strat final connect questions chapter 1, 3, 4, 6

the invention of a small desktop copiers using the smae technology as large, stand alone copiers is an example of ________ innovation

architectural

diseconomies of scale often appear when a firm

becomes too large and complex to manage efficiently

Which of the following are examples of ways that a large retailing firm can increase the perceived value of its offerings by focusing on customer service

Maintaining a domestic call center that is open 24 hours per day offering a no question asked return policy

which of the following is the best indicator that Tesla strategy is working as intended

Tesla generated 500,000 preorders for an unseen model

The _______ is a theoretical model that explains and predicts what resource attributes underpin competitive advantage

VRIO framework

in an oligopoly, which of the following conditions exist?

-A few large firms -differentiated products -high barriers to entry

a ______ is a unique strength, embedded deep within a firm, that is critical to gaining and sustaining competitive advantage

Core competency

a core values statement provides information to employees regarding the company's

ethics and morals

Using the resource based view helps firms

gain or maintain competitive advantage

the innovation process is a four step process that consists of idea, invention, innovation and ________

imitation

the most common type of innovation is ______ innovation

incremental

An auto manufacturer that has access to cheaper labor and raw materials than its rivals will have a competitive advantage regarding lower cost of _______ . factors

input

In the ____ stage of the industry cycle, a moderate number of large firms compete for a share of a market that has reached its maximum size

maturity

Primary activities include which of the following

operations and supply chain management

the interaction of the many individual systems in the operation of a company often leads to casual ambiguity because of _______

social complexity

The cultures, norms, and values of the society in which a firm competes are considered

socio cultural factors

A frim attempts to manage the web of relationships between internal and external stakeholder in order to create value known as

stakeholder strategy

A _______ group is a set of companies within a specific industry that seek to achieve competitive advantage in similar ways

strategic

Managers are able to influence which of the following types of external force

strategic group composition the structure of their industry

the one key advantage of the effectie use of technology for business platforms is that

the barriers of time and space are reduced

which two customer segments make up the largest percentage of the market potential

the late majority the early majority

an industry analysis provides which of the following

the level of profitability that can be expected for the average firm in the industry insight into the firms strategic position within an industry a rigorous way of identifying the industries profit potential

in order to determine if home depot has a competitive advantage, we must compare home depots performance to

the performance of other firms in its industry

Which of the following statements regarding AFI strategy framework is true

the tasks are very interdependent

according to porters model, which of the following should be considered when analyzing a firms competiton

the threat of substitutes suppliers buyers

true or flase: platform business often outperform pipeline businesses

true

what can cuase an outflow of resources from a firm

turnover of employees forgetting knowlege

If a parts of a firms intended strategy fall by the way-side it is reffered as

unrealized strategy

According to the _______ effective leaderhsip is the outcome of certain intrisic talents as well as education

upper-echelons theory

which of the following are three important stakeholder attributes mangeurs must pay in particular attenttion to during stakeholder impact anlaysis

urgency legitmacy power

in order for a product or service to be considered patentable, it must be ______

useful, novel, non obvious

which two of the following variables can managers primairy manipulate in order to answer the question .How do we compete?

value cost

in the strategic management process, which basic principle must be defined first?

vision

organizational core values help companies answer which question

what guardrails do we put in place to act ethically and legally as we pursue our vision and mission?

The minimum efficient scale indicates the level of output needed to _______ the cost per unit as much as possible

Bring down

Value drivers known as ______ add value to a product or service when they are consumed in tandem with the focal product

complements

many drivers find a GPS navigation useful. Because installing a GPS system in an automobile adds value to the vehicle, the system functions as

a complement

resource-allocation process (RAP)

can be designed to support planned emergence

which of the following elements comprise strategic management

formulation, implementation, analysis

in the relationship per-unit cost, the minimum efficient scale

is where the per unit cost is lowest

intellectual property protection and social complexity are examples of ________ mechanisms, which help a firm sustain competitive advantage

isolating

which of the following statements is likely to be true about a fragmented industry

it consist of small firms

the expectations that society has toward business, in contrast to what society requires, reuslt in which of the following elements of the pyramid of CSR

Philanthropic ethical

The business structure that is linear and has producers at one end and consumers at the other is known as a _______

Pipeline

which capability is required to create superior product features

R & D

the power of ______ is the pressure they can put on the margins of producers in the industry by demanding a lower price or higher product quality

buyers

during the growth stage of the industry life cycle, frims focus on process innovation in order to

reduce per unit production costs increase production volume

Rodney is making decisions about his newly formed business. he wants to focus on producing the highest quality product in the market so he can maximize the products value to customers. this will cause his product to have higher cost than others already in the market. but Rodney believes his customers will pay more for the higher quality product. Rodney choice to use a differentiation strategy is determining his companys

strategic position

burger bomb has been outperforming other burger restaurants for decades. This indicates burger bomb has which of the following?

A competitive advanatge

top down strategic planning

A rational, top-down process through which executives can program future success

A firms competitive advantage is determined jointly by _______ effects and firm effects

Industry

the second step of the four step innovation process involves the transformation of an idea into a new product or process and is known as ________

Invention

_____ describes a situation where the cause and effect of a phenomenon are not readily apparent

casual ambiguity

Dyanmic capabilities are most relevent in

changing markets

during the decline stage of the industry life cycle, product innovation efforts______

come to a halt

The concept, or framework, of ________ guides frims in identifying and addressing their economic, legal, ethical, and philanthropic obligations to society

coprate social resopnsibiltiy

if a firms resource is valuable, rare, costly to imitate, and the firms is organized to exploit it, this resource is a

core competency

which of the following are primary objectives

creating value controlling cost

A frim that succefully executes a strategy benefits society by

creating value reinvesting profits and increasing employment

successfully transitioning from one stage of the industry cycle to the next is referred as ________

crossing the chasm

Along which of the following dimensions do strategic groups differ from one another

customer service distribution channels market segments research and development

which of the following are strategic options in the decline stage

exit harvest maintain consolidate

The concept of _______ attempts to combine both learning effects and process improvements

experience curve

Although _____ cordiniation such as price fixing is illegal in the united states_____ coordination such "as unspoken understanding is not

explicit and tacit

Customer, suppliers, creditors, and governments are known as

external stakeholders

In contrast to primary activities, support activities add value ______, but are necessary to sustain primary activities

indirectly

Which of the following statements about scenerio planning is true

it starts with a top down approach

which customer segment will only adopt a new product when it becomes absolutely necessary

laggards

_____ are the ethical standards and norms that govern the behavior of individuals within a firm or organization

organizational core values

A differention startegy is typicall associated with _______ pricing

premium

Exit barriers, strategic commitments, and competitve industry structure are important factors in determiing the intensity of

rivalry

WHich of the following factors would be examined in the external analysis stage of the AFI straetgy framework?

strtegic groups competive forces

When restrictive government policies do not exist or when industries become deregulated, the ______of entry is high

threat

Five steps of the stakeholde impact analysis in order

who are our stakeholders what are our stakeholders intrest what oppurtunites and threats do our stakeholders present what economic, legal, philanthrtopic?

an agreed upon solution about a common set of engineering feautures and design choies is known as a ________

Standard

core ______ are generated by the interaction of resources and capabilities

competencies

what type of vision is most likely to vail

product oriented

Corporate strategy concerns questions related to

where to compete

which of the following elements of a good strategy according to the AFI framework

A diagnosis of the competitive challenge a guiding policy to adress the competitive challenge a set of coherent actions to implement the firms guiding policy

a statement guiding principles that typically provides very specific ethical considerations is a

Core values statement

The goal of a _______ - _________ strategy is to achieve a cost below those of competitors while maintaining similar value

Cost-Leadership

According to the ______ rule, increasing the surface area of a storage unit of retail facility results in a disproportionate increase in volume

Cube square

Why do many firms fail to successfully implement blue ocean strategy

because they end up being "stuck in the middle", unable to increase value and lower cost at the same time.

cowgirl boots, inexpensiive leather boots for women, are selling at record high numbers. the ceo of the company, however cannot figure out why. Was it caused by the companys recent advertisement campaign or the newly reduced price of boots or some other unknown factor? Based on this information, what concept decribes the CEO's confusion regarding cowgirl boots recent success

casual ambiguity

______ has a greater chance of arising from intangible resources than from tangible resources

competitive advantage

if a firm has 10% return on invested capital, while the industry average return on invested capital is 18% the firm has a ______

competitive disadvantage

Micheal deli is able to perform at the same level as its primary competitor. Micheal has a ________

competitive parity

which of the following are significant threats to firm pursing a cost leadership strategy

competitors adopting similar business strategies replacement by innovative substitutes value falling below the acceptable threshold

Bennys baos is in a declining industry, but benny thinks he can still survive by buying his competitors. Which strategic option is he planning to use ______

consolidate

According to the value chain perspective, ______ are located in the network that connects different, but related activities within a firm

core competencies

A firm that pursues a differentiation strategy will often find that the added expense of offering new or unique product features offsets the increase in perceived value, and profit margins begin to erode. this underscores the importance of ____ control for firms pursuing differentiation strategy

cost

A firm that hopes to achieve a competitive advantage by maintaining an efficient supply chain and taking advantage of economies of scale and well trained staff is focusing on _______

cost drivers

a firms dynamic capabilities allow it to respond agilely to market changes, as well as to

create market changes

Place the S-cure development of most industries in order, with first step at the top

demand for a new product is slow to take off demand accelerates demand decelerates demand turns to zero demand becomes negative as market contracts

A _____ strategy aims to create higher value for customers by offering products with unique features but a similar level of cost to those of competing products

differentiation

A firm trying to compete with the leading firm in a competitive industry can try to negate the leadings firm's competitive advantage through

diriect imitation substitution

educational organizations, such as Coursera, offer massive open online courses on the web as an alternative to traditional universities.. This is an example of a ________ innovation

disruptive

a significant difference between technology enthusiasts and early adopters is that

early adopters are interested in how a new technology will improve their lives, rather than in the details of the technology itself

when companies seek way to recharge car batteries in a sustainable way, it is an example of ________ factors creating the business opportunity

ecological

How to compete on a business level is defined by the variables, value and cost. Together they define the _________

economic value created

Pattis potato chips is a national potato chip manufacturer. Calpurinas crips is a small gourmet potato maker. Base just on this information, which of the following is the greatest advantage patti's has over calpurina

economies of scale

true or false: the only legal means of retaliation against new entrants is price competetion

false

the stage which a new product has gained some acceptance, thus causing first time buyers to eagerly acquire the product and accelerate demand, is the _______ stage

growth

which of the following are examples of economic factors in the firms general environment?

growth rates price stability intrest rates

the cube square rule maked it _______ for smaller stores to compete with larger retailers

harder

if the problem with a business strategy results in casual ambiguity managers will

have a difficult time developing a theory to deal with the problem

The tendency of customers to enter the market in large numbers during the growth stage of the industry life cycle is known as the ________ effect

herding

when there are few buyers and each buyer purchase large quantities relative to the size of a single seller, the power of the buyer is ________

high

How do we implement the formulated strategy through an organization structure, culture, and control system that values and encourages ethical behavior

implementation

which of the following are characteristics of a perfectly competitive industry?

individual firms have little or no ability to raise prices firms in the industry sell a commodity product the industry is fragmented

When a new firm enters an industry, which of the following often occur

industry profit potential declines incumbent firms spend more to satisfy customers Incumbent firms lowers prices

______ resources take a long time for a firm to build

intangible

Dynamic capabilities can be describes as

intangible resource

______ do not have physical attributes

intangible resources

as strategic commitments increase, rivalry within an industry

intensifies

The relationship between the natural environment and the business organization can best be describes as

interdependent

in the second step of the stakeholder impact analysis, mangers need to indentify and understand stakeholders

intrest and claims

what are the following stages of the industry life cycle

introduction, growth, shakeout, maturity, decline

top-down strategic planning

is a ration process though which executives attempt to program the future success.

strategic Initiative

is any activity a frim pursues to explore and develop new products and processes, new markets, new ventures

Price stability

is the lack of change in price levels of goods and services

in the relationship between per unit cost and output, the miminum effiecent scale _______

is where the per unit cost is lowest

which of the following is not an example of a resource for a firm?

legal liabilities

Which of the following elements of the pyramid of corporate social responsibilty are required by society

legal responsibilities economic responsibilites

managers have _____ resources in their quest for competitive advantage

limited

A producer of consumer headphones that succefully differentiates its products with a patented noise canceling technology and celebrity endorsements will enjoy which of the following benefits

limited competition charge price at a premium

which of the following are considered nonmarket strategies

litigation lobbying public relations

The threat of entry is high when capital requirements are ______ in comparison to the expected returns

low

in a period of economic boom, unemployement is ________ and human resource becomes more expensive

low

Innovation can ______

make existing products or businesses obsolete provide firms with a competitive advantage

Larger output allows firms to invest in more specialized systems such as

manufacturing robots enterprise resource planning software

which of the following are important core competencies for competitive advantage in the growth stage

maufactuing capabilites R&D Marketing capabilities

if the us dollar depreciates compared to the euro, it will take ____ dollars to buy one euro

more

High end pen manufacturer mont blanc purses a differentiation strategy with a ______ scope of competition, pursuing only those who need or want an expensive writing instrument

narrow

whereas the firms startegic position can be considered either differentiated or cost focused, the scope of competition is considered

narrow or broad

as utility companies tend to serve a whole market exclusively, they are known as __________ because the governments involved believe that the product or service would not be supplied otherwise

natural monopolies

The positive effect that one user of a product or service has on the value of that product or service for other users is known as the

network effect

Increase in the value of a product or service that result from corresponding increase in the number of users are known as _________

network effects

In the ________ step strategy impmentamtion phase of the AFI strategy framework, managers would examine how the firm should be structured in order to implement the desired strtagey

organizational design

if employees need guidelines to determine how their employer expect them to behave in terms of ethical standards and norms, they should consult the firms

organzational core values

Which of the following can help a firm extend its competitive advantage?

path dependance casual ambiguity better expectation of future resource value

in the resource based model, ______ is possible if all firms have access to the same resources and capabilities, which means that any competitive advantage acquired by a firm will be brief

perfect competition

an enterpirse that creates value by mathcing external producers and consumer in a way that creates value for all participants and that depnds on the infratsructre that the platform manages is a _________

platform business

what can incumbent frims do to counter disruptive innovations

protect the low end of the market disrupt themselves continue to innovate

the benefical effect of diffrentiation staregy on the power of suppliers in an industry is

protection against an increase in input prices

benefits of a cost leadership strategy the threat of entry in an industry includes

protection against entry due to economies of scale

strategic positioning allows managers to

provide customer value while controlling costs

it is common for firms to get their start by introducing ________ innovation

radical

which of the following are types of innovation

radical architectural disruptive incremental

A resource is _____ if the number firms that possess it is less than the number of firms required to reach a state of perfect competition

rare

According to the VRIO framework, in order for a firm to gain temporary competitive advantage, a resource must be at least both _____ and ______

rare and valuable

According to the _________-based view, firms are a distinctive collection of resources

resource

According to the _______ view of the firm, "resources" are defined as any asset, capability, or competency that a firm can draw upon when formulating and implementing a strategy

resource based

The ______ view provides a model that sees certain types of resources as key to superior firm performance

resource based

While the _____ clarifies a firms core competencies, the ____ helps leaders understand how competitive advantage arises from the firms unique activities

resource based view, value chain perspective

which of the following is true according to the assumption of resource heterogeneity

resource bundles vary from company to company

_______ are the firms level of investments to maintain or build a resource

resource flows

A manufacturer of electronic components can use its manufacturing machines to produce many different components such as semiconductors, sensors and capacitors. In this case, the firm benefits from an economy of _______, reducing overall production costs by finding multiple uses for its components and facilities

scope

In which stage of the industry life cycle does competition become more intense, forcing weaker firms out of the industry?

shakeout

The concept of social complexity suggest that

social and business systems that work in one firm may be hard to imitate due to complex interaction between these systems

economies of scale present an oppurtunity to increase profits because as the number of units wirthin the relbeant range increase, fixed cost ________

stay the same

A company strategic profile based on value creation and cost any specific product market is the companies _________

strategic position

A firms strategic profile based on value creation and cost is called its _________

strategic position

Andrews center has created a unique position for itself in its industry that allows the company to not only provide excellent value to its customers but also controls its costs this is known as

strategic positioning

a firms strategic profile based on value creation and cost is called its

strategic postion

A _____ is a situation that requires choosing between cost or value position

strategic trade-off

the threat of _______ is one of the five forces that can be exemplified by the threat that videoconferencing presents to business travel

substitutes

Based on its long dominance as a coffeehouse chain, Starbucks has a

sustainable competitive advantage

Capital, land, building and plants are examples of

tangible resources

What does the concept of resource immobility imply?

that resource differences between firms can last a long time that it is difficult to reproduce the set of resources that a firm lacks in comparison to another firm

a powerful strategic commitment assures

that steps are take to achieve the mission

what is the relationship between fixed cost and economies of scale

the amount of fixed cost allocated to each unit of output decreases as output increases

Which of the following are pricing options offered by blue ocean strategy

the firm can charge a higher price than the cost leader the firm can charge a lower price than differentiators

which of the following are price options offered by a blue ocean strategy?

the firm can charge a lower price than differentiators the firms can charge a higher price than the cost leader

Two factors upon which a succesful business level strategy is built are

the firms internal strengths external opportunities in the market

a company eith a cost leadership startegy faces significant diffculties when

the focus of competition shifts from price to non price

different value drivers contribute to competitive advantage if _______

the increase in perceived value exceeds the corresponding cost increase

A resource is considered valuable in which of the following situations

the resource helps the firm increase its economic value creation the resource helps a firm exploit an external opportunity

what are strategic commitments

they are actions that are costly, long term oriented, and difficult to reverse

which of the following are ways that powerful suppliers are a threat to firm

they can force the cost of production to increase they can reduce the industry profit potential they can capture part of the economic value created by firms

which of the following are charchteristics of the early majority

they have a strong sense of practicality they rely on reviews by reputable magazines they weigh benefits and costs carefully

first mover disadvantages can include which of the following

they need to educate potential customers about the products benefits they need to find distribution channels they need to continuously perfect a product

in terms of competive postioning, erosioin of margins is a risk for which of the following competitive forces

threat of entry power of buyers power of suppliers

How are intangible resource stock acquired

through investments over time in intangible resources

A firms attempt to shorten the length of time a process takes, may lead to disappointing outcomes because of _____

time compression diseconomies

To formulate the appropriate business level strategy, managers must answer the "who-what-why-and-how" questions of competition. which of the following would be the appropriate question to answer

what customer needs will we satisfy which customer segments will we serve how will we satisfy our customers needs.

The most important value drivers that mangers can use to create a competitive advantage are

Product features complements customer service

________ describe a firms ability to create, deploy, modify, reconfigure, upgrade, or leverage its resources in its quest for competitive advantage

Dynamic capabilities

the _____ is a measure of the change in the amount of goods and services produced by a nations economy

Economic Growth rate

Micheal porter velovled the five forces model to help firms do which of the following

Gain and sustain a competive advantage determine the profit potential of diffrent industries

Using a _____ strategy formulation mangers examine where and how the firm should compete around the world

Global

Business-level strategy adresses which overarching question?

How should we compete

although the five forces model is useful in understanding an industry profit potential, it provides only a

Point-in-time snapshot of a moving target

In terms of competitive positioning, erosion of margins is a risk for which of the following competitive forces

Power of suppliers power of buyers threat of entry

______ activities add value directly by transforming inputs into outputs as the firm moves a product or service horizontally along the internal value chain

Primary

The firms internal activities to transfrom inputs into outputs consist of ____ activities, which add value, directly, and _______ activities, which add value indirectly

Primary support

The culture of zappos is hard to imitate because it consists of numerous, diverse interactions among its employees, processes, procedures, and norms, which creates which of the following

Social complexity

In order to be successful, a firm must have a resource that is valuable, rare, costly to imitate, and the firm must

be organized to capture value

Which of the following statements are true about the capabilities of a firm?

They include managerial skills they include organizational skills they concern the deployement of resources

A core competency can help a company achieve which of the following

To create higher value for the consumer to offer products of comparable value at lower cost than rivals can to differentiate its products and services

Managers often have to make decisions between two conflicting strategic options, otherwise known as

Trade-offs

The ______ describes the internal activities a firm engages in when transforming inputs into outputs

Value chain

Which of the following are significant threats to a firm pursuing a cost leadership strategy?

Value falling below the acceptable threshold, competitors adopting similar business strategies, replacement by innovative substitutes

A firm that mangers avoid competition entirely by offering a product or service that creates an uncontested market space engaging in ______

Value innovation

to determine economic value, one must subtract the cost of the production from the

Value of a firms product or service

Which of the following are question that managers must answer when pursuing value innovation?

Which product factors to eliminate which product factors to reduce below the industry standard which product factors to rase above the industry standard which new product factors to create

sustainable competitive advantage exists when

a firms maintains superior performance relative to its industry over a long period of time

an example of radical innovation

a new sportswear company with a handful of employees that perform loosely defined roles

a differentiation strategy can be threatened when

a product becomes commoditized, and the focus of the competition shifts to price

which of the following could accurately be called a strategy

a set of activities designed to achieve a sustainable competitive advantage

Which of the following are components of a cost leadership strategy

acceptable value lowest cost in the industry

In the dynamic capabilities perspective, competitive advantage derives from _____

actively modifying of the resource base

Bu using differentiation strategy a firm aims to

add unique features that will increase the precieved valye of a product

which of the folliwng situations would justify the use of manufactuing robots by a producer of paclaged foods

an increase in demand from the market

Stakeholder impact analysis is a decision tool that helps a company do which of the following

Achieve a competive advantage act as a good corporate citizen

______ strategy adresses the question of how to compete

Business strategy

When supplier do not depend heavily on the industry for a large portion of their revenues, the power of suppliers is

High

A ______ strategy is the outcome of a rational and structured, top down strategic plan.

Intended

The stronger the five forces in porters model, the _______ the industries profit potential

Lower

__________ planning is a strategy planning activity in which top management envisions various what if scenerios to anticipate the plausible futures in order to derive strategic responses

scenario

what approchaches can be utilized when strategizing for competitive advantage

strategy planned emergence strategic planning scenerio planning

Which of the following are characteristics of a monopolistically competitive industry

the ability to riase prices for differentiated products obstacles to entry a differentiated product

A firm can gain advatage by providing goods and services _____

That are of similar quality to its competitors offerings but can be sold at a lower costs that create more value for consumers than competitors offerings

How dows the power of buyers affect producers

by demnadning higher quality by requesting more service by obtaining price discounts

The external forces called technological factors

capture the application of knowledge to create new process and products

in the external analysis phase of the AFI strategy framework mangers should ask

how do external forces affect our stategy and competive advantege

The amount that savers are paid for use of their money and the amount that borrowers pay for that use is knows as an

intrest rate

A _______ outlines what an organization does

mission

The third step of stakeholder impact analysis requires managers to identify the _______s and _______ PRESENTED BY INTERNAL AND EXTERNAL STAKEHOLDERS

oppurtunites and threats

Shortcomings of Top-Down Strategic planning are that:

plans for the future can be wrong there is uncertainty about the future

In the group of external factors that from the PESTEL model, the "p" stands for ___ and the "L" stands for ____

political legal

There is a _______ relationship between competitive intensity and the power of buyers and suppliers

positive

The intensity with which companies in an industry jockey for market share and profitability is known as

rivalry

stakeholder strategy argues that focusing only on the needs of _____ places the frim at risk of failure

shareholder

managing the interactions of individuals and groups that affect and are affected by the activites of a firm is known as

stakeholder strategy

J&S employees, a startup internet company with one office and just over 100 customers, would best benefit from which type of strategy

strategy as planned emergnece (best used for new ventures and smaller frims in high velocity industries)

which of the following are relationships that a frim has with stakeholders

the actions of the firm can affect the stakeholders stakeholders can affect the firms action

Institutional invesors, such as the vanguard group have much more power over a firm than individual investors because

they are able to sell a larger number of shares! They can exercise block voting rights or otherwise influence the corporate government process

The risk that potential competitors will enter the industry is known as the

threat of entry

True or false: High exit barriers lead to intense rivalry

true

Competitive parity occurs when

two or more firms achieve the same performance results

A frims postion relates its ability to create ________ for customers while containg the _______ to do so

value, cost

In the _____ step of the stakeholder impact analysis, managers need to decide the appropriate course of action for the firm in relation to stakeholder concerns

fith

The goal of using the AFI strategy framework for scenerio planning is to create strategic plans that are

flexible

_______ strategy answers questions regarindg how to implement the business strategy

functional

What is the overall purpose of strategic management?

gain competitive advantage

Business strategy is devolped by

general mangers in strategic business units

In the PESTEL model, political factors are those that relate to

government bodies

Which of the following help determine competitive industry structure

height of entry barriers firms degree of pricing power size and numbers of the competitors

The cost advantages that a firm obtains by increasing output, such as by speading units are called the economies of

scale

In the ______ step of the stakeholder impact analysis the firm indentifies their stakeholder intrest and claims accroding to power, legitimacy, and urgency framework

second step

The most likely result of failing to meet the needs of shareholders is that they will

sell the company stock, negatively affecting the firms market value

In order to achieve and sustain competetive advantage, a company devises and adopts a set of goal directed actions known collectively as a

strategy

The elements of a firms strategy that summarizes the ultimate goal is known as the

vision

which of the following are questions managers likey ask when beginning the strtateguc management process

what are our values? How can we achieve our goals? what do we ultimately hope to achieve?

a well devised strategy helps a firm understand?

what to do and what not to do.

Which of the following conditions lead to a strong threat of substitutes

when the price perfromance trade off is attratcive when the cost of switching to the substitute is low

strategy formulation concerns the choice of strategy in terms of

where and how to complete

Place the five steps of the stakeholder impact analysis in order

who is our stakeholders what are their interests what oppurtunites and threats do our stakeholders present what economic legal, ethichal, and philanthopic responsibilites do we have four our stakeholders what should we do to effectively address the stakeholder concerns

Which of the following topics should be considered during the strategy analysis phase of the AFI framework?

The firms internal strengths and resources the external environment and associated challenged the firms business model and competitive advantages the role of strategic leadership and the strategy making process

A _____ can help employees feel they are doing something worthwihile and something important and meaningful.

aspirational vision

Sources of strategic initivative

autonomus actions consumer demand serendiptiy

the pressures that industry suppliers can exert on an industry profit potential is also called the

bargaining power of suppliers

why are business with product oriented vision statements more likely to fail than business with customer oriented vision statements

because product-oriented companies have less flexibility to meet consumer needs

A _____ swan event is an unexpected and unlikely occurence that has a significant impact on society

black

strategy implementation

concerns the organization, coordination, and integration of how work gets done

DEFINING ORGANAZTION CORE VALUES PROVIDES EMPLOYEES WITH INFORMATION ON HOW TO ACCOMPLISH THE ORGANIZATIONS

MISSION

A ______ is a statement of principles to guide an organazation as it works to achieve its vision and fullfill its mission

core values statement

illusion of control

describes the tendency of mangers to overestimate their ability to mange events

Which of the following types of CSR that a firm may identify during the fourth step of stakeholder impact analysis

economic ethical legal philanthropic