Chapter 2 hw- Implementing strategy

A strategic tool that can be used to better understand the firm's competitive advantage and linkages with suppliers, customers and other firms is ______ analysis.

Value Chain analysis

Effective execution of strategy always requires ______.

effective execution requires concise statement of strategy that is clearly communicated within the organization and it requres a business process approach to management. strong management participation

According to Steve Jobs, a focus on the process of _____ is critical to developing and implementing a successful strategy.

execution

Strengths and weaknesses are most easily identified by looking ______ the firm. Multiple choice question.

inside

For a cost leadership firm, a competitive strategy requires ______.

intense supervision of labor process engineering skills tight cost control

SWOT analysis identifies a firm's Blank___

its internal strengths and weaknesses and its external opportunities and threats.

Examples of areas where an organization might have opportunities or threats include ______. Multiple select question.

rivalry among competitors barriers to entry bargaining power of customers or suppliers

For a differentiation firm, a competitive strategy requires ______.

strong marketing capability product engineering corporate reputation for quality or technology leadership long tradition in the industry or unique skills drawn from other businesses

In order to achieve effective execution of strategy ______.

the strategy must be aligned with action

Potential benefits of the balanced scorecard include _____

tracking progress toward achievement of strategic goals implementing strategy by drawing managers attention to relevent CSF and rewarding them for achievement of these factors

The three main phases of the value chain, in sequence, are

upstream operations downstream

The actions that firms in an industry must perform in the process of designing, manufacturing, and providing customer service are called

value activities

When identifying critical success factors, a lack of important skills or competencies relative to the presence of those resources in competing firms represent

weaknesses

What are the 5 perspectives of the balance scorecard

1. financial (operating income/cash flow) 2. customer (customer satisfaction) 3.internal process(measure of productivity/speed) 4.learning &growth(employee training hours/number of new patents and products)

The key tools used by management accountants to implement strategy include _

1.SWOT analysis 2. focus on execution 3. value-chain analysis 4. balanced scorecard and strategy map

Which of the following statements is FALSE? Multiple choice question. 1.Critical success factors represent processes in the firm that deliver value to the customer. 2.The first step in SWOT analysis is to identify quantitative measures for the critical success factors that are are crucial to the firm. 3.SWOT analysis guides strategic analysis by focusing on strengths, weaknesses, opportunities and threats critical to company success. 4.A study of the firm's business processes is needed to help with the development of quantitative measures of progress.

2.The first step in SWOT analysis is to identify quantitative measures for the critical success factors that are are crucial to the firm. Its false because this is the last step