1) Strategic planning primarily benefits a firm's managers by ________.
A) outlining procedures for firing employees
B) creating a hierarchy of decision-makers
C) establishing goals to be accomplished
D) allowing employees to provide input
E) clarifying the supply chain network
2) Since most well-run firms utilize a hierarchy of goals to guide major decisions, ________ is especially important to managers at every level to prevent departments from working at cross-purposes.
A) strategic planning
B) financial auditing
C) employee testing
D) employee benchmarking
E) annual personnel training
3) What is the first step in the management planning process?
A) evaluating the alternatives
B) making forecasts of trends
C) implementing a course of action
D) setting an objective
E) comparing options
4) Which of the following is the most significant difference between managerial planning and the basic planning process?
A) evaluation of alternative methods
B) comparisons of strengths and weaknesses
C) establishment of clear objectives
D) assessment of long-term goals
E) interference from corporate hierarchies
5) Which of the following provides a comprehensive view of both a firm's current situation and its goals for the next 3 to 5 years?
A) SWOT analysis
B) business plan
C) value proposition
D) financial plan
E) operations plan
6) The main contents of a typical business plan include all of the following EXCEPT ________.
A) political forecast
B) business description
C) marketing plan
D) financial plan
E) personnel plan
7) The purpose of the marketing plan that is included within a business plan is to ________.
A) clarify the projected profits of a firm's products
B) set long-term objectives for a firm's middle managers
C) assign measurable goals for a firm's sales team
D) specify the features of a firm's product or service
E) describe the benefits of performing an industry analysis
8) In order to implement a marketing plan, Apple needs a(n) ________ that will address its productive assets like the factories, machines, and facilities required to manufacture and distribute its popular iPods.
A) balance sheet
B) pricing strategy
C) operations plan
D) income statement
E) personnel plan
9) SMART goals set by managers are ________.
A) specific, measurable, aggressive, required, and tested
B) short-term, motivational, attainable, relevant, and total
C) standardized, manageable, accurate, restrictive, and tested
D) short-term, measurable, aggressive, risky, and timely
E) specific, measurable, attainable, relevant, and timely
10) Raj and his manager meet for lunch to jointly set Raj's quarterly sales goals. Raj's manager will periodically assess the progress Raj makes towards those goals. Raj and his manager are most likely participating in ________.
A) strategic planning initiatives
B) corporate-level strategizing
C) management by objectives
D) human resource arbitration
E) job instruction training