Chapter 6: Strategic Management
According to Bryan Barry, these are things a manager can do to keep a strategic plan on track: keep it ______, _____ people, stay ______, and moving.
simple; engage; focused
The skills and capabilities that give an organization special competencies and competitive advantages in executing strategies in pursuit of its mission are called organizational ______.
strengths
Within a SWOT analysis, the letter "S" represents a company's _____.
strengths
When other companies cannot duplicate the value provided by a competitor, then the competitor has established a ______ competitive advantage.
sustainable
When considering SWOT analysis, an example of an organizational weakness is obsolete ______.
technology
Newly-implemented government regulations have reduced the availability of raw materials for Blair Woodworking Corp. This would be considered an external organizational _____ in a SWOT analysis.
threat
Within a SWOT analysis, the letter "T" represents a company's _____.
threats
T/F: Many small business owners do not engage in strategic planning
true
T/F: according to Bossidy and Charan, execution is the central part of any company's strategy.
true
When you ask "does this resource or capability allow our firm to exploit an opportunity or neutralize a threat?" you are assessing the resource or capability's _____.
value
When you ask "does this resource or capability allow our firm to exploit an opportunity or neutralize a threat?" you are assessing the resource or capability's _________.
value
The first step in the strategic-management process is to establish the mission, vision, and values statements. The firm's vision statement states what the organization wants to _____ and where it wants to go strategically.
become
The process by which a company compares its performance with that of other high-performing organizations is known as _______.
benchmarking
Strategic ______ involves monitoring the execution of strategy and taking corrective action when necessary.
control
The _______-level of strategic management focuses on the organization as a whole.
corporate
______-level strategy: - involves senior executives in planning - focuses on the organization as a whole - answers questions such as "what business are we in?" and "what products and services shall we offer?"
corporate
The second step in the strategic-management process is assessing the ______ reality.
current
Strategic positioning attempts to achieve sustainable competitive advantage by preserving what it _____ about a company.
distinctive
Sustainable competitive advantage exists when other companies cannot _____ the value that an organization delivers to customers.
duplicate
_______ is the process that helps align the last two phases of the strategic-management process: strategic implementation and strategic implementation and strategic control
execution
In the _____ step of the strategic-management process, the organization establishes the mission and vision statements.
first
Jordan plans to open a computer repair business this summer. As he plans, he writes down the long-term goals of the business so that he can decide where he wants to go strategically. Jordan is in the _____ state of the strategic-management process.
first
A ______ is a vision or projection of the future that is made following a SWOT analysis.
forecast
A ______ is a vision or projection of the future.
forecast
To be successful, strategic planning requires a company to have a _____-term orientation.
long
A company would use a VRIO analysis when deciding whether or not a ______ product might work in the marketplace.
new
Environmental factors that an organization may exploit for competitive advantage are called organizational ______.
opportunities
Value can be assessed by asking: Does the resource or capability allow the firm to exploit an ______ or neutralize a ______?
opportunity; threat
Within a SWOT analysis, an organizational threat will come from _____ the company.
outside
Of the three core processes of business identified by Bossidy and Charan, which, they believe _______ is the most important
people
The three core processes of business identified by Bossidy and Charan are ______, ______, and ______.
people; operations; strategy
Michael Porter defined strategic _____ as an attempt to achieve sustainable competitive advantage by preserving what is distinct about a company.
positioning
The steps of the Strategic-Management _____ are: 1. Establish the mission, vision, and values statements 2. Assess the current reality 3. Formulate corporate, business, and functional strategies 4. Execute the strategies 5. Maintain strategic control
process
The characteristics being addressed in a VRIO analysis are: value, _____, ______, and organization.
rarity; imitability