Upgrade to remove ads
Only $35.99/year

Mangement Ch8

Terms in this set (67)

Which of the following is a business activity that an organization does especially well relative to its competition?
Core competence
. The condition that exists when the organization's parts interact to produce a joint effect that is greater than the sum of the parts acting alone is known as:
synergy.
When properly managed, _____ can create additional value with existing resources, providing a big boost to the bottom line.
synergy
_____ can be defined as the combination of benefits received and costs paid by the customer.
value
After Sunshine Systems merged with RTD Enterprises, company executives noticed that due to increased employee collaboration between the two units, costs were down and revenues increased within both areas. This is an example of what business phenomenon?
synergy
When AT&T decided to buy Media One, a cable company, it was pursuing a(n) _____ strategy.
corporate-level
_____ level strategy pertains to the major functional departments within the business unit.
Functional
8. When Philip-Morris, the tobacco giant, bought Kraft, Inc., it was pursuing a _____.
corporate-level strategy
Which of the following pertains to the organization as a whole?
Corporate-level strategy
Sears' decision to sell off much of its financial services division is an example of a:
corporate-level strategy
A corporate-level strategy is concerned with the question:
what business are we in?
When Coca-Cola introduced Surge, a new citrus soft-drink, what type of strategy was being pursued?
Business-level strategy
Ford's decision to completely redesign its Ford Taurus can be classified as a:
business level strategy.
Janessa is the CEO of a privately-held software company. In defining corporate-level strategies, which of the following questions would she most likely be concerned with?
What business are we in?
Decisions regarding the proper amount of advertising for a particular good or service are related to:
business-level strategies.
Which of these questions is central to a functional-level strategy?
How do we support our chosen strategy?
Which of the following lists the strategic management process in proper order?
Evaluate current mission/goals; Perform SWOT analysis; Define new mission/goals; Formulate strategy; Execute strategy.
18. _____ refers to the use of managerial tools to direct resources toward the achievement of strategic goals.
Strategy execution
Which of the following refers to the planning and decision making that lead to the establishment of the organization's goals and of a specific strategic plan?
Strategy formulation
Fred has been assigned to conduct a SWOT analysis for his organization, Acme, Inc. As part of this assignment, Fred will:
search for the strengths, weaknesses, opportunities, and threats that impact his firm.
Techniques used to monitor external environments include:
all of these
Classy Clay has extremely creative employees who, in the opinion of the organization, keep the company ahead of the competition. The creativity of these employees would be classified as a(n) _____.
internal strength
Paramount, Inc. is particularly concerned about pending legislation in Congress that would further regulate their organization. This legislation would be classified as a(n) _____.
external threat
Sherri has been asked to participate on a cross-functional task force that is charged with performing an audit checklist for her advertising firm. The task force will analyze organizational strengths and weaknesses as they apply to the firm. Sherri's task is to analyze management quality, staff quality, degree of centralization, and organizational charts. This level of analysis pertains to which area of the audit?
Management and organization
Where does the information about opportunities and threats comes from?
Scanning the external environments
What type of organizational unit has a unique business mission, product line, competitors, and markets relative to other units in the same corporation?
Strategic business unit
How business units and product lines fit together in a logical way is the essence of:
portfolio strategy.
Gatekeep Utilities is a subsidiary of GW Enterprises. Gatekeep has a mission and product line that is unique from GW. Gatekeep's competitors are also very different from those of its parent, and the subsidiary markets to a very different group of customers. As such, Gatekeep can be described as a(n) _____.
strategic business unit
The BCG matrix organizes along which of the following dimensions?
Business growth rate and market share
. Double Click, Inc. has a number of strategic business units. Their hand-held computer unit has a large market share in this rapidly growing industry. Their hand-held computer business would be classified as:
a star
Which of these is true about the cash cow?
It has a large market share in a slow growth industry.
The star has a:
large market share in a rapidly growing industry
Which of the following portfolio categories is made up of poor performers who command only a small share of a slow growth market?
Dog
The question mark has a:
small market share in a rapidly growing industry.
Which of these is true about the dog division?
It has a small share of a slow growth market.
Gillette operates numerous strategic business units. Most of its units in the personal care division have low market share but high business growth. These units are classified as _____.
question marks
According to the BCG Matrix, which of the following exists in a mature, slow-growth industry, but is a dominant business in the industry, with a large market share?
Cash cow
When an organization expands into a totally new line of business, it is implementing a strategy of:
Unrelated diversification
Semway, a regional bank, recently announced that it would soon begin offering financial planning services. This is an example of which of these?
Related diversification
The purpose of _____ is to expand the firm's business operations to produce new kinds of valuable products and services?
diversification
Which of the following strategies refers to moving into a new business that is related to the company's existing business activities?
Related diversification
All of the following are Porter's competitive forces except:
differentiation
. Which of the following is NOT one of Porter's competitive forces?
Bargaining power of stockholders
Which of the following strategies involve an attempt to distinguish the firm's products or services from others in the industry?
Differentiation
Which strategy can be profitable for an organization when customers are loyal and willing to pay high prices?
Differentiation
The _____ strategy involves seeking efficient facilities, cutting costs and using tight cost controls to be more efficient than competitors.
cost leadership
The human resource department at Paula's Powerwheels is implementing a number of functional level strategies. These strategies include focusing on ways to retain and develop a stable work force and ways to improve efficiency in the organization. These functional-level strategies are consistent with which of the following strategies?
Cost leadership
With a(n) _____ strategy, the organization concentrates on a specific regional market or buyer group.
focus
Mingles, Inc. concentrates its efforts on its target market of 18 to 25 year olds. It is using a(n) _____ strategy.
focus
General Products Inc. is a small clothing designer and manufacturer located in the United States. A vast majority of the company's revenues comes from U.S. sales, although about ten percent of the company's revenue come from sales to Canada. General Products Inc. can best be described as using which global corporate strategy?
Export strategy
FLY Industries is a global conglomerate company headquartered in the United States that does business in over fifty countries. The company seeks to balance global efficiencies and local responsiveness by hiring locally as well as from home. It can best be described as using which global corporate strategy?
Transnational strategy
If ABC International has standardized its product line throughout the world it is pursuing a:
globalization strategy.
The assumption that a single global market exists would lead to a:
globalization strategy.
Which of the following strategies would be appropriate when the need for both national responsiveness and global integration is low?
Export
_____ refers to the modification of product design and advertising strategies to suit the specific needs of individual countries.
Multidomestic strategy
Which of the following refers to a strategy that combines global coordination to attain efficiency with flexibility to meet specific needs in various countries?
Transnational strategy
Some people argue that _____ is the most difficult and most important part of strategic management.
strategic execution
Persuasion, motivation, and changes in cultures and values are examples of which of the dimensions used to implement strategy?
Leadership
Which of the following is NOT one of the tools used for putting strategy into action?
Diversification
People need to understand how their individual actions can contribute to achieving an organizational strategy. This can be accomplished by delegating authority, creating teams, and defining roles. These actions are part of which tool for putting strategy into action?
Clear roles and accountability
The _____ function recruits selects, trains, transfers, promotes, and lays off employees to achieve strategic goals.
human resource
Transnational Strategy
Think Global act local
Globalization Strategy
Think Global Act Global
Export Strategy
...
Multi domestic Strategy
Think Local Act- Local
The set of decisions and actions used to formulate and implement strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals is known as:
Strategic management
To remain competitive, companies should develop strategies that focus on core competencies, providing synergy, and creating value for _____.
customers
Sets with similar terms