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MGMT 3313 Test 2 (Ch 6)
Terms in this set (53)
a gas station that sells food, souvenirs, and t-shirts is operating in a _____ strategy
1. strategy is the creation of a unique and valuable position in the market
2. strategy requires trade-offs in competing
3. strategy involves creating a "fit" among all activities in the organization
the three key principles that underlie strategic positioning
when pursuing a cost-focus strategy, a company would target a ____ market.
the purpose of _____ is to gain information about the activities of other companies in order to anticipate their moves and react accordingly.
careful monitoring of an organization's internal and external environments to detect early signs of opportunities and threats that may influence the firm's plan
within a SWOT analysis, the letter "W" represents a company's ______
the skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its mission are called organizational _____
Rolls Royce Corporation has a superior reputation. When applying SWOT analysis, this company reputation is an example of a(n) _____
inferior product quality
an example of an organizational weakness based on a SWOT analysis
Bowl-A-Rama had only one competitor in the local market and that competitor just went out of business. Within a SWOT analysis, this is an example of an organizational _____ for Bowl-A-Rama.
In terms of a SWOT analysis, organizational ______ are environmental factors that hinder an organization's achieving a competitive advantage.
Experiencing new governmental regulations that reduce the availability of raw materials would be considered an organzational ______ in a SWOT analysis.
Jamie's soda manufacturing company performed a recent SWOT analysis and forecasted that at least 40% of the population would consume more soda over the next two years. This vision of what could happen is known as a _______.
1. trend analysis
2. contingency planning
two forms of forecasting
a hypothetical extension of a past series of events in the future
the creation of alternative hypothetical but equally likely future conditions
also known as scenario planning and scenario analysis
Collen knows that peak times for the sale of her flip-flops are from June to September so she directs the warehouse to increase the stock during time period. Which of the following would have helped Colleen make this determination?
the process by which a company compares its performance with that of high-performing organizations is known as _______.
when analyzing the competitive forces in a firm's environment, it is important to note that new ______ can take away customers from existing organizations.
bargaining power of suppliers
when a company is readily able to switch suppliers in order to get raw materials, the ______ goes down.
bargaining power of buyers
the internet has enabled customers to "price shop" several retailers in order to find the best price for items such as appliances, electronics, and even cars. This has increased the consumers ability to better negotiate favorable prices with retailers, demonstrating which of Porter's five competitive forces?
threats of substitute products or services
the growing popularity of reading news online has significantly reduced the sales of print copies of US newspapers and magazines. This demonstrates which of Porter's five competitive forces?
it has intensified rivalries among organizations
What effect has the internet had on Porter's fifth competitive force, rivalry among competitors?
1. Specialized database such as Nexus
2. trade shows or conferences
3. investor information
the public sources for gaining competitive intelligence
Using statistical analysis of historical data to predict future events is called _______.
bargaining power of suppliers
Mark's specialty bike store gets customizable parts for its high-end models from a local foundry, Premium Crafters. When the foundry announced a price increase, the bike store tried to switch to other local manufacturers but they learned that they wouldn't be able to meet delivery schedules. Mark's therefore, chose to pay Crafters higher prices. Which of Porter's competitive forces does this demonstrate?
1. listen to industry gossip while talking with colleagues at a trade show
2. read a press release
3. read a report filed with the Securities and Exchange Commission
in order to gain competitive intelligence, manager could do what?
Walmart is such a large retailer, it is able to dictate the price it will pay for products it buys to sell in its retail stores. This is an example of which of Porter's five competitive forces?
bargaining power of buyers
1. an organizations core priorities
2. the values employed embody
3. what the organization stands for
a value statement should include what?
the organizations ______ statement expresses the organizations purpose or reason for being
a means of evaluating strategic business units on the basis of (1) their business growth rates and (2) their share of the market
high growth and high market share
risky new ventures
slow growth but high market share
low growth and low market share
According to the BCG matrix, a company will do better in a ______ market in which it has a high market share.
Business growth rate, as used in the BCG matrix, is concerned with how fast the _____ is(are) growing.
1. is it inspiring?
2. is it positive?
Questions that should be answered "yes" by a company's vision statement.
a __________ strategy involves expansion in some aspect of the business, such as sales, market share, number of employees, or number of customers or clients served.
A growth strategy that focuses on increasing market share or profits by innovating improvements in products or services is called a(n) ______ strategy.
Which of the three common grand strategy involves little or no significant change?
When a company freezes hiring and tightens expenses due to decreased demand for its products or services, it is involved in a ____ strategy.
Companies pursuing a cost-leadership strategy keep costs/prices ____ those of competitors and target a _____ market.
Which of Porter's four competitive strategies offer products or services that are of a unique or superior value compared to those of competitors and that target a wide market?
Which of Porter's four competitive strategies offer products or services that are of a unique or superior value compared to those of competitors and that target a narrow market?
T or F: In a single product strategy, a company operates separate businesses that are related to one another.
an advantage of diversification
Michael knows that when people aren't buying ski gear, they will buy gear for summer sports. So his business provides both.
a ____ strategy refers to a company's creation of a new, uncontested market space
characteristics of strategy formulation
a time-consuming process, and it is the basis for determining long-term goals
strategic _____ involves monitoring the execution of strategy and taking corrective action when necessary.
people, strategy, and operations
T or F: According to Bossidy and Charan, an effective leader tries to develop future leaders and deal with nonperformers.
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