Chat with AIExam 9: Managing Strategy
Identify the six steps in the strategic management process and briefly explain what happens in each step.
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VerifiedStep 1: Identify the Organization's Current Mission, Goals, and Strategies - Every organization needs a mission-a statement of its purpose. Defining the mission forces managers to identify what it's in business to do. These statements provide clues to what these organizations see as its purpose.
Step 2: Do an External Analysis - Managers do an external analysis so they know, for instance, what the competition is doing, what pending legislation might affect the organization, or what the labor supply is like in locations where it operates. In an external analysis, managers should examine the economic, demographic, political/legal, sociocultural, technological, and global components to see the trends and changes.
Step 3: Do an Internal Analysis - This provides important information about an organization's specific resources and capabilities. After completing an internal analysis, managers should be able to identify organizational strengths and weaknesses.
The combined external and internal analyses are called the SWOT analysis, which is an analysis of the organization'' strengths, weaknesses, opportunities, and threats.
Step 4: Formulate Strategies - The three main types of strategies managers will formulate include corporate, competitive, and functional.
Step 5: Implement Strategies - Once strategies are formulated, they must be implemented. No matter how effectively an organization has planned its strategies, performance will suffer if the strategies are not implemented properly.
Step 6: Evaluate Results - The final step in the strategic management process is evaluating results.
Which of the following is a competitive force under the five forces model?
(36) VerifiedD
Ferrari sells very expensive, stylish, high-quality cars to very wealthy people. Ferrari follows a ________ strategy.
(39) VerifiedB
Bixler Corporation boasts that it has the fewest warranty claims in its industry. We can infer from this that ________.
(33) A retrenchment strategy is a short-run renewal strategy that helps an organization stabilize operations, revitalize organizational resources and capabilities, and prepare to compete once again.
(38) Harness International, a global wiring harness company, allows each customer to access its engineering drawings on the company's extranet, speeding up the design process for every project. Harness would consider this to be a(n) ________.
(36) Casey majored in marketing and really enjoyed studying market research as a subject. Through research on the Internet and in the university library, she discovers that this industry appears to have significant positive trends in employment. She interprets this as a(n) ________.
(34) As smartphone cameras improved, consumers turned away from traditional cameras. Polaroid lost market share and finally realized their product was no longer desired. At that point, Polaroid would be considered a ________ in the BCG matrix.
(28) A firm's reputation in the marketplace would be considered a resource.
(30) During the Great Recession, Malcolm's Racing Bikes lost a considerable amount of its business because customers could no longer afford the expensive models in his shop. He was very near bankruptcy. Malcolm began carrying a line of less expensive bikes to appeal to recreational bicyclists and families and also opened a repair service. Malcolm used a ________ strategy.
(34) Which one of the following is an advantage of being a first mover?
(38) Discuss the five forces model and the various competitive strategies that an organization may use.
(29) Discuss how managers can formulate e-business strategies that contribute to the development of a sustainable competitive advantage in today's environment.
(26) An organization's financial, physical, human, and intangible assets are known as its ________.
(27) A business model describes how a company is going to make money and what it is going to do with it.
(33) Defining the organizational mission forces managers to identify what ________.
(40) A firm that is '"stuck in the middle'" cannot develop ________.
(26) Emily's Bakery's customers have asked her to open a second location in a neighboring town offering the same menu as the original location. If Emily decides to do this, she will be following a ________ strategy.
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