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Exam 7: Strategy and Strategic Management

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Question 91

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An organization with a competitive advantage is operating with an attribute or combination of attributes that allows it to outperform its competitors.

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Question 92

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According to the text,the major opportunities for developing competitive advantage have traditionally included all of the following except:

A) Cost and quality.
B) Knowledge and timing.
C) Barriers to entry.
D) Financial resources.
E) Social progress.

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Question 93

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As part of the strategic planning process,a strategic constituencies analysis is concerned with assessing the interests of each group of stakeholders as well as the organization's record in responding to them.

Organizational culture accomplishes all of the following except:

Functional strategy addresses the question: "How are we going to compete for customers within this industry and market?"

Lucy Jewelry & Accessories offers high-quality,high-end products.The company is successful in its market segment and has no plans for substantial change in the near future.The company is pursuing which type of strategy?

__________ strategies pursue an increase in size and the expansion of current operations.

A strategic alliance that involves a firm contracting to purchase important services from another organization is known as an) __________.

A strategic business unit describes a major business that operates with some autonomy within a larger enterprise.

B2B strategies use information technology and Web portals to link organizations with their customers.

Core competencies refer to special strengths that the organization has or things the organization does exceptionally well in comparison with competitors.

Michael Porter's competitive strategies framework bases business-level strategic decisions on what two main considerations

Successful strategies require leaders who can energize people and build performance commitments.

Corporate strategy focuses on the strategic question: "In what industries and markets should we compete?"

Corporate strategy answers the question: "How can we best utilize resources to implement our business strategy?"

The __________ is a Web-based business model that sells products wholesale and retail through the Web.

Taylor Sports Equipment & Apparel comprises three business units: Taylor Sports Equipment,which produces sports equipment and though it has a small market share it has been growing steadily;Taylor Apparel,which has been experiencing decrease in sales and has been struggling to maintain its small market share;and Taylor Sports Fitness Training,which due to an increase in popularity of sports fitness training has seen an increase in revenue and has become the market leader.The three business units would be classified respectively as:

__________ is the system of control and performance monitoring of top management that is maintained by boards of directors and other major stakeholder representatives.

Emergent strategic planning enables managers to hone their planning "craftsmanship" by developing and implementing incremental changes,and by drawing on their responses to and learning from work situations.

Typical sources of competitive advantage include cost and quality,knowledge and speed,barriers to entry,and financial resources.