70 Questions | Total Attempts: 467
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________ defines the nature of the company's business in terms of how it will match its internal strengths and weaknesses with its external opportunities and threats in order to maintain a competitive position
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________ involves setting objectives, making forecasts, reviewing alternative courses of action, evaluating options and implementing the plan.
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The management planning process
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What is the first step in the basic planning process?
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Evaluating the possible alternatives
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Implementing a course of action
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Which of the following is NOT part of the basic managerial planning?
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Evaluation of best options
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Establishment of clear objectives
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Implementation of the plan
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Building corporate hierarchies
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Which term indicates the course of action for getting from where you are to where you want to go?
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What is a company's plan for how it will match its internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage?
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A course of action that a firm can pursue to achieve its strategic aims is known as a ________.
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Strategic management is best defined as the process of identifying and executing the organization's strategic plan by matching the company's capabilities with its ________.
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All of the following are steps involved in the strategic management process EXCEPT ________.
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Evaluating the firm's internal and external situation
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Asking, "Where are we now as a business?"
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Formulating a new business direction
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Offshoring low-skill jobs
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What is the first step in the strategic management process?
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Asking, "Where are we now as a business?"
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Evaluating the strategic plan
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Implementing an environmental scan
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Which of the following is a simple guide used to compile relevant information about a company's environment including economic, competitive, and political trends that may affect a firm?
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Workforce requirement matrix
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Environmental scan worksheet
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External resource system table
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Potential globalization network
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John wants to perform external and internal audits as part of the strategic management process. What is a frequently used tool to organize relevant information on positive and negative aspects of the company and environment?
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Which of the following provides a summary of a firm's intended direction and shows, in broad terms, "what we want to become"?
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The sales director at WebMD is calculating annual sales revenue targets and the number of new medical-related content providers that the firm needs to maintain a competitive advantage. In which step of the strategic management process is the sales director involved?
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Evaluating the firm's internal and external strengths
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Defining the business and its mission
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Choosing specific strategies or courses of action
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Evaluating the strategic plan
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The ________ of the California Energy Commission indicates that the organization assesses and acts through public and private partnerships to improve energy systems that promote a strong economy and a healthy environment.
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A company's ________ strategy identifies the portfolio of businesses that comprise a firm and the ways in which these businesses relate to each other.
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A diversification corporate strategy implies that a firm will ________.
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Expand by adding new product lines
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Reduce the company's size to increase market share
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Save money by producing its own raw materials
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Increase profits by offering one popular product
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Harley-Davidson sells a line of boots, helmets, and leather jackets indicating that the firm is pursuing which of the following strategies?
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When Apple opened its own Apple stores, this was an example of ________
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Winchester Rugs operates a Web site called www.buyrugsdirect.com, so Winchester Rugs is most likely using a strategy of ________.
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Which of the following activities most likely indicates that a firm is implementing a vertical integration strategy?
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Selling unprofitable divisions
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Aggressively selling a new product
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Purchasing a competitor's firm
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The 2008 announcement by Starbucks that it would be closing approximately 600 of its stores suggests the firm was using a ________ strategy.
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Sweet Leaf Tea, a Texas-based maker of bottled iced tea, is a small but fast-growing firm that has gained a loyal following for its use of fresh, organic ingredients in its beverages. Although beverage industry experts recommended that Sweet Leaf replace the organic cane sugar and honey it uses with less costly high-fructose corn syrup, Sweet Leaf refused because of the company's mission to provide a high-quality, organic beverage to consumers. The 11-year old company has 50 employees, and its products are available in 30% of the U.S. market. Sweet Leaf Tea recently received multi-million dollar investments which will enable the business to expand its national presence. Which of the following, if true, would best support the argument that Sweet Leaf Tea should implement a corporate-level strategy of concentration?
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Sweet Leaf Tea can develop a national name by adding new product lines, such as organic snack foods and organic coffee
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Sweet Leaf Tea's marketing research indicates that customers would purchase the organic beverages more frequently if the prices were lower.
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Market data suggests that customers really only want the tea itself, not related products.
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Sweet Leaf Tea's competitors primarily focus their marketing and distribution efforts on regional grocery-store chains rather than big box national retailers.
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Sweet Leaf Tea, a Texas-based maker of bottled iced tea, is a small but fast-growing firm that has gained a loyal following for its use of fresh, organic ingredients in its beverages. Although beverage industry experts recommended that Sweet Leaf replace the organic cane sugar and honey it uses with less costly high-fructose corn syrup, Sweet Leaf refused because of the company's mission to provide a high-quality, organic beverage to consumers. The 11-year old company has 50 employees, and its products are available in 30% of the U.S. market. Sweet Leaf Tea recently received multi-million dollar investments which will enable the business to expand its national presence. Which of the following, if true, would most likely undermine the argument that Sweet Leaf Tea should implement a corporate-level strategy of vertical integration?
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Sweet Leaf Tea lacks the facilities or knowledge to produce the raw ingredients for its beverages.
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Market research suggests that Sweet Leaf Tea customers primarily purchase only one flavor of tea
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Most loyal customers of Sweet Leaf Tea purchase the beverage at neighborhood convenience stores.
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Sugar farmers used by Sweet Leaf Tea have agreed to a fixed price for the next five years so that the company can keep prices low.
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Sweet Leaf Tea, a Texas-based maker of bottled iced tea, is a small but fast-growing firm that has gained a loyal following for its use of fresh, organic ingredients in its beverages. Although beverage industry experts recommended that Sweet Leaf replace the organic cane sugar and honey it uses with less costly high-fructose corn syrup, Sweet Leaf refused because of the company's mission to provide a high-quality, organic beverage to consumers. The 11-year old company has 50 employees, and its products are available in 30% of the U.S. market. Sweet Leaf Tea recently received multi-million dollar investments which will enable the business to expand its national presence. Which of the following, if true, best supports the idea that Sweet Leaf Tea has implemented a competitive strategy of differentiation?
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New Sweet Leaf Tea customers are initially attracted to the unique labels and logo on the bottles.
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Loyal customers of Sweet Leaf Tea seek products that are USDA certified organic despite the associated higher costs.
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Other brands of bottled iced tea compete with Sweet Leaf Tea by offering new flavors at competitive prices.
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Sweet Leaf Tea sells both lemonade and teas in a variety of flavors that appeal to consumers of all ages.
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