MGT 3120 CH6 Quiz 90%

___________ is(are) included in strategic control.

Monitoring the execution of strategy and making adjustments, if necessary,

A stability strategy is a grand strategy that involves little or no significant organizational change. For example, Love Forever is a jewelry store that sells only one type of item: engagement and wedding rings. The management of Love Forever does not plan to branch out into selling different types of jewelry; the company has a reputation for being the go-to store to purchase wedding rings, and it plans to maintain that strategy.

True

Johnson's Fruit Farm is one of several stores in the county where customers can purchase locally grown fruits and vegetables. However, Mrs. Johnson also offers weekly workshops in her store on topics such as canning, healthy eating, and how to grow a garden, which no other store in the county does. By offering these unique workshops, the Johnsons are engaging in strategic positioning.

True

In the BCG matrix, _____ are companies that have high growth and high market share, and are definite keepers.

cash cows

Strategy formulation is the process of

choosing among different strategies and altering them to best fit the organization's needs.

When organizations endeavor (1) to keep their costs (and hence the prices of their products or services) below those of competitors and (2) to target a wide market, they are utilizing a _____ strategy.

cost-leadership

Over the course of 40 years, Sal grew his company to six package shipping stores. With his retirement approaching and the increased competition, he decided to reduce the number of locations to two. Sal's reduction of effort represents a

defensive strategy.

Organizational opportunities in a SWOT analysis are

environmental factors that the organization may exploit for competitive advantage

A forecast is a(n)

projection for the future.

An organization's vision statement states _____. For example, the Cleveland Clinic's vision statements says that it "strives to be the world's leader in patient experience, clinical outcomes, research, and education."

what the company wants to become, where it wants to go strategically