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Question
Identify the six steps in the strategic management process and briefly explain what happens in each step.
Answer
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Related questions
Q:
Every fast food hamburger restaurant chain wants you to believe their product is the best because it is stored or prepared uniquely. Each of these is pursuing a ________.
A) low cost leadership strategy
B) differentiation strategy
C) focus strategy
D) quality strategy
Q:
Kiva Systems, manufacturer of robots used in flexible automation systems, demonstrates the power of ________ by "teaching" its robots to dispose of used cardboard and to assist in gift wrapping for e-commerce warehouse fulfillment.
A) design thinking
B) inventory management
C) strategic flexibility
D) e-business strategies
Q:
In an organization, the single independent businesses which formulate their own competitive strategies are known as ________.
A) strategic growth units
B) strategic business units
C) strategic profit units
D) service units
Q:
Discuss the corporate portfolio matrix and the Boston Consulting Group (BCG) matrix.
Q:
Discuss the methods by which an organization grows. Give relevant examples.
Q:
A retrenchment strategy is a short-run renewal strategy that helps an organization stabilize operations, revitalize organizational resources and capabilities, and prepare to compete once again.
Q:
________ should be sold off or liquidated as they have low market share and low growth potential.
A) Cash cows
B) Stars
C) Question marks
D) Dogs
Q:
As smartphone cameras improved, consumers turned away from traditional cameras. Polaroid lost market share and finally realized their product was no longer desired. At that point, Polaroid would be considered a ________ in the BCG matrix.
A) question mark
B) dog
C) cash cow
D) star
Q:
When Stratasys began making 3D printers in 1988, the future of this new invention was unknown but expected to grow. Stratasys was one of a handful of producers of these printers. According to the BCG matrix, Stratasys was a ________.
A) cash cow
B) question mark
C) dog
D) star
Q:
In the BCG matrix, a ________ enjoys a high anticipated growth rate and a high market share.
A) question mark
B) star
C) cash cow
D) dog
Q:
Joe's Hardware bought Moe's hardware on the other side of town. This is an example of ________.
A) backward integration
B) forward integration
C) lateral integration
D) horizontal integration
Q:
In a short essay, describe how managers can effectively plan when the external environment is continually changing.
Q:
Qualitative data includes information about the number and cost of warranty work.
Q:
Business intelligence is the same thing as competitor intelligence
Q:
Environmental scanning involves monitoring the firm's pollution emissions.
Q:
The ________ Act makes it a crime in the United States to engage in theft of a trade secret.
A) Sarbanes-Oxley
B) Patriot
C) Economic Espionage
D) Industrial Espionage
Q:
Brutus' Fried Chicken patented the recipe for the spices used in the coating of the chicken. The patent protection lasts for 17 years. Brutus' Fried Chicken will view this patent protection as a(n) ________.
A) threat until the patent expires
B) opportunity during the time of the patent protection
C) weakness because the patent cannot be renewed
D) cost of doing business
Q:
When an organization is analyzing its labor supply, it is studying its ________.
A) regulatory environment
B) internal environment
C) external environment
D) economic environment
Q:
In a short essay, explain strategic management and why it is important.
Q:
Strategic management helps coordinate the efforts of all department and functional areas of an organization.
Q:
A strategy defines how a company is going to make money.
Q:
Strategic management involves only the planning function.
Q:
Explain the term "first mover" and then list the advantages and disadvantages of being a first mover in the market.
Q:
Focusing on process development can lead to a successful cost leadership competitive strategy.
Q:
Basic scientific research requires the least resource commitment because there are no production costs involved.
Q:
What is a strategic disadvantage of being a first mover?
A) least opportunity to build customer loyalty
B) risk of competitors imitating innovations
C) no cost and learning benefit
D) no control over resources
Q:
A ________ firm uses both online and traditional stand-alone locations.
A) first mover
B) clicks-and-bricks
C) focuser
D) brick-and-mortar
Q:
An Internet-based knowledge management system that shortens customer response times would be an e-business technique that contributes to the competitive advantage of a ________.
A) cost leader
B) differentiator
C) focuser
D) brick
Q:
How can an organization develop strategic flexibility?
A) It should commit resources only after thorough planning.
B) It should ignore mistakes.
C) It should depend on tried and tested perspectives from senior employees.
D) It should have multiple alternatives when making strategic decisions.
Q:
________ is the ability to anticipate, envision, maintain flexibility, think strategically, and work with others in the organization to initiate changes that will create a viable and valuable future for the organization.
A) Strategic leadership
B) Strategic management
C) Strategic competence
D) Strategic flexibility