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MGMT499 6 – 11

Don’t come out of the blue; they are derived from the firm’s vision, mission and objectives.
alternative strategies
The first stage of the strategy-formulation framework.
input stage
The Strengths-Weaknesses-Opportunities-Threats (SWOT) Matrix, the Strategic Position and Action Evaluation (SPACE) Matrix, the Boston Consulting Group (BCG) Matrix, the Internal-External (IE) Matrix and the Grand Strategy Matrix are included in _________ of the strategy-formulation framework.
stage two
When completing the ___________ of the strategy-formulation framework, the SWOT Matrix, the SPACE Matrix, the BCG Matrix, IE Matrix, and Grand Strategy Matrix can be completed in any order.
matching stage
Strategies are based on using a firm’s internal strengths to take advantage of external opportunities and threats.
strengths-opportunities
One of the steps of the SWOT Matrix
list the firm’s key external opportunities.
The most important determinants of an organization’s overall strategic position are considered to be the two internal dimensions,______________ and _________________ and the two external dimensions, ____________________.
financial position (FP) competitive position (CP),

industry position (IP) and stability position (SP)

Classifications of market penetration
conservative, aggressive, or competitive strategy
A strategy in a SPACE Matrix most often include product development, market development, market penetration and related diversification.
conservative strategies
A strategy a firm should pursue if the coordinates of a SPACE directional vector are (+2,+3).
aggresive strategies
Given on the x-axis of the BCG Matrix.
relative market share position
The size of the circle in a BCG Matrix that corresponds to the generated by that business unit.
proportion of corporate revenue
Stars, Question Marks, Cash Cows and Dogs are the four quadrants exhibited by this.
SPACE matrix
The major overall benefit of the _____________ is that it draws attention to the cash flow, investment characteristics and needs of an organization’s various divisions.
BCG matrix
The ____________ does not reflect whether or not various divisions or their industries are growing over time.
BCG matrix
Having no temporal qualities, the is a snapshot of an organization at a given point in time.
BCG matrix
It requires more information about the divisions than the BCG Matrix.
IE matrix
It can be divided into three major regions that have different strategy implications: grow and build, hold and maintain, and harvest or divest.
IE matrix
When a Quadrant I firm is too heavily committed to a single product, then related diversification may reduce the risks associated with a narrow product line.
grand strategy matrix
To objectively evaluate feasible alternative strategies identified in Stage 2, theuses input information derived from Stage 1.
QSPM
Defined as the product of multiplying the weights by the Attractiveness Scores in each row. Are computed in the fifth step of the QSPM.
total Attractiveness Scores
A positive feature is that it requires intuitive judgments and educated assumptions.
QSPM
May be highly effective and productive if a supportive culture exists.
strategy changes
Minimize their own political exposure on issues that are highly controversial and in circumstances where opposition from major power centers is likely.
successful strategists
Shifting focus from specific issues to more general ones may increase strategists’ options for gaining ________________.
organizational commitment
Today boards of directors are composed mostly of ____________ who are becoming more involved in an organization’s strategic management.
outsiders
Strategy analysis and choice largely involves making ________ decisions based on ________ information.
subjective; objective
Which stage of the strategy-formulation framework involves the Quantitative Strategic Planning Matrix?
stage 3
Each of the nine techniques included in the strategy formulation framework rely on the use of
intuition and analysis.
Which stage of the strategy-formulation framework contains the Internal-Factor Evaluation Matrix?
input stage
Which section of the SWOT Matrix involves matching internal strengths with external opportunities?
the SO cell
Which strategies use a firm’s strengths to avoid or reduce the impact of external threats?
ST
How many cells are in a SWOT Matrix?
Nine
Which of the following is a limitation associated with a SWOT Matrix?
the matrix has no temporal qualities.
What type of strategy would divestiture be classified as?
defensive
What are the two external dimensions of the SPACE Matrix?
stability position and industry position
What type of strategies would you recommend when a firm’s SPACE Matrix directional vector has the coordinates (-2, +3)?
conservative
The BCG Matrix is designed specifically to enhance which type of firm’s efforts to formulate strategies?
companies with more than one division
How would a division with a low relative market share position in a high growth industry be described?
question Mark
A division with a high relative market share position in a low-growth industry can be described as a
cash Cow.
The managing of forces during the action, whereas Strategy formulation is the positioning of forces before the action.
strategy implementation
Unlike strategy formulation, what varies considerably among different types and sizes of organizations.
strategy implementation
What is as important as vertical consistency in developing annual objectives.
Horizontal consistency
Clarifies what can and cannot be done in pursuit of an organization’s objectives.
policies
What are the classifications for various approaches of managing and resolving conflict.
avoidance, diffusion and confrontation
Holding a meeting at which conflicting parties present their views and work through their differences is part of what managing conflict.
confrontation technique
Tasks and activities are grouped together by business function in a what?
functional organizational structure
It is possible that competition between divisions may become so intense that it is dysfunctional and leads to limited sharing of ideas and resources for the common good of the firm.
divisional structure
The most complex of all organizational structures is what?
a matrix structure
When developing an _______________, it is not wise to recommend a dual title for just one executive.
organizational chart
In terms of number of employees, ______________ usually involves decreasing the size of the firm.
restructuring
The focus of restructuring is _____________.
cost reduction
On average, CEOs at ___________ companies are paid less than CEOs at American or European companies.
Japanese
Convincing individuals that the change is to their personal advantage.
rational change strategy
_______________requires coordination among a few individuals, but strategy implementation requires coordination among many.
strategy formulation
Type of communication is essential for developing bottom-up support.
top-down flow
Distorting the records can be a result of overemphasis on achieving objectives.
undesirable conduct
_______________ according to the priorities indicated by approved objectives is detrimental to the strategic-management process.
not allocating resources
Well-run organizations are not able to completely avoid ____________.
conflict
Exchanging members of conflicting parties so each can gain an appreciation of the other’s point of view exemplifies a _____________.
confrontation approach
This leads to short-term and narrow thinking.
a functional structure
This is an organization can effectively cater to the requirements of clearly defined customer groups.
divisional structure by customer
With the ______________ it is common for functional resources to not be duplicated.
matrix structure
In developing an _________________ avoid having a particular person reporting to more than one person above them in the chain of command.
organizational chart,
This does not usually affect the organizational structure or chart, nor does it imply job loss or employee layoffs.
reengineering
Cornerstones of reengineering
decentralization, reciprocal interdependence and information sharing.
People’s anxieties are raised with the thought of change because they fear __________________.
economic loss, inconvenience, uncertainty and a break in normal social patterns
When the rational type change strategy is successful, ______________ can be relatively easy.
strategy implementation
Strategists should strive to create ____________________.
a work environment in which change is recognized as necessary and beneficial so that individuals can more easily adapt to change
This plagues a force change strategy.
low commitment and high resistance
Organizational change today should be viewed as a ________________.
continuous project
Changing a strategy to fit an existing culture is not as effective ______________________.
as changing a firm’s culture to fit a new strategy
Strategists should strive to _________________upon aspects of an existing culture that are support proposed strategies.
preserve, emphasize, and build
Ways to alter an organization’s culture.
recruitment, promotion, and mentoring
When attachments to a culture are severed in an organization’s attempt to change direction, employees and managers often experience deep feelings of _____.
grief
Production processes typically constitute more than ______________.
70 percent of a firm’s total assets
Just In Time (JIT) significantly reduces the costs of ________________.
implementing strategies
Besides reducing worker alienation and stimulating productivity, ESOPs allow firms other benefits, such as _____________.
substantial tax savings
ESOPs do not work well in firms with _______________.
fluctuating payrolls and profits
Being long-term in nature, strategy implementation affects ___________________.
top, middle managers and lower-level employees
Given that much information on individuals is available _________, the extent to which companies can track individuals’ movements on the Internet is of increasing concern to consumers today.
online
The marketing mix component variables are _________.
product, place, promotion, and price
The most common bases for segmenting markets.
geographic and demographic
Generally simpler and easier than segmenting industrial markets.
segmenting consumer markets
The next step after segmenting markets so a firm can target particular customer groups is _______________.
to find out what customer groups want and expect
Involves examining three or more criteria simultaneously in a product-positioning analysis.
multidimensional scaling
It is never okay for firms to create expectations that exceed the ___________________if it will attract customers.
service the firm can or will offer
Besides net profit from operations and the sale of assets, two basic sources of funds for an ongoing enterprise.
debt and equity
Additional capital is often required for _________________.
successful strategy implementation
In times of depressed stock prices, stock issuances debt may prove to be the most suitable alternative for.
obtaining capital
When performing __________________, the income statement should be prepared before the balance sheet .
projected financial analysis
The cash account is used as the plug figure in projected ____________________.
balance sheets
A document that details how funds will be obtained and spent for a specified period of time.
financial budget
The most common type of financial budget .
annual budget
As a balance sheet entry, _______________represents when a firms pays more than the book value to purchase another firm.
goodwill
It is generally not recommended for companies with less than _______________ to go public.
$10 million in sales
Going public means selling off a percentage of your company to other in order to ______________.
raise capital
According to research, the most successful new product companies use a research and development strategy that ties internal strengths to external opportunities and is linked with _________________.
corporate objectives
A major effort in _________ may be very risky if technology is changing rapidly and the market is growing slowly.
research & development
A current trend in R&D management involves the _________________ whereby firms, even major competitors, are joining forces to develop new products.
lifting of the veil of secrecy
With ________________, in some cases it is possible to do away with the workplace by allowing employees to work at home or anywhere, anytime.
information technology
What level of management is directly affected by strategy implementation?
Plant managers
Sales managers
Project managers
Division managers
Which two variables rank as marketing’s most important contributions to strategic management?
market segmentation and product positioning.
Why is market segmentation an important variable in strategy implementation?
it allows a small firm to compete successfully with a large firm.
It allows a firm to operate with limited resources.
Mass production, mass distribution and mass advertising are not always required.
Market segmentation decisions directly affect marketing mix variables.
Why is market segmentation an important variable in the strategy-implementation process?
it directly affects marketing mix variables.
Matching of which factors would allow factories to produce desirable levels without extra shifts, overtime or subcontracting?
iupply and demand
Which variable would be considered part of the “place” element of the marketing mix?
sales territory
Which is not a required step in product positioning?
serve two segments with the same strategy
Multidimensional scaling is used to determine
product positioning.
Which of these is not a rule of thumb when using product positioning as a strategy-implementation tool?
try to serve more than one segment with the same strategy
In the low earnings period, too much ________ in the capital structure of an organization can endanger stockholders’ return and jeopardize company survival.
debt
What is the most widely used technique for determining the best combination of debt and stock?
earnings per share/earnings before interest and tax analysis
What becomes a more attractive financing technique when cost of capital is high?
stock issuance
A benefit of using projected balance sheets and income statements.
an organization can compute projected financial ratios under various scenarios.
What is a central strategy-implementation technique that allows an organization to examine the expected results of various actions and approaches?
projected financial statement analysis
In preparing projected statements, to project cost of goods sold and the expense items in the income statement, which of these methods is recommended?
percentage-of-sales method
Retained earnings is obtained by subtracting
any dividends to be paid for that year from net income.
Which of these is the most common type of budgeting time frame?
annual
What is the most common type of financial budget?
cash
_________________ is important to effective strategy evaluation.
adequate, timely feedback
According to Richard Rumelt, _______________ are mostly based on a firm’s external assessment.
consonance and advantage
_______________is becoming increasingly difficult with the passage of time, given technological advances.
strategy evaluation
Competitive advantages normally are the result of superiority in one of three areas: ______________.
resources, skills, or position
Strategy evaluation should be performed on a _________basis rather than at the end of specified periods of time.
continuous
Strengths, weaknesses, opportunities and threats should _______________ for change because it is not really a question of whether these factors will change, but rather when they will change and in what ways.
continually be monitored
_______________ are always used to evaluate strategies.
specific financial ratios
Most quantitative evaluation criteria are geared to _______________ rather than long-term.
annual objectives
_______________ in strategy evaluation is necessary to keep an organization on track toward achieving stated objectives.
corrective action
According to research, _________________ is one of the best ways to overcome individuals’ resistance to change.
participation in strategy-evaluation activities
Each year, Fortune publishes ________________ on both the United States and other countries.
strategy evaluation research
Timely approximate information is generally more desirable as a basis for strategy evaluation than ________________ .
accurate information that does not depict the present
There is no __________________ system for all organizations.
one ideal strategy-evaluation
Strategies cannot and should not try to cover all bases by planning ______________.
for all possible contingencies
Identifying both ____________________that could possibly derail the strategy or strategies is the first step of effective contingency planning.
beneficial and unfavorable events
Too much emphasis on _______________ may be expensive and counterproductive.
evaluating strategies
According to Rumelt, ___________________ are largely based on a firm’s internal assessment.
consistency and feasibility
The decreasing time span for which planning can be done with any degree of certainty is ______________________ .
a reason strategy evaluation is more difficult today
Regardless of the size of the organization, a certain amount of ______________________ at all levels is essential to effective strategy evaluation.
management by wandering around
Changes in the organization’s ____________________ should all be the focus of a revised IFE matrix in strategy evaluation.
management, marketing, finance/accounting, production/operations, R&D and MIS strengths and weaknesses
When measuring organizational performance, you need to compare _______________.
expected results to actual results
Measuring organizational performance includes comparing ___________________________.
expected results to actual results, investigating deviations from plans, evaluating individual performance and examining progress being made toward meeting stated objectives
Measuring organizational performance includes comparing expect results _____________________.
to actual results, investigating deviations from plans, evaluating individual performance, and examining progress being made toward meeting stated objectives
Alvin Toffler argues that environments are becoming so dynamic and complex that they threaten people and organizations with future shock, in his thought-provoking books entitled _______________________.
future shock and the third wave
The basic form of a __________________ will vary for different organizations or industries.
balanced scorecard
The most admired company in the world in 2009 was __________.
Nike
The test of an effective evaluation system is ___________________.
its usefulness not its complexity
________________ are alternative plans that can be put into effect if certain key events do not occur as expected.
contingency plans
______________ should be as simple as possible.
contingency plans
A frequently used tool in strategy evaluation is the _______.
audit
The accounting switch from _______________ in the U.S. is going to cost businesses millions of dollars in fees and upgraded software systems and training.
GAAP to IFRS
GAAP standards comprise 25,000 pages, whereas _____ standards comprise 5,000 pages.
IFRS
Which of these is a basic activity of strategy evaluation?
reviewing the underlying internal and external factors that represent the bases of current strategies.
Measuring organizational performance.
Taking corrective actions.
All of these are Richard Rumelt’s criteria to evaluate a strategy except:
advantage.
consistency.
feasibility.
(distinctiveness)
consonance.
Which of the following is not a reason for the increasing difficulty of evaluating strategies?
(Product life cycles are longer)
Domestic and world economies are less stable.
Product development cycles are shorter.
Technological advancement is more rapid.
Change is occurring more frequently.
Competitive advantage normally is the result of superiority in resources, skills and
position
If success for one organizational department means failure for another department, then strategies may be
inconsistent
Corrective actions are almost always _______ except when external and internal factors have not significantly changed and the firm is progressing satisfactorily toward achieving stated objectives.
needed
A revised ________ should indicate how effective a firm’s strategies have been in response to key opportunities and threats.
EFE matrix
What is the basis for quantitative financial evaluation?
financial ratios
Who asserts that organizations have no obligations to do any more for society than is legally required?
Milton Friedman
Who proclaim that organizations have tremendous social obligaitons?
Ralph Nader
What is the family of standard concerns the extent to which a firm minimized harmful effects on the environment caused by its activities and continually monitors and improves its own environmental performance
ISO 14000
What is a set of standards adopted by thousands of firms worldwide to certify to their constitutencies that they are conducting business in an environmentally friendly manner?
ISO 14001
The underpinnings of hinge on managers gaining an understanding of competitors, markets, prices, suppliers, distributors, governments, creditors, shareholders, and customers worldwide
strategic management
The price and quality of a firm’s products and services must be competitive on a, not just on a local basis
worldwide basis
Organizations that conduct business operations across national borders
multinational corporations
Risks of Multinational Organizations
expropriation of assets
currency losses through exchange rate fluctuations
social/political disturbances
import/export restrictions
tariffs
trade barriers
process of doing business worldwide, so strategic decisions are made based on global profitability of the firm rather than just domestic considerations
globalization
Global strategy
includes designing, producing, and marketing products with global needs in mind, instead of considering individual countries alone
integrates actions against competitors into a worldwide plan
Many foreigners place more worth on ___________.
relationships
Israelis are accustomed to fast-paced meetings
and have little patience for __________ American and small talk.
informality
Mexicans do not feel compelled to _____________ that are not associated with a particular person in authority they work for or know well.
follow the rules
Mexicans are very so business titles and rank are important.
status conscious
Group loyalty and consensus
Wa
Germans
strict agendas
Egypt
business moves at a slow pace
Indians
punctuality is important; don’t trust the legal systems, your word is good
Japanese
personal relationships

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