MGT 400 Test 1

SWOT Analysis

... scan and link the firm's internal environment to its external environment. The insights form this analysis will allow her to effectively leverage the company's internal strengths to exploit external opportunities, while mitigating internal weaknesses and external threats. In this scenario, which of the following managerial tools is Juanita employing?

What are the 3 approaches to developing an organizational strategy? Provide the approaches and briefly explain them.

1. goals focused - most common, heavy emphasis on business goals 2. Issues focused - action plans to address said issues 3. Systems focused - provides big picture perspective for businesses

What are elements of a good strategy? Provide the elements and briefly explain how they are accomplished

1. vision 2. core values 3. clearly defined outcomes 4. accountability 5. key performance indicators

Strategic leaders adjusting a company's vision and mission based on environmental analysis

A traditional top-down strategic planning process typically begins with

The family size of the firm's target market

Anders is researching sociocultural factors related to his employer, a sporting goods manufacturer. Which of the following would be part of the sociocultural forces in a firm's external environment?

Attempt to cut costs by replacing assembly line workers with robots

Cartech Inc. is a manufacturer of automobile parts, which it sells to retail auto supply stores. Its core competencies include superior design and engineering capabilities, as well as a highly integrated and efficient supply chain. To sustain its competitive advantage, Cartech should first:

Direct Competitors

Companies in the same strategic group _______ to each other

Casual Ambiguity

Competitors have found it extremely difficult to imitate Gene Electronics Inc's valuable resources, capabilities, or competencies. This is primarily because the source for the company's success has been unclear. The competitors are uncertain if Gene Electronics Inc's success is due to its strong leadership, the skills of its research and development team, or the timing of the company's product introductions. Gene Electronics Inc. has been protected from losing its competitive advantage as a result of:

monopolistic competition

Corner Market has aggressively used branding, pricing , and superior customer service to uniquely position itself in the market ...

Valuable

Crystal Tech Inc's competency in designing and manufacturing efficient microprocessors has made its laptops the most advanced computers in the market. This competency, along with the just-in-time manufacturing system, has enable Crystal Tech Inc. to increase its profitability by lowering its production costs. Thus, Crystal's competency in designing and manufacturing microprocessors will be considered a(n) ________ resource in the VRIO framework:

Resource immobility of the firms will be low

Home Value Inc., Max Cart Inc., and Nice Necessities Inc. are three consumer-product retailing companies. Their products consist primarily of day-to-day items that are easy to imitate and sell. All three companies use the same resources and capabilities in the production and distribution of their products. Judging form the market conditions described in this scenario, which of the following statements if true?

Managers have some influence over external factors in the task environment; they have little direct effect over external forces in the general environment

How is a firm's task environment different from its general environment?

Comparing the return to the return on invested capital obtained by other firms in the industry

If Zephyr Electronics obtains an 18 percent return on invested capital, which of the following will help determine if it has a competitive advantage over other pharmaceutical companies?

the CEO of the company

In a large company, who is most responsible for devising the corporate strategy?

Entering the aircraft manufacturing industry requires huge capital investments

In the aircraft manufacturing industry, at least for large commercial jets, Boeing and Airbus are the only competitors. There is not a significant threat of entry bc:

Both short and long-term performance metrics

The balanced-scorecard can accommodate

Capabilities

Organizational and managerial skills that find their expression in a company's structure, routines, and culture are referred to as:

sustainable competitive advantage

Powell Lighting was the first company to start selling LED light bulbs in its country ...

Co-opeition

Samsung and Google cooperate as complementors to compete against Apple's strong position in the mobile device industry, while at the same time Samsung and Google are increasingly becoming competitive with one another. This scenario best illustrates the process of:

Long-term oriented

Strategic commitments are actions that are

Functional

Strategies developed at the departmental level, such as the accounting, Human Resources, production, and marketing departments, within a strategic business unit are referred to as _________ strategies

Resource Stocks

The level of intangible resources the company currently has is considered its __________?

Triple-bottom-line approach

The management team for Volcanic Batteries came up with the following vision statement: "Volcanic Batteries will conscientiously track its financial performance to ensure profits for its investors, enhance its community through employment and supporting charities, and dispose of waste in a manner that will not harm the environment." This vision statement is most likely based on the:

Emergent Strategy

The production head at the Omnitone Paint Company would frequently stay back after office hours ...

Business Model

The translation of strategy into action primarily takes place in a firm's:

Strategy Implementation

Through _____________, a firm puts its guiding policy into practice by employing a set of coherent actions

Competitive Disadvantage

Underperformance relative to other firms in the same industry or the industry average results in a(n) _____ for a firm.

Strategic leaders design a method to formulate and implement strategy

What is the strategic management process?

The threat of substitutes

When fashion magazines face competition from fashion blogs on the web, which of the following forces in Michael Porter's five forces model primarily gets stronger?

Asoka is the CEO of Green Machines Inc

Which of the following best describes a Level 5 manager in the Level 5 leadership pyramid?

Design generic business strategies based on guidelines received from corporate headquarters

Which of the following functions do the general managers in strategic business units primarily perform?

Levels of Employment

Which of the following is a macroeconomic factor that can affect a firm's strategy?

Reciprocity

Which of the following should managers NOT consider when specifying and assessing the interest and claims of pertinent stakeholders?

Tangible assets can be bought on the open market by anyone with the necessary cash, whereas intangible assets cannot be easily purchased

Which of the following statements accurately brings out the difference between tangible and intangible resources?

Accounting data are historical data and thus backward-looking

Which of the following statements is true of accounting data?

Shareholders

______ are the legal owners of public companies

Working Capital Turnover

________ is best described as a measure of how effectively capital is being used by a firm to generate revenue

Return on Revenue

________ precisely indicates how much of a firm's sales is converted into profits

competitive advantage

a firm that achieves superior performance relative to other competitors in the same industry or the industry average

Strategic Management

is best described as an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage

Corporate Executives

strategic leadership pertains to the use of power and influence by _________ to direct the activities of others when pursuing an organization's goals

Resource immobility and resource heterogeneity

two critical assumptions of the resource-based view are?