BA7 Study guides, Class notes & Summaries

LSUS MBA757 EXAM 2 WITH 100% CORRECT ANSWERS 2024

Strategic control consists of determining the extent to which the organization's strategies are consistent with those of the firm's closest competitors. Ans: False Without strategic control, there are no clear benchmarks and ultimately no reliable measurements of how the company is doing. Ans: True Top management uses strategic control to maintain proper alignment between the external and internal environments. Ans: True Profitability is the most commonly utilized performance measu...

The consumer buying process - correct answer Needs- transportation but satisficed in different ways Wants- articulating specific brands or attributes 5 stages to the buying process: 1-need recognition-marketer must engage in research that allows them to identify customer wants 2-information search-consumers seek out personal sources for information. Including opinion leaders, and word of mouth recommendations. Or use external sources for information including websites. All of this is ...

Mission Ans: A broadly defined but enduring statement of purpose that identifies the scope of an organization's operations and its offerings to the various stakeholders. Strategy Ans: Top management's plans to develop and sustain competitive advantage so that the organization's mission is fulfilled. Competitive Advantage Ans: A state whereby a firm's successful strategies cannot be easily duplicated by its competitors. Sustained Competitive Advantage Ans: A company's strategies...

Macroenvironmental forces affect? Ans: Industries and individual firms within industries What are social forces? Ans: societal values, trends, traditions, religious practices, concern for the environment social trends in the U.S Ans: declining birth rate, aging population, more diverse society, emphasis on convenience, increased preference for online shopping, use of social media. do firms operating in multiple countries need to address multiple sets of social forces? Ans: yes what are...

capital labor substitution Ans: An organization's ability to substitute labor for capital or vice versa as production increases. experience curve Ans: The reduction in per-unit costs that occur as an organization gains experience producing a product or service functional strategies Ans: the strategies pursued by each functional area of a business unit, such as marketing, finance, or production human capital Ans: the sum of the capabilities of individuals in an organization JIT Inv...

Marketing plan - correct answer written document that provides the blueprint or outline of the organization's marketing activities, including the implementation, evaluation, and control of those activities. Comprehensive, flexible, consistent, logical - correct answer Four qualities of a good marketing pan Executive Summary - correct answer a brief overview of the entire marketing plan Internal, external, customer - correct answer The situation analysis contains a summary of these thre...

Opportunities and strengths are associated with factors inside the organization. Ans: False (inside is strengths and weaknesses) Which of the following is an example of a physical resource? A. experience B. strategies C. distribution network D. none of the above Ans: C Which of the following is not an argument for strategic consistency? A. strategic change can be expensive B. there is no assurance that strategic changes will be successful C. consumer confusion may result from strategi...

What does SWOT stand for? Ans: Strength, Weakness, Opportunities, Threats Which 2 of the SWOT adjectives are internal to an organization? Ans: Strengths and Weaknesses What is the purpose of SWOT? Ans: Useful framework for strategic decision making What is a gap analysis? Ans: The difference between a firms current position and their desired position in the market referring to an internal weakness What does the value chain do? Ans: Analyze strengthes and weaknesses and understand how ...

Strategic control consists of determining the extent to which the organization's strategies are consistent with those of the firm's closest competitors. Ans: False Without strategic control, there are no clear benchmarks and ultimately no reliable measurements of how the company is doing. Ans: True Top management uses strategic control to maintain proper alignment between the external and internal environments. Ans: True Profitability is the most commonly utilized performance measu...