5 Written questions
5 Matching questions
- Competitive advantage
- What is so important about the vision and mission statement?
- An analysis of an organization's internal environment begins with an assessment of WHAT?
- Stability strategy
- Strategic group
- a distinctive competencies and core capabilities
- b a group of companies within an industry that top managers choose to compare, evaluate, and benchmark strategic threats and opportunities.
- c a strategy that focuses on improving the way in which the company sells the same products or services to the same customers
- d reflect the personality of how the company truly is. This will assist in obtaining the final goals and objectives. You need to know where you're going/destination.
- e providing greater value for customers than competitors can.
5 Multiple choice questions
- growth, stability, and retrenchment
- strategy that focuses on turning around very poor company performance by shrinking the size or scope of the business
- a reluctance to change strategies or competitive practices that have been successful in the past
- Profits,Sales Growth, and Return on Investment
- a resource, without equivalent substitutes or replacements, that produces value or competitive advantage
5 True/False questions
Unrelated diversification → creating or acquiring companies in completely unrelated businesses.
Benchmarking → entrepreneurial firms are willing to take risks that could result in costly failures.
Risk Taking → involves identifying outstanding practices, processes, and standards at other companies and adapting them to your own company
Valuable resource → a resource that allows companies to improve efficiency and effectiveness.
Distinctive competence → what a company can make, do, or perform better than its competitors. Review the resources and the processes to see if it's valuable or not. Rare is important as well. Rare means that not everyone has equal access. It is not easy to duplicate. Regular coffee verses Starbucks coffee (example). You want to ensure the product or service cannot be substituted. (This would be a competitor advantage)