7 Written Questions

1. 
2. 1. Planning - Strategy Formulation
   2. Organizing - Strategy Implementation
   3. Motivating - Strategy Implementation
   4. Staffing - Strategy Implementation
   5. Controlling - Strategy Evaluation
3. Exemplifies complexity of relationships among functional areas of the business
4. 
5. 1. Purchasing raw materials
   2. Manufacturing products
   3. Marketing products
6. 1. Core competencies
   2. Distinctive competencies
   3. Benchmarking
7. 1. Developing a mission
   2. Forecasting future events and trends
   3. Establishing objectives
   4. Choosing strategies to pursue
   5. Synergy
   - Can develop through planning
   - Exists when everyone pulls together as a team that knows what it wants to achieve

6 Multiple Choice Questions

1. 1. Establish performance standards
   2. Measure individual and organizational performance
   3. Compare actual performance to planned performance standards
   4. Take corrective action
   1. Controlling involves
   2. Planning involves
   3. Staffing involves
   4. Organizing involves
2. 1. Rare
   2. Hard to imitate
   3. Not easily substitutable
   1. Planning involves
   2. Organizing involves
   3. Value Chain Analysis
   4. RBV - Empirical Indicators
3. 1. Influencing to accomplish specific objectives
   2. Four components include:
   • Leadership
   • Group dynamics
   • Communication
   • Organizational change
   1. Organizing involves
   2. Staffing involves
   3. Controlling involves
   4. Motivation involves
4. 1. Managers and employees from all areas provide information
   2. A team of managers then selects 10 to 15 key organizational strengths and weaknesses to focus on
   1. Value Chain Analysis
   2. Motivation involves
   3. RBV - Empirical Indicators
   4. How to prepare an Internal Audit?
5. Steps involved:
   1. Value Chain Activities Are Identified and Assessed
   2. Core Competencies Arise in Some Activities
   3. Some Core Competencies Evolve into Distinctive Competencies
   4. Some Distinctive Competencies Yield Sustained Competitive Advantages
   1. Basis for Objectives & Strategies
   2. What compares the value chain analysis of rival firms?
   3. RBV - Three All-Encompassing Categories
   4. Transforming Value Chain Activities into Sustained Competitive Advantage
6. Approach to Competitive Advantage
   - Internal resources are more important than external factors
   1. Organizing involves
   2. Resource Based View (RBV)
   3. Value Chain Analysis
   4. Figure: Value Chain

6 True/False Questions

1. RBV - Three All-Encompassing Categories → 1. Rare
   2. Hard to imitate
   3. Not easily substitutable

   True        False

2. Organizing involves → 1. Achieves coordinated effort
   2. Defines task & authority relationships
   3. Determines who does what
   4. Determines who reports to whom

   True        False

3. The Internal Audit Identify strengths and weaknesses in... → 1. Management
   2. Marketing
   3. Finance and accounting
   4. Production and operations
   5. Research and development
   6. Management information systems

   True        False

4. Distinctive Competencies → 1. Firm's strengths that cannot be easily matched or imitated by competitors
   2. Building competitive advantage involves taking advantage of distinctive competencies

   True        False

5. Staffing involves → 1. Personnel management (Recruiting, Interviewing, Testing, Selecting, Orienting, Training, Developing, Caring for)
   2. Human resource management (Evaluating, Rewarding, Disciplining, Promoting, Transferring, Demoting, Dismissing)

   True        False

6. Basis for Objectives & Strategies → 1. Internal strengths/weaknesses
   2. External opportunities/threats
   3. Clear statement of mission

   True        False