MGMT 310 ch.6

What does the BCG matrix evaluate? Multiple select question. Economies of scale Cost of goods sold Market share Business growth rates

Market share Business growth rates

In which step of the strategic-management process does an organization establish the mission and vision statements? Multiple choice question. Step Five Step Three Step Two Step One Step Four

Step One

The skills and capabilities that give an organization special competencies and competitive advantages in executing strategies in pursuit of its mission are called organizational ______. Multiple choice question. threats opportunities weaknesses strengths

strengths

When other companies cannot duplicate the value provided by a competitor, then the competitor has established a(n) ______ competitive advantage. Multiple choice question. benchmark VRIO ambiguous sustainable

sustainable

Luxury Linens Inc. produces the highest thread-count sheets available anywhere and does so at a price that none of its competitors can duplicate. It can be said that Luxury Linens has a(n) ______. Multiple choice question. sustainable competitive advantage forecast analysis economy of scale organizational weakness

sustainable competitive advantage

What are Porter's four competitive strategies? Multiple select question. Differentiation Cost-focus Vertical integration Cost-leadership Focused-differentiation Related diversification

Differentiation Cost-focus Cost-leadership Focused-differentiation

Corporate-level strategy does which of the following? Multiple select question. Answers questions such as "what business are we in?" and "what products and services shall we offer?" Involves senior executives in planning Does not deal with acquisitions or significant investments in plant and equipment Focuses on the organization as a whole

Answers questions such as "what business are we in?" and "what products and services shall we offer?" Involves senior executives in planning Focuses on the organization as a whole

Which of the following represent competitive forces used in Porter's model for industry analysis? (Choose every correct answer.) Multiple select question. Failure of new entrants Bargaining power of suppliers Threats of new entrants Rivalry among competitors Threat of substitute products or services Training of new employees

Bargaining power of suppliers Threats of new entrants Rivalry among competitors Threat of substitute products or services

What strategy is American Tile Corp. using when it acquires a company that makes industrial cleaning products that American Tile does not currently offer? Multiple choice question. Fabrication Diversification Arbitration Isolationism

Diversification

Strategic management process

Establish the mission Assess the current reality Formulate corporate business and functional strategies strategic implementation maintain strategic control

Jordan plans to open a computer repair business this summer. As he plans, he writes down the long-term goals of the business so he can decide where he wants to go strategically. Which stage of the strategic management process is Jordan in? Multiple choice question. Formulate corporate, business, and functional strategies Assess the current reality Execute the strategies Establish the mission, vision, and values statements

Establish the mission, vision, and values statements

True or false: It is common practice today for most small business owners to engage in strategic planning. True false question. True Reason: Many small business owners do not engage in strategic planning. False

False

Which Porter's competitive strategies are appropriate when addressing a narrow market? (Choose every correct answer.) Multiple select question. Cost-leadership Focused-differentiation Diversification Cost-focus

Focused-differentiation Cost-focus

In addition to value, what characteristics are being addressed in a VRIO analysis? (Choose every correct answer.) Multiple select question. Imitability Organization Intent Rarity Replacement Obsolescence

Imitability Organization Rarity

According to Bryan Barry, which of the following help a manager keep a strategic plan on track? (Choose every correct answer.) Multiple select question. Keep moving Keep it simple Mix it up Stay positive Engage people Stay focused

Keep moving Keep it simple Engage people Stay focused

Which of these situations provides an external opportunity that the company may exploit to gain competitive advantage? Multiple choice question. Kevin's insurance group lost market capitalization. Monica's rare book company has weak competition. Norm's engine manufacturing facility is outdated and needs new equipment. Jack's food processing plant faces strict government scrutiny.

Monica's rare book company has weak competition.

When considering SWOT analysis, what is an example of an organizational weakness? Multiple choice question. Skilled workforce Strong financing Minimal competition Obsolete technology

Obsolete technology

Of the three core processes of business identified by Bossidy and Charan, which do they believe is the most important? Multiple choice question. Finance Operations Competition Strategy People

People

What are functional strategies used to accomplish? Multiple choice question. Putting strategic plans into effect Completing Porter's four competitive strategies Strengthening a firm's core competencies Assessing a firm's competitiveness

Putting strategic plans into effect

A ______ analysis is an assessment of the strengths, weaknesses, opportunities, and threats affecting the organization. Multiple choice question. VRIO trend SWOT benchmark

SWOT

Why do potential employers value the skill of strategic thinking in job candidates? Multiple select question. Strategic thinkers are globally-minded. Strategic thinkers make for more informed employees. Strategic thinkers are quick to recognize opportunities. Strategic thinkers are focused on advancement opportunities.

Strategic thinkers are globally-minded. Strategic thinkers make for more informed employees. Strategic thinkers are quick to recognize opportunities.

Which "unwritten" skill did the Harvard Business Review consider essential to being promoted on the job? Multiple choice question. Strategic thinking Personal networking Social media promotion Persuasive argumentation

Strategic thinking

What are the core processes of business identified by Bossidy and Charan? (Choose every correct answer.) Multiple select question. Strategy Operations People Finance Competition

Strategy Operations People

What does business growth rate refer to, as used in the BCG matrix? Multiple choice question. The growth of a firm's competition The speed of industry growth The rate of hiring within an industry A firm's forecasted sales

The speed of industry growth

You own a small deli near campus and learn that the university is exploring whether it should open a Subway sandwich franchise in the student union. Which of Porter's competitive forces does this represent for you? Multiple choice question. Threat of new entrants Rivalry among competitors Bargaining power of buyers Bargaining power of suppliers

Threat of new entrants

Sasha has run a small diner near the train station for the past ten years. Six months ago, a chain restaurant serving gourmet burgers and sandwiches opened up near him and he has had to rethink his menu. He added some specialty sandwiches and free fries with every burger in order to retain his customers. Which of Porter's five competitive forces has affected Sasha's business? Multiple choice question. Threats of substitute services Bargaining power of buyers Bargaining power of suppliers Threats of new entrants

Threats of new entrants

A ______ is a vision or projection of the future that is made following a SWOT analysis. Multiple choice question. market analysis cyclic pattern forecast strategy

forecast

What are the goals of attending industry conferences before or while working in a certain industry? Multiple select question. To learn about the specific industry To gather intelligence on competitors To collect more accomplishments for a resume To make industry contacts

To learn about the specific industry To make industry contacts

Why do many executives prefer visioning to execution? Multiple choice question. Visioning creates more jobs than execution. Visioning is less expensive than execution. Visioning is more exciting than execution. Visioning involves a greater attention to detail than execution.

Visioning is more exciting than execution.

When would a company use a VRIO analysis? Multiple choice question. When determining manufacturing work schedules When deciding whether or not a new product might work in the marketplace When reorganizing staff When analyzing current market share among competing brands

When deciding whether or not a new product might work in the marketplace

Juanita feels it is important for her taxi company to continually measure itself against its best competition. She keeps track of the number of rides per hour and turnaround times for all her drivers and compares it to that of other high-performing taxi companies in the area. Juanita is using the process of ______ to compare her company with others. Multiple choice question. benchmarking diversification manufacturing sustainability

benchmarking

The process by which a company compares its performance with that of other high-performing organizations is known as ______. Multiple choice question. competitive analysis benchmarking forecasting offshoring

benchmarking

Strategic ______ involves monitoring the execution of strategy and taking corrective action when necessary. Multiple choice question. differentiation control integration supply

control

The president, chief financial officer, and chief operating officer of Jensen Mfg. meet annually to discuss the direction of the company including what products they will continue to offer and what new products they will introduce. Which level of strategic management does this represent? Multiple choice question. task-level corporate-level functional-level business-level

corporate-level

Which level of strategic management focuses on the organization as a whole? Multiple choice question. task-level corporate-level business-level functional-level

corporate-level

Strategic thinkers should have a knowledge base shaped like the letter "T," where the top of the "T" represents breadth of knowledge and the stem of the "T" represents ______. Multiple choice question. years on the job depth of emotional intelligence depth of expertise time spent working on a degree

depth of expertise

The strategy of moving into new lines of business is called ______. Multiple choice question. diversification fabrication accommodation arbitration

diversification

Aligning people with goals, achieving promised results, and integrating strategy with reality are all part of the ______ process. Multiple choice question. operations differentiation diversification execution

execution

When corporate departments such as marketing, human resources, and information technology implement plans of action that support higher-level strategies, they are following a(n) ______ strategy. Multiple choice question. foundational comprehensive functional executive

functional

A business that wants to reach more customers and hires more employees to get this done is focusing on a ______ strategy. Multiple choice question. stability growth sustainable defensive

growth

Porter's five competitive forces form a model for ______ analysis. Multiple choice question. industry production staff cost

industry

To be successful, strategic planning requires a company to have a ______ orientation. Multiple choice question. long-term forward-looking diversity-focused short-term

long-term

A system of shared beliefs and values that needs to be aligned with the goal of producing efficient, quality work is called ______ culture. Multiple choice question. executive professional competitive organizational

organizational

Strategic positioning attempts to achieve sustainable competitive advantage by ______. Multiple choice question. preserving what is distinctive about a company changing key aspects of a company's identity performing similar activities as those of rivals and in similar ways creating a meaningful mission statement

preserving what is distinctive about a company

Refer to Figure 6.2. The "feedback loop" in the strategic-management process involves: Multiple choice question. understanding employee preference. revising actions if necessary. formulating the corporate strategy. implementing the strategy.

revising actions if necessary.

Michael Porter defined ______ as an attempt to achieve sustainable competitive advantage by preserving what is distinct about a company. Multiple choice question. cost-leadership strategic positioning domestic rivalry economy of scale

strategic positioning

In terms of a SWOT analysis, organizational ______ are environmental factors that hinder an organization from achieving a competitive advantage. Multiple choice question. weaknesses opportunities threats strengths

threats

Within a SWOT analysis, the letter "T" represents a company's ______. Multiple choice question. trends time threats territory

threats