BUS485 STUDY GUIDE
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1. A company's strategic vision concerns: a company's directional path and future product-cus-
tomer-market-technology focus.
2. The real purpose of the company's strategic vision: serves as management's tool for giving
the organization a sense of direction.
3. A company should not couch its mission statement in terms of making a profit
because a profit is more correctly an: an objective and a result of what a company does.
4. A company's values relate to such things as: fair treatment, integrity, ethical behavior, innov-
ativeness, teamwork, top-notch quality, superior customer service, social responsibility, and community citizenship.
5. A company needs financial objectives: because without adequate profitability and financial
strength, the company's ultimate survival is jeopardized.
6. Strategic objectives: Relate to strengthening a company's overall market standing and competitive vitality.
7. Strategy Making: more of a collaborative group effort that involves all managers and sometimes key
employees, as opposed to being the function and responsibility of a few high-level executives.
8. Using the five forces model of competition to determine the character and
strength of the competitive forces within a given industry involves: building the
picture of competition in three steps: (1) identify the different parties involved, along with specific factors that bring
about competitive pressures; (2) evaluate how strong the pressures stemming from each of the five forces are (strong,
moderate or weak); and (3) determine whether the
9. Rivalry among competing sellers decreases: When buyer demand is growing rapidly
10. Potential entrants are more likely to be deterred from actually entering an
industry when: incumbent firms are willing and able to be aggressive in defending their market positions
against entry.
11. The competitive pressures from substitute products tend to be stronger
when: good substitutes are readily available
12. The lower the user's switching costs, the: more intense the competitive pressures posed by
substitute products.
13. Buyer bargaining power is stronger when: the industry's products are standardized or
undifferentiated.
14. A competitive environment where there is weak to moderate rivalry among
sellers, high entry barriers, weak competition from substitute products, and
little bargaining leverage on the part of both suppliers and customers: is conducive
to industry members earning attractive profits.
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Study online at https://quizlet.com/_hr76sk
1. A company's strategic vision concerns: a company's directional path and future product-cus-
tomer-market-technology focus.
2. The real purpose of the company's strategic vision: serves as management's tool for giving
the organization a sense of direction.
3. A company should not couch its mission statement in terms of making a profit
because a profit is more correctly an: an objective and a result of what a company does.
4. A company's values relate to such things as: fair treatment, integrity, ethical behavior, innov-
ativeness, teamwork, top-notch quality, superior customer service, social responsibility, and community citizenship.
5. A company needs financial objectives: because without adequate profitability and financial
strength, the company's ultimate survival is jeopardized.
6. Strategic objectives: Relate to strengthening a company's overall market standing and competitive vitality.
7. Strategy Making: more of a collaborative group effort that involves all managers and sometimes key
employees, as opposed to being the function and responsibility of a few high-level executives.
8. Using the five forces model of competition to determine the character and
strength of the competitive forces within a given industry involves: building the
picture of competition in three steps: (1) identify the different parties involved, along with specific factors that bring
about competitive pressures; (2) evaluate how strong the pressures stemming from each of the five forces are (strong,
moderate or weak); and (3) determine whether the
9. Rivalry among competing sellers decreases: When buyer demand is growing rapidly
10. Potential entrants are more likely to be deterred from actually entering an
industry when: incumbent firms are willing and able to be aggressive in defending their market positions
against entry.
11. The competitive pressures from substitute products tend to be stronger
when: good substitutes are readily available
12. The lower the user's switching costs, the: more intense the competitive pressures posed by
substitute products.
13. Buyer bargaining power is stronger when: the industry's products are standardized or
undifferentiated.
14. A competitive environment where there is weak to moderate rivalry among
sellers, high entry barriers, weak competition from substitute products, and
little bargaining leverage on the part of both suppliers and customers: is conducive
to industry members earning attractive profits.
1/4
