2024 – 1 A comprehensive action plan that identifies long term direction for an organization is called a n 2

8. An example of a strategic question at the corporate level is:*

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9.  A strategy that identifies how a division or business unit will compete in its product or service domain is called a __________ strategy.

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

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11. An example of a strategic question at the business strategy level is:

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12. An example of a strategic question at the functional level is:

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13. A strategy for expanding an organization’s business is called a _________ strategy.

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14. Which of the following is not a growth strategy?

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15. When a company expands in its existing markets it is called growth through _______. 

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16.  When a company expands by entering new business areas, it is called growth through ________.

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17.  When a company expands by acquiring suppliers or distributors, it is called growth through ________.*

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18. The riskiest growth strategy is through:

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19. A strategy whose objective is to correct major problems in the business through radical changes to current operations is called a _________ strategy.

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20.  Which of the following is not a retrenchment strategy?*

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21. When a company closes and sells its assets in order to pay its debts, it is called ____________.

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22. When a company reduces the size of its existing operations, it is called ____________.

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23. The retrenchment strategy that calls for selling off part of the organization is called:

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24. A _________ protects an insolvent firm from creditors during a period of reorganization to restore profitability. a) divestiture

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25. A __________ strategy views the world as one market and adopts standard products and advertising for use worldwide.

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26. A __________ strategy customizes products and advertising to the culture of the local markets into which they are sold.

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27. A __________ strategy tries to operate without a strong national identity and seeks a balance between the efficiency of worldwide operations and responsiveness to local cultures.*

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28. When two companies join together in partnership to pursue an area of mutual interest, it is called a(n) _______________.

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29. When a company legally works with its rivals on projects of mutual benefit, it is called _______. 

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30. Companies that use the internet to market their products and gain competitive advantage are employing a(n) ___________ strategy.*

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31. The electronic version of the basic retail strategy of selling directly to customers is:

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32. A _________ strategy uses information technology and the internet to link organizations vertically in supply chains.*

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33. The process of formulating and implementing strategies to accomplish long term goals and to maintain a competitive advantage is called __________.*

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34. Strategic management consists of strategy _________ and _________.

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35. The _________ statement defines the purpose of the organization and its reason for existence in society.

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36.  Specific results that companies try to achieve such as net sales and profits are common results called _________.

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37. Which of the following is not a part of a SWOT analysis?*

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38. The SWOT element that focuses on internal deficiencies is called:

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39. A special strength that a company has that gives it a competitive advantage is called a(n) _________.

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

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41. A strategy that focuses on offering products that are unique with respect to competitor’s products is called a(n) _____________ strategy.*

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42. A strategic position within an industry relying upon low cost for a market segment would be called a(n):

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

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44. What is the best strategy for products that the Boston Consulting Group would identify as dogs?*

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45. A strategic leader has to:*

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46. Business strategies should support business goals and objectives.

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47. The key to having a sustainable competitive advantage is operating in a way that is difficult to imitate.

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

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49. The advantage of growth through concentration is that you are growing in an area that you know and, presumably, have expertise.

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50. A retrenchment strategy could be a going out of business strategy.

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51. Just about any kind of partnership between two companies could be called a strategic alliance.

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52. Co-opetition is the strategy of working with rivals on projects of mutual benefit.

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53. The process of strategic management focuses only upon developing strategies.

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

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55. A SWOT analysis includes a detailed examination of an organization’s strengths and weaknesses.

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56. A special strength that gives an organization a competitive advantage is called a core competency.

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57. Porter’s Model of Industry Attractiveness includes four forces.

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58. If your strategy is to compete on price against your competitors, your strategy is one of focused differentiation.

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59. In the BCG matrix, stars are the business units that have high market shares in high-growth markets.

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60. Strategic leadership inspires people to implement organizational strategies.

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

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62. _____ strategies guide the activities of specific areas in implementing the organizational-level strategies.

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63. Expansion into areas of new business is called _____.

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64. _____ entails cutting the size of your organization and reducing the workforce.

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65. The international business strategy that adopts standard products and advertising to use worldwide is called a(n) _____ strategy.

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66. Strategic _____ is the process of putting strategies into action.

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

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

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69. A(n) _____ strategy indicates concentration on a special market segment or niche.

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70. _____ is the capability to inspire people to successfully engage in a process of continuous change, performance enhancement, and implementation of the firm’s goals.

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

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72. What is the difference between a globalization strategy and a transnational strategy?

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73. What are the three levels of strategy in large companies? Define each of them as to their relationship to organizational structure, their purpose and their strategic questions.

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74. Name Porter’s Five Forces and describes their relation to the organization’s internal and external environments.

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75. Discuss the classifications in the Boston Consulting Group’s matrix as they relate to industry growth, market share and business strategy.

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