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5 Written Questions

5 Matching Questions

  1. Cash cows
  2. What are Smart Goals?
  3. T. O. W. S. Analysis
  4. Vertical integration
  5. List the six steps in the Formal Planning Process
    A
    A
    E
    S
    I
    M
  1. a 1. Analyze the situation
    2. Alternative goals and plans
    3. Goal and plan evaluation
    4. Goal and plan selection
    5. Implementation
    6. Monitor and Control Performance
  2. b BCG Category of Business: - low-growth businesses with a strong competitive position that generates revenues in excess of their investment needs, so they fund other businesses
  3. c S- Specific : precise, describe details
    M- Measurable : objective, 3 mos., 6 mos. 1 yr
    A- Attainable : achievable
    R- Relevant : contribute to the organization's goals
    T- Time-bound : Specify a target date for completion
  4. d Expanded SWOT analysis that yields more information because it analyzes how to overcome weaknesses using strengths or how to negate threats with opportunities
  5. e corporate strategy of expanding the domain into supply channels or distributors

5 Multiple Choice Questions

  1. a strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions. (Nordstrom)
  2. Top Level Management
    effectiveness, efficiency, market share, profit, ROI,
    \
  3. Effective managers must pay close attention to the group process
    Appropriate leadership style
    Constructive use of disagreement and conflict
    Be the devil's advocate
    Enhancement of creativity
    brainstorming
  4. Evaluate progress and take corrective action.
    Encourage efficient operations
    Adapt to changing conditions.
    Includes a budget
  5. • Psychological Biases
    • Time Pressures:
    • Social Realities

5 True/False Questions

  1. Strategic Management ProcessEvolve from the organization's mission and vision.
    The steps and processes to achieve the mission and vision

          

  2. Strategic planA set of procedures for making decisions about long term goals and strategies.

          

  3. Strategic VisionAn organization's basic purpose and scope of operations.
    Clear and concise expression of the organization's basic purpose.

          

  4. Questions to ask in strategic planningStrategies that are implemented by each functional area of the business to support the business strategy.
    Includes major functional areas like production, human resources, marketing, etc.
    The last strategy to be developed

          

  5. Concentric diversificationcorporate strategy of expansion into unrelated businesses. GE - light bulbs and locomotives

          

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