MAN 3025 exam 2 FGCU Actual Exam
Questions and CORRECT Answers
Chapter 6 - CORRECT ANSWER- ✔✔...
BCG Matrix - CORRECT ANSWER- ✔✔is a corporate planning tool, which is used to
portray firm's brand portfolio or SBUs on a quadrant along relative market share axis
(horizontal axis) and speed of market growth (vertical axis) axis
Benchmarking - CORRECT ANSWER- ✔✔a process by which a company compares its
performance with that of high-performing organizations
Blue Ocean Strategy - CORRECT ANSWER- ✔✔An approach where firms seek to create
and compete in uncontested "blue ocean" market spaces, rather than competing in spaces and
ways that have attracted many, similar rivals.
Competitive intelligence - CORRECT ANSWER- ✔✔gaining information about one's
competitors' activities so that you can anticipate their moves and react appropriately
Contingency planning - CORRECT ANSWER- ✔✔Planning for unexpected events, usually
involving a range of scenarios and assumptions that differ from the assumptions behind the
core plans.
Cost-focus strategy - CORRECT ANSWER- ✔✔keep the costs of a product below those of
competitors and to target a narrow market
Cost leadership strategy - CORRECT ANSWER- ✔✔keep the costs, and hence prices, of a
product or service below those of competitors and to target a wide market
Current reality assessment - CORRECT ANSWER- ✔✔to look at where the organization
stands and see what is working and what could be different so as to maximize efficiency and
effectiveness in achieving the organization's mission
,Defensive strategy - CORRECT ANSWER- ✔✔a social responsiveness strategy in which a
company admits responsibility for a problem but does the least required to meet societal
expectations
Differentiation strategy - CORRECT ANSWER- ✔✔Distinguishing an organization's
products from the products of competitors on dimensions such as product design, quality, or
after-sales service.
Diversification - CORRECT ANSWER- ✔✔a strategy of increasing sales by introducing new
products into new markets
Environmental scanning - CORRECT ANSWER- ✔✔collection and interpretation of
information about forces, events, and relationships in the external environment that may
affect the future of the organization or the implementation of the marketing plan
Execution - CORRECT ANSWER- ✔✔the way something is done
Focused differentiation strategy - CORRECT ANSWER- ✔✔same as the differentiation
strategy except with a narrow focus on a niche market
Forecast - CORRECT ANSWER- ✔✔to predict
Grand strategy - CORRECT ANSWER- ✔✔a broad corporate-level strategic plan used to
achieve strategic goals and guide the strategic alternatives that managers of individual
businesses or subunits may use
Growth strategy - CORRECT ANSWER- ✔✔a strategy that focuses on increasing profits,
revenues, market share, or the number of places in which the company does business
Innovation strategy - CORRECT ANSWER- ✔✔a strategy that emphasizes the introduction
of major new products and services
Organizational opportunities - CORRECT ANSWER- ✔✔environmental factors that the
organization may exploit for competitive advantage
, Organizational strengths - CORRECT ANSWER- ✔✔skills and capabilities that give the
organization special competencies and competitive advantages in executing strategies in
pursuit of its mission
Organizational threats - CORRECT ANSWER- ✔✔environmental factors that hinder an
organization's achieving a competitive advantage
Organizational weaknesses - CORRECT ANSWER- ✔✔drawbacks that hinder an
organization in executing strategies in pursuit of its mission
Porter's 4 competitive strategies - CORRECT ANSWER- ✔✔
Porter's model for industry analysis - CORRECT ANSWER- ✔✔
Scenario analysis - CORRECT ANSWER- ✔✔process of devising a list of possible
economic scenarios and specifying the likelihood of each one, as well as the HPR that will be
realized in each case
Single product strategy - CORRECT ANSWER- ✔✔a company makes and sells only one
product within its market
Strategic control - CORRECT ANSWER- ✔✔consists of monitoring the execution of
strategy and making adjustments, if necessary
Strategic positioning - CORRECT ANSWER- ✔✔attempts to achieve sustainable
competitive advantage by preserving what is distinctive about a company
Strategy formulation - CORRECT ANSWER- ✔✔the process of choosing among different
strategies and altering them to best fit the organization's needs
Strategy implementation - CORRECT ANSWER- ✔✔putting strategic plans into effect
Questions and CORRECT Answers
Chapter 6 - CORRECT ANSWER- ✔✔...
BCG Matrix - CORRECT ANSWER- ✔✔is a corporate planning tool, which is used to
portray firm's brand portfolio or SBUs on a quadrant along relative market share axis
(horizontal axis) and speed of market growth (vertical axis) axis
Benchmarking - CORRECT ANSWER- ✔✔a process by which a company compares its
performance with that of high-performing organizations
Blue Ocean Strategy - CORRECT ANSWER- ✔✔An approach where firms seek to create
and compete in uncontested "blue ocean" market spaces, rather than competing in spaces and
ways that have attracted many, similar rivals.
Competitive intelligence - CORRECT ANSWER- ✔✔gaining information about one's
competitors' activities so that you can anticipate their moves and react appropriately
Contingency planning - CORRECT ANSWER- ✔✔Planning for unexpected events, usually
involving a range of scenarios and assumptions that differ from the assumptions behind the
core plans.
Cost-focus strategy - CORRECT ANSWER- ✔✔keep the costs of a product below those of
competitors and to target a narrow market
Cost leadership strategy - CORRECT ANSWER- ✔✔keep the costs, and hence prices, of a
product or service below those of competitors and to target a wide market
Current reality assessment - CORRECT ANSWER- ✔✔to look at where the organization
stands and see what is working and what could be different so as to maximize efficiency and
effectiveness in achieving the organization's mission
,Defensive strategy - CORRECT ANSWER- ✔✔a social responsiveness strategy in which a
company admits responsibility for a problem but does the least required to meet societal
expectations
Differentiation strategy - CORRECT ANSWER- ✔✔Distinguishing an organization's
products from the products of competitors on dimensions such as product design, quality, or
after-sales service.
Diversification - CORRECT ANSWER- ✔✔a strategy of increasing sales by introducing new
products into new markets
Environmental scanning - CORRECT ANSWER- ✔✔collection and interpretation of
information about forces, events, and relationships in the external environment that may
affect the future of the organization or the implementation of the marketing plan
Execution - CORRECT ANSWER- ✔✔the way something is done
Focused differentiation strategy - CORRECT ANSWER- ✔✔same as the differentiation
strategy except with a narrow focus on a niche market
Forecast - CORRECT ANSWER- ✔✔to predict
Grand strategy - CORRECT ANSWER- ✔✔a broad corporate-level strategic plan used to
achieve strategic goals and guide the strategic alternatives that managers of individual
businesses or subunits may use
Growth strategy - CORRECT ANSWER- ✔✔a strategy that focuses on increasing profits,
revenues, market share, or the number of places in which the company does business
Innovation strategy - CORRECT ANSWER- ✔✔a strategy that emphasizes the introduction
of major new products and services
Organizational opportunities - CORRECT ANSWER- ✔✔environmental factors that the
organization may exploit for competitive advantage
, Organizational strengths - CORRECT ANSWER- ✔✔skills and capabilities that give the
organization special competencies and competitive advantages in executing strategies in
pursuit of its mission
Organizational threats - CORRECT ANSWER- ✔✔environmental factors that hinder an
organization's achieving a competitive advantage
Organizational weaknesses - CORRECT ANSWER- ✔✔drawbacks that hinder an
organization in executing strategies in pursuit of its mission
Porter's 4 competitive strategies - CORRECT ANSWER- ✔✔
Porter's model for industry analysis - CORRECT ANSWER- ✔✔
Scenario analysis - CORRECT ANSWER- ✔✔process of devising a list of possible
economic scenarios and specifying the likelihood of each one, as well as the HPR that will be
realized in each case
Single product strategy - CORRECT ANSWER- ✔✔a company makes and sells only one
product within its market
Strategic control - CORRECT ANSWER- ✔✔consists of monitoring the execution of
strategy and making adjustments, if necessary
Strategic positioning - CORRECT ANSWER- ✔✔attempts to achieve sustainable
competitive advantage by preserving what is distinctive about a company
Strategy formulation - CORRECT ANSWER- ✔✔the process of choosing among different
strategies and altering them to best fit the organization's needs
Strategy implementation - CORRECT ANSWER- ✔✔putting strategic plans into effect
