1) Top-down strategic planning as an approach to the strategic management process will be most effective when the a) environment is constantly changing. b) size of the firm is large. c) probability of black swan events is high. d) top management wants to decentralize decision making. 2) To support the rise of emergent strategies, an organization should a) centralize decision making and all other activities. b) empower lower-level employees to take up autonomous actions. c) limit serendipity that is in the form of random events and accidental happenstances. d) rely solely on hard data to formulate strategies. 3) Homestyle is a company that manufactures and sells home furniture. It sources its materials from another country to keep costs low. An assembly line worker in one of its manufacturing centers noticed that there was increasing concern regarding the potential toxicity of the flame-resistant materials used in the furniture. In response, she compiled a list of nontoxic flame-resistant materials that the company could use. When her manager learned about this, he presented the prospect and got it approved from the top management team. This is an exa a) top-down strategic planning approach. b) planned emergence approach. c) scenario planning process. d) reverse engineering process. 4) A ________ is best described as any activity a firm pursues to explore and develop new products and processes, new markets, or new ventures. a) strategic initiative b) value chain c) supply chain d) corrective action 5) Strategic thinking is different from strategic planning in that a) strategic thinking includes all types of information sources while strategic planning does not. b) strategic thinking relies more on hard data than strategic planning. c) strategic thinking is regimented and confining, whereas strategic planning is more flexible. d) strategic thinking can create an illusion of control, whereas strategic planning avoids this. 6) Which of the following is an assumption that top-down strategic planning rests on? a) We can predict the future from the past. b) Time cannot be compressed at will. c) Decisions made in the past do not affect our future. d) Change is constant. 7) In the top-down strategic planning approach, all strategic intelligence and decision-making responsibilities rest primarily on the a) functional managers. b) chief executive officer. c) external stakeholders. d) general manager. 8) What is the strategic management process? a) The CEO decides who the product managers will be for a company. b) The CEO defines the main problems facing a company. c) Strategic leaders design a method to formulate and implement strategy. d) Strategic leaders focus on creating a vision that reflects the company’s strategy. 9) To implement specific business strategies, general managers of strategic business units rely on a) external stakeholders. b) corporate executives. c) strategic leaders. d) functional managers. 10) Due to political instability in the country of Ferrero, the strategic leaders at the headquarters of Decent Manufacturing have decided to close all production facilities in the country until stability returns. Decent’s managers have formulated a ________-level strategy. a) business b) divisional c) functional d) corporate 11) Corporate executives at Fly High Inc. decide to compete in the remote model airplane industry by making the largest model planes available. By doing this, they completed part of their ________ strategy. a) implementation b) corporate c) functional d) business 12) ________ are best described as the ethical standards and norms that govern the behavior of individuals within a firm. a) Job descriptions b) Customs duties c) Corrective controls d) Organizational core values

SM CHapter 2

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