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Planning, Strategy, & Competitive Advantage Terms in this set (50)______ is the process managers use to identify and select appropriate goals and courses of action for a company. Planning The planning process can be difficult for managers due to _______. (Check all that apply.) bounded rationality Which of the following are reasons that virtually all managers have to engage in some form of planning? (Check all that apply.) To predict opportunities Planning, in large companies, takes place at the corporate, business and _______ levels functional Which of the following are steps in the planning process? (Check all that apply.) Determining the firm's mission and goals
The type of plan that defines an organization's mission and goals, overall strategy, and structure is the _______ plan. corporate-level Identifying and selecting appropriate goals and courses of action is the process of ________ , which is a critical task of management planning Time horizons define _______. periods of time over which plans endure Which of the following captures the essence of the planning task? Forecast what may happen in the future to decide what to do in the present. Failure to plan can lead to which of the following? (Check all that apply.) Mistaken changes of
direction In a large organization, at which levels do planning take place? (Check all that apply.) Business or division Corporate level plans _______. detail top management decisions on mission, goals, overall strategy and structure When the same situation occurs repeatedly, _______ plans are used. standing The intended duration of a plan is referred to as its _______ horizon. time When managers ask "who are our customers?", "what customer needs do we satisfy?", and "how do we satisfy customer needs?", the manager is _______. defining the business For the CEO and top managers of a company, the role of strategic leadership is _______. to convey a compelling vision of what they want the organization to achieve Which of the following are examples of standing plans? (Check all that apply.) Standard operating
procedures (SOPs) The development of a set of corporate, business, and functional strategies that allow an organization to accomplish its mission and achieve its goals refers to _______ formulation. strategy The first step in a SWOT analysis is to identify an organization's ______. strengths and weaknesses Managers must first define their business so they can identify _______. what kind of value customers will receive The purpose of Porter's Five Forces Model is to help managers focus on the five ___ in the external environment. most important potential threats The ability of top management to convey a compelling vision to their subordinates is referred to as _______. strategic leadership Business-level strategy refers to _______. a plan to gain a competitive advantage in a market or industry In strategy formulation, managers work to develop the set of strategies that will allow an organization to _______. (Check all that apply.) achieve its goals The strategy that drives down an organization's costs below those of its competitors is the _______ strategy. low-cost The second step in a SWOT analysis is to _______. identify potential external opportunities and threats Distinguishing an organization's products from the products of competitors on dimensions such as product design, quality, or after-sales service is an example of a _______ strategy. differentiation Which of the following make up Porter's Five Forces? The power of large suppliers In a focused low-cost strategy, managers _______. serve one or a few markets to be the lowest-cost company in that segment Which level of strategy includes a plan to gain competitive advantage by countering or reducing the threat of the five industry forces? Business-level Vertical integration, diversification, and international expansion are examples of _______ strategies corporate-level Companies concentrate on a single industry to _______. strengthen their competitive position In a low cost strategy, managers _______. try to gain competitive advantage by reducing costs below industry rivals In a vertical integration strategy, the organization _______. expands its business operations into a new industry that produces inputs for its products or sells its company's products When managers follow a differentiation strategy, they seek to distinguish their organization's products from the products of competitors on dimensions such as _______. (Check all that apply.) product design In a diversification strategy, organizations _______. expand operations into a new industry to make new kinds of valuable products and services Companies that try to specialize in only one or a few segments of the market and undercut the prices of the other sellers in the market are using a _______ strategy. focused low-cost In a global strategy, managers focus on _______. selling a standardized product in all markets with the same marketing approach
Concentration on a single industry is one type of _______ strategy. corporate-level When a company customizes its products and marketing to fit specific national conditions, it is following a _______ strategy multidomestic When a company reinvests its profits to strengthen its competitive position in its current industry, it is utilizing a(n) _______ strategy. concentration on a single industry Terry wants to expand his firm's operations overseas. He wants to assume as little risk as possible and does not have the money to invest in developing a manufacturing plant abroad. Which form of global expansion would be best for Terry? Exporting The corporate-level strategy that is used when a company enters an industry that either supplies products to the company or purchases the company's products is _______. vertical integration Strategy implementation is a _______-step process. five Expanding a company's business operations into a new industry in order to produce new kinds of valuable goods or services is an example of the strategy of _______. diversification When a company sells _______ in each national market it serves, it is pursuing a global strategy. the same basic product using the same marketing techniques In a multi-domestic strategy, managers _______. customize products and marketing strategies to specific national conditions A company that makes products in its home country and then sells them abroad is engaged in _______. exporting The first step in implementing a strategy is to _______. allocate responsibility for implementation to the appropriate individual or group After identifying appropriate business and corporate strategies to attain an organization's mission and goals, managers confront the challenge of _______. putting those strategies into action Sets with similar termsManagement Chapter 635 terms Magali_Chapa Chapter 6: Planning, Strategy, and Competitive Adv…63 terms DrWho976 Management and org. chapter 844 terms syd_ryan Mgmt ch. 648 terms Derick07crf250r Sets found in the same folderChapter 456 terms Theskag Chapter 554 terms Theskag Management41 terms Theskag Chapter 3 Managing Ethics and Diversity60 terms Theskag Other sets by this creatorChapter 1111 terms Theskag Chapter 1011 terms Theskag Chapter 910 terms Theskag Chapter 812 terms Theskag Verified questionsQUESTION MPI Incorporated has $6 billion in assets, and its tax rate is 35%. Its basic earning power (BEP) ratio is 11%, and its return on assets (ROA) is 6%. What is MPI’s times-interest-earned (TIE) ratio? Verified answer QUESTION Talk with four people you know from different places or in different ways. Ask them about their interests (hobbies or what they like to do in their spare time). After you have spoken with each person, identify the role each plays in society and in their work or school group. Verified answer
QUESTION Two investors are evaluating GE’s stock for possible purchase. They agree on the expected value of $D_1$ and on the expected future dividend growth rate. Further, they agree on the riskiness of the stock. However, one investor normally holds stocks for 2 years, while the other holds stocks for 10 years. On the basis of the type of analysis done in this chapter, should they both be willing to pay the same price for GE’s stock? Explain. Verified answer QUESTION How are management’s actions incorporated in EVA and MVA? How are EVA and MVA interconnected? Verified answer Other Quizlet setsACCT 421 Chapter 7 MCQ36 terms belle006cougar Microbial Growth Pt 229 terms sabriya_a A&P Final Exam Practice Questions 165 terms Jessica_Fal18PLUS INTRODUCTION TO ORAL PATHOLOGY DIAGNOSIS AND NOMEN…43 terms D_N1069 Related questionsQUESTION *What is an advantage of using vertical integration? Can you draw a diagram of a media conglomerate vertical integration?* 2 answers QUESTION Marketing today involves helping the buyer buy through: 15 answers QUESTION What are some of the payoffs of mass customization? 10 answers QUESTION What is a field of play diagram? 15 answers What is the name of the process used by managers to identify and select appropriate goals and courses of action?Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives.
Which of the following are steps in the planning process?The Planning Cycle has eight steps, as outlined below.. Analyze Your Situation. First, clarify what you need to do. ... . Identify the Aim of Your Plan. ... . Explore Your Options. ... . Select the Best Option. ... . Detailed Planning. ... . Evaluate the Plan and Its Impact. ... . Implement Change. ... . Close the Plan and Review.. What are the 5 steps in the strategic management process?The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.
What is the process of strategic management?Strategic management is the process of setting goals, procedures, and objectives in order to make a company or organization more competitive. Typically, strategic management looks at effectively deploying staff and resources to achieve these goals.
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Is the process managers use to identify and select appropriate goals and courses of action for a company multiple choice question?
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