Exam 7: Strategic Management: Planning for Long-Term Success

An office manager would be able to do a time series forecast of the quantity of her e-mails a year from now if she kept a daily record of her e-mail.

According to the concept of business ecosystems, organizations need to be as good at ____ as they are at competing if they are to succeed.

Managers with strategic farsightedness view labor as a commodity.

You are a member of your company's strategic management taskforce and you have been assigned to prepare a SWOT analysis. Explain what a SWOT analysis and how it relates to the strategic management process. Select a company that you are familiar with and complete a brief SWOT analysis.

Which of the following statements about scenario analysis is not true?

Why is it important for today's managers to think in terms of strategic management instead of simply in terms of strategic planning?

"Cost leadership" is included in Porter's model of generic competitive strategies.

Modern Swimwear Inc. Tim was recently promoted to a newly created strategic planning position at Modern Swimwear Inc. Tim wants to make Modern Swimwear a farsighted organization. He is collecting information on key dimensions of strategic farsightedness and different strategy-making modes. Can you help? -Refer to Modern Swimwear Inc. In a farsighted organization, Carlos should view labor as ___________.

What kind of forecast would help Sky High Airlines estimate when the industry will engage in a price war?

____ occurs when two or more variables interact to produce an effect greater than the sum of the effects of the variables acting independently.

Home Designs, Inc. Home Designs, Inc. leveraged its brand name recently by adding windows and roof-related work and installation. On the same acreage where Home Designs has a door manufacturing facility, the company built another production facility for making windows. Sherice, the owner, is considering the strategic management approach necessary to determine how to take advantage of the company's strengths and exploit its opportunities. -Refer to Home Designs, Inc. Sherice should know that although she is a relatively small company she still needs to have a __________strategy.

____ strategies are found in farsighted organizations.

"Being a leader" is a shortsighted approach to competitive advantage.

In strategy making, the role of organizational members is moving away from ____ and toward ____.

Thanks to technological synergy, profitable new markets can be tapped without the expense of developing totally new products.

If a public relations executive asked you to recommend one of Porter's generic competitive strategies that would allow his company to create brand loyalty among clients, which of these would you suggest?

The Internet is not a fixed thing, rather it is_______________.

The key to good scenario writing is to focus on the few readily identifiable, but unpredictable, factors that will have the greatest impact on the topic in question.

What distinguishes social media from first-generation Internet offerings is the advent of _______________.

When two or more products can be designed by the same engineers, produced in the same facilities, distributed through the same channels, or sold by the same salespeople, market synergy occurs.