Exam 7: Strategy and Strategic Management: Insight and Hard Work Deliver Results

The recommendation of the BCG matrix on question marks is retrenchment or __________.*

__________ refers to the ability to perceive situations, gather and interpret relevant information, and make decisions.

A(n) __________ is a comprehensive action plan that identifies long-term direction for an organization and guides resource utilization to accomplish its goals.

Business strategies should support business goals.

Coca-Cola promises to put a Coke within an arm's reach of every consumer in the world. This could be considered a statement of __________.*

The process of strategic management focuses only on developing strategies.

Which of the following is NOT a growth strategy?

Define the difference between a competitive advantage and a sustainable competitive advantage.

A strategy for expanding an organization's business is called a __________ strategy.

The web-based business model of infomediary brings buyers and sellers together for online business transactions and taking a percentage from the sales.

A(n) __________ strategy is one that guides activities within a specific area such as engineering and marketing.

With the release of its iPad, Apple was the first to market an innovative product by linking design, technology, and customer appeal. As such, the iPad offers Apple a sustainable competitive advantage.

A functional strategy provides long-term direction for the total enterprise.

Porter suggests that industry attractiveness is a function of five forces, including:*

A(n) __________ strategy seeks the lowest costs of operations within a special market segment.

In a large company, a strategy that sets the long-term direction for the entire company is called a __________ strategy.

The shorter-term guides to action under the mission statement are called __________.

A mission statement includes specific goals that the organization wants to achieve.

A __________ protects an insolvent firm from creditors during a period of reorganization to restore profitability.

__________ are special strengths of an organization and give the organization a competitive advantage.