Help
Options
Question
The mission statement answers which question
click to flip
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't know
Question
According to the text, what percent of companies used a mission statement sometime in the previous five years
Remaining cards (37)
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
Strategic Qs
Chapters 1-4
| Question | Answer |
|---|---|
| The mission statement answers which question | what is our business? |
| According to the text, what percent of companies used a mission statement sometime in the previous five years | 90% |
| According to the text, business week reportsthat firms using mission statements have a ____% higher return on certain financial measures than those without such statements | 30 |
| Which of these examples of a mission statements focus area does not identify the utility of the firm's products to its customers? | Exxon/Mobil focuses on oil and gas rather than energy |
| Identifying and evaluating key social, political, economic, tech, and competitive trends and events comprise | performing an external audit |
| To perform an external audit, a company must | gather competitive intelligence and info about external trends |
| In general, what happens to american goods in overseas markets when there is a strong dollar | they are more expensive |
| Based on this information, what country/region had the largest share of R&D spending in the automotive sector 2016 | Europe |
| A systematic and ethical process for gathering and analyzing info about the competition's activities and general trends to further a business's own goals is called | competitive intelligence |
| According to the text, the I/O approach to competititve advantage advocates that external factors tend to be ___ Internal factors in a firm achieving competitive advantage | more important than |
| Market commonality can be defined as | the number and significance of markets that a firm competes in with rivals |
| Intensity of competitions ________ in lower-return industries | is higher |
| WHenever many new firms can easily enter a particular industry, the intensity of competition among firms tends to | increase |
| Who should perform an internal audit | representative managers and employees from throughout the organization |
| _____ exemplifies the complexity of relationships among the functional areas of business | financial ratio analysis |
| Which type of resources are more likely to creaste a sustainable competitive advantage | all of the above |
| Which organizational structure is likely to foster higher efficiency (holding other things constant) | Functional |
| _____ can reveal the demographic characteristics of an organizations customer | customer profiling |
| What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives? | Strategic managmenet |
| Which statement best describes intuition | it should be coupled with analysis in decision=making |
| What step in the strategic development process involves mobilizing employees and managers to put strategies into action? | implementing strategy |
| Which is generally considered to be the first step in strategic planning | developing a vision statement |
| Specific results and org seeks to achieve in pursuing is basic mission are | objectives |
| The strategic-management process | is a continuous process |
| What is not a pitfall an org should avoid in strategic planning | Involving all managers rather than delegating planning to a planner |
| principles of conduct that guide decision-making are known as | Business ethics |
| Which of these basic questions should a vision statement answer | What do we want to become |
| What is the first step in the comprehensive strategic management model | Developing vision and mission statements |
| THe purpose of a mission statment is to declare all of these except | an annual financial plan |
| In the process of developing a mission statement, it is important to involve | as many managers as possible |
| All stakeholders | have claims and concerns about an organization, but these claims and concerns vary |
| When an industry relies heavily on gov contracts, which forecasts can be the most important part of an external audit? | political |
| Collecting and evaluating information on competitors is essential for successful | strategy formulation |
| Intensity of competition _____ in lower-return industries | is highest |
| Waht is usually the most important of teh five competitive forces | Rivalry among competing firms |
| what level of bargaining power do consumers have when the prodcuts being purchased are standard or undifferentiated | high |
| ____ is not part of an external audit | analyzing financial ratios |
| which of the following industry forces is not one of Porter's five forces | complements/bargaining power of unions |
Created by:
hopekn