Quiz 3

____ is the emotional reaction that can occur when disagreements become personal rather than professional.

A-type conflict

The purpose of a _____ strategy is to increase profits, revenues, market share, or the number of places (stores, offices, locations) in which the company does business.

Growth

Under conditions of _____, a competitive attack by a rival is more likely to produce sustained competitive advantage.

Low resource similarity

What type of plan is a budget plan?

Operational plan

Top management is responsible for developing_____.

Strategic plans

Groupthink occurs in_____

highly cohesive groups where there is a great deal of pressure to agree with each other

The last step in effective planning is to_____

Maintain flexibility

_____ plans are the day-to-day plans for producing or delivering the organization's products and services

Operational

_____ is choosing a goal and developing a method or strategy to achieve a goal.​

Planning

_____ strategy is a corporate-level strategy that minimizes risk by diversifying investment among various businesses or product lines.

Portfolio

______ is a systematic process of defining problems, evaluating alternatives, and choosing optimal solutions.

Rational decision making

Which of the adaptive strategies tends to result in the poorest performance?

Reactors

The second step in a retrenchment strategy is _____.

Recovery

_____ consists of the strategic actions that a company takes to return to a growth strategy.

Recovery

_____ are the assets, capabilities, processes, information, and knowledge that an organization uses to improve its effectiveness and efficiency, to create and sustain competitive advantage, and to fulfill a need or solve a problem.

Resources

Significant cost reductions, layoffs of employees, closing of poorly performing stores, offices, or manufacturing plants, or closing or selling entire lines of products or services would be characteristic of a _____ strategy.

Retrenchment

_____ is a discrepancy between a company's intended strategy and the strategic actions managers take when actually implementing that strategy.

Strategic dissonance

_____ plans specify how a company will use resources, budgets, and people to accomplish specific goals within its mission.

Tactical

S.M.A.R.T. goals should be?

Task oriented

The _____ is a measure of the degree to which barriers to entry make it easy or difficult for new companies to get started in an industry.

Threat of new entrants

One of the important conditions that a firm must meet in order to gain a sustainable competitive advantage with its capital is:

the firm's resources must be imperfectly imitable.

The term _____ refers to the overall organizational strategy that addresses the question "What business or businesses are we in or should we be in?"

Corporate - Level strategy

S.M.A.R.T.

Specific, Measurable, Attainable, Realistic, Timely

The ____ is a decision-making method in which a panel of experts responds to questions and to each other until an agreement is reached on how a specific issue should be handled.

Delphi Technique

​_____ is the rivalry between two companies that offer similar products and services, acknowledge each other as rivals, and act and react to each other's strategic actions.

Direct Competition

What is the first step in management by objectives?

Discussing possible goals