Exam 4: Strategic Management and Planning in a Global Environment

Opportunities are internal aspects of the organization's operations that represent potential competitive advantages or distinctive competencies, while threats are those internal areas that need improvement.

Strategic goals are very narrow statements of the results that an organization wishes to achieve in the long run.

When an organization does what's necessary to ensure its long term strategic plans are achieved effectively and efficiently, it is in the __________ phase.

Vision can mean a guide to the future; or, a manager's ability to predict problems and opportunities which an organization may face.

Accomplishing something better than its competitors gives an organization a competitive advantage.

The Sarbanes-Oxley Act of 2002 is an example of a change in the __________ environment which forced thousands of publicly traded companies to adjust the way they conduct business.

Stability strategies are intended to ensure continuity in the operations and performance of an organization.

Information gathered during __________ serves as a foundation for the formulation of the organization's strategic plan.

Match each term with the correct statement below. -a thorough evaluation of the organization's strengths and weaknesses

For decades, Volvo has consistently emphasized its company's reputation for safety in its advertisements. Stressing this competitive advantage is consistent with which generic strategy?

Organizations that pursue a cost-leadership strategy compete on the basis of

In the mid-1980s, the oil producing states of Louisiana, Texas, and Oklahoma began to witness companies pursuing a __________ strategy when the price of oil reached uncharacteristic lows. It was no longer cost-efficient to explore for oil and to maintain so many rigs on land and in the Gulf of Mexico. These states witnessed massive layoffs and closures of many oil fields and refining facilities.

Match each term with the correct statement below. -a strategy for competing on the basis of price

Porter defines the generic strategies along two primary dimensions:

It is important that strategic goals be specific, measurable, time linked, realistic but challenging, and focused on the outcome.

The general environment includes environmental forces that are within the organization's operating environment and may be influenced to some degree.

Match each term with the correct statement below. -a plan that identifies the markets in which an organization competes, as well as the ways in which it competes in those markets

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

A unique skill or knowledge that an organization can use to accomplish something better than a competitor is considered a(n)

Modern Maternity, a woman's clothing store, pursues a generic strategy of