Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Bus Policy & Dec Mak
Test 1 Ch- 1-4
| Question | Answer |
|---|---|
| In crafting a strategy, management is in effect saying | Among all the many different ways of competing we could have chosen, we have decided to employ this combination of competitive and operating approaches to move the company in the intended direction, strengthen its market position and competitiveness, and |
| The heart and soul of any company's strategy is the actions and moves in the marketplace that managers are taking to | Gain a competitive edge over rivals. |
| A company's strategy is a "work in progress" and evolves over time because of | Changing circumstances and ongoing management efforts to improve strategy. |
| Which of the following statements about a company's strategy is true? | Consists of the competitive moves and business approaches that managers employ to attract and please customers, compete successfully, capitalize on opportunities to grow the business, respond to changing market conditions, conduct operations, and achi |
| A company's strategy can be considered "ethical" | a strategy must entail actions that can pass moral scrutiny in the sense of not being shady, unconscionable, or injurious to others. |
| A company's business model | Sets forth how its strategy and operating approaches will create value for customers while at the same time generating sample revenues to cover costs and realize a profit. |
| A winning strategy is one that | Must fit the enterprise's external and internal situation, build sustainable competitive advantage, and improve company performance. |
| The most trustworthy signs of a well-managed company are | Good Strategy and Good strategy execution |
| Which one of the following is not one of the five basic tasks of the strategy-making, strategy-executing process? | Developing a Strategic Vision, Mission, and Core Values, Setting Objectives, Crafting a Strategy, Implementing and Executing the Strategy, Evaluating Performance and Initiating Corrective Adjustments |
| A company's strategic vision concerns | Describes the route a company intends to take in developing and strengthening its business. It lays lays out the company's strategic course in preparing for the future. |
| Which of the following are characteristics of an effectively-worded strategic vision statement? | Graphic, directional and focused |
| A company's mission statement addresses which of the following questions? | Who we are, what we do, and why we are here |
| The distinction between a company mission statement and a strategic vision is that | Strategic Vision sets forth a company's future direction ("where we are going"). Mission Statement describes its present business scope and purpose ("who we are, what we do, and why we are here") |
| A company's values or core values concern | Are the beliefs, traits, and behavioral norms that company personnel are expected to display in conduction the company's business and pursuing its strategic vision and mission. |
| The managerial purpose of setting objectives is to | Convert the strategiv vision and mission into specificperformance targets |
| Strategic objectives | relate to targeted outcomes that indicate the firm is strengthening its market standing, competitive vitality, and future business prospects. |
| Which of the following is the best example of a well-stated financial objective? | Increase earnings per share by 15% annually |
| A company exhibits strategic intent when | It relentlessly pursues an ambitious strategic objective, concentration the full force of its resources and competitive actions on achieving that objective. |
| Strategy-making is | More of a collaborative group effort that involves, to some degree, all managers and sometimes key employees, as opposed to being the function and responsibility of a few high-level executives |
| In a diversified company, the strategy-making hierarchy consists of | Corporate Strategy, Business Strategy, Functional Area strategies within each business and operating strategies within each business |
| Which one of the following is not part of a company's macroenvironment? | General economic conditions and global factors Political, Regulatory, and Legal factors Population Demographics Societal values and lifestyles Technological and environmental factors |
| Which one of the following is not part of the five-forces model of competition? | Firms in other industries offering subtitle products Buyers, Potential new entrants, Suppliers of raw materials, parts, or other resource inputs, Rivalry among competing sellers. |
| Factors that cause the rivalry among competing sellers to be weak include | Buyer demand is growing rapidly, the products of rival sellers are strongly differentiated and customer loyalty is high, buyers incur high costs in switching to a different brand, there are fewer than five sellers, industry members don't screw each other |
| Potential entrants are more likely to be deterred from actually entering an industry when | Pool of entry candidates is small, entry barriers are high, people in the industry are struggling, industry outlook is uncertain, buyer demands growing slowly, industry members will contest to new entries |
| The competitive pressures from substitute products tend to be stronger when | Good subs are readily available, subs are attractively priced, better performance, buyers have low cost in switching, growing buyers for subs. |
| Whether buyers are able to exert strong competitive pressures on industry members depends on | Buyers have low cost in switching to competing brands, buyer demand is weak or decline, large volume purchases, quantity and quality of information available to buyers improves, some buyers may become the competition. |
| A competitive environment is conducive to industry members earning attractive profits when | Both suppliers and customers are in weak bargaining positions, there are no good subs, high barriers block further entry, and rivalry among present sellers generates only moderate competitive pressure |
| The "driving forces" in an industry | Are major underlying causes of changing industry and competitive conditions and have the biggest influences in reshaping the industry landscape and altering competitive conditions |
| A strategic group | Is a cluster of industry rivals that have similar competitive approaches and market positions |
| An industry's key success factors | Can be determined from an analysis of an industry's dominant economic characteristics, what competition is like, the impacts of the driving forces, the comparative market positions of industry members and the likely next moves of industry rivals |
| Which of the following are the five questions that comprise the task of evaluating a company's resources and ability to compete successfully? | How well is a firm's present strategy working? Are the firm's resourses and capabilities attratitive and well matched to its market oportunities? Prices and cost competiptive Firm Competitively Stronger or Weaker than competitiors? What Strategic Iss |
| A simple and powerful tool for evaluating the competitive power of a company's resources and capabilities is widely known as | SWOT |
| The difference between a company competence and a core competence is that | Company competence is performing and activity when, over time, it gains the experiences and know-how to perform an activity consistently. Core competence an activity that a company performs quite well |
| A company resource weakness, or competitive deficiency, | is something a company lacks or does poorly in comparison to others or a condition that puts it at a disadvantage in the marketplace. |
| Which of the following best describes the market opportunities that tend to be most relevant to a particular company? | Those market opportunities that match up well with the firm's financial resources and competitive capabilities, offer the best growth and profitability and present the most potential for competitive advantage |
| Which of the following is an example of an external threat to a company's future profitability? | The lack of a distinctive competence B. New legislation that entails burdensome and costly government regulations C. Slowdowns in market growth |
| The two most important parts of SWOT analysis are | drawing conclusions about what story the compilation of strengths, weaknesses, opportunities, and threats tells about the company's overall situation, and (2) acting on those conclusions to better match the company's strategy |
| The three steps of SWOT analysis are | identifying the company's resource strengths and weaknesses and its opportunities and threats, drawing conclusions about the company's overall situation, and translating the conclusions into strategic action to improve the company's strategy. |
| A company's value chain identifies | the primary activities it performs that create customer value and the related support activities. |
| Benchmarking involves | Comparing how different companies perform various value chain activities and then making cross-company comparisons of the costs of these activities |
Created by:
irfanmawani