MGMT 339 ch9
Walmart's strategy focuses on offering lower prices than its competitors. This is an example of which generic strategy?
Cost leadership
Which term refers to a strategy intended to strengthen or protect the amount of business a strategic business unit is currently generating?
Retrenchment
To best understand what is happening both internally and externally to the organization, and to increase the probability of developing organizational strategies that reflect the organizational environment, a(n) ________ analysis should be undertaken.
environmental
Ellie is crafting strategy for her online business. She is currently involved in tactical planning and she is examining the next six months. This time period would be considered _____.
short range
Demographics, the statistical characteristics of a population, are reflected in the _________ component of the general environment.
social
In the BCG Growth-Share Matrix, which matrix quadrant is categorized as having a large share of a market that is growing only slightly?
Cash cow
Which of the following suggests that managers should provide funds for planning only when they anticipate a reasonable return on investment?
Commitment principle
________ refers to the resources and ability a firm has to undertake an action.
Competitor capability
Which of the following represents the first step in the strategic management process?
Environmental analysis
Which tool is designed to identify and analyze forces that determine competitiveness within an industry?
Five Forces Model
Which of the following is a strategy that targets a particular customer in order to make the organization more competitive
Focus
Which of the following compares a company's internal strengths with external opportunities?
SWOT analysis
_____ is the last step of the strategic management process and consists of monitoring and evaluating the strategic management process as a whole to ensure that it is operating properly.
Strategic control
________ involves outlining what the different parts of an organization should do in order to be successful at some point one year or less into the future.
Tactical planning
Under Porter's Five Forces Model, what happens when the threat of substitutes increases?
The attractiveness of an industry decreases.
How a firm undertakes strategic and tactical actions, and competitors' responses to those actions, is referred to as ________.
competitive dynamics
The element of the general environment that indicates how resources are being distributed and used in the environment is the ________ component
economic
Dylan is a small business owner and she is currently involved in the strategy implementation step of the strategic management process. Dylan has the ability to readily understand the fears and frustrations of her employees when it comes to strategy implementation. Dylan possesses the _____ skill.
interacting
Laws such as the Clean Air Act, the Affordable Care Act, and the Consumer Products Safety Act are considered part of the _________ component of the general environment.
legal
The purpose for which an organization exists is its ________.
organizational mission
A significant organizational segment that is analyzed to develop strategies for generating future business or revenue is known as a ________.
strategic business unit
Long-range planning that focuses on the organization as a total unit is called _______.
strategic planning
The process of determining how to best achieve organizational objectives is known as ________.
strategy formulation
In the strategic management process, putting strategies into action is done through _________.
strategy implementation
In Porter's Five Forces Model, ________ refers to the ability of new firms to enter the industry.
the threat of new entrants
