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
