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MGT 521T Practice Chapter 6
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MGT 521T Practice Chapter 6

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1) Anita felt that it was important for her taxi company to continually measure itself against its best competition. She kept track of the number of rides per hour and turnaround times for all her drivers and compared it to that of the high-performing taxi group in the next town. Anita is using the process of benchmarking to compare her company with another. 2) Which of the following are part of porter’s five competitive forces? 3) Identifying an emerging market where there are currently no competitors would be considered an organizational ------- in a SWOT analysis. 4) In terms of a SWOT analysis, organizational ----- are environmental factors that hinder an organization’s achieving a competitive advantage. 5) The skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its mission are called organizational ------ 6) Environmental factors that an organization may exploit for competitive advantage are called organizational ------. 7) When applying SWOT analysis, which of the following demonstrates an external opportunity that the company may exploit? 8) Which of the following would be included in the contingency planning process? 9) If a company is to survive, it must keep track of what its competitors are doing through competitive 10) Environmental scanning is the careful monitoring of an organization’s internal and external environments to detect early of opportunities and threats that may influence the firm’s plan. 11) When considering SWOT analysis, which of the following is an example of an organizational weakness? 12) Specialty stores with high-end products such as cartier jewelry offer products that are of unique and superior value compared to those of competitors. This is an example of the ------ different strategy, one of porter’s competitive strategies. 13) In a single-product strategy, a company operates separate businesses that are related to one another. 14) Which of the following is a kind of diversification strategy? 15) Which of the following demonstrates an advantage of diversification? 16) A blue ocean strategy does which two of the following? 17) According to the BCG matrix, a company will do better in a ----- market in which it has a high market share. 18) Taylor told her management team that there was an opportunity to develop a new product to compete against a similar, rival product with quality control problems. Which part of the strategic management process would be an example of? 19) Strategy ----- is the process of choosing among different strategies and altering them to best fit the organization’s needs. 20) Putting strategic plans into effect is referred to as ----- 21) SWOT analysis and benchmarking would be activities a company uses in which step of the strategic management process? 22) Which of the following questions should be answered “yes” by a company’s vision statement? Check all the apply. 23) When pursuing a cost-focus strategy, a company would target a narrow(wide or narrow?) market. 24) Place the steps in the strategic-management process in the correct order, with the first step listed at the top. 25) In what steps of the strategic-management process is Isabella working if she is preparing the long-term goal of what her company is to become? 26) In which of the core processes of business developed by Bossidy and charan would a company ask “who is my competition?” and “How will my business make money on a sustainable basis?” 27) Within the core business process of -----, an organization provides a path for the company to follow and defines short-term objectives for the major activities in which the organization will engage. 28) Which stage of the strategic management process is taking place when Stefan decides that his company must go through with building the new plant even though his production engineers think that redeveloping the existing plant is a better option? 29) According to Bryan Barry, there are four things a manager can do keep a strategic plan on track. Select all that apply. 30) ------ is the process that helps align the last two phases of the strategic-management process: strategic implementation and strategic control. 31) When a company puts its strategic plan into effect, it is in the process of strategy ------ 32) Which of the following statements about execution are true? 33) When discussing strategic management, effective execution requires managers to build a foundation for execution within several core processes. Identify these core processes below. 34) A values statement should include which of the following? 35) Business units that have slow growth but high market share are considered to be --------by the BCG matrix. 36) Operating several businesses in order to spread the risk is the goal of a diversification strategy. (Remember to type only word in the blank.) 37) Selling several products that are not related to one another under one ownership describes a(n) ----- strategy. 38) A gas station that sells food, souvenirs, and t-shirts is operating with a ------ strategy. 39) The organization’s mission statement expresses the organization’s purpose or reason for being. 40) Ash has been asked to write a statement to describe what the organization stands for, or its-----. 41) Pizza express is planning on increasing market share by increasing its delivery radius. This is part of its ----- grand strategy. 42) A growth strategy that focuses on increasing market share or profits by innovating improvements in products or services is called a(n) ----- strategy. 43) When Johnson & Johnson promoted its baby shampoo as a gentle cleanser suitable for adults, it did this without changing the formulation of the product. Which type of common grand strategy does this exemplify? 44) The main benefit of a single-product strategy is ------. 45) The risk of a single-product strategy is -------. 46) Which two of porter’s competitive strategies are appropriate when addressing a narrow market? Choose all that apply. 47) Companies pursuing a cost-relationship strategy keep costs/prices----- those of competitors and target a ------ market. 48) Porter’s competitive strategy that seeks to offer products or services that are of a unique and superior value to those of competitors and that target a wide market is referred to as 49) One of three common grand strategies, a defensive strategy(also called retrenchment strategy) involves a reduction in the organization’s efforts. 50) Porter’s competitive strategies include which of the following? 51) The use of brands to make a company stand out from its competitors is part of the----- strategy. 52) Which of the three common grand strategy involves little or no significant change? 53) A growth strategy involves expansion in some aspect of the business, such as sales revenues, market share, number of employees, or number of customers or clients served. 54) While Starbucks sells many type of coffee products, Connie’s coffee house only sells one type of coffee. The two companies are both selling coffee but in different ways. This is an example of ---. 55) Which of the following is an example of a strategic position that recognizes “broad needs, few customers”? 56) Identify the three key principles that underlie strategic positioning.

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