MGMT 310 ch.6
What does the BCG matrix evaluate? Multiple select question. Economies of scale Cost of goods sold Market share Business growth rates
Market share Business growth rates
In which step of the strategic-management process does an organization establish the mission and vision statements? Multiple choice question. Step Five Step Three Step Two Step One Step Four
Step One
The skills and capabilities that give an organization special competencies and competitive advantages in executing strategies in pursuit of its mission are called organizational ______. Multiple choice question. threats opportunities weaknesses strengths
strengths
When other companies cannot duplicate the value provided by a competitor, then the competitor has established a(n) ______ competitive advantage. Multiple choice question. benchmark VRIO ambiguous sustainable
sustainable
Luxury Linens Inc. produces the highest thread-count sheets available anywhere and does so at a price that none of its competitors can duplicate. It can be said that Luxury Linens has a(n) ______. Multiple choice question. sustainable competitive advantage forecast analysis economy of scale organizational weakness
sustainable competitive advantage
What are Porter's four competitive strategies? Multiple select question. Differentiation Cost-focus Vertical integration Cost-leadership Focused-differentiation Related diversification
Differentiation Cost-focus Cost-leadership Focused-differentiation
Corporate-level strategy does which of the following? Multiple select question. Answers questions such as "what business are we in?" and "what products and services shall we offer?" Involves senior executives in planning Does not deal with acquisitions or significant investments in plant and equipment Focuses on the organization as a whole
Answers questions such as "what business are we in?" and "what products and services shall we offer?" Involves senior executives in planning Focuses on the organization as a whole
Which of the following represent competitive forces used in Porter's model for industry analysis? (Choose every correct answer.) Multiple select question. Failure of new entrants Bargaining power of suppliers Threats of new entrants Rivalry among competitors Threat of substitute products or services Training of new employees
Bargaining power of suppliers Threats of new entrants Rivalry among competitors Threat of substitute products or services
What strategy is American Tile Corp. using when it acquires a company that makes industrial cleaning products that American Tile does not currently offer? Multiple choice question. Fabrication Diversification Arbitration Isolationism
Diversification
Strategic management process
Establish the mission Assess the current reality Formulate corporate business and functional strategies strategic implementation maintain strategic control
Jordan plans to open a computer repair business this summer. As he plans, he writes down the long-term goals of the business so he can decide where he wants to go strategically. Which stage of the strategic management process is Jordan in? Multiple choice question. Formulate corporate, business, and functional strategies Assess the current reality Execute the strategies Establish the mission, vision, and values statements
Establish the mission, vision, and values statements
True or false: It is common practice today for most small business owners to engage in strategic planning. True false question. True Reason: Many small business owners do not engage in strategic planning. False
False
Which Porter's competitive strategies are appropriate when addressing a narrow market? (Choose every correct answer.) Multiple select question. Cost-leadership Focused-differentiation Diversification Cost-focus
Focused-differentiation Cost-focus
In addition to value, what characteristics are being addressed in a VRIO analysis? (Choose every correct answer.) Multiple select question. Imitability Organization Intent Rarity Replacement Obsolescence
Imitability Organization Rarity
According to Bryan Barry, which of the following help a manager keep a strategic plan on track? (Choose every correct answer.) Multiple select question. Keep moving Keep it simple Mix it up Stay positive Engage people Stay focused
Keep moving Keep it simple Engage people Stay focused
Which of these situations provides an external opportunity that the company may exploit to gain competitive advantage? Multiple choice question. Kevin's insurance group lost market capitalization. Monica's rare book company has weak competition. Norm's engine manufacturing facility is outdated and needs new equipment. Jack's food processing plant faces strict government scrutiny.
Monica's rare book company has weak competition.
When considering SWOT analysis, what is an example of an organizational weakness? Multiple choice question. Skilled workforce Strong financing Minimal competition Obsolete technology
Obsolete technology
Of the three core processes of business identified by Bossidy and Charan, which do they believe is the most important? Multiple choice question. Finance Operations Competition Strategy People
People
What are functional strategies used to accomplish? Multiple choice question. Putting strategic plans into effect Completing Porter's four competitive strategies Strengthening a firm's core competencies Assessing a firm's competitiveness
Putting strategic plans into effect
A ______ analysis is an assessment of the strengths, weaknesses, opportunities, and threats affecting the organization. Multiple choice question. VRIO trend SWOT benchmark
SWOT
Why do potential employers value the skill of strategic thinking in job candidates? Multiple select question. Strategic thinkers are globally-minded. Strategic thinkers make for more informed employees. Strategic thinkers are quick to recognize opportunities. Strategic thinkers are focused on advancement opportunities.
Strategic thinkers are globally-minded. Strategic thinkers make for more informed employees. Strategic thinkers are quick to recognize opportunities.
Which "unwritten" skill did the Harvard Business Review consider essential to being promoted on the job? Multiple choice question. Strategic thinking Personal networking Social media promotion Persuasive argumentation
Strategic thinking
What are the core processes of business identified by Bossidy and Charan? (Choose every correct answer.) Multiple select question. Strategy Operations People Finance Competition
Strategy Operations People
What does business growth rate refer to, as used in the BCG matrix? Multiple choice question. The growth of a firm's competition The speed of industry growth The rate of hiring within an industry A firm's forecasted sales
The speed of industry growth
You own a small deli near campus and learn that the university is exploring whether it should open a Subway sandwich franchise in the student union. Which of Porter's competitive forces does this represent for you? Multiple choice question. Threat of new entrants Rivalry among competitors Bargaining power of buyers Bargaining power of suppliers
Threat of new entrants
Sasha has run a small diner near the train station for the past ten years. Six months ago, a chain restaurant serving gourmet burgers and sandwiches opened up near him and he has had to rethink his menu. He added some specialty sandwiches and free fries with every burger in order to retain his customers. Which of Porter's five competitive forces has affected Sasha's business? Multiple choice question. Threats of substitute services Bargaining power of buyers Bargaining power of suppliers Threats of new entrants
Threats of new entrants
A ______ is a vision or projection of the future that is made following a SWOT analysis. Multiple choice question. market analysis cyclic pattern forecast strategy
forecast
What are the goals of attending industry conferences before or while working in a certain industry? Multiple select question. To learn about the specific industry To gather intelligence on competitors To collect more accomplishments for a resume To make industry contacts
To learn about the specific industry To make industry contacts
Why do many executives prefer visioning to execution? Multiple choice question. Visioning creates more jobs than execution. Visioning is less expensive than execution. Visioning is more exciting than execution. Visioning involves a greater attention to detail than execution.
Visioning is more exciting than execution.
When would a company use a VRIO analysis? Multiple choice question. When determining manufacturing work schedules When deciding whether or not a new product might work in the marketplace When reorganizing staff When analyzing current market share among competing brands
When deciding whether or not a new product might work in the marketplace
Juanita feels it is important for her taxi company to continually measure itself against its best competition. She keeps track of the number of rides per hour and turnaround times for all her drivers and compares it to that of other high-performing taxi companies in the area. Juanita is using the process of ______ to compare her company with others. Multiple choice question. benchmarking diversification manufacturing sustainability
benchmarking
The process by which a company compares its performance with that of other high-performing organizations is known as ______. Multiple choice question. competitive analysis benchmarking forecasting offshoring
benchmarking
Strategic ______ involves monitoring the execution of strategy and taking corrective action when necessary. Multiple choice question. differentiation control integration supply
control
The president, chief financial officer, and chief operating officer of Jensen Mfg. meet annually to discuss the direction of the company including what products they will continue to offer and what new products they will introduce. Which level of strategic management does this represent? Multiple choice question. task-level corporate-level functional-level business-level
corporate-level
Which level of strategic management focuses on the organization as a whole? Multiple choice question. task-level corporate-level business-level functional-level
corporate-level
Strategic thinkers should have a knowledge base shaped like the letter "T," where the top of the "T" represents breadth of knowledge and the stem of the "T" represents ______. Multiple choice question. years on the job depth of emotional intelligence depth of expertise time spent working on a degree
depth of expertise
The strategy of moving into new lines of business is called ______. Multiple choice question. diversification fabrication accommodation arbitration
diversification
Aligning people with goals, achieving promised results, and integrating strategy with reality are all part of the ______ process. Multiple choice question. operations differentiation diversification execution
execution
When corporate departments such as marketing, human resources, and information technology implement plans of action that support higher-level strategies, they are following a(n) ______ strategy. Multiple choice question. foundational comprehensive functional executive
functional
A business that wants to reach more customers and hires more employees to get this done is focusing on a ______ strategy. Multiple choice question. stability growth sustainable defensive
growth
Porter's five competitive forces form a model for ______ analysis. Multiple choice question. industry production staff cost
industry
To be successful, strategic planning requires a company to have a ______ orientation. Multiple choice question. long-term forward-looking diversity-focused short-term
long-term
A system of shared beliefs and values that needs to be aligned with the goal of producing efficient, quality work is called ______ culture. Multiple choice question. executive professional competitive organizational
organizational
Strategic positioning attempts to achieve sustainable competitive advantage by ______. Multiple choice question. preserving what is distinctive about a company changing key aspects of a company's identity performing similar activities as those of rivals and in similar ways creating a meaningful mission statement
preserving what is distinctive about a company
Refer to Figure 6.2. The "feedback loop" in the strategic-management process involves: Multiple choice question. understanding employee preference. revising actions if necessary. formulating the corporate strategy. implementing the strategy.
revising actions if necessary.
Michael Porter defined ______ as an attempt to achieve sustainable competitive advantage by preserving what is distinct about a company. Multiple choice question. cost-leadership strategic positioning domestic rivalry economy of scale
strategic positioning
In terms of a SWOT analysis, organizational ______ are environmental factors that hinder an organization from achieving a competitive advantage. Multiple choice question. weaknesses opportunities threats strengths
threats
Within a SWOT analysis, the letter "T" represents a company's ______. Multiple choice question. trends time threats territory
threats