mng ch 6
Higher-level corporate- and business-level strategies flow down to the process strategy. True or False
FALSE
Strategic positioning involves performing the same activities as rivals in a similar way, but at a lower cost. T/F
FALSE
The career readiness competencies key to developing your ability to think strategically are resilience and leadership. True or False
FALSE
Which level of strategy is concerned with how much to spend on marketing or whether to expand facilities? operational corporate business practical
business
Once implemented, managers need ________ to keep strategic plans on track. control systems organizational assessment trend analysis IT infrastructure
control systems
Which of the following lists represents the order of levels of strategy from the top of the organization downward? executive, functional, practical business, operational, corporate corporate, business, functional corporate, practical, business
corporate, business, functional
When Henry Ford implemented the assembly-line process to dramatically decrease the time and resources needed to make automobiles, he was pursuing a ________ strategy. focused-differentiation differentiation cost-leadership cost-focus
cost-leadership
Crystal Coast is an all-inclusive beachside resort. It offers lodging, six restaurants, dancing, snorkeling, parasailing, and spa treatments. On the resort grounds, Crystal Coast also has a dive center, jet skis, and a water park. All of these amenities are only available to customers staying at Crystal Coast. Crystal Coast's strategic position emerges from few needs many customers.few needs, few customers.broad needs, few customers.broad needs, many customers.
customers.broad needs, few customers
A real estate development company is considering a deal to develop 1,000 condominium units. This deal largely rests on a __________ that the city's population will grow by 23% over the next decade. SWOT analysis trend forecast benchmark
forecast
During a situational analysis of the ________ of her dog training service, Jaela determined that one of her strengths was that trained dogs retained their skills for at least three months after training, and that one of her weaknesses was that very few clients brought another dog to her for training. external environment internal environment growth strategy forecasting
internal environment
According to the BCG matrix, stars are organizations with high growth and high market share which are definite keepers. highly overvalued, so are not wise purchases. beyond reach, due to their high purchase price and profits. companies with slow growth and high market share.
organizations with high growth and high market share which are definite keepers.
Snowcap Ice Cream produces over a dozen delicious ice cream flavors and a number of individually packaged frozen treats. Which of these strategies would represent vertical integration for Snowcap? purchasing Mountain Dairy milk farm opening a personal tax accounting division acquiring a beverage bottling plant setting their prices lower than the competitors' prices
purchasing Mountain Dairy milk farm
Cornelius owns Grand Games, a high-end store that retails games and toys that are handcrafted and carefully selected. Cornelius targets customers who value artisanal work, such as backgammon sets made from reclaimed lumber by local crafters. There are several stores in the area that sell mass-made toys and games that are much cheaper. To compete, Cornelius offers "game nights" where he sets up game boards and invites local teens and adults to take part in light-hearted competitions, where the winners receive a 10% discount on their next purchase. Cornelius also takes custom orders for game pieces that his customers want, such as 12-sided dice or newly invented games. All of Cornelius's activities are aimed at giving Grand Games a sustainable competitive advantage through vertical integration. strategic positioning. defensive strategy. blue ocean strategy.
strategic positioning.
In the third step of the strategic management process, managers should conduct an organizational assessment. establish the organization's purpose or reason for being. check on possible roadblocks within the organization's structure and culture. translate the broad mission and vision into a corporate strategy.
translate the broad mission and vision into a corporate strategy.
Strategy implementation is putting strategic plans into effect, which means dealing with roadblocks within the organization's structure and culture and seeing if the right people and control systems are available to execute the plans T or F
true
The owners of a computer repair shop want to better formulate strategies, so they should conduct a SWOT analysis to understand the strengths and weaknesses within their company and the opportunities and threats of the external environment. T/F
true
After establishing the mission, vision, and values, what is the next step in strategic management? implementing the strategy maintaining strategic control assessing the current reality encouraging new ideas
assessing the current reality
As the CEO of a mid-size airline, Karyn knows that most commercial airplanes are manufactured by either Airbus or Boeing. To mitigate the ________ of the airline industry, Karyn explores options for her company to manufacture its own airplanes. threats of new entrants bargaining power of suppliers rivalry among competitors bargaining power of buyers
bargaining power of suppliers
Emilio and Dylan are studying the strengths and weaknesses of their construction business, Construction Concepts, as well as researching the opportunities and threats in the external environment. They are conducting a SWOT analysis. contingency plan. forecast. synergy plan.
SWOT analysis.
Samir owns a dental practice, but business has slowed down significantly over the last six months. Which analysis would you recommend to Samir to help him determine whether his dental practice has competitive potential? SWOT analysis strategic planning trend analysis VRIO framework
VRIO framework
