Exam 9: Strategic Planning: Strategies, tactics, and Competitive Dynamics

The Razzmatazz Group of companies plans to launch a new flavor of crackers that is distinct and unusual.Which one of the following strategies is the company following to become more competitive?

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Question 1

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What is competitive dynamics? Briefly describe the factors that influence a firm's action or reaction?

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Question 2

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Competitive dynamics refers to the process by which firms undertake strategic and tactical actions and how competitors respond to these actions.The study of competitive dynamics is important in order to understand why managers undertake such actions.Inevitably,it is these actions and reactions that influence a firm's ultimate financial performance.
Research suggests that three primary factors influence a firm's action or reaction: awareness,motivation,and capability.Competitor awareness refers to how mindful a company is of its competitor's actions.Competitor motivation refers to the incentives that an organization has to take action.Competitor capability refers to a firm's ability to undertake an action.

________ is the ability to create throughout the organization a network of people who can help solve implementation problems as they occur.

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Question 3

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Which one of the following sentences about the differences between strategic planning and tactical planning is true?

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Question 4

The last step in the strategic management process is ________.

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Question 5

The document that is written by management and describes and explains what the purpose for which the organization exists is the ________.

(Multiple Choice)

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Question 6

________ is the purpose for which - and the reason why - an organization exists.

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Question 7

An SBU with a large market share of a low-growth market is a ________.

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Question 8

In general,the strategic management process is thought to consist of sequential and continuing steps.

(True/False)

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Question 9

In strategic planning,managers consider the organization as a total unit and ask themselves what must be done in the long term,which is usually ________.

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Question 10

In an attempt to offer better deals to customers and thereby increase its market share,Dun's Burgers renegotiated for lower prices from its main supplier of beef.Dun's Burgers is using which of the following strategies to attract customers?

(Multiple Choice)

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Question 11

Which one of the following statements accurately reflects the relationship between the mission and the objectives?

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Question 12

Jewel Delight is planning to compete using a differentiation strategy.Doing this means they will have what kind of products in their jewelry stores?

(Multiple Choice)

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Question 13

Mary has just formulated the annual budget for her department.She has outlined how the funds must be allocated and spent over the 12 months.This would most likely be categorized as ________.

(Multiple Choice)

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Question 14

Dun's Burgers has decided to open takeaway counters that will be open until 11 p.m.to cater to people who return late from work.This turns out to be an excellent strategy as Dun's becomes a hot favorite with the people who work late shifts.This is an example of ________.

(Multiple Choice)

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Question 15

________ refers to how mindful a company is of its competitor's actions.

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Question 16

Long-range planning that focuses on the organization as a whole is ________.

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Question 17

As Jim Autry,a plant supervisor at Ogden Metals,prepares to participate in his organization's upcoming strategic management planning process for the year,he wants you to explain the Critical Question Analysis process and the value it offers him as management looks into the future of Ogden's ability to compete in its marketplace.What will you tell him the value is of this analysis?

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Question 18

Bristol Jones is the owner of a women's shoe store in Wainscot,PA.Her store has been extremely successful selling high-end shoes to the adult market in Wainscot.Management is looking to grow revenues and is considering offering men's shoes as well.What would you advise Ms.Jones to consider before taking on this new product line?

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Question 19

Briefly discuss Michael Porter's three generic strategies.

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Question 20

Showing 1 - 20 of 90

The Razzmatazz Group of companies plans to launch a new flavor of crackers that is distinct and unusual.Which one of the following strategies is the company following to become more competitive?

What is competitive dynamics? Briefly describe the factors that influence a firm's action or reaction?

________ is the ability to create throughout the organization a network of people who can help solve implementation problems as they occur.

Which one of the following sentences about the differences between strategic planning and tactical planning is true?

The last step in the strategic management process is ________.

The document that is written by management and describes and explains what the purpose for which the organization exists is the ________.

________ is the purpose for which - and the reason why - an organization exists.

An SBU with a large market share of a low-growth market is a ________.

In general,the strategic management process is thought to consist of sequential and continuing steps.

In strategic planning,managers consider the organization as a total unit and ask themselves what must be done in the long term,which is usually ________.

In an attempt to offer better deals to customers and thereby increase its market share,Dun's Burgers renegotiated for lower prices from its main supplier of beef.Dun's Burgers is using which of the following strategies to attract customers?

Which one of the following statements accurately reflects the relationship between the mission and the objectives?

Jewel Delight is planning to compete using a differentiation strategy.Doing this means they will have what kind of products in their jewelry stores?

Mary has just formulated the annual budget for her department.She has outlined how the funds must be allocated and spent over the 12 months.This would most likely be categorized as ________.

Dun's Burgers has decided to open takeaway counters that will be open until 11 p.m.to cater to people who return late from work.This turns out to be an excellent strategy as Dun's becomes a hot favorite with the people who work late shifts.This is an example of ________.

________ refers to how mindful a company is of its competitor's actions.

Long-range planning that focuses on the organization as a whole is ________.

Briefly discuss Michael Porter's three generic strategies.

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