Podcast
Questions and Answers
Michael Porter defined ______ as an attempt to achieve sustainable competitive advantage by preserving what is distinct about a company.
Michael Porter defined ______ as an attempt to achieve sustainable competitive advantage by preserving what is distinct about a company.
strategic positioning
Which level of strategic management does the annual meeting of the president, CFO, and COO of Jensen Mfg represent?
Which level of strategic management does the annual meeting of the president, CFO, and COO of Jensen Mfg represent?
corporate-level
It is common practice today for most small business owners to engage in strategic planning.
It is common practice today for most small business owners to engage in strategic planning.
False
The 'feedback loop' in the strategic-management process involves ______.
The 'feedback loop' in the strategic-management process involves ______.
Signup and view all the answers
It can be said that Luxury Linens has a(n) ______.
It can be said that Luxury Linens has a(n) ______.
Signup and view all the answers
Strategic positioning attempts to achieve sustainable competitive advantage by ______.
Strategic positioning attempts to achieve sustainable competitive advantage by ______.
Signup and view all the answers
Which level of strategic management focuses on the organization as a whole?
Which level of strategic management focuses on the organization as a whole?
Signup and view all the answers
To be successful, strategic planning requires a company to have a ______ orientation.
To be successful, strategic planning requires a company to have a ______ orientation.
Signup and view all the answers
Place the steps in the strategic-management process in the correct order.
Place the steps in the strategic-management process in the correct order.
Signup and view all the answers
When other companies cannot duplicate the value provided by a competitor, then the competitor has established a(n) ______ competitive advantage.
When other companies cannot duplicate the value provided by a competitor, then the competitor has established a(n) ______ competitive advantage.
Signup and view all the answers
Corporate-level strategy does which of the following? (Choose every correct answer.)
Corporate-level strategy does which of the following? (Choose every correct answer.)
Signup and view all the answers
A ______ analysis is an assessment of the strengths, weaknesses, opportunities, and threats affecting the organization.
A ______ analysis is an assessment of the strengths, weaknesses, opportunities, and threats affecting the organization.
Signup and view all the answers
In addition to value, what characteristics are being addressed in a VRIO analysis? (Choose every correct answer.)
In addition to value, what characteristics are being addressed in a VRIO analysis? (Choose every correct answer.)
Signup and view all the answers
A ______ is a vision or projection of the future that is made following a SWOT analysis.
A ______ is a vision or projection of the future that is made following a SWOT analysis.
Signup and view all the answers
Juanita is using the process of ______ to compare her company with others.
Juanita is using the process of ______ to compare her company with others.
Signup and view all the answers
A grand strategy that involves expansion of things like sales revenues, market share, or number of employees is known as a ______ strategy.
A grand strategy that involves expansion of things like sales revenues, market share, or number of employees is known as a ______ strategy.
Signup and view all the answers
When would a company use a VRIO analysis?
When would a company use a VRIO analysis?
Signup and view all the answers
This vision of what could happen is known as a ______.
This vision of what could happen is known as a ______.
Signup and view all the answers
The process by which a company compares its performance with that of other high-performing organizations is known as ______.
The process by which a company compares its performance with that of other high-performing organizations is known as ______.
Signup and view all the answers
A business that wants to reach more customers and hires more employees to get this done is focusing on a ______ strategy.
A business that wants to reach more customers and hires more employees to get this done is focusing on a ______ strategy.
Signup and view all the answers
What does the BCG matrix evaluate? (Choose every correct answer.)
What does the BCG matrix evaluate? (Choose every correct answer.)
Signup and view all the answers
What strategy is American Tile Corp. using when it acquires a company that makes industrial cleaning products that American Tile does not currently offer?
What strategy is American Tile Corp. using when it acquires a company that makes industrial cleaning products that American Tile does not currently offer?
Signup and view all the answers
Which of the following represent competitive forces used in Porter's model for industry analysis? (Choose every correct answer.)
Which of the following represent competitive forces used in Porter's model for industry analysis? (Choose every correct answer.)
Signup and view all the answers
What does business growth rate refer to, as used in the BCG matrix?
What does business growth rate refer to, as used in the BCG matrix?
Signup and view all the answers
The strategy of moving into new lines of business is called ______.
The strategy of moving into new lines of business is called ______.
Signup and view all the answers
Porter's five competitive forces form a model for ______ analysis.
Porter's five competitive forces form a model for ______ analysis.
Signup and view all the answers
What are Porter's four competitive strategies?
What are Porter's four competitive strategies?
Signup and view all the answers
What are functional strategies used to accomplish?
What are functional strategies used to accomplish?
Signup and view all the answers
Aligning people with goals, achieving promised results, and integrating strategy with reality are all part of the ______ process.
Aligning people with goals, achieving promised results, and integrating strategy with reality are all part of the ______ process.
Signup and view all the answers
Which of Porter's competitive strategies are appropriate when addressing a narrow market? (Choose every correct answer.)
Which of Porter's competitive strategies are appropriate when addressing a narrow market? (Choose every correct answer.)
Signup and view all the answers
When corporate departments such as marketing, human resources, and IT implement plans of action that support higher-level strategies, they are following a(n) ______ strategy.
When corporate departments such as marketing, human resources, and IT implement plans of action that support higher-level strategies, they are following a(n) ______ strategy.
Signup and view all the answers
Of the three core processes of business identified by Bossidy and Charan, which do they believe is the most important?
Of the three core processes of business identified by Bossidy and Charan, which do they believe is the most important?
Signup and view all the answers
According to Bossidy and Charan, execution is the central part of any company's strategy.
According to Bossidy and Charan, execution is the central part of any company's strategy.
Signup and view all the answers
A system of shared beliefs and values that needs to be aligned with the goal of producing efficient, quality work is called ______ culture.
A system of shared beliefs and values that needs to be aligned with the goal of producing efficient, quality work is called ______ culture.
Signup and view all the answers
Which of the following help a manager keep a strategic plan on track? (Choose every correct answer.)
Which of the following help a manager keep a strategic plan on track? (Choose every correct answer.)
Signup and view all the answers
Which 'unwritten' skill did the Harvard Business Review consider essential to being promoted on the job?
Which 'unwritten' skill did the Harvard Business Review consider essential to being promoted on the job?
Signup and view all the answers
What are the core processes of business identified by Bossidy and Charan? (Choose every correct answer.)
What are the core processes of business identified by Bossidy and Charan? (Choose every correct answer.)
Signup and view all the answers
Why do many executives prefer visioning to execution?
Why do many executives prefer visioning to execution?
Signup and view all the answers
Strategic ______ involves monitoring the execution of strategy and taking corrective action when necessary.
Strategic ______ involves monitoring the execution of strategy and taking corrective action when necessary.
Signup and view all the answers
Why do potential employers value the skill of strategic thinking in job candidates? (Choose every correct answer.)
Why do potential employers value the skill of strategic thinking in job candidates? (Choose every correct answer.)
Signup and view all the answers
Strategic thinkers should have a knowledge base shaped like the letter 'T', where the top of the 'T' represents breadth of knowledge and the stem of the 'T' represents ______.
Strategic thinkers should have a knowledge base shaped like the letter 'T', where the top of the 'T' represents breadth of knowledge and the stem of the 'T' represents ______.
Signup and view all the answers
What are the goals of attending industry conferences before or while working in a certain industry? (Choose every correct answer.)
What are the goals of attending industry conferences before or while working in a certain industry? (Choose every correct answer.)
Signup and view all the answers
Study Notes
Strategic Management Concepts
- Strategic Positioning: Defined by Michael Porter as the pursuit of sustainable competitive advantage through unique company characteristics.
- Corporate-Level Strategy: Involves discussions among top executives about overall company direction, including product offerings and innovations.
Strategic Planning and Analysis
- Engagement in Strategic Planning: Most small business owners typically do not participate in strategic planning.
- Feedback Loop: Integral in the strategic management process, involves revising actions based on outcomes.
- SWOT Analysis: A framework for assessing an organization's strengths, weaknesses, opportunities, and threats.
- VRIO Analysis: Evaluates factors of value, rarity, imitability, and organization in relation to a firm's resources.
Competitive Advantage
- Sustainable Competitive Advantage: Achieved when competitors cannot replicate the unique value offered by a firm.
- Benchmarking: Method used to compare performance metrics with industry leaders for improvement purposes.
Growth Strategies
- Growth Strategy: Focuses on expansion through increased sales, market share, or workforce.
- Diversification: Entering new business areas that are distinct from the current offerings.
Porter's Models and Forces
- Porter’s Five Forces: An industry analysis model that assesses the competition levels through bargaining power, threat of substitutes, rivalry, and new entrants.
- BCG Matrix: Evaluates business growth rates and market shares to inform strategy.
Functional and Operational Strategies
- Functional Strategies: Serve to implement higher-level strategic plans effectively across departments.
- Execution Process: Key to aligning people with organizational goals and ensuring strategic plans yield results.
Organizational Culture and Leadership
- Organizational Culture: Refers to shared beliefs and values aligned with efficiency and quality work output.
- Execution Importance: Highlighted by Bossidy and Charan as the central aspect of a company's strategy.
Skills and Competencies
- Strategic Thinking: Valued by employers for its role in informed decision-making and opportunity recognition.
- Knowledge Base: Ideal strategic thinkers possess a T-shaped knowledge structure; breadth on top and depth in a particular area.
Networking and Professional Development
- Industry Conferences: Serve as opportunities to build contacts and gain insights relevant to specific industries.
Corrective Actions and Controls
- Strategic Control: Monitoring strategy execution and adjusting plans as necessary to ensure alignment with objectives.
Key Takeaways
- Executives need to balance visioning with execution to achieve strategic goals effectively.
- Engaging employees and maintaining focus are critical for successful strategic plan implementation.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your understanding of key concepts in MGMT Chapter 6 with these flashcards. Covering essential definitions like 'strategic positioning' and key organizational roles, this quiz helps reinforce your learning and application of management strategies.
