Exam 9: Managing Strategy

The first step in the strategic management process is analyzing the external environment.

A SWOT analysis includes an analysis of an organization's environmental opportunities and threats.

Focusing on process development can lead to a successful cost leadership competitive strategy.

Functional-level strategy directly supports the ________.

Although it is difficult to do, a "stuck in the middle" company can keep costs low and distinguish itself from its competitors.

Casey realizes that she has a personal characteristic that suggests she is not comfortable interacting with strangers. She interprets this as a(n) ________ if she is to get a job as a salesperson.

In the BCG matrix, a business unit that has a high anticipated growth rate but a low market share is known as a ________.

AI Rubber is one of four suppliers of molded rubber products and has a 45% market share. The market for its products is shrinking. AI Rubber is part of a larger corporation that includes a total of seven different companies. In the BCG matrix, AI Rubber would be considered a ________.

A ________ describes how a business will compete in its primary market.

Helen, the owner of Crazy Cupcakes, is conducting a SWOT analysis of her company. Which one of the following represents an opportunity for expansion?

When the price of beef skyrockets, consumers switch to pork and chicken. This demonstrates ________.

Within an organization, the single independent businesses that formulate their own competitive strategies are known as strategic business units.

An organization that is diversifying its product line is exhibiting what type of corporate strategy?

Diversification is an example of a corporate retrenchment strategy.

A trucking company that grows by purchasing a chain of gasoline stations is engaged in horizontal integration.

A turnaround strategy is a type of renewal strategy used when an organization is in serious trouble.

The French fries at Ronald's fast food business have been its most popular product. During the past year, its profits have suffered because the farm that supplies it with potatoes has increased its prices drastically. What should Ronald's do to control its production costs?

________ takes place when a company combines with other companies in different, but associated, industries.

Apple is an example of a company that was ________.

An Internet-based knowledge management system that shortens customer response times would be an e-business technique that contributes to the competitive advantage of a ________.