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Exam 5: Strategic Management

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Question 1

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

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Strategic ...

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Question 2

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Planning starts with vision and mission, and concludes with strategizing.

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Question 3

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A(n) ______________ is a group of firms producing products that are close substitutes.

A company's value derives not from things, but from ____________.

_____________ growth refers to any growth from takeovers, acquisitions, or mergers.

According to the strategy diamond, economic logic tells us how profits will be generated above the firm's cost of capital.

According to the strategy diamond, if arenas and differentiators show where you want to go, then ________ communicate how the strategy will get you there.

A ________________ strategy is the marketing of a differentiated product to a narrow market, often involving a unique product and a unique market.

How has Southwest Airlines combined cost-cutting measures with differentiation

Which of the following is considered an intangible resource?

_____________ include assets that are deeply rooted in the firm's history and have accumulated over time.

For a differentiation strategy to be effective, the product difference should NOT be based on:

Not all organizations need strategies to survive and thrive.

Compared with the industry environment, the general environment has a more direct effect on the firm's strategic competitiveness and above-average returns.

What is the general environment of a firm

Industries with many companies that have successfully differentiated their product have more rivalry.

What is the best way to develop a strategy

Strategy formulation answers the question:

_______________ refers to the strategy where a firm's competitive advantage is based on the bet that it can develop, manufacture, and distribute products more efficiently than competitors.

How does Chuy's, a chain of Austin, Texas-based Tex-Mex restaurants, demonstrate the facet of staging and pacing of the strategy diamond in their strategy for growth