Exam 4: Strategic Management and Planning in a Global Environment

Assume that Southwest Airlines is right when the company believes, and states, that a low price and on-time arrival and departure are important to its customers. This is an example of

Stability strategies focus on streamlining the operations of an organization by reducing costs and assets.

Match each term with the correct statement below. -designed to increase sales and profits of the organization

Competitive scope refers to offering customers superior value either through a lower price or superior service.

Top managers, using their conceptual skills, spend a considerable amount of their time monitoring changes in the economic, technological, socio-cultural, and political-legal factors in their environment. These factors are a part of the __________ environment.

The general environment includes forces that are typically beyond a firm's control. Why, then, is it necessary for a firm to understand its general environment?

Which of the following is not a characteristic of effective strategic goal-setting?

Distinctive competencies which lead to a competitive advantage are referred to as

The three generic strategies identified by Porter are

The purpose of an external analysis is to identify those aspects of the environment that represent either a strength or a weakness of the organization.

When Kimberly identifies the assets, resources, skills, and processes that represent either strengths or weaknesses of her company she is performing

Many small business owners are content to run businesses that supports their families. This is an example of

The culture at Southwest Airlines is part of its competitive advantage.

The purpose of retrenchment strategies are to reverse negative sales and profitability trends through expansion and diversification.

Strategy formulation addresses the question, "Where does the organization want to be?"

__________ should include these three primary aspects: 1) its target markets; 2) its primary products and services; and, 3) an outline of the overall strategy for delivering these products and services to satisfy customers in its target market.

Resource availability is a component of an organization's task environment.

Strategic goals define the overall purpose of an organization and describe the attributes that distinguish one organization from another.

Match each term with the correct statement below. -a strategy for competing by targeting a specific and narrow segment of the market

Match each term with the correct statement below. -a strategy for competing by offering products or services that are generally considered better, by the consumer, from those of competitors