Strategic Management

 MGT 6370A Strategic Management

___________ i	Target Market
________________ is used when a company faces significant cost	Transnational Strategy
_____________________is where you buy the land, build the	Greenfield Investment
________________is used when a company is primarily focused on its	Export Strategy
_____________customizes products or processes to the	Multi-domestic Strategy
____________is used when a company treats the whole	Standardization strategy
A policy is what is, or what is not done. While a strategy is themethodology used to achieve a target as prescribed by a policy.	TRUE
A statement, that provides a perspective of the means, which will lead theorganization, reach the vision in the long run.	Strategic Intent
A vision statement answers the question.	What do we want to become?
According to , strategy is organisation‘s pattern of response to its environment over a period of time to achieve its goals and mission.”	Igor Ansoff
According toMarkides (1999), a strategic position represents a company’s answers to three	How thecompany can do this at the lowest cost
Accordingto Porter (1996) in his article “What is strategy?”, strategy is about being	Different
An organization’s external environment consistsof the general or macro environment and:	Thecompetitive environment
Anything that a firm does especially well compared to rival firms is referred to as?	Competitive advantage
Because of their low market share these businesses are often expected to	Dogs
Both an Art and science of formulating, implementing, and evaluating,cross-functional decisions that facilitate an organization to accomplish itsobjectives.	Strategic management
Comes from the Greek word "strategos", which refers to a military general.	Strategy
Competitive strategy is also known as:	Competitive positioning
Creating competitive advantage through effective management of the strategy-making process.	Strategic Leadership
deals with acquisition of resources with which organizational goalscan be achieved.	Business Policy
Decisions regarding which industries tocompete in are the concern of:	Industry strategy
Demographic and psychographic factors are the primary indicators considered	TRUE
Drucker refersto an organization’s assumption about its environment and its strength and	Theory of business
Employees without are worthless resources to the organization.	Skills
Enumerate the Porter's Five Forces.	Competition in the Industry, Potential of New Entrants into an Industry, Power of Suppliers, Power of Customers, Threat of Substitutes
Feedback plays a very important role in the evaluation stage, providing the strategists	TRUE
Goals are the end results that the organization attempts to achieve.	TRUE
Have a potential to be stars if successfully developed.	Question Mark
He defines strategy as a creation of a uniqueand valued position involving a different activity from rivals or performssimilar activities in different ways.	Micheal Porter
If you have a particularly interesting and unique product or service	Piggybacking
Igor Chandler is the Father of Strategic Management.	FALSE
Implementing strategy means mobilizing employees and managers to put formulated	TRUE
In the Directional Policy Matrix, the horizontal axis is defined as.	Competitive Strength
In the Directional Policy Matrix, the vertical axis is defined as.	Market Attractiveness
is as significant as because it throwslight on the efficiency and effectiveness of the comprehensive plans in achievingthe desired results.	Strategy Evaluation
It allows fewer resources and less time to be devoted to ing erroneous or ad hoc decisions.	It allows fewer resources and less time to be devoted to ing erroneous or ad hoc decisions.
It can be defined as a group of techniques that	Corporate portfolio analysis
It describe what an organization excels at and	Strengths
It focuses on providing a product or service that is	Differentiation Strategy
It has vital role in businesses by indicating current and	Environmental Analysis
It implies the process of critically examining the factors	Scanning
It is a method or plan chosen to bring about a desired future, such as achievement of a goal or a solution to a problem.	Strategy
It is a model that identifies and analyzes five competitive	Porter's Five Forces
It is a relatively sophisticated arrangement where a firm transfers	Licensing
It is a strategy which focuses on reducing the costs involved	Cost Leadership
It is a tool that can be used to determine what priorities	BGC Matrix
It is an economic term describing the existence of high	Barriers to Entry
It is an involved, intricate, and complex process that takes an organization into uncharted territory.	Strategic Planning
It is an objective that seeks to attain in reality.	Operative objective
It is described as the "Long-term Market or Competitive Position"	Sense of direction
It is designed to help potential shareholders and investors understandthe purpose of the company.	Mission Statement
It is the 1+1=3	Joint Ventures
It is the areas in the business that needs to improve to remain	Weaknesses
It is the degree to which the company is able to use the same	Global Integration
It is the dream of the business and an inspiration, base for theplanning process.	Vision
It is the f	SWOT analysis
It is the framework used to evaluate a company's competitive position and todevelop strategic planning.	SWOT analysis
It is the methodical evaluation of the key	internal Analysis
It is time-based measurable actions, which help in theaccomplishment of goals.	Objectives
It means the ratio of the business’s market	Relative competitive position
It must be visible to everyone, and clearly identifyhow the departments, divisions, units and sections are organized, with the linesof authority and accountability clearly established.	Structure
It refers to factors that have the potential to harm an	Threats
It refers to favorable external factors that could give	Opportunities
It refers to selling directly into the market you have chosen using	Direct Exporting
It refers to the actions that managers have to take or do in order to	Strategy
It refers to the projected rate of sales growth for the	Market growth rate
It represents what the organization must achieve in order for it to	Strategic Objectives
It seeks to explain the business undertaken by the firm, with respect tothe customer needs, target audience, and alternative technologies.	Business Definition
It states that Strategic Intent is differentiated because here in this case the employees are allied and they are convinced about the concept of Strategic Intent.	Sense of discovery
It states that, there should be a clear indication and guide on how the main activities oroperations of the business are carried out.	Systems
Itis generally agreed that the role of strategy is to:	Achieve competitive advantage
Johnson and Scholes three ways in strategies selection.	Selection against objectives, Referral to a higher authority, Partial Implementation
Kay (1993)sees the strategy of an organization as matching capabilities with:	Theindustry life cycle
Need very little capital expenditure but return high levels of cash income. Can be used to finance the stars.	Cash cow
Only verifiable	TRUE
Organizations need to set adequate and appropriate objective to cover all performance areas.	TRUE
Particular to companies that provide services such	Turnkey Projects
Policy must be unambiguous. It should avoid use of jargons andconnotations.	TRUE
Policy should be__________ or else it will lead to indecisiveness anduncertainty in minds of those who look into it for guidance.	Stable
Putting Strategy into action.	Strategy Implementation
Selecting strategies based on analysis of an organization's external and internal environment.	Strategy Formulation
Set of related actions that managers take to increase their company's performance.	Strategy
Short-term milestones that organizations must achieve to reach long-term objectives.	Annual Objectives
Some firms do not do strategic planning because some may think that if a firm is successful, individuals may feel there is no	TRUE
Some organization do not engage in strategic planning because managers and employees show no support.	TRUE
Statement of how employees should conduct themselves and their business to help achieve the company mission.	Values
Strategic Management serves as a foundation for all key decisions of the firm.	TRUE
Strategic objectives should not be communicated to the employees to protect the important information.	FALSE
Strategy deals with long term developments rather than short-term operations.	FALSE
Strategy Evaluation is where the organization’s mission, objectives, andstrategies are defined and set.	FALSE
Strategy has its antecedents in:	Militaryconflicts
Strategy Implementation ensures the long-term survival of the firm while coping with competition and	FALSE
Strategy is concerned with both thought and actions. While policy isconcerned mostly with action.	FALSE
Strategy is derived from the Greek word strategos, meaning military leader or general.	TRUE
Strategy must be uniform enough so that it can beefficiently followed by the subordinates.	FALSE
Strategy provides overall framework for guiding organizational thinkingand action.	TRUE
Strategy provides some framework for guiding organizational thinking	FALSE
Strategyanalysis is also referred to as:	SWOT analysis
Strategyformulation takes place at two levels. These are:	Conscious and sub-conscious
SWOT stands for ?	Strengths, weaknesses, opportunities, threats
tackles theand _________of the activities of theorganization.	what, why
Technological advancement can create new advantages that are more powerful than existing advantages.	Competitive
The action stage of strategic management is called strategy  formulation.	FALSE
The goals of an organization derive from its:	Mission
The negative trends in external environmental factors?	Threats
The quality of the objectives can be judge on the basis of its ability to give scientific direction.	FALSE
The quality of the objectives can be judged on the	TRUE
The statement of an organization’saspirations can be found in the organization’s:	Vision statement
The systematic analysis of the factor associated with customers andcompetitors and the organization itself to provide the basis for maintaining optimummanagement practices.	Strategic Management
The systematic analysis of the factor associated with customersand competitors and the organization itself to provide the basis formaintaining optimum management practices.	Strategic Management
The translation of the strategy into action takes place here, and it details the firm's competitive tactics and initiatives.	Business model
Thekey activities in the strategic management process are	Analysis, formulation, implementation
Theperspective on that is associated with framework such as the	Emergent School
They are the end users of the products and services that the company	Customers
This addresses the management or leadership in force within theorganization, from top management to the team leaders and managers in thesmaller units.	Style
This does notimply that a policy should be altered always, but it should be wide in scope so asto ensure that the line managers use them in repetitive/routine scenarios.	Flexibility
This is done to estimate the degree of variation	Performance analysis
This level concentrates on how an organization is going to	Functional Level Strategy
This level outlines what you want to achieve: growth,	Corporate level strategy
This promise high returns so reinvest heavily to defend market share and position.	Stars
Thistakes Strategic Intent to an all-together new level by including the employee'semotions with the organization aspirations.	Sense of Destiny
viewed that in developing strategy,it was essential to systematically anticipate future environmental challenges to anorganization, and draw up appropriate strategic plans for responding to thesechallenges.	Igor Ansoff
What are the Five (5) factors that support strategy implementation?	People, resources, structure, Systems, Culture
What are the Steps Involved in Environmental analysis?	Identifying, Scanning, Analyzing, Forecasting
What are the three major components in Strategic Management?	Strategy Formulation, strategy implementation, strategy evaluation
What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives?
When an organization assumes success, it often fails to reward	Poor reward structure
When companies decide to compete internationally, they should	FALSE
Which is an element of strategy Implementation?	Organizational systems and processes
Which is in a proper order?	Corporate level, Business level, Functional level
Which is not a Pitfall in Strategic Planning?	The  answer is:
Which is not an element of Strategy  Formulation?	People and leadership
Which is not belong in the group?	Business management level
Which of the following is not a major attribute of strategic intent?	Sense of Awareness
Which of the following is the third step in strategy  formulation?	Forming Quantitative Goals
Who are the individuals who are most responsible for the success or failure of an	Strategist
Without a perfect foresight, the firms must be ready to deal with theuncertain events which constitute the business environment.	TRUE
works well for firms that have a repeatable business model	Franchising