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Exam 7: Strategy and Strategic Management: Insight and Hard Work Deliver Results

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Question 41

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

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Question 42

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The levels of strategy used in organizations are corporate, business, and __________.*

A) personal
B) competitive
C) functional
D) legal

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Question 43

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

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

Strategic __________ is the process of putting strategies into action.

Operating objectives such as profits, cost efficiency, market share, product quality, a talented workforce, innovation, and social responsibility are often under scrutiny when, executives meet to discuss how well an organization is doing.

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

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

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

The SWOT element that focuses on outdated facilities and obsolete technologies is called __________.

Which of the following is NOT a part of a SWOT analysis?*

Expansion into areas of new business is called __________.

Two companies join together in partnership to pursue an area of mutual interest. This is called a(n) __________.

Strategic leadership inspires people to implement organizational strategies.

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

When a company expands in its existing markets, it is called growth through __________.

Which of the following is NOT a retrenchment strategy?*

An example of a question asked at the business strategy level is:

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

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