Exam 4: Strategic Management and Planning in a Global Environment

A mission statement describes three primary aspects of an organization: 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.

Controls that compare the actual performance of an organization to its planned performance are referred to as

After completing its strategic plan, Circuit City decided to pursue a grand strategy that focused on increasing its sales, profits, and corporate portfolio. Circuit City chose a grand strategy of

Technological forces, socio-cultural forces, economic forces, and political-legal forces are examples of the forces in a firm's __________ environment.

An organizational mission statement reflects the fundamental reasons for which the organization exists; provides strategic direction for the members of the organization; and keeps them focused on common goals.

Which of the following is not an element of strategy formulation?

The four stage process of strategic planning includes strategic analysis, strategy formulation, strategy implementation, and strategic evaluation and control.

Using the Five Forces Model, the movie theatre industry would consider Blockbuster as a

__________ refers to the target market chosen by an organization.

An organization might use a __________ to provide strategic direction and a focus on the organizational goals for its members.

The stage of the strategic planning process that asks the question, "What is the current position of our organization? is referred to as

Changes in the __________ environment have almost forced small business owners to install point of sale terminals to track sales and inventory, in order to remain competitive.

The __________ strategy defines the primary way in which the firm competes in its respective markets.

The purpose of an external environmental analysis is to identify the assets, resources, skills, and processes that represent either strengths or weaknesses for the organization.

Strategic analysis requires two primary activities: internal analysis and financial analysis.

Strategic __________ involves monitoring the implementation of the strategic plan and ensuring quality and effectiveness in terms of organizational performance.

The following statement was published by National Commerce Bank to describe why the company exists: "To lead in the delivery of financial services that meet the evolving needs, exceed the expectations and enhance the lives of our customers, employees and shareholders. This is an example of an organization __________ which defines the reasons for which the firm exists, and is typically developed in the __________ stage of the strategic management process.

Match each term with the correct statement below. -designed to reverse negative sales and profitability trends, typically requiring the elimination of one or business units

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

A comprehensive plan that provides overall direction for the organization is known as a strategic plan.