1. A hotel chain based in Chicago uses a statement about how it aspires to be the premiere hotel chain among high-end guests in the future. This statement is the organizations:

Core value

Strategic objective

Mission

Vision

2. In order for an organization to be prepared to change its mission, what does it need to do? Check all that apply.

Give workers more flexible options.

Hire a consultant to provide benchmarking data on what competitors are doing.

Survey employees to identify the core values of the organization.

Scan the environment for opportunities and threats.

3. Senior management at a computer hardware firm reviewed its strategic plan and discovered that it was missing a formal statement of the fundamental purpose of the organization, what it does, and for whom it does it. Senior management at the company needs to formulate a ____ in order to resolve the deficiency with its strategic plan.

core values

mission

strategic plan

4. Top management at an Internet retailer wants to analyze their external and internal business environments so that an effective strategic plan can be formulated. In order to do this, management should conduct what kind of analysis?

Cost-benefit

Productivity and cost

Top-down

SWOT

5. The economic dimension of an organizations external environment includes __________. Check all that apply.

Regional economic conditions

Local economic conditions

Water quality and supply

Global economic conditions

6. When competitive rivalry, the threat of substitutes, the bargaining power of buyers, the bargaining power of suppliers, and the number of new entrants into a business are all high, a business is ___ likely to be successful.

less

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