MGT303 Quiz 6
_______ involves gathering information about your competitors' activities so that you can anticipate their moves and react appropriately. For example, you may attend a trade show to learn what types of new products and new iPhone apps your competitors are planning to launch in the next six months.
Competitive intelligence
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
Sue and Jane Smith are writing the mission statement for their new consignment shop, Then & Now. Because they want their employees and business to grow and reach goals, Then & Now's mission statement should be positive and inspiring, pushing their organization and the workers to achieve goals that they believe are beyond its reach.
False
To achieve a sustainable competitive advantage, La Grand Parfumerie (a company that develops women's perfumes and men's colognes) must benchmark its competition so that La Grand Parfumerie can produce the same products as its competition but at a lower price.
False
An offensive strategy is a grand strategy that involves reduction in the organization's efforts. For example, some large publishers are no longer publishing children's books because they are too expensive to produce and distribute, and because the profit margins are too low to justify the investment.
False Explanation: defensive strategy
Dave and his partner are studying the strengths and weaknesses of their construction business, Ajax Construction, as well as researching the opportunities and threats in the external environment. Dave and his partner are conducting a
SWOT analysis
A stability strategy is a grand strategy that involves little or no significant organizational change. For example, Love Forever is a jewelry store that sells only one type of item: engagement and wedding rings. The management of Love Forever does not plan to branch out into selling different types of jewelry; the company has a reputation for being the go-to store to purchase wedding rings, and it plans to maintain that strategy.
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
Stars are _____, according to the BCG matrix. Stars have included Apple and the diamond company DeBeers.
organizations with high growth and high market share which are definite keepers