Principles of Management
Happy Inc. is a leading provider of family entertainment and BCD is a broadcasting company with news, cable, and entertainment networks. Happy Inc. recently acquired BCD in hopes of boosting its primary business of family entertainment. Which type of corporate strategy is represented by Happy Inc.'s purchase of their distribution network? Choose 1 answer Vertical integration Strategic alliances Horizontal benchmarking Networking
Vertical integration
What is the first step of organizational strategic planning? Choose 1 answer Developing operational goals Developing internal strengths Developing external opportunities Developing a strategic mission
Developing a strategic mission
A company offers unique products in its industry to create a competitive advantage. Which type of strategy is the company using? Choose 1 answer Differentiation Valorization Customization Standardization
Differentiation
According to Michael Porter's competitive environment model, how can suppliers influence strategic planning? Choose 1 answer Supplier can reduce technological, demographic, and legal threats in the environment. Suppliers can reduce the numbers of new entrants in the market. Suppliers can reduce manufacturing time and increase product quality. Suppliers can reduce the threat from substitute products.
Suppliers can reduce manufacturing time and increase product quality.
What is the last step to Deming's 14 points of quality management? Choose 1 answer To break down barriers among departments To cease dependence on mass inspection To evaluate options provided by management To take action to accomplish the transformation
To take action to accomplish the transformation
A local business has provided services to its customers for 40 years. The business's mission is "To give our customers the best service in town." The owner of the business has had a long-standing dream to franchise the business and become the best provider of its service in the United States. What describes the owner's dream? Choose 1 answer Strategic vision Strategic planning Strategic mission Strategic management
***Strategic vision Definition. Ideas for the direction and activities of business development. Strategic planning is a review and planning process that is undertaken to make thoughtful decisions about an organization's future in order to ensure its success. Strategic mission is a type of marketing approach which is based on the core philosophy of organization. It is a long term plan on which the company operates to achieve its mission and vision objectives and goals. Strategic management involves the formulation and implementation of the major goals and initiatives taken by a company's top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes.
Skilled management, positive cash flow, and well-known brands are examples of which component of the SWOT analysis? Choose 1 answer Strengths Threats Opportunities Weaknesses
...Strengths
A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with? Outsourcing or insourcing Supply and demand Operations and logistics Delivery of products or services
...A value chain is a set of activities that a firm operating in a specific industry performs in order to deliver a valuable product or service for the market. Delivery of products or services
Industry and market analysis, competitor analysis, and social analysis are examples of which step in the strategic planning process? Analysis of management implementation Analysis of mission, vision, and goals Analysis of internal strengths and weaknesses Analysis of external opportunities and threats
...Analysis of external opportunities and threats
What happens when an effective value chain is created? Total quality management is not required. Profit margins are increased. Customized products are standardized. A mission statement is developed.
...Profit margins are increased.
