18 Questions
What does strategic focus entail?
Having a well-articulated strategy for achieving the mission and vision
How are tangible resources different from intangible resources?
Tangible resources are easy to quantify, while intangible resources are difficult to see and quantify.
What does a value chain analysis show?
How products move from raw material stage to the final customer
What are core competencies in an organization?
Knowledge or learning within the organization
Which statement best describes generic business-level strategies?
Concentrating on serving a specific niche within the industry
Why is strategic focus important for an organization?
To align efforts towards achieving a clear mission and vision
What is the primary focus of the P-O-L-C framework?
Setting objectives
Which function of the P-O-L-C framework involves developing an organizational structure?
Planning
What is a key aspect of leadership in the P-O-L-C framework?
Inspiring others through informal influence
Which aspect of the P-O-L-C framework ensures consistent behavior?
Controlling
What is a critical requirement highlighted for global managers?
Understanding how business is done in different cultures
What does a global manager need to know about communicating with coworkers and employees?
How to effectively communicate across different cultures
What is the primary purpose of internal analysis?
To identify resources, capabilities, and core competencies
What does a SWOT analysis focus on?
Strengths, Weaknesses, Opportunities, Threats
What is the purpose of a PESTEL analysis?
To evaluate Political, Economic, Social, Technical, Environmental, and Legal factors
Which generic business-level strategy involves offering a product that customers prefer over competitors' products?
Product Differentiation
In strategic management, what do broad generic business-level strategies focus on?
Competing across the entire industry with low costs or unique offerings
What is the significance of understanding cost leadership and differentiation business-level strategies?
To generate economic value through lower costs or preferred products
Learn about strategic focus and its significance in business strategies, including the concept of concentrating efforts on a specific niche within the industry. Understand the key elements of strategy development through internal analysis such as resources, capabilities, and core competencies.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
