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MGT/316T: Managing With A Global Mindset

Terms in this set (34)

Strategic positioning attempts to achieve sustainable competitive advantage by:

preserving what is distinctive about a company
changing key aspects of a company's identity
performing similar activities as those of rivals and in similar ways
preserving what is distinctive about a company
Select all that apply

Corporate-level strategy:


answers questions such as "what business are we in?" and "what products and services shall we offer?"

does not deal with acquisitions or significant investments in plant and equipment

involves senior executives in planning

focuses on the organization as a whole
answers questions such as "what business are we in?" and "what products and services shall we offer?"

involves senior executives in planning

focuses on the organization as a whole
To be successful, strategic planning requires a company to have a _____ orientation.

long-term
short-term
logn-term
Click and drag on elements in order
Refer to Figure 6.2. Place the steps in the strategic-management process in the correct order, with the first step listed at the top.

Maintain strategic control

Execute the strategies

Formulate corporate, business an functional strategies

Assess the current reality

Establish the mission, vision, and values statements
1. Establish the mission, vision and values statements

2. Assess the current reality

3. Formulate corporate, business, and functional strategies

4. Execute the strategies

5. Maintain strategic control.
When other companies cannot duplicate the value provided by a competitor, then the competitor has established a(n) _____ competitive advantage.

sustainable
VRIO
benchmark
ambiguous
sustainable
Michael Porter defined _____ as an attempt to achieve sustainable competitive advantage by preserving what is distinct about a company.

economy of scale
cost-leadership
strategic positioning
domestic rivalry
strategic positioning
Within a SWOT analysis, the letter "T" represents a company's _____.

territory
time
threats
trends
threats
Which level of strategic management focuses on the organization as a whole?

Business-level
Corporate-level
Task-level
Functional-level
Corporate-level
When would a company use a VRIO analysis?

when determining manufacturing work schedules
when reorganizing staff
when deciding whether or not a new product might work in the marketplace
when analyzing current market share among competing brands
when deciding whether or not a new product might work in the marketplace
True or false: Many small business owners do not engage in strategic planning.
True
A _____ is a vision or projection of the future that is made following a SWOT analysis.

market analysis
strategy
cyclic pattern
forecast
forecast
Which is the second step in the strategic-management process?

Maintain strategic control.
Assess the current reality.
Establish the mission and vision statements.
Execute strategies.
Assess the current reality.
Benchmarking is defined as

a process by which a company compares its performance with that of high-performing organizations.
a hypothetical extension of a past series of events into the future.
envisioning or projecting the future.
a process by which a company compares its performance with that of high-performing organizations.
Sustainable competitive advantage exists when _____.

other companies cannot duplicate the value that an organization delivers to customers
your company can do something more efficiently than your competitors
one firm outperforms another firm in profits
other companies cannot duplicate the value that an organization delivers to customers
A business that wants to reach more customers and hires more employees to get this done is focusing on a _____ strategy.

stability
defensive
growth
growth
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