Exam 4: Strategic Management and Planning in a Global Environment

As academic vice-president of her university, Dr. Lynn Stallworth develops strategies with the intention of bridging the gap between the current and desired positions of the university. In which stage of the strategic planning process is Lynn Stallworth?

Interaction of the factors of rivalry among competitors, bargaining power of customers, the threat of substitute products or services, bargaining power of suppliers, and threat of new entrants to the industry can be assessed through a tool known as the __________.

For quite some time, Katherine Stuart had been thinking about starting a consulting business to capitalize on her skills and experience in hotel management. In the early stages of developing her business, Katherine decided to write a statement that would define the reason for which her company existed and provide strategic direction to the employees she hired. Katherine was writing an organizational __________ statement.

The Lexus ES is a mid-price, luxury automobile that appeals to a narrow segment of the new car market. Based on this information, we can conclude that Lexus pursues a generic strategy of

Match each term with the correct statement below. -asks the question, "What is the current position of the organization?"

Match each term with the correct statement below. -the fundamental way in which an organization competes in the marketplace

Generic strategies reflect the primary ways in which an organization competes in its markets. They are commonly referred to as cost leadership, differentiation, and focus.

Organizations that pursue a differentiation strategy compete by offering products or services that are differentiated from those of their competitors in some way.

Match each term with the correct statement below. -the results the organization seeks to achieve in the long run

Strategic control mechanisms identify deviations between actual and planned results so that managers can make the adjustments necessary to ensure that organizational goals can be achieved in the long term.

Match each term with the correct statement below. -asks the question, "How can the organization get to where it wants to be?"

Although mission statements will vary greatly among firms, every mission statement should describe three primary aspects of the organization:

Mr. Thomas Ryan, a manager with Bakter Construction, has been developing a system which he hopes will help monitor his organization's progress toward fulfilling its mission and achieving its strategic goals. This system would be associated with which stage of the strategic planning process?