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Exam 5: Developing Mission, Vision, and Values

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Question 31

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What is the strategic management process?

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Strategic management process is the proc...

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Question 32

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One approach to focusing is to service either industrial buyers or consumers, but not both.

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Question 33

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Why is a firm that possesses valuable resources that are not rare not in a position of advantage relative to competitors?

What are the facets of the strategy diamond?

Cost leaders must maintain their marketing or face the possible entry of more cost-effective competitors.

____________ exists when the interaction of two or more active activities, such as those in a business, create a combined effect greater than the sum of their individual effects.

A firm that possesses a valuable and rare resource will not gain a competitive advantage unless it can actually put that resource to effective use.

The industry characteristics that make it very difficult for firms to achieve strategic competitiveness and earn above-average returns includes all of the following EXCEPT:

Two or more firms competing for differentiation may engage in price wars that drive profits to very low levels.

Not all organizations need strategies to survive and thrive.

An assessment of strengths and weaknesses occurs as a part of organizational analysis.

Goals and objectives are the indicators of how well the ______________ is succeeding.

______________ assess factors external to the business that could enable a business to exist and/or prosper.

Why would you consider the Nike brand as a valuable intangible asset?

Where the value chain might suggest internal areas of strength, __________ helps predict whether those strengths will give it a competitive advantage. Short

______________ markets are the industries that consume the industry outputs.

________________ stands for strengths, weaknesses, opportunities, and threats.

_____________________ answers strategy questions related to "what business or businesses should we be in?"

______________ is essentially about understanding choices organizations make in order to achieve specific goals and objectives to fulfill a firm's mission and vision.

The ________________ consists of stakeholder groups that a firm has regular dealings with which can affect the costs, quality, and overall success of a business.