Exam 5: Developing Mission, Vision, and Values

______________ markets are the industries that provide the raw material or inputs for the focal industry.

Why did McDonald's sell Chipotle?

The firm's capacity to deploy resources that have been purposely integrated to achieve a desired end state are called _____________.

The VRIO criterion that determines whether a resource or capability is the source of competitive advantage recognized that the firm must have the _______________ capability to exploit the resources. Short

Straddling strategies as an approach to strategic management is not recommended for which reason:

According to the strategy diamond, ________________ are the things that are supposedly unique to the firm such that they give it a competitive advantage in its current and future arenas.

____________________focuses on how a given business needs to compete in order to be effective.

What are the two internal analysis tools discussed in the text?

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

Using Porter's analysis, firms are likely to generate higher profits if the industry includes which of the following?

The stronger competitive forces are, the lower the profit potential for an industry's firms.

A cost-focus strategy is a low-cost, narrowly focused market strategy.

A useful tool for taking stock of organizational capabilities is the ______________.

The different aspects of strategy as distinguished by Mintzberg include which of the following?

The hardest thing for an organization to do is to develop its competitive advantage into ______________ competitive advantage, where the organization's strengths cannot be easily duplicated or imitated by other firms, nor made redundant or less valuable by changes in the external environment.

_______________ tells managers how they should go about putting the desired strategy into action.

What industry environments may call for combination strategies ion 4

Strategic management process is the coordinated means by which an organization chooses its mission and vision.

When fixed costs account for a large part of total costs, what do companies do?

Goods or services from outside a given industry that perform similar or the same functions as a product that the industry produces are called ____________________. Short