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Exam 6: Planning, Strategy, and Competitive Advantage

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Question 21

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When a company is successful in pursuing the strategy of concentration on a single industry, it uses its divisional skills to develop new products or expand its locations.

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Question 22

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Why is planning considered an important process for managers?

A) It gives a sense of direction and purpose.
B) It ensures only top-level managers make decisions.
C) It creates a time horizon for different planning levels.
D) It identifies which markets to enter or avoid.

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Question 23

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Managers pursuing a focused differentiation strategy serve just one or a few segments of the market and aim to make their organization the most differentiated company serving that segment.

An advantage of the differentiation strategy is ________.

Distinguish related diversification from unrelated diversification. Provide suitable examples.

A plan that is updated and changed every year to take into consideration how the organization's external and internal environments have changed is known as a ______________ plan.

With a multidomestic strategy, managers decide to sell the same product with the same marketing approach in all of the countries in which the product is sold.

When only one central, guiding plan is put into operation to achieve an organizational goal, the organization is experiencing ________.

Firestone Tire and Rubber Company set up a chain of Firestone retail stores to sell its tires to American consumers. This is an example of ________.

Managers of Matrix Ltd. attempted to give the organization a competitive advantage by driving the production costs to as low a level as possible. We can say that the organization is pursuing a differentiation strategy.

What is the major advantage of a multidomestic strategy?

List and describe the four ways to expand internationally.

A formal, written guide to action for employees in an organization is known as a ________.

Concentration on a single industry, vertical integration, diversification, and international expansion are principal strategies of a ________ level of an organization.

Industries that are characterized by permanent, ongoing, intense competition brought about by advancing technology or changing customer tastes, fads, and fashions are an example of ________.

When PepsiCo purchased Frito-Lay and expanded its operations into the snack-food business, it was pursuing a ________ strategy.

Frame Corporation updates its five-year plan annually to take into account changing conditions within the organization and in the organization's external environment. Which of the following best explains this plan implemented by Frame Corporation?

Scenario planning is often used to strengthen SWOT analysis.

A general guide to action for the managers of an organization is known as a ________.

Explain a SWOT analysis. Describe briefly the steps involved in a SWOT analysis.