6.Anything that a firm does especially well compared to rival firms is referred to asA)competitive advantage.B)comparative disadvantage.C)opportunity cost.D)unsustainable advantage.E)an external opportunity. Show
7.An organization'svision statement Get answer to your question and much more 8.Long-term objectives should be all of the following EXCEPT Get answer to your question and much more 9.The following are categories of business objectives EXCEPT Get answer to your question and much more 10. ____ are referred to as a leading indicator while ___ is referred to as a lagging indicator.A)Strategic objectives; financial objectivesB)Synergy objectives; risk objectivesC)Social objectives; risk objectivesD)Synergy objectives; synergy objectives.E)Strategic objectives; risk objectives 11. The macro environment analyzed in a SWOT analysis includes which of the following? Get answer to your question and much more Chapter No1. The Nature of Strategic Management The term _________ is used to refer to strategy formulation, implementation, and evaluation, with _________referring only to strategy formulation. strategic planning; strategic management assessment; planning strategic management; strategic planning management cycle; brainstorming Which of these requires a firm to establish annual objectives, devise policies, and allocate resources? Strategy formulation Strategy implementation Strategy manipulation Strategy evaluation The rationale for periodically conducting strategic-management meetings away from the work site is to encourage more _____________ and ____________ among participants. feedback; rigidity creativity; candor confidence; self-interest strategy evaluation; candor Anything that a firm does especially well compared to rival firms is referred to as: comparative advantage. an external opportunity. opportunity cost. Both military and business organizations do all of the following except: use of the element of surprise. aim "to gain competitive advantage." use the assumption of conflict to develop strategies. use their own strengths to exploit competitors' weaknesses. __________ help an organization gather, analyze, and organize information. Ethics officers Operatives Lobbyists Strategists A disadvantage of international operations is: foreign operations can allow firms to establish low-cost production facilities in locations close to raw materials and/or cheap labor. economies of scale can be achieved from operation in global rather than solely domestic markets. competitors in foreign markets may not exist. language, culture, and value systems differ among countries, causing communication barriers and problems managing people. _________ are especially critical for successful strategy implementation. Technical plans Long-range plans Short-range plans 9. All of these are pitfalls an organization should avoid in strategic planning except: using strategic planning to gain control over decisions and resources. failing to involve key employees in all phases of planning. hastily moving from mission development to strategy formulation. using plans as a standard for measuring performance. ____________ and __________ refer to economic, social, cultural, demographic, environmental, political, legal, governmental, technological, and competitive trends and events that could significantly benefit or harm an organization in the future. Internal strengths; external threats Internal weaknesses; external opportunities Internal strengths; internal weaknesses Strategic management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. True False The action stage of strategic management is called strategy formulation. True False Three fundamental strategy evaluation activities are reviewing external and internal factors, measuring performance, and taking corrective actions. True False Strategies can be defined as specific results that an organization seeks to achieve in pursuing its basic mission. True False Strategies are the means by which long-term objectives will be achieved. Reasons for poor or no strategic planning on part of firms include overconfidence, too expensive, suspicion, and laziness. True False Objectives are an organization's statements that answer the question "what do we want to become?" True False An organization can pursue any and/or all strategies that potentially could benefit the firm. True False No organization can pursue all the strategies that potentially could benefit the firm. Communication is an act of strengthening employees' sense of effectiveness by encouraging them to participate in decision making and to exercise initiative and imagination, and rewarding them for doing so.http://www.vuzs.info/ True False Empowerment is the act of strengthening employees' sense of effectiveness by encouraging and rewarding them to participate in decision making and exercise initiative and imagination. Strategic management must be a self-reflective learning process. True False One pitfall to avoid in strategic planning is top management making many intuitive decisions that conflict with formal planning. True False Which of the following is anything that a firm does especially well compared to rival firms?It is a truism that strategic management is all about gaining and maintaining competitive advantage. The term can be defined to mean “anything that a firm does especially well when compared with rival firms”.
Which term is defined as anything that a firm does especially well compared to other firm?Strategic management is all about gaining and maintaining competitive advantage. This. term can be defined as anything that a firm does especially well compared to rival firms.
What does it mean when a firm has a competitive advantage over its rivals?Competitive advantage refers to factors that allow a company to produce goods or services better or more cheaply than its rivals. These factors allow the productive entity to generate more sales or superior margins compared to its market rivals.
Who are considered as the firm's rivals that offer similar goods or services?Competitors are other businesses who can offer the same or similar goods and services to your customers.
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