Ch. 5 Quiz Answers – 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 firms strategy includes which of the following?
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systematic and organized approach
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Characteristics of MBO include
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looking at the organization as a portfolio
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examples of business strategy includes all of the following EXCEPT
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align goals with objectives
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goals and objectives serve to accomplish all of the following EXCEPT:
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strategic management
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This is essentially about understanding choices organizations make in order to achieve specific goals and objectives to fulfill a firm's mission and vision:
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Low cost
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superiority in competitive advantage refers to all of the following factors EXCEPT:
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Price
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for a differentiation strategy to be effective, the product difference 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 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
