Busi 400 - Ch. 1 & 2

In some industries, low switching costs can act as an important barrier to entry. true or false

False

A technique for analyzing a basic list of internal and external conditions is called a ______ analysis. Multiple choice question. competitive PEST SWOT general

SWOT

In choosing to focus on stakeholders, which of the following will not lead to success for a manager? employees and suppliers customers and the community at large shareholders and employees customers only

customers only

The process of examining large data sets to uncover hidden patterns, market trends, and customer preferences is known as ______. Multiple choice question. data analytics the threat of substitutes the global segment Porter's five-forces model

data analytics

Stockholders as a stakeholder group are interested primarily in payment of interest and repayment of principal. value and warranties. dividends and capital appreciation. taxes and compliance with regulations.

dividends and capital appreciation

Managers must consider their company's ______ and ______ operations during the decisions step of the strategic management process. Multiple choice question. competitors'; partners' functional; business competitive; noncompetitive domestic; international

domestic and international

Interest rate increases, currency exchange rates, and the Dow Jones are examples of factors to be considered in which segment of the general environment? Multiple choice question. technological economic political/legal socioeconomic

economic

Select all that apply The extent of the threat of potential entrants into an industry depends on which of the following? (Check all that apply.) Multiple select question. the bargaining power of buyers existing barriers to entry the bargaining power of suppliers the combined reaction from existing competitors

existing barriers to entry the combined reaction from existing competitors

True or false: The most effective organizations have strong leaders at the top who make all the decisions that the rest of the organization then carries out. True False

false

Which of the following are stakeholder groups that managers should consider when making decisions? (Check all that apply.) Multiple select question. stockholders board of directors competitors the community

stockholders board of directors the community

______ groups are clusters of firms that share similar strategies. Multiple choice question. Supply Bargaining Strategic Partner

strategic

In the SWOT framework, ________ are internal factors that are specific to the company. strengths and weaknesses threats and weaknesses strengths and threats strengths and opportunities

strengths and weaknesses

______ products and services limit the potential returns of an industry by placing a ceiling on the prices that firms in that industry can profitably charge. Multiple choice question. Substitute Non-profit Luxury Complementary

substitute

All firms within an industry compete with industries producing ____________ products and services. (Enter only one word in the blank.)

substitute goods & services

Select all that apply Which of the following are part of a firm's competitive environment? (Check all that apply.) Multiple select question. stockholders suppliers competitors customers

suppliers competitors customers

The Sarbanes-Oxley Act of 2002 greatly increased the accountability of auditors, executives, and corporate lawyers. This law is an example of which segment of the general environment? Multiple choice question. socio-cultural economic global/international political/legal

political/legal

The ______ segment of the general environment consists of how a society creates and exercises power, including rules, laws, and taxation policies. Multiple choice question. sociocultural political/legal demographic ethical

political/legal

The ______ segment of the general environment consists of the values, beliefs, and lifestyles of a society. Multiple choice question. sociocultural political/legal demographic economic

sociocultural

The effect on the business clothing and restaurant industries due to an increase of women in the workforce are examples of which segment of the general environment? Multiple choice question. sociocultural economic geographic political/legal

sociocultural

Increases in household income due to more women entering the workforce in white collar jobs is likely to affect which two segments the most? Multiple choice question. demographic and economic sociocultural and technological sociocultural and economic global and demographic

sociocultural and economic

An organization is responsible to many different entities. In order to meet the demands of these groups, organizations must participate in stakeholder management. Stakeholder management means that Multiple Choice interests of the stockholders are not the only interests that matter stakeholders and managers inevitably work at cross-purposes all stakeholders receive financial rewards stakeholders are second in importance to the stockholders.

interests of the stockholders are not the only interests that matter

______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. Multiple choice question. Realized Intended Environmental Deliberate

intended

The ______ environment is composed of segments external to an industry that are usually beyond a firm's control, such as demographics and economic factors, that can affect a firm's strategy. Multiple choice question. general internal industrial local

general

The ______ segment of the general environment consists of influences from foreign countries, including market opportunities, foreign-based competition, and expanded capital markets. Multiple choice question. economic technological sociocultural global

global

Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. Multiple choice question. industry internal strategic external

internal

Select all that apply A CEO can improve perceptual acuity by ______. (Check all that apply.) Multiple select question. seeking out information meeting with and listening to others relying on instincts even when trusted advisors disagree not getting distracted by "what-ifs" and focusing on one strategy

seeking out information meeting with and listening to others

Which of the following is the most inclusive term for the individuals, groups, and organizations that have a claim in the success of an organization? Multiple choice question. strategists stockholders shareholders stakeholders

stakeholders

Select all that apply In which of the following ways can suppliers exert bargaining power? (Check all that apply.) Multiple select question. By reducing the quality of purchased goods and services By threatening to lower prices of raw materials By threatening to raise prices of raw materials By squeezing the profitability of firms

By reducing the quality of purchased goods and services By threatening to raise prices of raw materials By squeezing the profitability of firms

What are the four levels of a company's strategy formulation? Multiple choice question. business, corporate, intellectual, and international business, corporate, supply chain, and entrepreneurial business, corporate, mission, and vision business, corporate, international, and entrepreneurial

business, corporate, international, and entrepreneurial

Managers execute or implement their decisions as ______ in the third step of the strategic management process. Multiple choice question. analyses operations actions objectives

Actions

The third step of the strategic management process is the ______ step. Multiple choice question. competitive decisions analyses actions

Actions

Select all that apply Which of the following are examples of business-level strategies? Multiple select question. Cost leadership Differentiation Focus on niche market Creating synergies between businesses

Cost leadership Differentiation Focus on niche market

The second step in the strategic management process is ______. Multiple choice question. actions analyses strategies decisions

Decisions

Select all that apply Strategic management of an organization entails which of the following ongoing processes? (Check all that apply.) Multiple select question. decisions incremental management inventory actions analyses

Decisions actions analyses

Which of the following are key attributes of strategic management? (Check all that apply.) Multiple select question. Directs the organization toward overall goals and objectives Includes multiple stakeholders in decision making Incorporates both short-term and long-term perspectives Recognizes the importance of effectiveness over efficiency

Directs the organization toward overall goals and objectives Includes multiple stakeholders in decision making Incorporates both short-term and long-term perspectives

______ is the process of removing the organizations or business processes responsible for intermediary steps in the value chain. Multiple choice question. Disintermediation Reintermediation Substitution Bargaining

Disintermediation

Select all that apply The six major entry barriers in Porter's five forces model include which of the following? (Check all that apply.) Multiple select question. Economies of scale and product differentiation. Limited access to distribution channels and cost disadvantages independent of scale. Capital requirements and switching costs. Powerful buyers and powerful suppliers.

Economies of scale and product differentiation. Limited access to distribution channels and cost disadvantages independent of scale. Capital requirements and switching costs.

Select all that apply Which of the following are examples of business-level strategies? Multiple select question. Focus on niche market Creating synergies between businesses Differentiation Cost leadership

Focus on niche market Differentiation Cost leadership

Strategic management is directed toward a company's ___. Multiple choice question. mission and vision short-term perspectives goals and objectives competitive advantages

Goals and objectives

______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. Multiple choice question. Informational control Organizational design Entrepreneurial strategy Behavioral control

Informational control

Question Mode Multiple Select Question Select all that apply Which of the following are evaluated during the analysis process of strategic management? Multiple select question. internal environment external environment strategic goals leadership compensation

Internal environment External enviornment Strategic goals

Which of the following statements regarding strategic management is true? Multiple choice question. It requires incorporating both short-term and long-term perspectives. It focuses on reaching long-term goals. It requires more emphasis on reaching short-term performance targets. It stresses that reaching short-term goals will lead to long-term success.

It requires incorporating both short-term and long-term perspectives.

Select all that apply Companies enter foreign market to access which of the following? (Check all that apply.) Multiple select question. Larger potential markets Factors of production, such as raw materials and labor Technical professionals Easily influenced overseas governments

Larger potential markets Factors of production, such as raw materials and labor Technical professionals

Match the type of leader (on the left) with the corresponding description (on the right). Local line leaders ---> __________________ Executive leaders ---> __________________ Internal networkers ---> __________________ (Choices) -guide ideas, create a learning infrastructure, and call for action -have significant profit-and-loss responsibility -have little formal authority, inspire others with conviction and clarity of ideas

Local line leaders ---> have significant profit-and-loss responsibility Executive leaders ---> guide ideas, create a learning infrastructure, and call for action Internal networkers ---> have little formal authority, inspire others with conviction and clarity of ideas

Select all that apply Which of the following are caveats of using industry analysis? (Check all that apply.) Multiple select question. The five-forces model is essentially a static analysis. Managers should not always avoid low-profit industries. Porter's model is a poor tool for analyzing foreign markets. Porter's model assumes a zero-sum game, meaning there is a winner and loser.

Managers should not always avoid low-profit industries. The five-forces model is essentially a static analysis. Porter's model assumes a zero-sum game, meaning there is a winner and loser.

Which of the following is an example of a CEO with perceptual acuity? Multiple choice question. Sanjay starts a web-storage business because the cost of entry is low. Gotha starts a catering company focused on foods from the 1950s because he likes that era. Marga starts a ride-sharing business in a city with few parking garages. Samira starts a legal aid business in a city with many lawyers.

Marga starts a ride-sharing business in a city with few parking garages.

______ is the introduction of new types of intermediaries into the value chain. Multiple choice question. Bargaining Reintermediation Substitution Disintermediation

Reintermediation

The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business.

Romantic

______ is an in-depth approach to environmental forecasting that involves experts' detailed assessments of social, economic, political, technology trends or other dimensions of the external environment. Multiple choice question. Reintermediation Competitive intelligence Scenario analysis Environmental monitoring

Scenario Analysis

The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. Multiple choice question. romantic leadership individual rationality strategic management external control

Strategic Management

______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. Multiple choice question. Vision statements Manager's perspectives Strategic objectives Human resource guidelines

Strategic objectives

______ analysis is the starting point of the strategic management process and includes the advanced work that must be done to effectively formulate and execute strategies. Multiple choice question. Leadership Realized Business Strategy

Strategy

______ analysis is the starting point of the strategic management process and includes the advanced work that must be done to effectively formulate and execute strategies. Multiple choice question. Strategy Business Leadership Realized

Strategy

Select all that apply Which of the following play a role in increasing the bargaining power of the buyer? (Check all that apply.) Multiple select question. The buyers make large purchases relative to the industry's sales. The products being purchased from the industry are standard or undifferentiated. The industry's product is important to the quality of the buyer's products or services. The buyers pose a credible threat of backward integration.

The buyers make large purchases relative to the industry's sales. The products being purchased from the industry are standard or undifferentiated. The buyers pose a credible threat of backward integration.

Select all that apply Which of the following play a role in increasing the bargaining power of the buyer? (Check all that apply.) Multiple select question. The buyers pose a credible threat of backward integration. The buyers make large purchases relative to the industry's sales. The products being purchased from the industry are standard or undifferentiated. The industry's product is important to the quality of the buyer's products or services.

The buyers pose a credible threat of backward integration. The buyers make large purchases relative to the industry's sales. The products being purchased from the industry are standard or undifferentiated.

Which of the following are true of behavioral controls? (Check all that apply.) Multiple select question. They involve monitoring and scanning the external environment. They involve balancing rewards and incentives. They involve balancing culture and boundaries or constraints. They involve responding to threats and opportunities.

They involve balancing rewards and incentives. They involve balancing culture and boundaries or constraints.

True or false: Intended strategy rarely survives in its original form. True false question. True False

True

Select all that apply Spotting key trends requires a combination of which of the following? (Check all that apply.) Multiple select question. Understanding one's customers. Knowing one's business. Disregarding what your competitors will do next. Ignoring what policy makers are likely to do. Keeping an eye on what's happening.

Understanding one's customers. Knowing one's business. Keeping an eye on what's happening.

Vision statements represent ______. Multiple choice question. management's best guess of what the organization will accomplish during the next five years a destination that is driven by and evokes passion management's short-term view of the company's overall direction what stockholders expect from the organization's management team

a destination that is driven by and evokes passion

Substitute products or services must be ______ the industry's offerings. Multiple choice question. able to perform the same function as very different and unique from cheaper and better than easily distinguished from

able to perform the same function as

Which of the following are social responsibility expectations that go beyond a firm's product and service quality? Multiple select question. increasing shareholder profits every quarter accurate financial and accounting reporting fair labor standards environmental sustainability

accurate financial and accounting reporting fair labor standards environmental sustainability

Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. Multiple choice question. disadvantage strategies resources advantage

advantage

Ambidextrous behaviors in individuals illustrate how a dual capacity for ________ can be woven into the fabric of an organization at the individual level. alignment and internal linkages alignment and efficiency alignment and adaptability alignment and transparency

alignment and adaptability

Match the strategic management process with its corresponding term. analyses----> ________________ decisions---> ________________ actions-----> ________________ (choices) strategy formulation strategy implementation strategy analysis

analyses----> strategy analysis decisions---> strategy formulation actions-----> strategy implementation

Vision statements are used to create a better understanding of the overall purpose and direction of the organization. Vision statements set organizational structure. provide specific objectives. are massively inspiring. are very specific.

are massively inspiring.

Sound strategies are of no value if they ______. Multiple choice question. are not properly implemented do not include international strategies do not include entrepreneurial strategies are not immediately profitable

are not properly implemented

Sound strategies are of no value if they ______. Multiple choice question. do not include entrepreneurial strategies do not include international strategies are not immediately profitable are not properly implemented

are not properly implemented

Which of the following threaten an industry by forcing down prices, bargaining for higher quality or more services, and playing competitors against each other? Multiple choice question. buyers profits suppliers brands

buyers

Business-level strategy is concerned with how companies ______. (Check all that apply.) Multiple select question. compete and outperform rivals manage their portfolio of businesses create synergies between divisions achieve and sustain a competitive advantage

compete and outperform rivals achieve and sustain a competitive advantage

Strategy implementation can be the most difficult part of the strategic management process. Which of the following is notlikely to be a cause of implementation failure? leadership coordination and integration of activities within and outside of the firm competition organizational commitment to excellence

competition

In terms of analyzing the external environment of the firm, the industry environment consists of ______ and other organizations that may threaten the company's success. Multiple choice question. stakeholders competitors shareholders employees

competitors

Select all that apply Which of the following are part of a firm's competitive environment? (Check all that apply.) Multiple select question. competitors customers suppliers stockholders

competitors customers suppliers

Select all that apply Strategies often fail when managers fail to do which of the following? (Check all that apply.) Multiple select question. conduct a thorough analysis of the external and internal environments ask the Board of Directors to vote on them analyze the company's overarching goals check with government officials

conduct a thorough analysis of the external and internal environments analyze the company's overarching goals

Community stakeholders are concerned primarily with Multiple Choice capital appreciation. product warranties. repayment of principal. corporate citizenship behavior.

corporate citizenship behavior.

Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. Multiple choice question. implementation formulation value analysis

formulation

Strategic management is directed toward a company's ___. Multiple choice question. competitive advantages short-term perspectives goals and objectives mission and vision

goal's and objectives

A firm's vision, mission, and strategic objectives form a hierarchy of ____________.

goals

The bargaining power of buyers depends on the ______. Multiple choice question. firm's access to distribution channels importance of purchases from that group compared with the industry's overall business industry's profitability wealth of a particular customer or customer group in the specific industry

importance of purchases from that group compared with the industry's overall business

Social responsibility is the expectation that businesses or individuals will strive to ______. Multiple choice question. improve the overall welfare of society provide shareholders with a good return on their investments earn above-average profits for its shareholders treat all stakeholder groups equally

improve the overall welfare of society

The Internet may ______ buyer power by providing consumers more information to make buying decisions and by ______ switching costs. Multiple choice question. increase; lowering increase; increasing decrease; increasing decrease; decreasing

increase, lowering

Select all that apply Firms must exercise which of the following two types of strategic controls? (Check all that apply.) Multiple select question. informational formal behavioral informal

informational behavioral

Studies show that managers often focus on short-term goals to the detriment of creating ______ shareholder value. Multiple choice question. ambidextrous individual long-term efficient

long-term

Select all that apply Which of the following are characteristics of a well-written organizational vision statement? (Check all that apply.) Multiple select question. changed often long-term massively inspiring overarching

long-term massively inspiring overarching

A danger of forecasting discussed in the text is that - it can create legal problems for the firm if regulators discover the company is making forecasts. - in most cases, the expense of collecting the necessary data exceeds the benefit. - the retrospective nature of forecasting provides little information about the future. - managers may view uncertainty as black and white while ignoring important gray areas.

managers may view uncertainty as black and white while ignoring important gray areas.

_____________ statements, like vision statements, should be massively inspiring to an organization's main stakeholders and include the purpose of the organization, its scope of operations, and the basis of its competitive advantage.

mission

Select all that apply A firm's hierarchy of goals include its ______. (Check all that apply.) Multiple select question. mission vision business-level strategy strategic objectives

mission vision strategic objectives

A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. Multiple choice question. mission statement vision statement goal statement code of conduct

mission statement

Which of the following is not a correct usage of the SWOT framework? Multiple Choice protect the firm from environmental weaknesses remedy the weaknesses or work around them build on its strengths take advantage of the opportunities presented by the environment

protect the firm from environmental weaknesses

Select all that apply The Internet has increased the bargaining power of buyers by ___. Multiple select question. decreasing the number of intermediaries which handle the product increasing the number of barriers, which makes it more difficult to reach end users providing customers with more information to make buying decisions decreasing switching costs

providing customers with more information to make buying decisions decreasing switching costs

The Internet has increased the bargaining power of buyers by ___. Multiple select question. decreasing the number of intermediaries which handle the product providing customers with more information to make buying decisions decreasing switching costs increasing the number of barriers, which makes it more difficult to reach end users

providing customers with more information to make buying decisions decreasing switching costs

While working to prioritize and fulfill their responsibilities, members of the board of directors of an organization should emphasize the importance of short-term goals. represent their own interests. represent the interests of the shareholders. direct all actions of the CEO.

represent the interests of the shareholders.

A CEO made a lot of mistakes in assessing the market and the competitive conditions and improperly redesigning the organization into numerous business units. Such errors led to significant performance declines. According to the text, this example illustrates the ________ perspective of leadership. internal mechanism romantic operational external control

romantic

The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. Multiple choice question. external control organizational romantic strategic management

romantic

The text addresses two perspectives of leadership as well as their implications. These two perspectives are romantic and unromantic. romantic and external control. romantic and internal control. external control and unromantic.

romantic and external control

PPG Industries, the Pittsburgh-based manufacturer of paints, coatings, optical products, specialty materials, chemicals, glass, and fiber glass has paid dividends each year since 1899. It uses a technique to help it identify possible future strategies. What is it? scenario analysis crowdsourcing monitoring competitive intelligence

scenario analysis

A one-time cost that customers pay when changing vendors is known as ______. Multiple choice question. capital requirements favorable access to raw materials switching costs bargaining power of suppliers

switching cost

The two opposing ways of examining stakeholder management are called ______ and ______. Multiple choice question. intended strategy; realized strategy internal; external symbiosis; zero sum efficiency; effectiveness

symbiosis; zero sum

Developments in computer software and hardware, nanotechnology, and R&D in exotic materials are examples of trends in which segment of the general environment? Multiple choice question. computer technological science technocultural

technological

Genetic engineering has had a positive impact on the pharmaceutical industry. This is an example of which type of general environmental trend? Multiple Choice demographic technological political and legal economic

technological

The ______ segment of the general environment is concerned with innovation and state of knowledge in industrial arts, engineering, applied sciences, and pure science, and their interaction with society. Multiple choice question. science technological technocultural computer

technological

Organizational goals and objectives should represent what is best for ______. Multiple choice question. senior managers the entire organization a single functional area a percentage of the company's stakeholders

the entire organization

Elements of the five forces can be quantified. This is important for analyzing industry structure. Which of the following is not an example of an element that can be quantified? the percentage of industry sales required to fill a plant or operate a logistical network to efficient scale the governmental regulatory policy the buyer switching cost the percentage of the buyer total cost accounted for by the industry product

the governmental regulatory policy

All of the following are important elements of the political and legal segment of the general environment except Multiple Choice the deregulation of utilities. increases in the federally mandated minimum wage. the Americans with Disabilities Act (ADA). the increased use of Internet technology.

the increased use of Internet technology.

The ______ is the possibility that the profits of established firms in the industry may be eroded by new competitors. Multiple choice question. threat of substitute products and services threat of new entrants bargaining power of buyers rivalry among competitors

threat of new entrants

Firms use "Big Data" to accomplish which of the following goals? Multiple choice question. to create a sustainable corporate environment to better customize their offerings to customers to downsize then offshore the bulk of operations to hide their profits and assets from the government

to better customize their offerings to customers

What is the overall purpose of a corporation? Multiple Choice to maximize the long-term return to the shareholders to maximize the long-term return to all the stakeholders to maximize the short-term return to all the stakeholders to maximize the short-term return to the shareholders

to maximize the long-term return to the shareholders

Executives must be careful to avoid spending so much time and effort tracking the actions of ________ that they ignore ________. competitors; customers customers; competitors existing customers; existing competitors traditional competitors; new competitors

traditional competitors; new competitors

The strategic groups concept is valuable for assessing the implications of industry ________ for the strategic group as a whole. experience positions trends wealth

trends

Technological innovations can create entirely new industries and alter the boundaries of industries. True or False

true

True or false: Trends in one segment of the general environment can have an effect on other segments. True False

true

During the analysis step of the strategic management process, managers are concerned with the company's ______. vision, mission, and strategic objectives vision, mission, and business strategy vision, mission, and operational effectiveness vision, mission, and corporate strategy

vision, mission, and strategic objectives

The ______ view of stakeholder management views the management process as groups competing for the organization's resources. Multiple choice question. corporate governance stakeholder claims zero sum symbiosis

zero sum

Managers should understand how they can create win-win relationships with their suppliers and customers so that they can overcome ______. Multiple choice question. the model's static analysis weakness the zero-sum game issue the intensity of competitive rivalry within the industry low switching costs

zero-sum game issue

______ involves surveillance of a firm's external environment to predict environmental changes and detect changes already underway. Multiple choice question. Competitive intelligence Environmental monitoring Environmental scanning Environmental Intelligence

Environmental scanning

Managers are analyzing the firm's ______ when managers are studying its competitors. Multiple choice question. external environment organizational goals and objectives internal environment intellectual assets

External Environment

Strategies should be formulated that enhance foremost the ________ capacity of a firm. learning innovative business-level implementation

innovative

Select all that apply Which of the following are reasons managers should use Porter's five forces model? (Check all that apply.) Multiple select question. It can help them develop their supply chains through developing strong relationships with both suppliers and customers. It can help them decide whether to enter, remain, or exit an industry. It can help them assess how to improve the firm's competitive position within the industry. It can help managers better understand social, legal, and technological trends.

It can help them develop their supply chains through developing strong relationships with both suppliers and customers. It can help them decide whether to enter, remain, or exit an industry. It can help them assess how to improve the firm's competitive position within the industry.

The SWOT framework is popular with managers for several reasons, including which of the following? Multiple choice question. It predicts what competitors are likely to do. It allows managers to focus only on the external environment. It allows managers to focus on the firm's internal environment without noise from its external environment. It forces managers to consider both the internal and external factors simultaneously.

It forces managers to consider both the internal and external factors simultaneously.

Select all that apply Which of the following are examples of ways that the Internet has been positive for supplier bargaining power? (Check all that apply.) Multiple select question. It has sped up and streamlined supply chain processes. It has created more "downstream" outlets for suppliers. It has allowed buyers to link directly to a supplier's website to create rapid, low-cost ordering. It has allowed suppliers to work through intermediaries, which increases the manufacturer's contribution margins.

It has sped up and streamlined supply chain processes. It has created more "downstream" outlets for suppliers. It has allowed buyers to link directly to a supplier's website to create rapid, low-cost ordering.

Select all that apply Which of the following are true of strategy implementation? (Check all that apply.) Multiple select question. It involves coordinating and integrating activities within the firm and with suppliers and customers. It involves establishing appropriate controls and organizational designs. It involves the leader doing the learning for the organization. It ensures that the organization is committed to excellence.

It involves coordinating and integrating activities within the firm and with suppliers and customers. It involves establishing appropriate controls and organizational designs. It ensures that the organization is committed to excellence.

Select all that apply Which of the following statements about scenario analysis are true? (Check all that apply.) Multiple select question. It depends on extrapolation of historical trends. It is an in-depth approach to forecasting. It incorporates the ways in which societal trends may affect an issue. It draws on a range of disciplines.

It is an in-depth approach to forecasting. It incorporates the ways in which societal trends may affect an issue. It draws on a range of disciplines.

Select all that apply Which of the following statements are correct regarding strategic groups? (Check all that apply.) Multiple select question. No two firms are exactly the same. No two firms are totally different. Strategic groups are clusters of firms that share similar strategies. Rivalry tends to be greater between companies in different strategic groups.

No two firms are exactly the same. No two firms are totally different. Strategic groups are clusters of firms that share similar strategies.

Select all that apply Supplier groups are powerful under which of the following conditions? (Check all that apply.) Multiple select question. One or more suppliers have built-in switching costs for buyers. The industry is not an important customer of the supplier group. There are many suppliers producing similar or the same product. The supplier group poses a credible threat of forward integration.

One or more suppliers have built-in switching costs for buyers. The industry is not an important customer of the supplier group. The supplier group poses a credible threat of forward integration.

When the management frame of reference gets out of touch with the realities of the actual business situation, what can happen to the firm? Management perceptual acuity improves. It becomes easier to maintain competitive advantage. Management gets across-the-board raises. The company business strategy no longer works.

The company business strategy no longer works.

Select all that apply Which of the following statements about the competitive environment are correct? (Check all that apply.) Multiple select question. The competitive environment consists of factors such as competitors, customers, and suppliers. It consists of investors that invest funds in the firms in an industry. The competitive environment often influences the nature of the competition in an industry. It is also referred to as the task environment.

The competitive environment consists of factors such as competitors, customers, and suppliers. The competitive environment often influences the nature of the competition in an industry. It is also referred to as the task environment.

Which of the following is an example of when the bargaining power of suppliers may be low? Multiple choice question. The suppliers provide an input that has many substitutes. Suppliers have the ability to forward integrate. Suppliers have the ability to sell their products to several industries. The suppliers' product is an important input to the industry's business.

The suppliers provide an input that has many substitutes.

Select all that apply Which of the following are among Porter's five forces? (Check all that apply.) Multiple select question. The threat of substitute products and services The bargaining power of suppliers The threat of new entrants The intensity of rivalry among competitors in an industry The bargaining power of competitors The lack of government regulations and sanctions

The threat of substitute products and services The bargaining power of suppliers The threat of new entrants The intensity of rivalry among competitors in an industry

Which of the following statements about the strategic management process is true? Multiple choice question. The three processes usually take place in a sequential manner. Firms can select just one of the processes to focus on and still succeed. Once implemented, the action step cannot be altered. The three processes are highly interdependent.

The three processes are highly interdependent.

Delta Pride Catfish, a supplier group of catfish farmers in Mississippi, formed a cooperative to process their own fish, thus bypassing ConAgra and Farm Fresh, their previous processing contractors. By 2014, Delta Pride Catfish controlled over 40 percent of the U.S. catfish market. This is an example of the bargaining power of suppliers. backward integration of services. threat of substitute products. bargaining power of competitors.

bargaining power of suppliers

The Internet and digital technologies are said to ______. Multiple choice question. allow suppliers to earn higher profits through intermediaries provide only disadvantages for suppliers be a double-edged sword for suppliers provide only advantages for suppliers

be a double-edged sword for suppliers

The ______ segment of the general environment consists of changes in a market's characteristics such as age, race, ethnicity, and education. Multiple choice question. sociocultural economic political/legal demographic

demographic

Which of the following elements of the general environment is the easiest to understand and quantify? Multiple choice question. economic demographic political/legal sociocultural

demographic

The ______ segment of the general environment consists of the characteristics of the economy, including national income and monetary conditions. Multiple choice question. socioeconomic currency money economic

economic

Select all that apply Which of the following are included in the six segments of the general environment? (Check all that apply.) Multiple select question. economic and global industrial and competitive political/legal and technological demographic and sociocultural

economic and global political/legal and technological demographic and sociocultural

Select all that apply Which of the following are social responsibility expectations that go beyond a firm's product and service quality? Multiple select question. environmental sustainability increasing shareholder profits every quarter fair labor standards accurate financial and accounting reporting

environmental sustainability fair labor standards accurate financial and accounting reporting

A buying group is considered powerful when it ______. Multiple choice question. is responsible for a large volume of a seller's sales faces high switching costs earns high profits requires high-quality raw materials or services

is responsible for a large volume of a seller's sales

A buying group is considered powerful when it ______. Multiple choice question. is responsible for a large volume of a seller's sales requires high-quality raw materials or services faces high switching costs earns high profits

is responsible for a large volume of a seller's sales

The three primary participants in corporate governance are the ______, management, and board of directors. Multiple choice question. customers bondholders shareholders stakeholders

shareholders

Corporate governance is the relationship among ______ in determining the direction and performance of corporations. Multiple choice question. all stockholders the creditors shareholders, management, and the board of directors institutional investors and higher-level employees

shareholders, management, and the board of directors

Select all that apply In order for strategic objectives to be meaningful they need to be ______. (Check all that apply.) Multiple select question. specific measurable timely easy

specific timely measurable

Select all that apply Which of the following would be substitutes for a soft drink? (Check all that apply.) Multiple select question. alcoholic beverages sports drinks water orange juice

sports drinks water orange juice

_____ may exert bargaining power by threatening to raise prices of the materials needed by a firm or reduce the quality of goods and services. Multiple choice question. Professionals Buyers Suppliers Students

suppliers