Strategic Qs Word Scramble

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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