Key Success Factors in Strategic Management
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Questions and Answers

What is the purpose of a Competitive Profile Matrix (CPM)?

  • To assign weights to competitors in the industry
  • To identify a firm's major competitors and their strengths and weaknesses (correct)
  • To analyze consumer behavior in the industry
  • To calculate the financial performance of a firm

    • In the context of CPM, what do Critical Success Factors represent?

  • Factors that guarantee failure in an industry
  • The key areas that must be performed at the highest level for success (correct)
  • Factors that are not important for success
  • Factors that are irrelevant in strategic planning

    • How are weights assigned in a Competitive Profile Matrix?

  • Based on historical data
  • Indicating importance of factors in succeeding in the industry (correct)
  • Based on the company's age in the industry
  • Randomly assigned

    • What does the rating in CPM refer to?

    <p>How well companies are performing in each area</p> Signup and view all the answers

    How is the Weighted Score calculated in a CPM?

    <p>By multiplying weight by rating</p> Signup and view all the answers

    What is the range of ratings in a CPM?

    <p>$1-4$</p> Signup and view all the answers

    Why is it important to compare strengths and weaknesses to industry rate factors?

    <p>To assess how effective a firm's current strategies are</p> Signup and view all the answers

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