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Strategic Management Long Term Objectives

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Strategic Management Long Term Objectives

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Questions and Answers

What type of strategy involves seeking ownership of a firm's competitors?

Backward integration

Market penetration

Horizontal integration (correct)

Forward integration

Which strategy involves regrouping through cost and asset reduction to reverse declining sales and profits?

Market development

Product development

Horizontal integration

Retrenchment (correct)

What does market penetration strategy seek to increase?

Sales in new markets

Market share for present products or services (correct)

Control over distributors

Ownership of competitors

Which strategy involves introducing present products or services into new geographic areas?

Market development Signup and view all the answers

What is the purpose of diversification strategies in organizations?

Create competitively valuable cross-business relationships Signup and view all the answers

What is the purpose of long-term objectives in strategic management?

To provide direction, allow synergy, and assist in evaluation Signup and view all the answers

Which of the following is a characteristic of long-term objectives?

Quantitative and understandable Signup and view all the answers

What distinguishes financial objectives from strategic objectives?

Financial objectives focus on profitability, while strategic objectives focus on market positioning Signup and view all the answers

Why are long-term objectives important in reducing conflicts within an organization?

By establishing clear priorities and reducing uncertainty Signup and view all the answers

Which of the following is NOT a strategic objective mentioned in the text?

Higher dividends for shareholders Signup and view all the answers