Business Strategy Overview

<p>Adjust their strategic implementation plans to fit the culture (B)</p> Signup and view all the answers

<p>Maintain a broad range of options (D)</p> Signup and view all the answers

<p>Trade promotions to gain retail shelf space (C)</p> Signup and view all the answers

<p>Imitating competitor products (D)</p> Signup and view all the answers

<p>To charge high prices to maximize initial profits (B)</p> Signup and view all the answers

<p>Using a successful brand name to market additional products (D)</p> Signup and view all the answers

<p>Open innovation (B)</p> Signup and view all the answers

<p>How and where to manufacture products (C)</p> Signup and view all the answers

<p>Relying on a single supplier for a part (B)</p> Signup and view all the answers

<p>To synchronize project work around the world across time zones (C)</p> Signup and view all the answers

<p>Multiple sourcing (A)</p> Signup and view all the answers

<p>Two suppliers as sole sources for different parts (A)</p> Signup and view all the answers

<p>Acquiring raw materials and supplies for operations (B)</p> Signup and view all the answers

<p>Activities with low potential for competitive advantage (B)</p> Signup and view all the answers

<p>Both product and process improvement (C)</p> Signup and view all the answers

<p>Deciding between hiring skilled or unskilled workers (B)</p> Signup and view all the answers

<p>Performing a function in a different country (A)</p> Signup and view all the answers

<p>The potential for competitive advantage (A)</p> Signup and view all the answers

<p>Flow of products into and out of manufacturing (A)</p> Signup and view all the answers

<p>Consolidated sourcing (B)</p> Signup and view all the answers

<p>It sets clear boundaries while allowing flexibility in execution. (D)</p> Signup and view all the answers

<p>The decision on when to carry out strategic activities. (B)</p> Signup and view all the answers

<p>The initial company to launch a new product or service. (A)</p> Signup and view all the answers

<p>It may lead to misalignment with strategic goals. (A)</p> Signup and view all the answers

<p>By ensuring it aligns with the company's key goals and strategies. (B)</p> Signup and view all the answers

<p>They consist of tactics that translate strategies into action. (D)</p> Signup and view all the answers

<p>It helps align various strategic decisions within the firm. (C)</p> Signup and view all the answers

<p>It hinders the ability to evaluate strategic success. (C)</p> Signup and view all the answers

<p>To determine where a company implements its strategy (D)</p> Signup and view all the answers

<p>Defensive tactic (D)</p> Signup and view all the answers

<p>A return on investment greater than independent operations (D)</p> Signup and view all the answers

<p>Changes in strategy require structural adjustments (A)</p> Signup and view all the answers

<p>Raise structural barriers (C)</p> Signup and view all the answers

<p>Planning a budget (C)</p> Signup and view all the answers

<p>Ignoring certain market segments (B)</p> Signup and view all the answers

<p>Entering into an established competitor's market location (D)</p> Signup and view all the answers

<p>Functional and product forms are combined simultaneously. (C)</p> Signup and view all the answers

<p>Economic conditions (B)</p> Signup and view all the answers

<p>Stagnant structure (B)</p> Signup and view all the answers

<p>How organizations grow, develop, and decline (D)</p> Signup and view all the answers

<p>Removing unnecessary steps and fixing remaining processes (A)</p> Signup and view all the answers

<p>Improve processing abilities and decision making. (B)</p> Signup and view all the answers

<p>To achieve near-perfect results in production (D)</p> Signup and view all the answers

<p>Eliminates in-house business functions in favor of virtual collaborations (B)</p> Signup and view all the answers

<p>Management of product lines in multiple industries with decentralized decisions (C)</p> Signup and view all the answers

<p>Team of managers replacing the entrepreneur (D)</p> Signup and view all the answers

Developing new products for existing or new markets.

Using an existing successful brand to market new products.

Using trade promotions to increase product visibility in retail stores.

Using advertising to encourage customers to buy products.

Setting a high initial price to capitalize on the most eager customers.

Using collaborations (with companies, universities, etc.) to develop new products and processes.

Deciding how and where to make a product, level of production, and resource allocation.

Acquiring the necessary raw materials, parts, and supplies for production.

Investors' shares are reduced in half with the same total investment amount.

Distributing tasks globally to take advantage of different time zones.

A strategic approach to decision-making that accounts for uncertainty in the future by keeping open a variety of options.

A method calculating a project's value by anticipating future returns, adjusting for risk, and subtracting the investment cost.

Stakeholders' degree of involvement in the company's actions.

Stakeholders' influence on the company’s activities.

The process of deciding on the best course of action for a company.

Ordering a part from several different vendors.

Relying on only one supplier for a specific part.

Using two suppliers for different parts, but each acting as a backup for the other's parts.

Purchasing a product or service from an external provider; transferring an activity or function to someone else.

Outsourcing to a company or provider in another country.

Planning the flow of goods into and out of the manufacturing process.

Focus on activities with low potential for competitive advantage, or small components of the overall value.

Deciding whether to produce a part in-house or purchase it externally.

A strategic move aimed at taking market share from an established competitor.

A strategy designed to protect a company's existing market share and position.

When a divisional corporation achieves better returns by working together than if each division operated independently.

The principle that changes in a company's strategic direction necessitate changes in its organizational structure.

Defensive tactic involving building obstacles to make market entry difficult for rivals.

A defensive tactic that dissuades competitors by signaling severe consequences for an attack.

A defensive tactic involving making a company less attractive to potential rivals.

The final stage of strategic planning, involving allocating resources based on the selected strategy and evaluating its feasibility.

A flexible and dynamic organizational structure typically found in early-stage companies, with a single entrepreneur leading the way.

An organizational setup where departments focus on specialized functions like finance, marketing, and production. A team of managers replaces the entrepreneur.

An organizational structure that manages diverse product lines or industries. Decision-making is decentralized, giving each division more autonomy.

An organizational structure combining functional and product/project forms at the same level. It combines the strengths of both, allowing for flexibility and cross-functional collaboration.

A decentralized organizational structure where external resources and partnerships are used to complete tasks. It's a virtual organization with a flexible network of collaborators.

A rigorous analytical method focused on reducing product variance to achieve near-perfect results on a production line. It significantly boosts quality and efficiency.

A combined approach that integrates Six Sigma's methodology with Lean principles. It eliminates unnecessary steps in processes and focuses on optimizing remaining steps.

This concept describes the evolutionary stages a company goes through, from a simple structure to more complex organizational forms.

These are internal obstacles a company faces when trying to transition to a new organizational stage. These include a lack of resources, inability to change, and top management's resistance to delegation.

These are external factors that can impede a company's evolution. Examples include economic downturns, labor shortages, and lack of market growth.

A strategic decision that aligns with a company's overall goals, policies, and strategies, ensuring that it doesn't conflict with existing plans.

A guideline that clarifies resource allocation, tests strategic soundness, and sets boundaries for employees while encouraging innovation within those constraints.

A collection of tactics used to implement a strategy. The purpose of a program is to make a strategy action-oriented and actionable.

A strategic approach that focuses on when a company implements its strategies, often determining the success or failure of a strategy.

The first company to introduce a new product or service to the market, often gaining a competitive advantage.

A company that enters a market after the initial pioneers. They can leverage the first mover's experience and refine the product or service.

The process of putting a strategic plan into action, encompassing all the activities and choices necessary to achieve strategic objectives.

A strategic decision that aligns with a company's overall goals, policies, and strategies. It ensures consistency within the company's strategic direction.