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Strategic Management Mid-Term 3
Terms in this set (10)
Managers must chart a company's strategic course by:
developing a thorough understanding of the company's external and internal environment.
A company's "macro-environment" refers to:
the strategically relevant factors outside a company's industry boundaries—economic conditions, political factors, sociocultural forces, technological factors, environmental factors, and legal/regulatory conditions.
Which of the following is NOT one of the principal components of strategic significance in the PESTEL analysis?
Environmental forces that include the competitive structure, the degree of industry fragmentation, and the mobility barriers that inhibit business
The most powerful and widely used tool for diagnosing the principle competitive pressures in a market is:
the five forces framework.
Using the five forces model of competition to determine the character and strength of the competitive forces within a given industry involves:
building the picture of competition in three steps: (1) identify the different parties involved, along with specific factors that bring about competitive pressures; (2) evaluate how strong the pressures stemming from each of the five forces are (strong, moderate or weak); and (3) determining whether the collective impact of the five competitive forces is conducive to earning attractive profits in the industry.
Which of the following is most UNLIKELY to qualify as driving forces?
Increasing efforts to collaborate with suppliers via strategic alliances and partnerships, escalating risk levels and normalization of cost and efficiency in the industry
Driving-forces analysis helps managers identify whether:
the collective impact of the driving forces will act to increase/decrease market demand, increase/decrease competition, and raise/lower industry profitability in the years ahead.
Good intelligence about the strategic direction and likely moves of key competitors allows a company to determine which competitors have all of the following, EXCEPT:
similar competitive approaches.
A rival's strategic moves and countermoves are:
enabled and constrained by the set of capabilities they have at hand
The key success factors in an industry:
are those competitive factors that most affect industry members' abilities to prosper in the marketplace—the particular strategy elements, product attributes, operational approaches, resources, and competitive capabilities that spell the difference between being a strong competitor and a weak one, and between profit and loss.
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