M & M Unit 4 Quiz

Emilio and Dylan are studying the strengths and weaknesses of their construction business, Construction Concepts, as well as researching the opportunities and threats in the external environment. They are conducting a

SWOT analysis

As the CEO of a mid-size airline, Karyn knows that most commercial airplanes are manufactured by either Airbus or Boeing. To mitigate the ________ of the airline industry, Karyn explores options for her company to manufacture its own airplanes.

bargaining power of suppliers

Crystal Coast is an all-inclusive beachside resort. It offers lodging, six restaurants, dancing, snorkeling, parasailing, and spa treatments. On the resort grounds, Crystal Coast also has a dive center, jet skis, and a water park. All of these amenities are only available to customers staying at Crystal Coast. Crystal Coast's strategic position emerges from

broad needs, few customers

Once implemented, managers need ________ to keep strategic plans on track.

control systems

Which of the following lists represents the order of levels of strategy from the top of the organization downward?

corporate, business, functional

Several studies found that strategic planning does not benefit smaller companies, as they very seldom see improvements in financial performance from this type of planning.

false, strategic management works for both large and small firms. Surprisingly, however, many small business owners do not engage in strategic planning. The cause of this is likely to be a short-term rather than long-term focus. Strategic planning requires a long-term orientation.

A real estate development company is considering a deal to develop 1,000 condominium units. This deal largely rests on a __________ that the city's population will grow by 23% over the next decade.

forecast

During a situational analysis of the ________ of her dog training service, Jaela determined that one of her strengths was that trained dogs retained their skills for at least three months after training, and that one of her weaknesses was that very few clients brought another dog to her for training.

internal environment

Cornelius owns Grand Games, a high-end store that retails games and toys that are handcrafted and carefully selected. Cornelius targets customers who value artisanal work, such as backgammon sets made from reclaimed lumber by local crafters. There are several stores in the area that sell mass-made toys and games that are much cheaper. To compete, Cornelius offers "game nights" where he sets up game boards and invites local teens and adults to take part in light-hearted competitions, where the winners receive a 10% discount on their next purchase. Cornelius also takes custom orders for game pieces that his customers want, such as 12-sided dice or newly invented games. All of Cornelius's activities are aimed at giving Grand Games a sustainable competitive advantage through

strategic positioning

In the third step of the strategic management process, managers should

translate the broad mission and vision into a corporate strategy

Flora's Fruit + Fresh is one of several local stores where customers can purchase locally grown fruits and vegetables. Each week, Flora also offers workshops in her store on topics such as canning, healthy eating, and growing a garden, which no other local store does. By offering these unique workshops, Flora is engaging in strategic positioning.

true

Strategy implementation is putting strategic plans into effect, which means dealing with roadblocks within the organization's structure and culture and seeing if the right people and control systems are available to execute the plans.

true

The owners of a computer repair shop want to better formulate strategies, so they should conduct a SWOT analysis to understand the strengths and weaknesses within their company and the opportunities and threats of the external environment.

true

Strategic positioning involves performing the same activities as rivals in a similar way, but at a lower cost.

false, strategic positioning attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company. It means performing different activities from rivals, or performing similar activities in different ways

The executives of Great Lakes Medical Center are writing a statement that explains their organization's core purpose. Great Lakes Medical Center is at the strategic formulation step in strategic management.

false, the first step in the strategic management process is establishing the mission, vision, and values statements.