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BPL 5100 Chapters 1-12 Complete Test Bank Questions & Answers Rationales, Summer 2020.

BPL 5100 Chapters 1-12 Complete Test Bank Questions & Answers Rationales 1. Nortel, like other firms, suffered from a drop in overall industry demand for telecommunications equipment during 2000 and 2001. According to the text, this would be an example of the "romantic" perspective of leadership. True False 2. Strategic management consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. True False 3. Strategic management includes strategy analysis, strategy formulation, and strategy implementation. True False 4. Management innovations such as total quality, benchmarking, and business process reengineering often lead to sustainable competitive advantage. True False 5. Strategic management recognizes the trade-offs between effectiveness and efficiency. True False 6. The best firms always realize their intended strategy. True False 7. According to the text, formulating strategy includes taking into consideration strategy at the business, international, and corporate levels. In addition managers must formulate effective entrepreneurial initiatives. True False 8. Business-level strategy focuses on two issues, (1) what businesses to compete in, and (2) how businesses can be managed to achieve synergy. True False 9. Corporate-level strategy addresses how firms compete and outperform their rivals as well as achieve and sustain competitive advantages. True False 10. Effective leadership can play a large role in fostering corporate entrepreneurship. Corporate entrepreneurship can have a very positive impact on a firm's bottom line. True False 11. The three primary participants in corporate governance are: (1) the shareholders; (2) management (led by the chief executive officer); and, (3) employees. True False 12. Decisions by Boards of Directors are always consistent with shareholder interests. True False 13. Former Chrysler vice chairman Robert Lutz stated: "We are here to serve the shareholder and create shareholder value. I insist that the only person who owns the company is the person who paid good money for it." This is an example of a symbiotic approach to stakeholder management. True False 14. Stockholders in a company are the only individuals with an interest in the financial performance in the company. True False 15. Stockholders, employees, and the community-at-large are among a firm's stakeholders. True False 16. Symbiosis is the ability to recognize interdependencies among the interests of multiple stakeholders within and outside an organization. True False 17. One of the benefits of crowdsourcing is that stakeholders are restricted to one narrow role. True False 18. Social responsibility is the idea that organizations are not only accountable to stockholders but also to the community-at-large. True False 19. The concept of "shared value" redefines the purpose of the corporation as creating shared value in order to create a more even distribution of the profits to all employees, not just top level executives. True False 20. Shell, NEC, and Procter & Gamble have been measuring their performance according to what has been called a "triple bottom line." This technique involves an assessment of financial, social, and environmental performance. True False 21. The strategic management process should be addressed only by top-level executives. Mid-level and low- level employees are best equipped to implement the organization's strategies. True False 22. Organizational vision statements are the beginning point for the hierarchy of goals throughout the organization. An organization's vision statement should be massively inspiring, overarching, and long term. True False 23. Strategic objectives are more specific than vision statements. True False 24. According to the text, a mission statement is an overarching statement that is massively inspiring, long term, and only discusses the purpose of the company. True False 25. A mission statement encompasses both the purpose of the company as well as the basis of competition and competitive advantage. True False 26. Some excellent examples of mission statements are: "To be the happiest place on earth" (Disneyland) and "Restoring patients to full life" (Medtronic). True False 27. Strategic objectives should be measurable, specific, appropriate, and realistic, but not constrained by time deadlines. True False 28. Much research has supported the notion that individuals work much harder when they are asked to "do their best" rather than when they are striving toward a specific goal. True False 29. Objectives in organizations should be clear, stated, and known by employees throughout the organization. True False 30. Strategic management should only include short-term objectives. Long-term objectives are covered in the organization's vision statement. True False 31. Organizational goals and objectives should be vague in order to allow for changes in strategy. True False 32. The text addresses two perspectives of leadership as well as their implications. These two perspectives are A. romantic and unromantic. B. romantic and internal control. C. external control and unromantic. D. romantic and external control. 33. A CEO made a lot of mistakes such as committing errors in assessing the market and competitive conditions and improperly redesigning the organization into numerous business units. Such errors led to significant performance declines. According to the text, this example illustrates the perspective of leadership. A. external control B. romantic C. internal mechanism D. operational 34. According to the text, the strategic management process entails three ongoing processes: A. analyses, actions, and synthesis. B. analyses, decisions, and actions. C. analyses, evaluation, and critique. D. analyses, synthesis, and antithesis. 35. Management innovations such as total quality, benchmarking, and business process reengineering cannot lead to sustainable competitive advantage because A. companies that have implemented these techniques have lost money. B. there is no proof that these techniques work. C. they cost too much money and effort to implement. D. every company is trying to implement them and hence it does not make a company different from others. 36. The "organizational versus individual rationality" perspective suggests that A. what is good for a functional area is always good for the organization. B. what is good for the organization is always good for a functional area. C. what is best for a functional area may not be best for the organization. D. the "incremental" perspective may be best for functional areas while the "rational" perspective may be best for the organization. 37. The four key attributes of strategic management include the idea that A. strategy must be directed toward overall organizational goals and objectives. B. strategy must be focused on long-term objectives. C. strategy must be focused on one specific area of an organization. D. strategy must focus on competitor strengths. 38. The four key attributes of strategic management include all of the following EXCEPT: A. including multiple stakeholder interests in decision making. B. incorporating both short-term and long-term perspectives. C. recognizing the trade-offs between effectiveness and efficiency. D. emphasis on the attainment of short-term objectives. 39. "Effectiveness" is often defined as A. doing things right. B. stakeholder satisfaction. C. doing the right thing. D. productivity enhancement. 40. All of the following are ambidextrous behaviors EXCEPT: A. taking initiative and being alert to opportunities beyond the confines of one's own job. B. being cooperative and seeking opportunities to combine one's efforts with others. C. intensely focusing on one's own responsibilities and maximizing the output of one's department in an organization. D. being brokers, always looking to build internal linkages. 41. According to Henry Mintzberg, the realized strategies of a firm A. are a combination of deliberate and emergent strategies. B. are a combination of deliberate and differentiation strategies. C. must be based on a company's strategic plan. D. must be kept confidential for competitive reasons. 42. According to Henry Mintzberg, decisions following from a firm's strategic analysis are its A. emergent strategy. B. deliberate strategy. C. intended strategy. D. realized strategy. 43. may be considered the "advance work" that must be done in order to effectively formulate and implement strategies. A. Goal setting B. Corporate entrepreneurship C. Strategy analysis D. Organizational design 44. involves ensuring proper strategic controls and organizational designs. A. Corporate governance B. Corporate-level strategy C. Strategy implementation D. Business-level strategy 45. The three participants in corporate governance are A. the shareholders, board of directors, and employees. B. the shareholders, labor unions, and employees. C. the shareholders, board of directors, and management. D. the shareholders, banks and lending institutions, and management. 46. While working to prioritize and fulfill their responsibilities, members of an organization's board of directors should A. represent their own interests. B. represent the interests of the shareholders. C. direct all actions of the CEO. D. emphasize the importance of short-term goals. 47. Members of Boards of Directors are A. appointed by the Securities and Exchange Commission. B. elected by the shareholders as their representatives. C. elected by the public. D. only allowed to serve one term of four years. 48. An organization is responsible to many different entities. In order to meet the demands of these groups, organizations must participate in stakeholder management. Stakeholder management means that A. interests of the stockholders are not the only interests that matter. B. stakeholders are second in importance to the stockholders. C. stakeholders and managers inevitably work at cross-purposes. D. all stakeholders receive financial rewards. 49. Stakeholders are A. a new way to describe stockholders. B. individuals, groups, and organizations who have a stake in the success of the organization. C. creditors who hold a lien on the assets of the organization. D. attorneys and their clients who sue the organization. 50. Outback Steakhouse has developed a sophisticated quantitative model and found that there were positive relationships between employee satisfaction, customer satisfaction, and financial results. According to the text, this is an example of A. zero-sum relationship among stakeholders. B. stakeholder symbiosis. C. rewarding stakeholders. D. emphasizing financial returns. 51. There are several perspectives of competition. One perspective is zero-sum thinking. Zero-sum thinking means that A. all parts of the organization gain at no loss. B. in order for someone to gain others must experience no gain or benefit. C. one can only gain at the expense of someone else. D. everyone in the organization shares gains and losses equally. 52. Managers should do more than just focus on short-term financial performance. One concept that helps managers do this is stakeholder symbiosis. This means that A. stakeholders are dependent on each other for their success. B. stakeholders look out for their individual interests. C. one can only gain at the expense of someone else. D. all stakeholders want to maximize shareholder returns. 53. Crowdsourcing can be defined as A. using surveys to get supplier input. B. using multiple sources for a firm's raw material inputs. C. tapping the latent talent of the online crowd. D. addressing strategic issues directly with managers and employees. 54. Firms must be aware of goals other than short-term profit maximization. One area of concern should be social responsibility which is A. the expectation that business will strive to improve the overall welfare of society. B. the idea that organizations are solely responsible to local citizens. C. the fact that court costs could impact the financial bottom line. D. the idea that businesses are responsible to maintain a healthy social climate for their employees. 55. According to the text, the "triple bottom line" approach to corporate accounting includes three components: A. financial, environmental, and customer. B. financial, organizational, and customer. C. financial, environmental, and social. D. financial, organizational, and psychological. 56. Many organizations have a large number of functional areas with very diverse, and sometimes competing, interests. Such organizations will be most effective if A. each functional area focuses on achieving their own goals. B. functional areas work together to attain overall goals. C. goals are defined at the bottom and implemented at the top. D. management and employees have separate goals. 57. Strategy formulation and implementation is a challenging ongoing process. To be effective, it should involve A. the CEO and the board of directors. B. the board of directors, CEO, and CFO. C. line and staff managers. D. all of these. 58. The text argues that a strategic perspective in an organization should be emphasized A. at the top of the organization. B. at the middle of the organization. C. throughout the organization. D. from the bottom up. 59. Peter Senge, of MIT, recognized three types of leaders. are individuals that, although having little positional power and formal authority, generate their power through the conviction and clarity of their ideas. A. Local line leaders B. Executive leaders C. Internal networkers D. Shop floor leaders 60. Peter Senge, of MIT, recognized three types of leaders. champion and guide ideas, create a learning infrastructure, and establish a domain for taking action. A. Local line leaders B. Executive leaders C. Internal networkers D. Shop floor leaders 61. Leadership is a necessary (but not sufficient) condition for organizational success. Leaders should emerge at which level(s) of an organization? A. only at the top B. in the middle C. throughout the organization D. only during times of change 62. The hierarchy of organizational goals is in this order (least specific to most specific): A. vision statements, strategic objectives, mission statements. B. mission statements, strategic objectives, vision statements. C. vision statements, mission statements, strategic objectives. D. mission statements, vision statements, strategic objectives. 63. Vision statements are used to create a better understanding of the organization's overall purpose and direction. Vision statements A. are very specific. B. provide specific objectives. C. set organizational structure. D. evoke powerful and compelling mental images. 64. Effective vision statements include A. all strategic directions of the organization. B. a brief statement of the company's direction. C. strategic posturing and future objectives D. financial objectives and projected figures. 65. Examples of include: "To be the happiest place on earth" (Disneyland), and "Restoring patients to full life" (Medtronic). A. vision statements B. mission statements C. strategic objectives D. operational objectives 66. WellPoint Health Network states: "WellPoint will redefine our industry: through a new generation of consumer-friendly products that put individuals back in control of their future." This is an example of a A. strategic objective. B. vision statement. C. vague statement of direction. D. line manager's individual goal. 67. In contrast to an organization's vision, its mission should A. be shorter in length. B. encompass both the purpose of the company as well as the basis of competition. C. encompass all the major rules and regulations of the corporate work force. D. be less detailed. 68. An organization's mission statement and vision statement set the overall direction of the organization. Strategic objectives A. operationalize the mission statement. B. modify the mission statement. C. are a shorter version of the mission statement. D. are only clarified by the board of directors. 69. Successful organizations are effective in motivating people. Employees work best when A. they are asked to "do their best." B. work requirements are vague and unclear. C. they are striving toward specific goals. D. they are guided by an abstract mission statement. 70. Fortune Brands states they will "cut corporate overhead costs by $30 million a year." This is an example of a A. nonfinancial strategic objective. B. financial strategic objective. C. vision statement. D. mission statement. 71. "We want to be the top-ranked supplier to our customers." (PPG) This is an example of a A. nonfinancial strategic objective. B. financial strategic objective. C. vision statement. D. mission statement. 72. In large organizations, conflicts can arise between functional areas. In order to resolve these conflicts, strategic objectives A. put financial objectives above human considerations. B. align departments toward departmental goals. C. help resolve conflicts through their common purpose. D. cause debate and increase conflict. 73. The strategic management process includes strategy analysis, strategy formulation, and strategy implementation. Discuss each of these steps. 74. Discuss the key elements of corporate governance. 75. A firm has a variety of stakeholders. Identify several possible stakeholders a firm may have and discuss how the firm may achieve stakeholder symbiosis. 76. Leadership is a topic that is often discussed in the management literature. The text suggests that leaders should be at all levels in an organization. Discuss why it is important to have leaders throughout an organization. 77. According to the text, vision statements should be massively inspiring, overarching, and long term. Provide several examples of potential vision statements for various organizations and discuss how such vision statements would inspire employees around a cause. 78. A mission statement encompasses the purpose of the company as well as the basis of competition and competitive advantage. Compare the purpose of a mission statement to that of a vision statement and a strategic objective. 79. Organizations must focus on financial and nonfinancial objectives. Select an organization and discuss possible financial and nonfinancial objectives the organization may have. 80. The text discusses several characteristics of effective strategic objectives. List several of these and discuss why a firm's strategic objectives should meet these criteria. 33. (p. 5) 34. (p. 8) 35. (p. 8) A CEO made a lot of mistakes such as committing errors in assessing the market and competitive conditions and improperly redesigning the organization into numerous business units. Such errors led to significant performance declines. According to the text, this example illustrates the perspective of leadership. A. external control B. romantic C. internal mechanism D. operational According to the text, the strategic management process entails three ongoing processes: A. analyses, actions, and synthesis. B. analyses, decisions, and actions. C. analyses, evaluation, and critique. D. analyses, synthesis, and antithesis. Management innovations such as total quality, benchmarking, and business process reengineering cannot lead to sustainable competitive advantage because A. companies that have implemented these techniques have lost money. B. there is no proof that these techniques work. C. they cost too much money and effort to implement. D. every company is trying to implement them and hence it does not make a company different from others. The popular management innovations of the last two decades—total quality, just-in-time, benchmarking, business process reengineering, outsourcing—are all about operational effectiveness. Each of these is important, but none lead to sustainable competitive advantage because everyone is doing them. Strategy is all about being different. 36. (p. 9) The "organizational versus individual rationality" perspective suggests that A. what is good for a functional area is always good for the organization. B. what is good for the organization is always good for a functional area. C. what is best for a functional area may not be best for the organization. D. the "incremental" perspective may be best for functional areas while the "rational" perspective may be best for the organization. 37. (p. 9) 38. (p. 9) The four key attributes of strategic management include the idea that A. strategy must be directed toward overall organizational goals and objectives. B. strategy must be focused on long-term objectives. C. strategy must be focused on one specific area of an organization. D. strategy must focus on competitor strengths. The four key attributes of strategic management include all of the following EXCEPT: A. including multiple stakeholder interests in decision making. B. incorporating both short-term and long-term perspectives. C. recognizing the trade-offs between effectiveness and efficiency. D. emphasis on the attainment of short-term objectives. 39. (p. 10) "Effectiveness" is often defined as A. doing things right. B. stakeholder satisfaction. C. doing the right thing. D. productivity enhancement. 40. (p. 11) All of the following are ambidextrous behaviors EXCEPT: A. taking initiative and being alert to opportunities beyond the confines of one's own job. B. being cooperative and seeking opportunities to combine one's efforts with others. C. intensely focusing on one's own responsibilities and maximizing the output of one's department in an organization. D. being brokers, always looking to build internal linkages. 41. (p. 12) According to Henry Mintzberg, the realized strategies of a firm A. are a combination of deliberate and emergent strategies. B. are a combination of deliberate and differentiation strategies. C. must be based on a company's strategic plan. D. must be kept confidential for competitive reasons. 42. (p. 11-12) According to Henry Mintzberg, decisions following from a firm's strategic analysis are its A. emergent strategy. B. deliberate strategy. C. intended strategy. D. realized strategy. Topic: The Strategic Management Process 43. may be considered the "advance work" that must be done in order to effectively (p. 12) formulate and implement strategies. A. Goal setting B. Corporate entrepreneurship C. Strategy analysis D. Organizational design 44. involves ensuring proper strategic controls and organizational designs. (p. 14) A. Corporate governance B. Corporate-level strategy C. Strategy implementation D. Business-level strategy 45. 45. (p. 15) The three participants in corporate governance are A. the shareholders, board of directors, and employees. B. the shareholders, labor unions, and employees. C. the shareholders, board of directors, and management. D. the shareholders, banks and lending institutions, and management. 46. 46. (p. 15) While working to prioritize and fulfill their responsibilities, members of an organization's board of directors should A. represent their own interests. B. represent the interests of the shareholders. C. direct all actions of the CEO. D. emphasize the importance of short-term goals. 47. 47. (p. 15) Members of Boards of Directors are A. appointed by the Securities and Exchange Commission. B. elected by the shareholders as their representatives. C. elected by the public. D. only allowed to serve one term of four years. 48. 48. (p. 16) An organization is responsible to many different entities. In order to meet the demands of these groups, organizations must participate in stakeholder management. Stakeholder management means that A. interests of the stockholders are not the only interests that matter. B. stakeholders are second in importance to the stockholders. C. stakeholders and managers inevitably work at cross-purposes. D. all stakeholders receive financial rewards. 49. 49. (p. 17) Stakeholders are A. a new way to describe stockholders. B. individuals, groups, and organizations who have a stake in the success of the organization. C. creditors who hold a lien on the assets of the organization. D. attorneys and their clients who sue the organization. 50. 50. (p. 18) Outback Steakhouse has developed a sophisticated quantitative model and found that there were positive relationships between employee satisfaction, customer satisfaction, and financial results. According to the text, this is an example of A. zero-sum relationship among stakeholders. B. stakeholder symbiosis. C. rewarding stakeholders. D. emphasizing financial returns. 51. 51. (p. 17) There are several perspectives of competition. One perspective is zero-sum thinking. Zero-sum thinking means that A. all parts of the organization gain at no loss. B. in order for someone to gain others must experience no gain or benefit. C. one can only gain at the expense of someone else. D. everyone in the organization shares gains and losses equally. In the "zero-sum" view, the role of management is to look upon the various stakeholders as competing for the organization's resources. In essence, the gain of one individual or group is the loss of another individual or group. AACSB: Analytic Blooms: Remember Dess - Chapter 01 #51 Learning Objective: 01-03 The vital role of corporate governance and stakeholder management as well as how "symbiosis" can be achieved among an organizations stakeholders. Level of Difficulty: 1 Easy Topic: The Role of Corporate Governance and Stakeholder Management 52. 52. (p. 18) Managers should do more than just focus on short-term financial performance. One concept that helps managers do this is stakeholder symbiosis. This means that A. stakeholders are dependent on each other for their success. B. stakeholders look out for their individual interests. C. one can only gain at the expense of someone else. D. all stakeholders want to maximize shareholder returns. Organizations can achieve mutual benefit through stakeholder symbiosis, which recognizes that stakeholders are dependent upon each other for their success and well-being. AACSB: Analytic Blooms: Remember Dess - Chapter 01 #52 Learning Objective: 01-03 The vital role of corporate governance and stakeholder management as well as how "symbiosis" can be achieved among an organizations stakeholders. Level of Difficulty: 1 Easy Topic: The Role of Corporate Governance and Stakeholder Management 53. 53. (p. 18) Crowdsourcing can be defined as A. using surveys to get supplier input. B. using multiple sources for a firm's raw material inputs. C. tapping the latent talent of the online crowd. D. addressing strategic issues directly with managers and employees. In June 2006, Jeff Howe of Wired magazine defined crowdsourcing as the tapping of the "latent talent of the (online) crowd." AACSB: Analytic Blooms: Remember Dess - Chapter 01 #53 Learning Objective: 01-03 The vital role of corporate governance and stakeholder management as well as how "symbiosis" can be achieved among an organizations stakeholders. Level of Difficulty: 1 Easy Topic: The Role of Corporate Governance and Stakeholder Management 54. 54. (p. 21) 55. 55. (p. 23) 56. 56. (p. 24) Firms must be aware of goals other than short-term profit maximization. One area of concern should be social responsibility which is A. the expectation that business will strive to improve the overall welfare of society. B. the idea that organizations are solely responsible to local citizens. C. the fact that court costs could impact the financial bottom line. D. the idea that businesses are responsible to maintain a healthy social climate for their employees. Social responsibility is the expectation that businesses or individuals will strive to improve the overall welfare of society. From the perspective of a business, this means that managers must take active steps to make society better by virtue of the business being in existence. AACSB: Analytic Blooms: Remember Dess - Chapter 01 #54 Learning Objective: 01-04 The importance of social responsibility; including environmental sustainability; and how it can enhance a corporations innovation strategy. Level of Difficulty: 1 Easy Topic: The Role of Corporate Governance and Stakeholder Management According to the text, the "triple bottom line" approach to corporate accounting includes three components: A. financial, environmental, and customer. B. financial, organizational, and customer. C. financial, environmental, and social. D. financial, organizational, and psychological. Many companies are now measuring what has been called a "triple bottom line." This involves assessing financial, social, and environmental performance. AACSB: Analytic Blooms: Remember Dess - Chapter 01 #55 Learning Objective: 01-04 The importance of social responsibility; including environmental sustainability; and how it can enhance a corporations innovation strategy. Level of Difficulty: 1 Easy Topic: The Role of Corporate Governance and Stakeholder Management Many organizations have a large number of functional areas with very diverse, and sometimes competing, interests. Such organizations will be most effective if A. each functional area focuses on achieving their own goals. B. functional areas work together to attain overall goals. C. goals are defined at the bottom and implemented at the top. D. management and employees have separate goals. Strategic management requires managers to take an integrative view of the organization and assess how all of the functional areas and activities fit together to help an organization achieve its goals and objectives. This cannot be accomplished if only the top managers in the organization take an integrative, strategic perspective of issues facing the firm and everyone else "fends for themselves" in their independent, isolated functional areas. Instead, people throughout the organization must strive toward overall goals. AACSB: Analytic Blooms: Understand Dess - Chapter 01 #56 Learning Objective: 01-05 The need for greater empowerment throughout the organization. Level of Difficulty: 2 Medium Topic: The Strategic Management Perspective: An Imperative throughout the Organization 57. 57. (p. 25) 58. 58. (p. 25) 59. 59. (p. 25) Strategy formulation and implementation is a challenging ongoing process. To be effective, it should involve A. the CEO and the board of directors. B. the board of directors, CEO, and CFO. C. line and staff managers. D. all of these. To develop and mobilize people and other assets, leaders are needed throughout the organization. No longer can organizations be effective if the top "does the thinking" and the rest of the organization "does the work." Everyone must be involved in the strategic management process. AACSB: Analytic Blooms: Understand Dess - Chapter 01 #57 Learning Objective: 01-05 The need for greater empowerment throughout the organization. Level of Difficulty: 2 Medium Topic: The Strategic Management Perspective: An Imperative throughout the Organization The text argues that a strategic perspective in an organization should be emphasized A. at the top of the organization. B. at the middle of the organization. C. throughout the organization. D. from the bottom up. No longer can organizations be effective if the top "does the thinking" and the rest of the organization "does the work." Everyone must be involved in the strategic management process. AACSB: Analytic Blooms: Understand Dess - Chapter 01 #58 Learning Objective: 01-05 The need for greater empowerment throughout the organization. Level of Difficulty: 2 Medium Topic: The Strategic Management Perspective: An Imperative throughout the Organization Peter Senge, of MIT, recognized three types of leaders. are individuals that, although having little positional power and formal authority, generate their power through the conviction and clarity of their ideas. A. Local line leaders B. Executive leaders C. Internal networkers D. Shop floor leaders Internal networkers, although they have little positional power and formal authority, generate their power through the conviction and clarity of their ideas. AACSB: Analytic Blooms: Remember Dess - Chapter 01 #59 Learning Objective: 01-05 The need for greater empowerment throughout the organization. Level of Difficulty: 1 Easy Topic: The Strategic Management Perspective: An Imperative throughout the Organization 60. 60. (p. 25) 61. 61. (p. 25) 62. 62. (p. 26) Peter Senge, of MIT, recognized three types of leaders. champion and guide ideas, create a learning infrastructure, and establish a domain for taking action. A. Local line leaders B. Executive leaders C. Internal networkers D. Shop floor leaders Executive leaders champion and guide ideas, create a learning infrastructure, and establish a domain for taking action. AACSB: Analytic Blooms: Remember Dess - Chapter 01 #60 Learning Objective: 01-05 The need for greater empowerment throughout the organization. Level of Difficulty: 1 Easy Topic: The Strategic Management Perspective: An Imperative throughout the Organization Leadership is a necessary (but not sufficient) condition for organizational success. Leaders should emerge at which level(s) of an organization? A. only at the top B. in the middle C. throughout the organization D. only during times of change To develop and mobilize people and other assets, leaders are needed throughout the organization. AACSB: Analytic Blooms: Understand Dess - Chapter 01 #61 Learning Objective: 01-05 The need for greater empowerment throughout the organization. Level of Difficulty: 2 Medium Topic: The Strategic Management Perspective: An Imperative throughout the Organization The hierarchy of organizational goals is in this order (least specific to most specific): A. vision statements, strategic objectives, mission statements. B. mission statements, strategic objectives, vision statements. C. vision statements, mission statements, strategic objectives. D. mission statements, vision statements, strategic objectives. Organizations express priorities best through stated goals and objectives that form a hierarchy of goals, which includes its vision, mission, and strategic objectives. What visions may lack in specificity, they make up for in their ability to evoke powerful and compelling mental images. On the other hand, strategic objectives tend to be more specific and provide a more direct means of determining if the organization is moving toward broader, overall goals. Exhibit 1.6 depicts the hierarchy of goals and its relationship to two attributes: general versus specific and time horizon. Refer to Exhibit 1.6 AACSB: Analytic Blooms: Remember Dess - Chapter 01 #62 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 1 Easy Topic: Ensuring Coherence in Strategic Direction 63. 63. (p. 26) Vision statements are used to create a better understanding of the organization's overall purpose and direction. Vision statements A. are very specific. B. provide specific objectives. C. set organizational structure. D. evoke powerful and compelling mental images. A vision is an organizational goal(s) that evoke(s) powerful and compelling mental images. AACSB: Analytic Blooms: Remember Dess - Chapter 01 #63 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 1 Easy Topic: Ensuring Coherence in Strategic Direction 64. 64. (p. 26) 65. 65. (p. 28) Effective vision statements include A. all strategic directions of the organization. B. a brief statement of the company's direction. C. strategic posturing and future objectives D. financial objectives and projected figures. A vision is a goal that is "massively inspiring, overarching, and long term." It represents a destination that is driven by and evokes passion. What visions may lack in specificity, they make up for in their ability to evoke powerful and compelling mental images. AACSB: Analytic Blooms: Remember Dess - Chapter 01 #64 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 1 Easy Topic: Ensuring Coherence in Strategic Direction Examples of include: "To be the happiest place on earth" (Disneyland), and "Restoring patients to full life" (Medtronic). A. vision statements B. mission statements C. strategic objectives D. operational objectives One of the most famous examples of a vision is Disneyland's: "To be the happiest place on earth." Another example is "Restoring patients to full life." (Medtronic) AACSB: Analytic Blooms: Understand Dess - Chapter 01 #65 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 2 Medium Topic: Ensuring Coherence in Strategic Direction 66. 66. (p. 28-29) WellPoint Health Network states: "WellPoint will redefine our industry: through a new generation of consumer-friendly products that put individuals back in control of their future." This is an example of a A. strategic objective. B. vision statement. C. vague statement of direction. D. line manager's individual goal. Effective visions provide a fundamental statement of an organization's values, aspirations, and goals. Such visions go well beyond narrow financial objectives, of course, and strive to capture both the minds and hearts of employees. Refer to Exhibit 1.7 AACSB: Analytic Blooms: Understand Dess - Chapter 01 #66 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 2 Medium Topic: Ensuring Coherence in Strategic Direction 67. 67. (p. 29) 68. 68. (p. 30) In contrast to an organization's vision, its mission should A. be shorter in length. B. encompass both the purpose of the company as well as the basis of competition. C. encompass all the major rules and regulations of the corporate work force. D. be less detailed. A company's mission statement differs from its vision in that it encompasses both the purpose of the company as well as the basis of competition and competitive advantage. AACSB: Analytic Blooms: Remember Dess - Chapter 01 #67 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 1 Easy Topic: Ensuring Coherence in Strategic Direction An organization's mission statement and vision statement set the overall direction of the organization. Strategic objectives A. operationalize the mission statement. B. modify the mission statement. C. are a shorter version of the mission statement. D. are only clarified by the board of directors. Strategic objectives are used to operationalize the mission statement. That is, they help to provide guidance on how the organization can fulfill or move toward the "higher goals" in the goal hierarchy—the mission and vision. AACSB: Analytic Blooms: Remember Dess - Chapter 01 #68 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 1 Easy Topic: Ensuring Coherence in Strategic Direction 69. 69. (p. 31) 70. 70. (p. 30) 71. 71. (p. 30) Successful organizations are effective in motivating people. Employees work best when A. they are asked to "do their best." B. work requirements are vague and unclear. C. they are striving toward specific goals. D. they are guided by an abstract mission statement. Challenging objectives can help to motivate and inspire employees to higher levels of commitment and effort. Much research has supported the notion that people work harder when they are striving toward specific goals instead of being asked simply to "do their best." AACSB: Analytic Blooms: Understand Dess - Chapter 01 #69 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 2 Medium Topic: Ensuring Coherence in Strategic Direction Fortune Brands states they will "cut corporate overhead costs by $30 million a year." This is an example of a A. nonfinancial strategic objective. B. financial strategic objective. C. vision statement. D. mission statement. Exhibit 1.8 lists several firms' strategic objectives—both financial (like this one from Fortune Brands) and nonfinancial. Refer to Exhibit 1.8 AACSB: Analytic Blooms: Understand Dess - Chapter 01 #70 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 2 Medium Topic: Ensuring Coherence in Strategic Direction "We want to be the top-ranked supplier to our customers." (PPG) This is an example of a A. nonfinancial strategic objective. B. financial strategic objective. C. vision statement. D. mission statement. Exhibit 1.8 lists several firms' strategic objectives—both financial and nonfinancial (like this one from PPG). Refer to Exhibit 1.8 AACSB: Analytic Blooms: Understand Dess - Chapter 01 #71 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 2 Medium Topic: Ensuring Coherence in Strategic Direction 72. 72. (p. 32) 73. 73. (p. 12-15) In large organizations, conflicts can arise between functional areas. In order to resolve these conflicts, strategic objectives A. put financial objectives above human considerations. B. align departments toward departmental goals. C. help resolve conflicts through their common purpose. D. cause debate and increase conflict. There is always the potential for different parts of an organization to pursue their own goals rather than overall company goals. Although well intentioned, these may work at cross-purposes to the organization as a whole. Meaningful objectives thus help to resolve conflicts when they arise. AACSB: Analytic Blooms: Understand Dess - Chapter 01 #72 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 2 Medium Topic: Ensuring Coherence in Strategic Direction The strategic management process includes strategy analysis, strategy formulation, and strategy implementation. Discuss each of these steps. Answers will vary. AACSB: Analytic Blooms: Understand Dess - Chapter 01 #73 Learning Objective: 01-02 The strategic management process and its three interrelated and principal activities. Level of Difficulty: 2 Medium Topic: The Strategic Management Process 74. 74. (p. 15-16) Discuss the key elements of corporate governance. Answers will vary. AACSB: Analytic Blooms: Understand Dess - Chapter 01 #74 Learning Objective: 01-03 The vital role of corporate governance and stakeholder management as well as how "symbiosis" can be achieved among an organizations stakeholders. Level of Difficulty: 2 Medium Topic: The Role of Corporate Governance and Stakeholder Management 75. 75. (p. 16-18) A firm has a variety of stakeholders. Identify several possible stakeholders a firm may have and discuss how the firm may achieve stakeholder symbiosis. Answers will vary. AACSB: Analytic Blooms: Understand Dess - Chapter 01 #75 Learning Objective: 01-03 The vital role of corporate governance and stakeholder management as well as how "symbiosis" can be achieved among an organizations stakeholders. Level of Difficulty: 2 Medium Topic: The Role of Corporate Governance and Stakeholder Management 76. 76. (p. 24-26) Leadership is a topic that is often discussed in the management literature. The text suggests that leaders should be at all levels in an organization. Discuss why it is important to have leaders throughout an organization. Answers will vary. AACSB: Analytic Blooms: Apply Dess - Chapter 01 #76 Learning Objective: 01-05 The need for greater empowerment throughout the organization. Level of Difficulty: 3 Hard Topic: The Strategic Management Perspective: An Imperative throughout the Organization 77. 77. (p. 26-29) 78. 78. (p. 26-32) 79. 79. (p. 30-32) 80. 80. (p. 30-32) According to the text, vision statements should be massively inspiring, overarching, and long term. Provide several examples of potential vision statements for various organizations and discuss how such vision statements would inspire employees around a cause. Answers will vary. AACSB: Analytic Blooms: Apply Dess - Chapter 01 #77 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 3 Hard Topic: Ensuring Coherence in Strategic Direction A mission statement encompasses the purpose of the company as well as the basis of competition and competitive advantage. Compare the purpose of a mission statement to that of a vision statement and a strategic objective. Answers will vary. AACSB: Analytic Blooms: Understand Dess - Chapter 01 #78 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 2 Medium Topic: Ensuring Coherence in Strategic Direction Organizations must focus on financial and nonfinancial objectives. Select an organization and discuss possible financial and nonfinancial objectives the organization may have. Answers will vary. AACSB: Analytic Blooms: Apply Dess - Chapter 01 #79 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 3 Hard Topic: Ensuring Coherence in Strategic Direction The text discusses several characteristics of effective strategic objectives. List several of these and discuss why a firm's strategic objectives should meet these criteria. Answers will vary. AACSB: Analytic Blooms: Understand Dess - Chapter 01 #80 Learning Objective: 01-06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 2 Medium Topic: Ensuring Coherence in Strategic Direction Ch01 Summary Category # of Questions AACSB: Analytic 80 Blooms: Apply 3 Blooms: Remember 42 Blooms: Understand 35 Dess - Chapter 01 80 Learning Objective: 01-01 The definition of strategic management and its four key attributes. 13 Learning Objective: 01-02 The strategic management process and its three interrelated and principal activities. 11 Learning Objective: 01- 18 03 The vital role of corporate governance and stakeholder management as well as how "symbiosis" can be achieved among an orga nizations stakeholders. Learning Objective: 01- 5 04 The importance of social responsibility; including environmental sustainability; and how it can enhance a corporations innovati on strategy. Learning Objective: 01-05 The need for greater empowerment throughout the organization. 8 Learning Objective: 01- 25 06 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. Level of Difficulty: 1 Easy 41 Level of Difficulty: 2 Medium 36 Level of Difficulty: 3 Hard 3 Topic: Ensuring Coherence in Strategic Direction 25 Topic: The Role of Corporate Governance and Stakeholder Management 23 Topic: The Strategic Management Perspective: An Imperative throughout the Organization 8 Topic: The Strategic Management Process 11 Topic: What is Strategic Management? 13 Ch02 Student: 1. Environmental scanning and competitor intelligence provide important inputs for forecasting activities. True False 2. Environmental monitoring deals with tracking changes in environmental trends that are often uncovered during the environmental scanning process. True False 3. Competitor Intelligence (CI) is a tool that can provide management with "early warnings" about both threats and opportunities. True False 4. Competitive intelligence generally does not benefit very much from gathering information on competitors from sources in the public domain. True False 5. Even with all of the advances in recent years, forecasting is typically considered more of an art than a science and it is of little use in generating accurate predictions. True False 6. Scenario planning is usually concerned with short-term forecasts. True False 7. Although changes in the general environment may often adversely or favorably impact a firm, they seldom alter an entire industry. True False 8. The same environmental trend can often have very different effects on firms within the same industry. True False 9. A major sociocultural trend in the United States is the increased educational attainment by women. True False 10. Technological innovations can create entirely new industries and alter the boundaries of industries. True False 11. There is generally a weak relationship between equity markets (e.g., New York Stock Exchange) and economic indicators. True False 12. The Internet provides an electronic "staging area" for several forms of digital communications. True False 13. Porter's Five-Forces model is designed to help us understand how social attitudes and cultural values impact U.S. businesses. True False 14. Porter's Five-Forces model helps to determine both the nature of competition in an industry and the industry's profit potential. True False 15. In some industries, high switching costs can act as an important barrier to entry. True False 16. Industries characterized by high economies of scale typically attract fewer new entrants. True False 17. The power of a buyer group is increased if the buyer group has less concentration than the supplier group. True False 18. Buyer power tends to be higher if suppliers provide undifferentiated or standard products. True False 19. Supplier power tends to be highest in industries where products are vital to buyers, where switching from one supplier to another is very costly, and where there are many suppliers. True False 20. The power of suppliers will be enhanced if they are able to maintain a credible threat of forward integration. True False 21. The more attractive the price/performance ratio of substitute products, the more tightly it constraints an industry's ability to charge high prices. True False 22. Rivalry is most intense when there are high exit barriers and high industry growth. True False 23. Rivalry will be most intense when there is a lack of differentiation or switching costs. True False 24. In most industries, new entrants will be a bigger threat because the Internet lowers entry barriers. True False 25. The Internet and digital technologies suppress the bargaining power of buyers by providing them with more information to make buying decisions. True False 26. An end user's switching costs are potentially much higher because of the Internet. True False 27. Because of the Internet and digital technologies, it is very difficult for suppliers to create purchasing techniques that lower switching costs. True False 28. Reintermediation is responsible for an overall reduction in business opportunities. True False 29. The Internet heightens the threat of substitutes because it creates new ways to accomplish the same task. True False 30. Five-Forces analysis implicitly assumes a zero-sum game, a perspective that can be short-sighted. True False 31. Michael Porter's Five-Forces Analysis is a dynamic tool for analyzing industry attractiveness. True False 32. Complementary products are products that typically have a negative impact on the value of a firm's own products or services. True False 33. Competition tends to be more intense among firms within a strategic group than between strategic groups. True False 34. The same environmental trend or event may have a very different impact on different strategic groups within the same industry. True False 35. The use of the strategic groups concept is generally not helpful in charting the future directions of firms' strategies. True False 36. The strategic groups in the world-wide automobile industry have been very stable and unchanging in recent years. True False 37. Two of the key inputs to developing forecasts discussed in the text are A. environmental scanning and stakeholder identification. B. environmental scanning and competitor intelligence. C. assessing internal strengths and environmental scanning. D. environmental scanning and a SWOT analysis. 38. tracks the evolution of environmental trends, sequences of events, or streams of activities. A. Environmental scanning B. Environmental monitoring C. Environmental surveying D. Competitive intelligence 39. Scanning the general environment would identify information on A. substitute goods. B. the aging population and ethnic shifts. C. customer and firm bargaining power. D. competitive rivalry. 40. Gathering "competitive intelligence" A. is good business practice. B. is illegal. C. is considered unethical. D. minimizes the need to obtain information in the public domain. 41. Environmental forecasting involves developing plausible projections about the of environmental change. A. direction B. scope C. speed D. all of these 42. A danger of forecasting discussed in the text is that A. in most cases, the expense of collecting the necessary data exceeds the benefit. B. forecasting's retrospective nature provides little information about the future. C. managers may view uncertainty as "black and white" while ignoring important "gray areas." D. it can create legal problems for the firm if regulators discover the company is making forecasts. 43. The aging of the population, changes in ethnic composition, and effects of the baby boom are A. macroeconomic changes. B. demographic changes. C. global changes. D. sociocultural changes. 44. Increasingly larger numbers of women entering the work force since the early 1970s is an example of A. demographic changes. B. political and legal environmental changes. C. sociocultural changes. D. technological developments. 45. Emerging sociocultural changes in the environment include A. changes in the ethnic composition. B. the increasing educational attainment of women in the past decade. C. progressively less disposable income by consumers. D. changes in the geographic distribution of the population. 46. All of the following are important elements of the political/legal segment of the general environment EXCEPT A. the deregulation of utilities. B. the Americans with Disabilities Act (ADA). C. the increased use of Internet technology. D. increases in the federally mandated minimum wage. 47. Which of the following would be considered part of a firm's general environment? A. Decreased entry barriers. B. Higher unemployment rates. C. Increased bargaining power of the firm's suppliers. D. Increased competitive intensity. 48. Interest-rate increases have a impact on the residential home construction industry and a effect on industries that produce consumer necessities such as prescription drugs or basic grocery items. A. positive; negligible B. negative; negligible C. negative; positive D. positive; negative 49. To illustrate interrelationships among different segments of the general environment: The persistence of large U.S. trade deficits ( ) has led to greater demand for protectionist measures, such as trade barriers and quotas ( ). These measures lead to higher prices for U.S. consumers and fuel inflation ( ). A. macroeconomic, sociocultural, political/legal B. macroeconomic, political/legal, economic C. macroeconomic, technological, economic D. macroeconomic, global, economic 50. Which is considered a force in the "Five-Forces" model? A. Increased deregulation in an industry. B. The threat of government intervention. C. Rivalry among competing firms. D. Recent technological innovation. 51. Which of the following firms would likely pose the least competitive threat? A. A firm in the same industry and in the same strategic group. B. A firm that produces substitute goods to your product line. C. A competitor to your product where a high switching cost exists. D. A firm in the same industry and in the nearest strategic group looking to join your group. 52. The threat of new entrants is high when there are A. low economies of scale. B. high capital requirements. C. high switching costs. D. high differentiation among competitors' products and services. 53. Product differentiation by incumbents act as an entry barrier because A. new entrants cannot differentiate their products. B. incumbents will take legal action if new entrants do not differentiate their products. C. new entrants will have to spend heavily to overcome existing customer loyalties. D. it helps a firm to derive greater economies of scale. 54. Which of the following would be an entry barrier? A. large economies of scale B. low switching costs C. easy access to raw materials D. low capital requirements 55. A large fabricator of building components purchased a steel company to provide raw materials for its production process. This is an example of A. backward integration. B. economies of scale. C. forward integration. D. product differentiation. 56. The bargaining power of the buyer is greater than that of the supplier when A. volume of purchase is low. B. threat of backward integration by buyers is low. C. cost savings from the supplier's product are minimal. D. the buyer's profit margin is low. 57. Buyer power will be greater when A. the products purchased are highly differentiated. B. there are high switching costs. C. the industry's product is very important to the quality of the buyer's end products or services. D. it is concentrated or purchases large volumes relative to seller sales. 58. The bargaining power of suppliers increases as A. more suppliers enter the market. B. importance of buyers to supplier group increases. C. switching costs for buyers decrease. D. threat of forward integration by suppliers increases. 59. An independent group of suppliers, such as farmers, gather to form a cooperative to sell their products to buyers directly, replacing their former distributor. This is an example of A. threat of entry. B. backward integration. C. forward integration. D. threat of substitute products. 60. The bargaining power of suppliers is enhanced under the following market condition: A. no threat of forward integration. B. low differentiation of the suppliers' products. C. greater availability of substitute products. D. dominance by a few suppliers. 61. In Porter's Five-Forces model, conditions under which a supplier group can be powerful include all the following EXCEPT A. lack of importance of the buyer to the supplier group. B. high differentiation by the supplier. C. dominance by a few suppliers. D. readily available substitute products. 62. A supplier group would be most powerful when there is/are A. many suppliers. B. few substitute products. C. low differentiation of products supplied. D. high threat of backward integration by the buyers. 63. Threat of substitute products comes from A. other companies in the same industry. B. foreign companies which can use cheap labor in their countries. C. firms in other industries that produce products or services that satisfy the same customer need. D. all of these. 64. Firms would be most likely to face intense rivalry with competitors when they A. are in a high growth industry with low fixed costs. B. are in a protected market. C. have high fixed costs, in a slow growth industry with high exit barriers. D. have low exit barriers for easy transition to another industry. 65. The most intense rivalry results from A. numerous equally balanced competitors, slow industry growth, high fixed or storage costs. B. few competitors, slow industry growth, lack of differentiation, high fixed or storage costs. C. numerous equally balanced competitors, manufacturing capacity increases only in large increments, low exit barriers. D. a high level of differentiation. 66. Exit barriers arise from A. specialized assets with no alternative use. B. governmental and social pressures. C. strategic interrelationships with other business units within the same company. D. all of these. 67. Because the Internet lowers barriers to entry in most industries, it A. decreases the threat of new entrants. B. increases the threat of new entrants. C. makes it easier to build customer loyalty. D. increases supplier power. 68. End users are A. the final consumers in a distribution channel. B. usually the C in B2C. C. likely to have greater bargaining power because of the Internet. D. all of these. 69. Incumbent firms may enjoy increased bargaining power because the Internet A. focuses marketing efforts on end users. B. diminishes the power of many distribution channel intermediaries. C. increases channel conflict. D. has reduced the number of wholesalers and distributors. 70. Supplier power has increased because of the Internet for all of the following reasons EXCEPT A. the growth of new Web-based businesses has created more outlets for suppliers to sell to. B. some suppliers have created Web-based purchasing systems that encourage switching. C. the process of disintermediation makes it possible for some suppliers to reach end users directly. D. software that links buyers to a supplier's website has created rapid, low-cost order capabilities. 71. In general, the threat of substitutes is heightened because the Internet A. introduces new ways to accomplish the same task. B. lowers switching costs. C. lowers barriers to entry. D. increases output per unit of cost. 72. How do infomediaries and consumer information websites increase the intensity of competitive rivalry? A. by shifting customers away from issues of price B. by making competitors in cyberspace seem less equally balanced Cby consolidating the marketing message that consumers use to make a purchase decision to a few key . pieces of information that the selling company has little control over D. by highlighting a firm's unique selling advantages 73. The value net is a game-theoretic approach that A. extends the value chain analysis. B is a way to analyze all the players in a game and analyze how their interactions affect a firm's ability to . generate and appropriate value. C. helps us to understand the evolution of the five forces over time. D. uses network analysis to understand the relationships among different companies. 74. In the value net analysis, complementors are A. firms that produce substitute products. B. customers who compliment the company for their good products and services. C. firms that produce products or services that have a positive impact on the value of a firm's products or services. D. firms that supply critical inputs to a company. 75. Strategic groups consist of A. a group of top executives who make strategies for a company. B. a group of firms within an industry that follow similar strategies. C. a group of executives drawn from different companies within an industry that makes decisions on industry standards. D a group of firms within an industry that decide to collude rather than compete with each other so that . they can increase their profits. 76. Which of the following statements about strategic groups is FALSE? A. Two assumptions are made: (1) no two firms are totally different, (2) no two firms are exactly the same. B. Strategic groupings are of little help to a firm in assessing mobility barriers that protect a group from attacks by other groups. C. Strategic groups help chart the future directions of firms' strategies. D. Strategic groups are helpful in thinking through the implications of each industry trend for the group as a whole. 77. Explain how competitor intelligence can be improved by gathering information about competitors in the public domain. Provide examples. 78. Discuss some of the limitations of forecasting. 79. Discuss the six segments of the general environment. Provide examples of how they might be related. 80. Explain the important barriers to entry in an industry. Provide examples. 81. Discuss and provide examples

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