HFT 2500 ch 3 – Flashcards
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The example of the Las Vegas Hiltons change in strategic focus underscores how companies are increasingly refocusing their attention on the need to manage _________ instead of departments.
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Processes
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__________ growth makes sense when good opportunities can be found outside the present businesses.
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Diversification
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Studies have shown that a well-crafted mission statement aids a firm's performance, as the mission statement serves as a statement of:
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Purpose
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Most large companies consist of four organizational levels: corporate, division, business unit, and:
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Product
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___________ is the marketing logic by which the company hopes to create customer value and achieve profitable relationships.
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Marketing strategy
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Companies that diversify too broadly into unfamiliar products or industries can ________ their market focus.
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lose
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T/F A company starts the strategic planning process at the customer level by defining its values statement and mission.
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False
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T/F Market penetration refers to the strategy of creating new products to sell to small niche markets.
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False
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T/F A business portfolio is the collection of businesses and products that make up the company.
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True
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"Project RED" was the name given to the long-term strategy of which restaurant chain?
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Red Robin
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Selecting one or more market segments to enter is part of:
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Market targeting
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T/F A company's mission statement should provide direction for the company for no more than five years at a time.
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False
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T/F Mission statements should be realistic and general in nature.
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False
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When hotel chains enter such markets as the retirement home industry they are practicing which type of strategy?
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Conglomerate diversification
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According to the Ansoff product-market expansion grid, management should first consider whether:
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It should gain more market share with its current products in their current market.
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The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior and might require separate products or marketing programs is called
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Market segmentation
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A hotel company acquiring a tour operator is an example of:
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Forward integration
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The number of channel levels from raw materials to final product and the distribution in which the company will engage is an example of __________ slope
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Vertical
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T/F An internal environmental analysis is essentially a strengths and weaknesses analysis.
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True
