Principles Of Management Chapter 8 & 9

"A" in SMART Framework refers to which of these?

Achievable

_____ refers to factors that prevent new firms from successfully competing in the industry.

Barriers to entry

____ is a process in which the performance standard is based on another firm's superior performance.

Benchmarking

According to the BCG Matrix, business units that have high market share but are in a market that is not growing are called ______.

Cash Cows

Which of the following represents the broadest level of strategy, and is concerned with decisions about growing, maintaining, or shrinking very large companies?

Corporate strategy

Garden Tools, Inc. (GTI) offers customers its product or service at a lower price than its rivals can. GTI can be described as utilizing which of the following strategy?

Cost-leadership strategy

Which of the following step managers should focus on once the strategic analysis is completed in the strategic management process?

Develop objectives

______ factors are things in the global environment that may impact a firm's operations or success, examples are a rise in interest rates, or a natural disaster.

External

"I" in VRIO refers to which of these?

Imitation

Which term best describe a group of firms all making similar products or similar services?

Industry

_____ factors are characteristics of the firm itself.

Internal

Which of the following represents the level of strategy concerned with the large-scale actions involved in entering a brand-new geographic market?

International strategy

Which of the following SWOT factors are external to the firm?

Opportunities and threats

"O" in VRIO refers to which of these?

Organization

According to the BCG Matrix, business units that have a low market share but are in a high growth market are called ______.

Question Marks

Which term describes the set of activities that firm managers undertake in order to try to put their firms in the best possible position to compete successfully in the marketplace?

Strategic management process

Which of the following is the first step of strategic management process?

Vision and Mission statements

"T" in the SWOT analysis stands for ______.

threats

When a Sally assesses the external competitive environment facing her firm, she labels anything that would make it harder for her firm to be successful as a(n) _______.

threats

The mission statement takes the ____ of a vision statement and gives a broad description of _____ the firm will try to make its vision a reality.

why; how