Exam 1: The Need for Strategy

The senior managers of a firm depend upon those who are ________ for the information necessary to make ethical decisions that contribute to the overall effectiveness of the organization.

The value chain offers a systematic way of examining all the activities of a firm and how they interact to find a basis for a competitive advantage.

The vignette about Competition in Commercial Aircraft Manufacturing shows how strategic decisions can have long-lasting effects.

While seemingly a subject of interest mostly to top managers in large corporations, strategy is important to you even at the beginning of a career because

The qualitative and quantitative measures used to assess the effectiveness of a business strategy are called

One of the earlier instances of companies looking inward for sources of competitive advantage can be seen in the popularity of __________ in the early 1900s.

The "internal analysis" of a company encompasses both an examination of its value chain and a(n) ________.

________ describes the stage of the strategic management process in which management articulates its vision and mission, outlines its goals and objectives, and decides upon a strategic approach.

Profits, cash flow and market share are the ________ of an effective strategy.

That part of the strategic management process in which the expected results of a strategy are compared to the actual results is called

Before the 1970s companies operated in markets that were unstable, rapidly changing, and hypercompetitive.

The Blockbuster example shows that a company can reverse an eroding market position by matching the competitive moves of rivals that are using alternative strategies.

Which of the following is not one of the four stages of the strategic management process?

The strategy involved in managing multiple business units under the same corporate banner is known as

XM Satellite Radio and Sirius Satellite Radio each considered which of the following business models prior to launching their services?

________ wrote two important books in the 1980s that have dramatically influenced the tools of strategy that are both used by firms and taught by business schools.

Sirius XM Satellite Radio faces competition from iPods and other MP3 players that did not exist at the time each individual company conceived of a satellite radio service.

Which of the following is not one of the five critical questions with which strategy contends?

Understanding who a company's customers are going to be, what these customers will value, and how to make money creating and delivering those values are all aspects of the ________ strategic imperative.

Metrics comprise only qualitative measures by which a firm can evaluate the effectiveness of its business strategy.