Strategy Formulation and Distinctive Competencies
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Questions and Answers

Which internal factor primarily considers the potential impact of technological advancements on operations?

  • Human Resources
  • Financial Resources
  • Technology (correct)
  • Facilities and Equipment

    • Which external competitive factor is closely related to the ease of entry into a market?

  • Political Conditions
  • Competition (correct)
  • Legal Environment
  • Technology

    • Which internal factor could involve long-term relationships and understanding of a customer's wants and needs?

  • Products and Services
  • Distribution Channels
  • Suppliers
  • Customers (correct)

    • Which external factor could have a significant impact on operations due to location, age, and maintenance cost?

    <p>Facilities and Equipment</p> Signup and view all the answers

    Which internal factor considers special talents like creativity, designing, and problem-solving?

    <p>Human Resources</p> Signup and view all the answers

    Which external factor could potentially impact a company due to favorable or unfavorable attitudes towards business or political instability?

    <p>Political Conditions</p> Signup and view all the answers

    What is the primary purpose of evaluating an organization's distinctive competencies?

    <p>To identify unique strengths and capabilities that set the organization apart from its competitors</p> Signup and view all the answers

    What is an 'Order Qualifier' in the context of strategy formulation?

    <p>A necessary condition that a product or service must meet in order to be considered by customers</p> Signup and view all the answers

    How does the SWOT Approach aid in strategic planning?

    <p>By providing a framework for assessing both internal and external factors that can impact the success of an initiative</p> Signup and view all the answers

    Which external factor should a company consider when formulating its strategy?

    <p>Environmental scanning for threats and opportunities</p> Signup and view all the answers

    How can an organization achieve a competitive advantage in the marketplace?

    <p>By leveraging its unique strengths and capabilities</p> Signup and view all the answers

    Why are distinctive competencies difficult for competitors to imitate or replicate?

    <p>Because they are specific to a particular organization and difficult to replicate</p> Signup and view all the answers

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