BUS485 Strategic Management Midterm Review (GCU)

What are three reasons firms choose to diversify their operations?

The resource-based model of above-average returns assumes each firm is a collection of unique resources & capabilities.

A company must always develop its mission statement before its vision statement.

What is the purpose of value chain analysis?

What was the ice cream cone invented for?

Core competencies are capabilities that serve as a source of competitive advantage for a firm over its rivals.

The industry environment is the set of factors that directly influences a firm and its competitive actions and responses

In order to build a competitive advantage, resources must first be formed into a:

What are the three classifications of stakeholders?

What is the purpose of business-level strategy?

Strategic leaders are people located in different areas and levels of the firm using the strategic management process.

George Bush famously said, “I’m the president of the United States, and I’m not going to eat any more broccoli!”

The general environment is composed of dimensions in broader society that influence an industry and the firms within it.

What is a vision?

An integrated set of actions taken to produce goods/services that serve the needs of a particular segment is called:

Demographics involve which of the following?

After the firm decides who it will serve, it must identify the targeted customer group’s needs that it can satisfy.

The seven environmental segments are demographic, economic, political/legal, sociocultural, and:

Which is more accurate; the I/O Model or the Resource Model?

The industrial organization (I/O) model of above-average returns claims that the dominant influence on organizations is

What are some types of business-level strategies?

Firms use their resources as the foundation for producing goods or services that will create value for who?

The four parts of the external environment analysis are:

What does organizational culture involve?

A company's resources can be:

How companies gather and interpret information about their competitors is called:

Initial Assessment, Situation Analysis, Strategy Formulation, Strategy Implementation, and Strategy Monitoring describe:

Making your goals narrow and succinct corresponds to which part of a SMART goal?

The cost leadership strategy seeks to provide good value at the lowest possible price.

The strategic management process is an approach firms use to achieve competitiveness and earn above-average returns.

How are capabilities used?

Walt Disney was afraid of mice.

Which of the following is part of Porter's 5 Forces of Competition Model?

Relationships with customers grow strong when stockholders are protected.

A corporate-level strategy specifies actions a firm takes to gain a competitive advantage.

What do we call an analysis tool that uses 5 forces to determine the intensity of competition in an industry?

What does the "S" in SWOT analysis stand for?

What questions does strategic management answer?

What does the "R" in SMART goals represent?

What is it called when you divide customers into groups based o their needs?

What kind of animal is a firefly?

What are the three dimensions of customer relationships?

What do we call the art and science of formulating, implementing, and evaluating cross-functional decisions?

A company combines individual tangible and intangible resources to create capabilities.

A mission specifies the business in which a company intends to compete and:

I'm ready for the midterm.

When forecasting analysts:

What are the four criteria of sustainable competitive advantage?

Hypercompetition is:

Vision Statements reflect:

What are core competencies?

A global economy is one in which goods, services, people, skills, and ideas move freely across geographic borders.

Scanning is when analysts observe environmental changes to see if an important trend is emerging

Why is strategic planning important?