Chapters 1-4
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| The mission statement answers which question | what is our business?
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| According to the text, what percent of companies used a mission statement sometime in the previous five years | 90%
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| 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
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| 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
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| Identifying and evaluating key social, political, economic, tech, and competitive trends and events comprise | performing an external audit
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| To perform an external audit, a company must | gather competitive intelligence and info about external trends
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| In general, what happens to american goods in overseas markets when there is a strong dollar | they are more expensive
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| Based on this information, what country/region had the largest share of R&D spending in the automotive sector 2016 | Europe
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| 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
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| 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
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| Market commonality can be defined as | the number and significance of markets that a firm competes in with rivals
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| Intensity of competitions ________ in lower-return industries | is higher
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| WHenever many new firms can easily enter a particular industry, the intensity of competition among firms tends to | increase
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| Who should perform an internal audit | representative managers and employees from throughout the organization
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| _____ exemplifies the complexity of relationships among the functional areas of business | financial ratio analysis
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| Which type of resources are more likely to creaste a sustainable competitive advantage | all of the above
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| Which organizational structure is likely to foster higher efficiency (holding other things constant) | Functional
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| _____ can reveal the demographic characteristics of an organizations customer | customer profiling
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| 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
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| Which statement best describes intuition | it should be coupled with analysis in decision=making
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| What step in the strategic development process involves mobilizing employees and managers to put strategies into action? | implementing strategy
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| Which is generally considered to be the first step in strategic planning | developing a vision statement
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| Specific results and org seeks to achieve in pursuing is basic mission are | objectives
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| The strategic-management process | is a continuous process
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| What is not a pitfall an org should avoid in strategic planning | Involving all managers rather than delegating planning to a planner
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| principles of conduct that guide decision-making are known as | Business ethics
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| Which of these basic questions should a vision statement answer | What do we want to become
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| What is the first step in the comprehensive strategic management model | Developing vision and mission statements
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| THe purpose of a mission statment is to declare all of these except | an annual financial plan
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| In the process of developing a mission statement, it is important to involve | as many managers as possible
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| All stakeholders | have claims and concerns about an organization, but these claims and concerns vary
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| When an industry relies heavily on gov contracts, which forecasts can be the most important part of an external audit? | political
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| Collecting and evaluating information on competitors is essential for successful | strategy formulation
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| Intensity of competition _____ in lower-return industries | is highest
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| Waht is usually the most important of teh five competitive forces | Rivalry among competing firms
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| what level of bargaining power do consumers have when the prodcuts being purchased are standard or undifferentiated | high
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| ____ is not part of an external audit | analyzing financial ratios
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| which of the following industry forces is not one of Porter's five forces | complements/bargaining power of unions
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