MGMT 309 Chapter 6 | Questions with Verified Answers
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Course
MGMT 309
Institution
MGMT 309
MGMT 309 Chapter 6 | Questions with Verified Answers The process by which a firm's managers evaluate the future prospects of the firm and decide on appropriate strategies to achieve long-term objectives is called ________. strategic planning Which of the following terms refers to the basic means ...
The process by which a firm's managers evaluate the future prospects of the firm and
decide on appropriate strategies to achieve long-term objectives is called ________.
strategic planning
Which of the following terms refers to the basic means by which a company competes?
Strategy
A company's choice to operate in a business or businesses and the ways in which it
differentiates itself from its competitors is called its ________.
Strategy
Which of the following is the most common reactive reason for a firm to extend its
operations overseas?
globalization of competitors
Restrictive trade barriers most likely influence the globalization of businesses by
encouraging firms to ________.
switch from exporting to overseas manufacturing
Roch, a Swiss chocolate company, recently opened a manufacturing unit in Spain. The
purpose of this move was that Roch wanted to avoid Spain's high import tariffs. Which
of the following reasons prompted Roch to open the manufacturing unit in Spain?
trade barriers
Which of the following is the most likely result of regulations and restrictions enforced by
a firm's home government that prove to be expensive for the firm's operations?
the firm searches for less restrictive operating environments overseas
Due to the high demand for its handmade soaps in Canada, Fragrance Exotica, an
Indian Soap manufacturer, has decided to open a new manufacturing unit in Canada,
thereby expanding overseas. In this scenario, which of the following reasons prompted
Fragrance Exotica to set up a manufacturing unit overseas?
customer demands
Which of the following is the proactive reason that prompts firms to expand overseas?
seeking economies of scale
Which of the following is a reactive reason that prompts a firm to expand overseas?
customer demands
, A country seeks new infusions of capital, technology, and know-how. It announces that
it shall exempt taxes and grant concessions for foreign investors. Which of the following
measures is the country employing?
providing incentives
When Disney decided to build a park in Paris, the French government gave Disney
prime farmland just outside the city limits. This is most likely an example of a firm
expanding overseas due to ________.
provision of incentives
Which of the following statements is true of the strategic formulation process?
The strategic formulation process is part of the strategic management process in which
most firms engage, either formally or informally.
Jamie decides to plan his strategies for starting an electric equipment manufacturing
company. His main aim is to ensure that it runs efficiently. He decides to do this in two
phases: the planning phase and the implementation phase. Which of the following
processes is Jamie employing?
strategic management
Which of the following is the first step of the planning phase of a strategic management
process?
establishment of the company's mission
The second part of the strategic management process involves the ________.
implementation phase
Which of the following would most likely be categorized as a global financial objective of
an international firm?
foreign-exchange management
Which of the following charts the direction of the company and provides a basis for
strategic decision-making?
organizational mission
Goals for market volume and profitability are usually set higher for international than
domestic operations due to the ________.
involvement of greater risks
________ includes environmental scanning and continuous monitoring to keep abreast
of variables around the world that are pertinent to the firm.
Environmental assessment
Which of the following terms refers to the continuous process of gathering and
evaluating information about variables and events around the world that may pose
threats or opportunities to the firm?
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