Exam 8: Strategy Formulation and Execution

In for-profit firms, strategic planning pertains to events in the external environment.

__________ is the stage of strategic management that includes the planning and decision making that lead to the establishment of the organization's goals and a specific strategic plan.

__________-levelstrategy pertains to the major functional departments within the business unit.

The __________ function recruits, selects, trains, compensates, transfers, promotes, and lays off employees to achieve strategic goals.

Competitive advantage refers to the set of decisions and actions used to formulate and execute strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals.

For the social networking site Facebook, technological know-how and an aggressive and innovative culture are significant strengths to include in its SWOT analysis.

Which of the following is not one of the tools used for putting strategy into action?

After Sunshine Systems merged with RTD Enterprises, company executives noticed that due to increased employee collaboration between the two units, costs were down and revenues increased within both areas. This is an example of which element of competitive advantage?

One key to effective strategy execution is entrenchment, which means there is a deep understanding and acceptance of organizational direction and purpose throughout the organization.

Name and describe the four types of global strategies.

Briefly describe the tools for putting strategy into action.

The human resource department at Paula's Powerwheels is implementing a number of functional-level strategies. These strategies include focusing on ways to retain and develop a stable workforce and ways to improve efficiency in the organization. These functional-level strategies are consistent with which of the following strategies?

Sarah owns a clothing boutique. Her focus on operational efficiency enables her to keep costs low compared to other clothing stores in her area. Sarah's expertise on operational efficiency is an example of which element of competitive advantage?

Janessa is the CEO of a privately-held software company. In defining corporate-level strategies, which of the following questions would she most likely be concerned with?

A __________ strategy can reduce rivalry with competitors and fight off the threat of substitute products because customers are loyal to the company's brand.

The administration and implementation of the strategic plan is strategy execution.

"How do we compete?" is a question asked when managers are considering functional-level strategy.

Theresa Teutul Theresa Teutul was an executive with Digital Industries, a leading manufacturer of color televisions. She recognized that the color television market in the late 1970s was facing significant challenges. After two decades of highly successful development and marketing, the sales of color televisions had slowed and replacing older color television sets largely created her market. -The strategy that the BCG matrix suggests that Theresa should take for this strategic business unit (SBU) is:

When an organization chooses a(n) __________ strategy, it means competition in each country is handled independently of industry competition in other countries.

To achieve competitive advantage, companies should develop strategies that: