Exam 1: Strategic Management and Strategic Competitiveness

A key purpose of a vision and mission statement is to inform _________ what a firm is, what it seeks to accomplish, and who it seeks to serve.

EnergyOne wants to install a high-capacity gas pipeline extension in the region.Shareholders anticipate better delivery of energy at lower costs, which will increase profitability.State and local governments are expecting increased tax revenue as well as new jobs in the region during construction of the expansion.Some customers look forward to lower gas rates as a result of more efficient delivery.Residents of the area, including customers and environmental groups, are opposed to the pipeline because of the increased risk for explosion and danger to the surrounding area.If EnergyOne cannot meet the needs of each stakeholder, what is the most critical way the firm prioritize them?

The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge.Which of the following actions by the CEO would be MOST consistent with this need?

Knollbridge Industries has been expanding globally.The company wants to build employee skills for the global landscape in order to provide employees with more opportunities and also leverage their expertise in more markets.They can best facilitate this effort through what strategy?

A large corporation has earned a reputation for being a challenging work environment for employees, placing demands on employees' time and pushing them to accomplish tasks, sometimes with little recognition.A recent audit found that the company was denying employees overtime pay despite the extra work.This is a reflection of the company's:

In the strategic management process, A-S-P stands for:

A business-level strategy describes:

A diversified firm competing in multiple product markets has:

All of a firm's resources and capabilities have the potential to be the foundation for a competitive advantage.

The two primary drivers of hypercompetition are the emergence of the global economy and technology.

__________ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones.

An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values.

The CEO of Twin Spires, Inc., is committed to using the expertise and resources currently in the firm to serve the needs of the natural gardening community by providing rare and native plants to individuals and nurseries around the United States.The perspective of the CEO of Twin Spires is consistent with the assumptions of the industrial organization (I/O) model.

The global economy, globalization, rapid technological change, and the increasing importance of knowledge and people as sources of competitive advantage are creating the need to:

__________ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes.

A firm has achieved __________ when it successfully formulates and implements a value-creating strategy.

A major assumption about the strategic management process is that it is:

Define strategic competitiveness and above-average returns.What is the relationship between strategic competitiveness and returns on investment?

The assumptions of the industrial organization model and the resource-based model are contradictory.Therefore, organizational strategists must choose one or the other model as the basis for developing a strategic plan.

Power is the most critical criterion in prioritizing stakeholders.