MAN 3025 Quiz 5 – Flashcards
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What should be our strategy?
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Strategy formulation answers the question:
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Captures how vision and mission will be achieved
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A firm's strategy includes which of the following:
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Systematic and organized approach
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Characteristics of MBO includes which of the following?
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False
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Success and progress in achieving goals and objectives will be indicated by how well the vision and mission are achieved
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True
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Functional areas, like accounting and marketing, will need to have goals and objectives that help show how those functions are contributing to the organization's goals and objectives
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True
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Goals and objectives provide a form of control since they create a feedback opportunity regarding how well of how poorly the organization is executing its strategy
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Low cost
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Superiority in competitive advantage refers to all of the following EXCEPT:
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Price
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For a differentiation strategy to be effective, the product should NOT be based on:
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It is an indication that the firm's managers have not made necessary choices about the business and its strategy
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Straddling strategies as an approach to strategic management is not recommended for which reason:
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Difficult to enter
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Using Porter's analysis, firms are likely to generate higher profits if the industry includes which of the following:
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False
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Strategic management process is the coordinated means by which an organization chooses its mission and vision
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False
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Not all organizations need strategies to survive and thrive
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True
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One approach to focusing is to service either industrial buyers or consumers, but not both.
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True
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A cost-focus strategy is a low-cost, narrowly focused market strategy
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True
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A firm that possesses a valuable and rare resource will not gain a competitive advantage unless it can actually put that resource to effective use
