Chapters 5&6

_____ strategy is a corporate-level strategy that minimizes risk by diversifying investment among various businesses or product lines. Select one: a. Industry b. Divesting c. Portfolio d. Deskilling e. Grand

c

______ are the assets, capabilities, processes, information, and knowledge that an organization uses to improve its effectiveness and efficiency, to create and sustain competitive advantage, and to fulfill a need or solve a problem. Select one: a. Strategic stances b. Competitive advantages c. Resources d. Grand strategies e. Distinctive competencies

c

One of the important conditions that a firm must meet in order to gain a sustainable competitive advantage with its capital is: Select one: a. the firm's resources must be imperfectly imitable. b. the firm's product prices must be high. c. the firm's production technology should be obsolete. d. the firm's organization must be highly centralized. e. the firm's overhead costs must be high.

a

The purpose of a _____ strategy is to increase profits, revenues, market share, or the number of places (stores, offices, locations) in which the company does business. Select one: a. divestment b. growth c. niche d. retrenchment e. recovery

b

The second step in a retrenchment strategy is _____. Select one: a. growth b. recovery c. merger d. investment e. stability

b

____ is a systematic process of defining problems, evaluating alternatives, and choosing optimal solutions. Select one: a. Multivariable selection b. Rational decision making c. Problem identification d. Benchmarking e. Keystoning

b

_____ plans are the day-to-day plans for producing or delivering the organization's products and services. Select one: a. Single-use b. Operational c. Standing d. Tactical e. Strategic

b

_____ is choosing a goal and developing a method or strategy to achieve a goal.​ Select one: a. ​Leading b. ​Organizing c. ​Planning d. ​Coordinating e. ​Commanding

c

Which of the adaptive strategies tends to result in the poorest performance? Select one: a. Niche marketers b. Analyzers c. Prospectors d. Reactors e. Defenders

d

_____ is a discrepancy between a company's intended strategy and the strategic actions managers take when actually implementing that strategy. a. Competitive dissonance b. Customer inertia c. Differentiation discrepancy d. Strategic dissonance e. Competitive inertia

d

_____ plans specify how a company will use resources, budgets, and people to accomplish specific goals within its mission. Select one: a. Operational b. Visionary c. Single-use d. Tactical e. Strategic

d

According to the S.M.A.R.T. guidelines, goals should be ____. Select one: a. role-related b. synergistic c. unattainable d. maximized e. task-oriented

e

Significant cost reductions, layoffs of employees, closing of poorly performing stores, offices, or manufacturing plants, or closing or selling entire lines of products or services would be characteristic of a _____ strategy. Select one: a. stability b. growth c. portfolio d. firm-level e. retrenchment

e

The ____ is a decision-making method in which a panel of experts responds to questions and to each other until an agreement is reached on how a specific issue should be handled. Select one: a. nominal group technique b. feedback method c. dialectical inquiry technique d. electronic brainstorming technique e. Delphi technique

e

____ is the emotional reaction that can occur when disagreements become personal rather than professional. Select one: a. A-type conflict b. Norm disruption c. Organizational disharmony d. C-type conflict e. Emotive empowerment

a

​_____ is the rivalry between two companies that offer similar products and services, acknowledge each other as rivals, and act and react to each other's strategic actions. Select one: a. ​Direct competition b. ​Character of the rivalry c. ​Competitive inertia d. ​Differentiation e. ​Distinctive competence

a

_____ consists of the strategic actions that a company takes to return to a growth strategy. a. Stability b. Focus c. Recovery d. Differentiation e. Portfolio

c

Budgets are a type of ____ plans. a. policy b. operational c. tactical d. actionable e. strategic

b

Groupthink occurs in ____. Select one: a. standing committees whose members are under no pressure to agree b. groups whose members are elected to serve as figureheads c. highly cohesive groups where there is a great deal of pressure to agree with each other d. newly formed groups whose members were arbitrarily selected and who are assigned to make programmed decisions e. groups in which members have dissimilar backgrounds

c

The _____ is a measure of the degree to which barriers to entry make it easy or difficult for new companies to get started in an industry. Select one: a. bargaining power of suppliers b. bargaining power of new buyers c. threat of new entrants d. scope of new SBUs e. character rivalry

c

The last step in effective planning is to _____. Select one: a. track progress toward goal achievement b. develop goal commitment c. maintain flexibility in planning d. develop long-term action plans e. acculturate the employees

c

The term _____ refers to the overall organizational strategy that addresses the question "What business or businesses are we in or should we be in?" Select one: a. industry-level strategy b. portfolio strategy c. corporate-level strategy d. firm-level strategy e. operations strategy

c

Top management is responsible for developing ____. Select one: a. appraisal reports b. tactical plans c. strategic plans d. operational plans e. worker schedules

c

Under conditions of _____, a competitive attack by a rival is more likely to produce sustained competitive advantage. Select one: a. high competitive autonomy b. low market commonality c. low resource similarity d. high resource similarity e. high market commonality

c

Which of the following is the first step in management by objectives? Select one: a. Developing operational plans b. Reviewing progress towards goal achievement c. Discussing possible goals d. Preparing worker schedules e. Centralizing decision making power

c