Focused Generic Business-Level Strategies: Importance of Strategic Focus
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Questions and Answers

What does strategic focus entail?

  • Changing the mission and vision frequently
  • Focusing on multiple niches within the industry
  • Being unclear about the mission and vision of the organization
  • Having a well-articulated strategy for achieving the mission and vision (correct)

    • How are tangible resources different from intangible resources?

  • Tangible resources are difficult to quantify, while intangible resources are easily seen.
  • Tangible resources are not useful for the firm's benefit, while intangible resources are highly valuable.
  • Intangible resources are physical assets, while tangible resources are knowledge-based.
  • Tangible resources are easy to quantify, while intangible resources are difficult to see and quantify. (correct)

    • What does a value chain analysis show?

  • How products move from raw material stage to the final customer (correct)
  • The history of the organization
  • The vision and mission of the organization
  • The financial statements of the company

    • What are core competencies in an organization?

    <p>Knowledge or learning within the organization</p> Signup and view all the answers

    Which statement best describes generic business-level strategies?

    <p>Concentrating on serving a specific niche within the industry</p> Signup and view all the answers

    Why is strategic focus important for an organization?

    <p>To align efforts towards achieving a clear mission and vision</p> Signup and view all the answers

    What is the primary focus of the P-O-L-C framework?

    <p>Setting objectives</p> Signup and view all the answers

    Which function of the P-O-L-C framework involves developing an organizational structure?

    <p>Planning</p> Signup and view all the answers

    What is a key aspect of leadership in the P-O-L-C framework?

    <p>Inspiring others through informal influence</p> Signup and view all the answers

    Which aspect of the P-O-L-C framework ensures consistent behavior?

    <p>Controlling</p> Signup and view all the answers

    What is a critical requirement highlighted for global managers?

    <p>Understanding how business is done in different cultures</p> Signup and view all the answers

    What does a global manager need to know about communicating with coworkers and employees?

    <p>How to effectively communicate across different cultures</p> Signup and view all the answers

    What is the primary purpose of internal analysis?

    <p>To identify resources, capabilities, and core competencies</p> Signup and view all the answers

    What does a SWOT analysis focus on?

    <p>Strengths, Weaknesses, Opportunities, Threats</p> Signup and view all the answers

    What is the purpose of a PESTEL analysis?

    <p>To evaluate Political, Economic, Social, Technical, Environmental, and Legal factors</p> Signup and view all the answers

    Which generic business-level strategy involves offering a product that customers prefer over competitors' products?

    <p>Product Differentiation</p> Signup and view all the answers

    In strategic management, what do broad generic business-level strategies focus on?

    <p>Competing across the entire industry with low costs or unique offerings</p> Signup and view all the answers

    What is the significance of understanding cost leadership and differentiation business-level strategies?

    <p>To generate economic value through lower costs or preferred products</p> Signup and view all the answers

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