Strategic Management

Which of the following is an example of the importance of strategic groups? 1. All of the above are examples 2. Source of alternative paths to success 3. Identifying untapped opportunities 4. Rivalry 5. Source of good ideas

1. All of the above are examples

_____ of performance relate to client attraction, satisfaction, and retention. 1. Customer measures 2. Internal business process measures 3. Learning and growth measures 4. Financial measures 5. Public responsibility measures

1. Customer measures

_____ of performance relate to organizational effectiveness and profits 1. Financial measures 2. Internal business process measures 3. Public responsibility measures 4. Customer measures 5. Learning and growth measures

1. Financial measures

Which of the following statements holds true for strategy as a position? 1. It refers to a firm's place in the industry relative to its competitors. 2. It is a specific move designed to outwit or trick competitors. 3. It refers to how executives interpret the competitive landscape around them. 4. It focuses on the extent to which a company's actions over time are consistent. 5. It is a carefully crafted set of steps that a firm intends to follow in order to be successful.

1. It refers to a firm's place in the industry relative to its competitors.

Which of the following does NOT apply to a good business model? 1. It stays away from new or untested ideas 2. It is essential to a strategic plan 3. It outlines how the company hope to make a profit 4. Sell goods or services for more than it cost the company 5. Providing customers with a good or service more cheaply than they can create it for themselves

1. It stays away from new or untested ideas

_____ is a dimension which refers to the tendency to engage in bold rather than cautious actions. 1. Risk taking 2. Competitive aggressiveness 3. Proactiveness 4. Innovativeness 5. Autonomy

1. Risk taking

According to a study by Ketchen, Palmer, and Holt, which of the following is NOT true about strategic group membership? 1. Strategic group membership is often overrated leading to few new opportunities. 2. All of the above are true 3. Strategic group membership in some instances is more important than industry membership 4. Strategic group membership is as important industry membership. 5. Strategic group membership must be a point of consideration for corporate managers

1. Strategic group membership is often overrated leading to few new opportunities.

____ refers to a stage in the strategic management process which involves developing specific strategies and actions. 1. Strategy formulation 2. Strategy evolution 3. Strategy evaluation and control 4. Strategy implementation 5. Environmental and internal scanning

1. Strategy formulation

The industry, a component of the environment of an organization, is also called the _____. 1. competitive environment 2. meso-environment 3. common environment 4. micro-environment 5. macro-environment

1. competitive environment

Which of the following components of the environment consists of organizations with which an organization interacts regularly, such as its suppliers, rivals, and customers? 1. competitive environment 2. meso-environment 3. common environment 4. micro-environment 5. macro-environment

1. competitive environment

In The Art of War, Sun Tzu's emphasized which two aspects of strategy? 1. creative; deceptive 2. pragmatic; discrete 3. cautionary; discrete 4. pragmatic; deceptive 5. creative; considerate

1. creative; deceptive

According to the text, establishing a reputation for competitive aggressiveness or taking it too far can _____________________. 1. destroy opportunities to collaborate within the industry 2. alienate employees 3. scare shareholders 4. cause poor publicity 5. All of the above

1. destroy opportunities to collaborate within the industry

The likelihood of new entrants joining an industry is low if differentiation among existing competitors is high because: 1. each incumbent has a group of loyal customers that enjoy its unique features. 2. new entrants struggle to match incumbents'; prices. 3. this discourages customers from buying a new entrant's offerings. 4. new entrants struggle to get their offerings to customers. 5. new entrants struggle to gather enough cash to get started.

1. each incumbent has a group of loyal customers that enjoy its unique features.

Mike owns a store which sells baseball bats. He soon realizes that the customers who buy baseball bats also ask for baseball jerseys. Therefore, he starts stocking baseball apparel to cater to the needs of his customers. This is an example of a(n) _____ strategy. 1. emergent 2. realized 3. intended 4. marked 5. pre-termed

1. emergent

Profit potential of an industry is one of the five forces proposed by Michael Porter in his five forces analysis.

False

Scoundrels are those CEOs who toil in relative obscurity while leading their firms to success.

False

Taylor's emphasis on maximizing organizational performance became redundant when strategic management as a field developed.

False

The capstone course established by the Ford Foundation focuses on the notion that a single way of addressing a problem leads to the success of a firm.

False

The economic segment of the general environment includes elements such as tax policies, changes in trade restrictions and tariffs, and the stability of governments.

False

Members of a company's strategic group are usually its closest rivals.

True

Strategy and organizational structure need to be consistent with each other in order to ensure strong firm performance.

True

Taylor believed that businesses would be much more efficient if principles for management were derived through scientific investigation.

True

The environment is a source of opportunities and threats for an organization.

True

The icon CEO combines style and substance in the execution of his/her job responsibilities.

True

When an organization's environment is very stable and predictable, strategic planning can provide enough of a strategy for the organization to gain and maintain success.

True

Glen is an artist who started an online business of selling hand-painted cards. He intended to mail the cards to the customer's address. He started a Web site where customers could specify the type of designs they wanted. Glen would then paint the cards according to the specifications of the customer. He later dropped the idea of mailing the cards to the customers as he found it too costly. The fact that Glen dropped the idea of mailing the cards to the customers is an example of a _____ strategy. 1. non-realized 2. marked 3. deliberate 4. make over 5. pre-termed

1. non-realized

Moore's Law is an example of a concept within which segment of a PESTEL analysis? 1. technological 2. social 3. environmental 4. economic 5. political

1. technological

A goal is _____ if it is achieved through the creation of deadlines. 1. time-bound 2. specific 3. aggressive 4. realistic 5. measurable

1. time-bound

Which of the following is true about strategic groups? 1. A strategic group refers to different divisions within one organization. 2. A strategic group consists of a set of industry competitors that have similar characteristics to each other but differ in important ways from the members of other groups. 3. A strategic group refers to the group of senior managers in an organization. 4. Strategic groups consist of the technical and operational heads of an organization. 5. Strategic groups are sets of firms that follow different strategies.

2. A strategic group consists of a set of industry competitors that have similar characteristics to each other but differ in important ways from the members of other groups.

_____ stressed on how strategy and organizational structure need to be consistent with each other in order to ensure strong firm performance. 1. Michael Porter 2. Alfred Chandler 3. Niccolò Machiavelli's 4. Frederick W. Taylor 5. Thomas Friedman

2. Alfred Chandler

One of the following statements does NOT address why the environment matters. 1. The environment is a source of threats 2. Business always shapes the environment 3. The environment shapes strategic decisions 4. The environment provides resources an organization needs to create goods and services. 5. The environment is a source of opportunities

2. Business always shapes the environment

_____ is a dimension which refers to the tendency to intensely and directly challenge competitors. 1. Risk taking 2. Competitive aggressiveness 3. Proactiveness 4. Innovativeness 5. Autonomy

2. Competitive aggressiveness

What is the second step in the strategic management process? 1. Strategy Formulation 2. Environmental and Internal Scanning 3. Understanding Strategy and Performance 4. Organizational Design 5. Financial Evaluation

2. Environmental and Internal Scanning

_____ of performance relate to organizational efficiency 1. Customer measures 2. Internal business process measures 3. Learning and growth measures 4. Financial measures 5. Public responsibility measures

2. Internal business process measures

With regard to CEOs, which of the following statements holds true for the term "silent killers"? 1.It refers to CEOs displaying low lack fame and enjoying negative reputations. 2. It refers to CEOs who are overlooked and ignored sources of harm to their firms. 3. It refers to CEOs who lack fame but possess positive reputations. 4. It refers to CEOs displaying high levels of relative fame but low levels of reputation. 5. It refers to CEOs possessing both fame and strong reputations.

2. It refers to CEOs who are overlooked and ignored sources of harm to their firms.

_________ barriers that make it difficult or illogical for a company to change groups over time. 1. Research 2. Mobility 3. Monetary 4. Stability 5. Creditability

2. Mobility

Which of the following is true about fragmented industries? 1. Rivalry between competitors tends to be polite. 2. Over time, some firms will try to steal customers from other firms. 3. A competitive move by one firm will be typically ignored by others. 4. Their advertising does not lampoon each other. 5. They do not offer similar products in the same city at the same time.

2. Over time, some firms will try to steal customers from other firms.

Which of the following is one of the five forces of Michael Porter's five forces analysis? 1. Governmental regulations 2. Potential new entrants to an industry 3. Cultural and social trends affecting an industry 4. Economic elements 5. Geographic origin of an industry

2. Potential new entrants to an industry

One of the following is NOT one of Mintzberg's "5 Ps of strategy." 1. Ploy 2. Priority 3. Plan 4. Position 5. Perspective

2. Priority

Ken Lay, Leona Helmsley, and Dan Kozlowski are examples of which type of CEO? 1. Hidden gems 2. Scoundrels 3. Icons 4. Backseat drivers 5. Silent killers

2. Scoundrels

_____ offers an insightful guide for conquering and ruling territories and recipes for success to government leaders. 1. The Principles of Scientific Management 2. The Prince 3. Strategy and Structure: Chapters in the 4. History of the Industrial Enterprise 4. Competitive Strategy: Techniques for Analyzing Industries and Competitors 5. The World is Flat: A Brief History of the Twenty-First Century

2. The Prince

According to the chapter, which of the following does NOT apply to an emergent strategy? 1. Can be a response to unexpected challenges 2. Usually part of the initial business plan 3. Can result in either economic success or disaster 4. It is considered an unplanned strategy 5. Can be a response to unexpected opportunities

2. Usually part of the initial business plan

Well-written mission statements effectively capture an organization's identity and provide answers to the fundamental question: 1. When will the business succeed? 2. What is our vision? 3. Who are we? 4. Why are we in business? 5. What do we do?

2. Who are we?

Buyers are more likely to be powerful relative to the firms from which they purchase goods and services if: 1. the good or service is of significant importance to the quality or price of the buyer's offerings. 2. buyers have the ability to become a new entrant to the industry if they wish. 3. there are relatively few firms supplying the industry compared to the number of buyers. 4. the industry's goods or services are highly differentiated. 5. the good or service purchased by the buyers represents a small percentage of the buyer's costs.

2. buyers have the ability to become a new entrant to the industry if they wish.

New entrants are more likely to join an industry if: 1. existing competitors enjoy economies of scale. 2. expected retaliation from existing competitors is low. 3. access to distribution channels is limited. 4. capital requirements to enter the industry are high. 5. switching costs for consumers are high.

2. expected retaliation from existing competitors is low.

According to the resource-based theory, _____ of an asset is one of the four qualities that makes it a strategic resource for a business. 1. competitiveness 2. nonsubstitutability 3. availability 4. tangibility 5. dynamism

2. nonsubstitutability

Increasing participation of women in the paid workforce has benefited organizations like daycares. This example represents the _____ segment of PESTEL analysis. 1. technological 2. social 3. environmental 4. economic 5. political

2. social

A goal is _____ if it is explicit rather than vague. 1. time-bound 2. specific 3. aggressive 4. realistic 5. measurable

2. specific

Understanding the nature of strategic groups within an industry is important because: 1. each firm in a firm's group has a group of loyal customers that enjoy its unique features. 2. such an analysis can reveal gaps in the industry that represent untapped opportunities. 3. this provides a better understanding of a new entrant's struggle to match incumbent's prices. 4. this discourages customers from buying a new entrant's offerings. 5. this helps a firm's suppliers streamline their processes and provide cost-effective products and services.

2. such an analysis can reveal gaps in the industry that represent untapped opportunities.

Suppliers are more likely to be powerful relative to the firms to which they sell their goods and services if: 1. Suppliers' products are not differentiated. 2. suppliers have the ability to enter the industry if they wish. 3. there is an effective substitute for what the supplier group provides. 4. the suppliers' industry is highly fragmented. 5. suppliers rely heavily on industry members to be profitable.

2. suppliers have the ability to enter the industry if they wish.

Which of the following is most likely to meet the criteria for strategic resources? 1. A firm's property 2. A firm's cash flow 3. A firm's organizational culture 4. A firm's plant and equipment 5. A firm's raw material inventory

3. A firm's organizational culture

Strategic management is a process that requires the ability to manage _______. 1. Pricing 2. Community 3. Change 4. People 5. Expectations

3. Change

_____________________ consists of multiple organizations that collectively compete with one another by providing similar goods, services, or both. 1. Consistent environment 2. Microenvironment 3. Competitive environment 4. Community environment 5. Macroenvironment

3. Competitive environment

Which of the following terms describes the processes, practices, and decision-making styles of organizations that act entrepreneurially? 1. Entrepreneurial referent 2. Entrepreneurial measure 3. Entrepreneurial orientation 4. Entrepreneurial culture 5. Entrepreneurial analysis

3. Entrepreneurial orientation

Bill Gates, Oprah Winfrey, and Warren Buffet are examples of which type of CEO? 1. Hidden gems 2. Scoundrels 3. Icons 4. Backseat drivers 5. Silent killers

3. Icons

Which of the following statements holds true for strategy as a pattern? 1. It refers to a company's place in the industry relative to its competitors. 2. It is a specific move designed to outwit or trick competitors. 3. It focuses on the extent to which a firm's actions over time are consistent. 4. It refers to how executives interpret the competitive landscape around them. 5. It is a carefully crafted set of steps that a firm intends to follow in order to be successful.

3. It focuses on the extent to which a firm's actions over time are consistent.

With regard to CEOs, which of the following statements holds true for the term "hidden gems"? 1.It refers to CEOs displaying low lack fame and enjoying negative reputations. 2. It refers to CEOs who are overlooked and ignored sources of harm to their firms. 3. It refers to CEOs who lack fame but possess positive reputations. 4. It refers to CEOs displaying high levels of relative fame but low levels of reputation. 5. It refers to CEOs possessing both fame and strong reputations.

3. It refers to CEOs who lack fame but possess positive reputations.

Which of the following statements holds true for strategy as a perspective? 1. It refers to a firm's place in the industry relative to its competitors. 2. It is a specific move designed to outwit or trick competitors. 3. It refers to how executives interpret the competitive landscape around them. 4. It focuses on the extent to which a company's actions over time are consistent. 5. It is a carefully crafted set of steps that a firm intends to follow in order to be successful.

3. It refers to how executives interpret the competitive landscape around them.

_____ of performance focus on innovation and proceed with an understanding that strategies change over time. 1. Customer measures 2. Internal business process measures 3. Learning and growth measures 4. Financial measures 5. Public responsibility measures

3. Learning and growth measures

The book, The Prince, was written by _____. 1. Michael Porter 2. Alfred Chandler 3. Niccolò Machiavelli's 4. Frederick W. Taylor 5. Thomas Friedman

3. Niccolò Machiavelli's

_____ is a dimension which refers to the tendency to anticipate and act on future needs. 1. Risk taking 2. Competitive aggressiveness 3. Proactiveness 4. Innovativeness 5. Autonomy

3. Proactiveness

What are the three types of aims all organizations need? 1. Specific goals, realistic vision statement, and aggressive mission statement 2. None of these 3. Vision, mission, and goals 4. Strategic leadership, vision statement, and mission statement 4. Employee role clarity, solid organizational structure, and realistic goals

3. Vision, mission, and goals

A goal is _____ if achieving it presents a significant challenge to the organization. 1. time-bound 2. specific 3. aggressive 4. realistic 5. measurable

3. aggressive

A goal is _____ to the extent that whether the goal is achieved can be quantified. 1. time-bound 2. specific 3. aggressive 4. realistic 5. measurable

5. measurable

Glen is an artist who started an online business of selling hand-painted cards. He intended to mail the cards to the customer's address. He started a Web site where customers could specify the type of designs they wanted. Glen would then paint the cards according to the specifications of the customer. He later dropped the idea of mailing the cards to the customers. The fact that he still runs an online card selling business, which caters to the needs of individual customers, is an example of a _____ strategy. 1. non-realized 2. marked 3. deliberate 4. make over 5. pre-termed

3. deliberate

PESTEL analysis is an important tool: 1. for evaluating profit potential of an organization's various business units or product lines. 2. for executives to analyze strategic groups in order to understand gaps in the industry that represent untapped opportunities. 3. for organizing factors within the general environment and identifying how these factors influence industries and the firms within them. 4. for analyzing how much profit potential exists in an industry. 5. that considers a firm's strengths and weaknesses along with the opportunities and threats that exist in the firm's environment

3. for organizing factors within the general environment and identifying how these factors influence industries and the firms within them.

Jeff wants to open a fast food shop near a mall in order to attract the crowds that visit the shopping mall. This is an example of a(n) _____ strategy. 1. emergent 2. realized 3. intended 4. marked 5. pre-termed

3. intended

Glen is an artist who started an online business of selling hand-painted cards. He intended to mail the cards to the customer's address. He started a Web site where customers could specify the type of designs they wanted. Glen would then paint the cards according to the specifications of the customer. Glen soon started offering cash refunds in case the customer was not satisfied with the cards because he realized that other online businesses had also started offering the same facilities. He now runs a booming business. This is an example of a(n) _____ strategy. 1. arranged 2. established 3. realized 4. marked 5. pre-termed

3. realized

For a strategic resource to be an asset, it must be _____. 1. tangible 2. competitive 3. valuable 4. imitable 5. dynamic

3. valuable

_____ offered concepts such as Five Forces Analysis and Generic Strategies that continue to strongly influence how executives choose strategies. 1. The Principles of Scientific Management 2. The Prince 3. Strategy and Structure: Chapters in the 4. History of the Industrial Enterprise 4. Competitive Strategy: Techniques for Analyzing Industries and Competitors 5. The World is Flat: A Brief History of the Twenty-First Century

4. Competitive Strategy: Techniques for Analyzing Industries and Competitors

Which of the following is NOT a trend within the general environment? 1. Technological Trends 2. Economic Conditions 3. Demographics 4. Competitors providing similar goods or services 5. Social Trends

4. Competitors providing similar goods or services

_____ is a dimension which refers to the tendency to pursue creativity and experimentation. 1. Risk taking 2. Competitive aggressiveness 3. Proactiveness 4. Innovativeness 5. Autonomy

4. Innovativeness

With regard to CEOs, which of the following statements holds true for the term "scoundrels"? 1.It refers to CEOs displaying low lack fame and enjoying negative reputations. 2. It refers to CEOs who are overlooked and ignored sources of harm to their firms. 3. It refers to CEOs who lack fame but possess positive reputations. 4. It refers to CEOs displaying high levels of relative fame but low levels of reputation. 5. It refers to CEOs possessing both fame and strong reputations.

4. It refers to CEOs displaying high levels of relative fame but low levels of reputation.

___ refers to a stage in the strategic management process which entails crafting an effective organizational structure and corporate culture. 1. Strategy formulation 2. Strategy evolution 3. Strategy evaluation and control 4. Strategy implementation 5. Environmental and internal scanning

4. Strategy implementation

_____ stressed on how organizations could become more efficient through identifying the one best way of performing important tasks. 1. The World is Flat: A Brief History of the Twenty-First Century 2. The Prince 3. Competitive Strategy: Techniques for Analyzing Industries and Competitors 4. The Principles of Scientific Management 5. Strategy and Structure: Chapters in the History of the Industrial Enterprise

4. The Principles of Scientific Management

Which of the following is also called the macro-environment of a business? 1. The competitive environment 2. The economic environment 3. The social and cultural environment 4. The general environment 5. The political environment

4. The general environment

The five forces analysis differs from the PESTEL analysis in that the five forces analysis is used for: 1. analyzing a company's strengths and weaknesses along with the opportunities and threats that exist in the company's environment. 2. evaluating profit potential of an organization's various business units or product lines. 3. organizing factors within the general environment and identifying how these factors influence industries and the firms within them. 4. analyzing how much profit potential exists in an industry. 5. evaluating strategic groups in order to understand gaps in the industry that represent untapped opportunities.

4. analyzing how much profit potential exists in an industry.

Which of the following is NOT one of the segments within a PESTEL analysis? 1. social 2. technological 3. political 4. educational 5. economic

4. educational

Run and Play, a well-known athletic wear company, operates through a number of outlets which are owned and managed by private individuals. The company has allowed these outlets to use its brand name and products. They can do so after paying a fee to Run and Play. The outlets also pay a part of their revenue to the Run and Play. This is an example of: 1. positioning. 2. comparative scaling. 3. differentiation. 4. franchising. 5. brand essence.

4. franchising.

Some hospital executives have noted that illegal immigrants put a strain on the health care system because immigrants seldom can pay for medical services and hospitals cannot, by law, turn them away from emergency rooms. For these hospitals, this aspect of illegal immigration represents the _____ segment of PESTEL analysis. 1. technological 2. social 3. environmental 4. economic 5. political

5. political

Understanding the nature of strategic groups within an industry is important because: 1. each firm in a firm's group has a group of loyal customers that enjoy its unique features. 2. this provides a better understanding of a new entrant's struggle to match incumbent's prices. 3. this helps a firm's suppliers streamline their processes and provide cost-effective products and services. 4. placing an emphasis on the members of a firm's group is helpful as these firms are usually its closest rivals. 5. this discourages customers from buying a new entrant's offerings.

4. placing an emphasis on the members of a firm's group is helpful as these firms are usually its closest rivals.

A goal must be _____, meaning that its achievement should be feasible. 1. time-bound 2. specific 3. aggressive 4. realistic 5. measurable

4. realistic

Which of the following is NOT a dimension of entrepreneurial orientation? 1. risk taking 2. proactiveness 3. autonomy 4. shareholders support 5. innovation

4. shareholders support

Which of the following is NOT a factor within the social segment of a PESTEL analysis? 1. population size 2. cultural trends 3. ethnicity 4. unemployment rate 5. consumer activism

4. unemployment rate

Examination of the strategic groups in an industry provides a company's executives with a better understanding of their closest rivals, reveals alternative paths to success, and highlights _____ _______. 1. company strengths 2. mobility barriers 3. Strategic objectives 4. untapped opportunities 5. Industry membership

4. untapped opportunities

_____ is a dimension which tells whether an individual or team of individuals within an organization has the freedom to develop an entrepreneurial idea and then see it through to completion. 1. Risk taking 2. Competitive aggressiveness 3. Proactiveness 4. Innovativeness 5. Autonomy

5. Autonomy

_____ refers to a stage in the strategic management process wherein managers must constantly look out for trends and events in the external environment that affect the overall economy and also monitor changes in the particular industry in which the firm operates. 1. Strategy formulation 2. Strategy evolution 3. Strategy evaluation and control 4. Strategy implementation 5. Environmental and internal scanning

5. Environmental and internal scanning

Which of the following statements holds true for strategy as a plan? 1. It refers to a firm's place in the industry relative to its competitors. 2. It focuses on the extent to which a firm's actions over time are consistent. 3. It refers to how executives interpret the competitive landscape around them. 4. It is a specific move designed to outwit or trick competitors. 5. It is a carefully crafted set of steps that a firm intends to follow in order to be successful.

5. It is a carefully crafted set of steps that a firm intends to follow in order to be successful

Which of the following statements holds true for strategy as a ploy? 1. It focuses on the extent to which a firm's actions over time are consistent. 2. It is a carefully crafted set of steps that a firm intends to follow in order to be successful. 3. It refers to a firm's place in the industry relative to its competitors. 4. It refers to how executives interpret the competitive landscape around them. 5. It is a specific move designed to outwit or trick competitors.

5. It is a specific move designed to outwit or trick competitors.

With regard to CEOs, which of the following statements holds true for the term "Icons are CEOs?" 1.It refers to CEOs displaying low lack fame and enjoying negative reputations. 2. It refers to CEOs who are overlooked and ignored sources of harm to their firms. 3. It refers to CEOs who lack fame but possess positive reputations. 4. It refers to CEOs displaying high levels of relative fame but low levels of reputation. 5. It refers to CEOs possessing both fame and strong reputations.

5. It refers to CEOs possessing both fame and strong reputations.

Which of the following is one of the four Ps of the marketing mix? 1. Physical evidence 2. People 3. Process 4. Planning 5. Place

5. Place

Which of the following is NOT a point of emphasis in the performance framework known as "The Triple Bottom Line?" 1. Planet 2. All of the above are points of emphasis 3. Profits 4. People 5. Prediction

5. Prediction

_____ argued that many of the advantages that firms in developed countries like the United States, Japan, and Great Britain take for granted are disappearing. 1. The Principles of Scientific Management 2. The Prince 3. Strategy and Structure: Chapters in the 4. History of the Industrial Enterprise 4. Competitive Strategy: Techniques for Analyzing Industries and Competitors 5. The World is Flat: A Brief History of the Twenty-First Century

5. The World is Flat: A Brief History of the Twenty-First Century

Which of the following assesses organizational performance, taking into consideration the financial measures, customermeasures, internal business measures, and learning and growth measures? 1. PESTLE analysis 2. SWOT analysis 3. The triple bottom line 4. EFQM Model 5. The balanced scorecard

5. The balanced scorecard

Identify the statement below that does NOT apply to vision statements. 1. Many organizations do not have one 2. They can be inspiring for employees and/or customers 3. Well-written ones are rare 4. They can offer a competitive edge 5. They are a necessity

5. They are a necessity

Identify the term below that is NOT a component of a "SMART goal." 1. Aggressive 2. Measurable 3. Specific 4. Realistic 5. Transparent

5. Transparent

As of 2017, according to Fortune magazine. Based on the success Frederick Smith's intended strategy FedEx ranked _______ among the World's Most Admired Companies in 2017. 1. fifteenth 2. fifth 3. second 4. first 5. eleventh

5. eleventh

Rivalry between competitors of an industry tends to be fierce when: 1. competition is based on the uniqueness of the industry's offerings. 2. exit barriers in the industry are low. 3. competitors are differentiated from each other. 4. the growth rate of demand for the industry's offerings is high. 5. fixed costs in the industry are high.

5. fixed costs in the industry are high.

Well-written mission statements effectively capture an organization's _____ and provide answers to the fundamental question: 1. employee skills 2. inspirational message 3. course for the future 4. general interest 5. identity

5. identity

The four Ps of marketing are: product, price, place, and people.

False: Product, Price, Place, & Promotion