Questions and Answers
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?
corporate-level
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 ______.
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It can be said that Luxury Linens has a(n) ______.
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Strategic positioning attempts to achieve sustainable competitive advantage by ______.
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Which level of strategic management focuses on the organization as a whole?
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To be successful, strategic planning requires a company to have a ______ orientation.
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Place the steps in the strategic-management process in the correct order.
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When other companies cannot duplicate the value provided by a competitor, then the competitor has established a(n) ______ competitive advantage.
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Corporate-level strategy does which of the following? (Choose every correct answer.)
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A ______ analysis is an assessment of the strengths, weaknesses, opportunities, and threats affecting the organization.
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In addition to value, what characteristics are being addressed in a VRIO analysis? (Choose every correct answer.)
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A ______ is a vision or projection of the future that is made following a SWOT analysis.
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Juanita is using the process of ______ to compare her company with others.
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A grand strategy that involves expansion of things like sales revenues, market share, or number of employees is known as a ______ strategy.
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When would a company use a VRIO analysis?
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This vision of what could happen is known as a ______.
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The process by which a company compares its performance with that of other high-performing organizations is known as ______.
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A business that wants to reach more customers and hires more employees to get this done is focusing on a ______ strategy.
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What does the BCG matrix evaluate? (Choose every correct answer.)
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What strategy is American Tile Corp. using when it acquires a company that makes industrial cleaning products that American Tile does not currently offer?
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Which of the following represent competitive forces used in Porter's model for industry analysis? (Choose every correct answer.)
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What does business growth rate refer to, as used in the BCG matrix?
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The strategy of moving into new lines of business is called ______.
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Porter's five competitive forces form a model for ______ analysis.
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What are Porter's four competitive strategies?
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What are functional strategies used to accomplish?
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Aligning people with goals, achieving promised results, and integrating strategy with reality are all part of the ______ process.
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Which of Porter's competitive strategies are appropriate when addressing a narrow market? (Choose every correct answer.)
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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.
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Of the three core processes of business identified by Bossidy and Charan, which do they believe is the most important?
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According to Bossidy and Charan, execution is the central part of any company's strategy.
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A system of shared beliefs and values that needs to be aligned with the goal of producing efficient, quality work is called ______ culture.
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Which of the following help a manager keep a strategic plan on track? (Choose every correct answer.)
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Which 'unwritten' skill did the Harvard Business Review consider essential to being promoted on the job?
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What are the core processes of business identified by Bossidy and Charan? (Choose every correct answer.)
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Why do many executives prefer visioning to execution?
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Strategic ______ involves monitoring the execution of strategy and taking corrective action when necessary.
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Why do potential employers value the skill of strategic thinking in job candidates? (Choose every correct answer.)
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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 ______.
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What are the goals of attending industry conferences before or while working in a certain industry? (Choose every correct answer.)
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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.
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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.
