COB 300 A Management Chapter 6 Exam
Questions and Answers
Sustainable Advantage - Answers -Value provided by a firm that cannot be duplicated
by other companies
Resources must be:
-Valuable (employees)
-Rare (diamonds)
-Imperfectly imitable (google maps)
-Nonsubstitutable (customer service)
Strategy-Making Process - Answers -Assessing the need for strategic change
Conducting a situational analysis
Choosing strategic alternatives
Competitive inertia - Answers -Reluctance to change strategies or competitive practices
that have been successful in the past
Strategic dissonance - Answers -Discrepancy between a company's intended strategy
and the strategic actions taken by managers when implementing that strategy
SWOT analysis - Answers -- Strengths and weaknesses in an organization's internal
environment
- Opportunities and threats in an organization's external environment
Shadow-strategy task force - Answers -Committee that analyzes a company's own
weaknesses to determine how they could be exploited
Strategic Reference Point Theory - Answers -Managers should either choose a risk-
avoiding strategy or a risk-seeking strategy
- Decision is based on whether the company falls above or below strategic reference
points
- Strategic reference points should be frequently revised
Porter's Five Industry Forces - Answers -- Threat of new entrants
- Bargaining power of suppliers
- Bargaining power of buyers
- Threat of substitute products
- character of rivalry
Questions and Answers
Sustainable Advantage - Answers -Value provided by a firm that cannot be duplicated
by other companies
Resources must be:
-Valuable (employees)
-Rare (diamonds)
-Imperfectly imitable (google maps)
-Nonsubstitutable (customer service)
Strategy-Making Process - Answers -Assessing the need for strategic change
Conducting a situational analysis
Choosing strategic alternatives
Competitive inertia - Answers -Reluctance to change strategies or competitive practices
that have been successful in the past
Strategic dissonance - Answers -Discrepancy between a company's intended strategy
and the strategic actions taken by managers when implementing that strategy
SWOT analysis - Answers -- Strengths and weaknesses in an organization's internal
environment
- Opportunities and threats in an organization's external environment
Shadow-strategy task force - Answers -Committee that analyzes a company's own
weaknesses to determine how they could be exploited
Strategic Reference Point Theory - Answers -Managers should either choose a risk-
avoiding strategy or a risk-seeking strategy
- Decision is based on whether the company falls above or below strategic reference
points
- Strategic reference points should be frequently revised
Porter's Five Industry Forces - Answers -- Threat of new entrants
- Bargaining power of suppliers
- Bargaining power of buyers
- Threat of substitute products
- character of rivalry
