strategic management exam 1

characteristics of an effectively worded strategic vision statement are most likely to include:

?????, focused

Within which of the groups would we most like find a high-end restaurant specializing is high quality steaks? a. group A b. group B c. group C d. group D e. name of the above, it is impossible to tell

a. group A

The purposes of a defensive strategy do not include a. increasing the risk of having to defend an attack b. weakening the impact of any attack that occurs c. pressuring challengers to aim their efforts at other rivals d. helping protect a competitive advantage e. decreasing the risk of being attacked

a. increasing the risk of having to defend an attack

a company's competitive strategy should... a. ensure it is designed to concentrate on a small range of products so it can react quickly to competitive moves b. be well matched to its internal situation and predicated on leveraging its collection of competitively valuable resources and competencies c. be well matched to its resources and capabilities in order to incorporate standard attributes into its product offering d. be supportive with its objective to become at least an average performer within its industry e. be well attuned to doing an outstanding job of satisfying the needs and expectations of niche buyers

b. be well matched to its internal situation and predicated on leveraging its collection of competitively valuable resources and competencies

in evaluating how well a company's strategy is working, the best place to start is with a a. SWOT analysis b. clear view of what that strategy entails c. value chain analysis d. competitive strength analysis e. financial ratio analyses

b. clear view of what that strategy entails

a company's strategy is not concerned with management's choices about how to a. attract and please customers b. stake-out the same market position as successful rival companies c. grow the business d. compete successfully e. conduct operations and improve the company's financial and market performance

b. stake out the same market position as successful rival companies

well conceived visions are blank and blank to a particular organization and they avoid feel good statements that could apply to hundreds of organizations a. widespread, unique b. recurring, customary c. distinctive, specific d. customary, familiar e. universal, established

c. distinctive, specific

in the contrast to an organization's vision, its mission should a. be shorter in length b. encompass all the major rules and regulations of the corporate work force c. encompass both the purpose of the company as well as the basis of competition d. be less detailed e. both a & d

c. encompass both the purpose of the company as well as the basis of competition

a company's strategic plan a. maps out the company's history b. links the company's financial targets to control mechanisms c. outlines the competitive moves and approaches to be used in achieving the desire business results d. focuses on offering a more appealing product than rivals e. lists methods of making money in its business

c. outlines the competitive moves and approaches to be used in achieving the desire business results

a company's strategic visions concerns a. management's storyline of how it intends to make a profit with the chosen strategy "who we are and what we do" b. what future actions the enterprise will likely undertake to outmaneuver rivals and achieve a sustainable competitive advantage c. who we are and what we do d. a companys directional path and future product-customer-market-technology focus e. why the company does certain things in trying to please its customers

d. a companys directional path and future product-customer-market-technology focus

Strategy, at its essence, is about a. matching rival businesses' products and quality dimensions in the marketplace b. building profits for short-term success c. realigning the market to provoke change in rival companies d. developing lasting success that can support growth and secure the company's future over the long run e. recreating a business model with regularity

d. developing lasting success that can support growth and secure the company's future over the long term

According to the strategic group map, which of the following strategic groups controls the largest portion of the sales volume in the industry a. group a b. group b c. groups c d. group d e. none of the above, it is impossible to tell

d. group d

key functional strategies of a company include all of the following except: a. R&D, technology, and product design strategies b. production and information technology and supply chain management strategies c. human resource and finance strategies d. sales, marketing, and distribution strategies e. alliance and partnerships as well as merger and acquisition growth strategies

e. alliance and partnerships as well as merger and acquisition growth strategies

true or false; a firm's intangible resources refer to its capability to deploy tangible resources over time and leverage the resources effectively

false

true or false; developing social capital is risky for an organization due to the fact that social capital is specific to individuals and remains with the employee if he or she leaves the organization

false

a blue ocean strategy

involves abandoning efforts to beat out competitors in existing markets and instead invent a new industry or new market segment that renders existing competitors largely irrelevant and allows a company to create and capture altogether new demand.

true or false; competition tends to be more intense among firms within a strategic group than between strategic groups

true