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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 |
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hopekn