.
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Standing plans are one-time plans designed for unique situations.
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In backward vertical integration, the organization becomes its own distributor.
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Horizontal integration involves a company combining with customers instead of competitors.
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Related diversification is when a company combines with firms in unrelated industries.
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Stability strategy involves introducing new products to expand market share.
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Renewal strategy addresses declining organizational performance through restructuring operations.
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Competitive strategy focuses on how an organization will collaborate with others in the industry.
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