11) Which of the following is the primary benefit of MBO?
A) MBO is an effective method for determining the relationship between an employee's goals and the goals of supervisors and subordinates.
B) Feedback provided by customers who participate in an MBO program enhances a firm's marketing efforts.
C) Implementing an MBO program requires very little time and provides extensive employee motivation.
D) MBO is an informal yet highly effective technique of documenting a firm's long-term goals and objectives.
E) An MBO program encourages employee participation during department meetings and company conferences.
12) A(n) ________ is a firm's method for matching its internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage.
A) strategic plan
B) situation analysis
C) environmental scan
D) SWOT analysis
E) tactical plan
13) A course of action that a firm can pursue to achieve its strategic aims is known as a ________.
A) vision
B) goal
C) strategy
D) tactic
E) mission
14) All of the following are steps involved in the strategic management process EXCEPT ________.
A) evaluating the firm's internal and external situation
B) defining the business and developing a mission
C) translating the mission into strategic goals
D) crafting a course of action
E) offshoring low-skill jobs
15) What is the first step in the strategic management process?
A) formulating a strategy
B) defining the current business
C) translating a mission into goals
D) performing internal and external audits
E) implementing an environmental scan
16) Which of the following is a simple guide used to compile relevant information about economic, competitive, and political trends that may affect a firm?
A) organization chart
B) workforce requirement matrix
C) environmental scanning worksheet
D) external resource system table
E) potential globalization network
17) The primary tool used by managers who are performing external and internal audits as part of the strategic management process is the ________.
A) BCG matrix
B) QSPM matrix
C) SWOT chart
D) EPS/EBIT table
E) MBO assessment
18) Which of the following provides a summary of a firm's intended direction and shows, in broad terms, "what we want to become"?
A) mission statement
B) strategic plan
C) code of ethics
D) vision statement
E) marketing plan
19) The sales director at WebMD is calculating annual sales revenue targets and the number of new medical-related content providers that the firm needs to maintain a competitive advantage. In which step of the strategic management process is the sales director involved?
A) performing external and internal audits
B) defining the business and its mission
C) translating a mission into strategic goals
D) evaluating strategic decisions
E) implementing a strategy
20) The ________ of the California Energy Commission indicates that the organization assesses and acts through public and private partnerships to improve energy systems that promote a strong economy and a healthy environment.
A) mission statement
B) strategic plan
C) code of ethics
D) vision statement
E) organizational code