Exam 9: Strategic Planning

Florance is a chain of flower shops in the Chicago area. The company recently acquired Knick-knacks, which owns three gift shops. Which of the following is most similar to this acquisition?

An important part of customer service is ________.

________ strategies address declining performance through retrenchment and turnaround strategies.

A company that competes by offering unique products that are widely valued by customers is following a ________.

Brutus' Fried Chicken patented the recipe for the spices used in the coating of the chicken. The patent protection lasts for 17 years. Brutus' Fried Chicken will view this patent protection as a(n) ________.

In the BCG matrix, a business unit that has a high anticipated growth rate but a low market share is known as a ________.

When the price of beef skyrockets, consumers switch to pork and chicken. This demonstrates ________.

The final step in the strategic management process allows an organization to understand the ________.

Stars, one of the four business groups in the BCG matrix, are characterized by low growth and high market share.

A ________ describes how a business will compete in its primary market.

A study of the external environment allows a manager to understand the ________ and ________ for the organization.

In a short essay, explain strategic management and why it is important.

Which of the following strategies involves a cost advantage or a differentiation advantage in a narrow segment?

________ is the ability to anticipate, envision, maintain flexibility, think strategically, and work with others in the organization to initiate changes that will create a viable and valuable future for the organization.

Every fast food hamburger restaurant chain wants you to believe their product is the best because it is stored or prepared uniquely. Each of these is pursuing a ________.

In the Boston Consulting Group (BCG) matrix, a business unit that has a low anticipated growth rate but a high market share is known as a ________.

An organization's financial, physical, human, and intangible assets are known as its ________.

When a totally new product, such as laser discs years ago, is introduced, it would be considered a ________ according to the BCG matrix.

The CEO is meeting with his top managers to determine how best to compete successfully in the company's market. This group is developing the company's ________.

A ________ strategy is used to deal with minor performance problems. It helps an organization stabilize operations, revitalize organizational resources and capabilities, and prepare to compete once again.