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Exam 6: Planning, Strategy, and Competitive Advantage

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In the planning process,functional goals and strategies do not need to be consistent with divisional goals and strategies.

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The cluster of decisions about what goals to pursue,what actions to take,and how to use resources to achieve goals,is called an organization's strategy.

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Top managers are primarily responsible for planning that takes place at the business level of an organization.

While conducting a SWOT analysis,the strengths and weaknesses are considered the external environment factors affecting an organization.

Organizational goals should be both challenging and realistic.

SynVens,a major retail chain in Hungary,is planning to diversify.It plans to enter the textiles industry and aims to be first or second in market share in this industry in five years.This is an example of a ______________-level plan strategy.

The divisions of an organization exist at the functional level of the organization.

According to Michael Porter's five forces model,the more that companies compete against one another for customers,the higher is the level of industry profits.

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

Give the four major reasons why planning is important.

The strategy that explains the methods that a division or organization will use to compete against its rivals in the industry is a ______________-level strategy.

Establishing a wholly owned foreign subsidiary is much more expensive than the other global operations because it requires a higher level of foreign investment and presents managers with many more threats.

An organization's level of involvement abroad decreases in a joint venture because the alliance rarely involves capital investment to produce goods or services outside the home country.

When General Electric Company expanded its operations by acquiring NBC television,this is an illustration of ________________.

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.

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

To determine an organization's mission,managers must first define its:

Scenario planning is often used to strengthen SWOT analysis.

Managers can use four principal corporate-level strategies in order to help their organization to increase its sales and profits.Discuss any two of these strategies and explain the decisions that a manager would have to make in a business in order to design a program that used these two strategies.

The reason managers pursue vertical integration is that it allows them either to add value to their products by making them unique or to lower the costs of making and selling them.