1. Who is typically responsible for formulating and implementing organizational strategy?

Multiple Choice

• upper-level management

• lower-level management

• staff members with the most seniority

• nonsupervisory personnel

2. Management by objectives is the process of

Multiple Choice

• setting and evaluating organizational goals at multiple levels.

• employing strategic decision making at the lowest levels of an organization.

• taking advantage of opportunities present in the external environment.

• evaluating strategic fit throughout an organizational hierarchy.

3. The owner of a boutique specializing in women's accessories finds that her inventory does not correspond to sales. She is not sure if theft is to blame, or if employees are mishandling merchandise. What represents her goal in this situation?

Multiple Choice

• reduce inventory shrinkage

• install security cameras

• develop stricter inventory controls

• improve employee training

4. Joel understands that to determine the threat of ______ it is important to define his company's industry more ______ to determine the influence of related products.

Multiple Choice

• substitutes; narrowly

• suppliers; broadly

• substitutes; broadly

• buyers; narrowly

5. Resources and capabilities that are ______ allow the firm to provide something customers want to have. Resources and capabilities that are ______ allow the firm to enjoy increased profits because they improve volume, prices, and/or costs.

Multiple Choice

• valuable; rare

• valuable; difficult to imitate

• difficult to imitate; valuable

• rare; difficult to imitate