MGMT 339 ch9

​Walmart's strategy focuses on offering lower prices than its competitors. This is an example of which generic​ strategy?

Cost leadership

Which term refers to a strategy intended to strengthen or protect the amount of business a strategic business unit is currently​ generating?

Retrenchment

To best understand what is happening both internally and externally to the​ organization, and to increase the probability of developing organizational strategies that reflect the organizational​ environment, a(n)​ ________ analysis should be undertaken.

environmental

Ellie is crafting strategy for her online business. She is currently involved in tactical planning and she is examining the next six months. This time period would be considered​ _____.

short range

​Demographics, the statistical characteristics of a​ population, are reflected in the​ _________ component of the general environment.

social

In the BCG​ Growth-Share Matrix, which matrix quadrant is categorized as having a large share of a market that is growing only​ slightly?

Cash cow

Which of the following suggests that managers should provide funds for planning only when they anticipate a reasonable return on​ investment?

Commitment principle

________ refers to the resources and ability a firm has to undertake an action.

Competitor capability

Which of the following represents the first step in the strategic management​ process?

Environmental analysis

Which tool is designed to identify and analyze forces that determine competitiveness within an​ industry?

Five Forces Model

Which of the following is a strategy that targets a particular customer in order to make the organization more​ competitive

Focus

Which of the following compares a​ company's internal strengths with external​ opportunities?

SWOT analysis

​_____ is the last step of the strategic management process and consists of monitoring and evaluating the strategic management process as a whole to ensure that it is operating properly.

Strategic control

​________ involves outlining what the different parts of an organization should do in order to be successful at some point one year or less into the future.

Tactical planning

Under​ Porter's Five Forces​ Model, what happens when the threat of substitutes​ increases?

The attractiveness of an industry decreases.

How a firm undertakes strategic and tactical​ actions, and​ competitors' responses to those​ actions, is referred to as​ ________.

competitive dynamics

The element of the general environment that indicates how resources are being distributed and used in the environment is the​ ________ component

economic

Dylan is a small business owner and she is currently involved in the strategy implementation step of the strategic management process. Dylan has the ability to readily understand the fears and frustrations of her employees when it comes to strategy implementation. Dylan possesses the​ _____ skill.

interacting

Laws such as the Clean Air​ Act, the Affordable Care​ Act, and the Consumer Products Safety Act are considered part of the​ _________ component of the general environment.

legal

The purpose for which an organization exists is its​ ________.

organizational mission

A significant organizational segment that is analyzed to develop strategies for generating future business or revenue is known as a​ ________.

strategic business unit

​Long-range planning that focuses on the organization as a total unit is called​ _______.

strategic planning

The process of determining how to best achieve organizational objectives is known as​ ________.

strategy formulation

In the strategic management​ process, putting strategies into action is done through​ _________.

strategy implementation

In​ Porter's Five Forces​ Model, ________ refers to the ability of new firms to enter the industry.

the threat of new entrants