Exam 9: Strategic Management

________ 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.

After hiring several employees, Patrick requires that each person in this company be involved in studying trends involving new technology, competitors, and customers.These employees are involved in ________.

Because his customers are demanding price concessions and enhanced service levels in return for their continued business, Ariel decides that he wants to compete by offering unique products that are widely valued by customers.What strategy is Ariel following?

In ________, the organization gains control of its outputs by becoming its own distributor.

Bella Vista Clothing targets teenage girls with a range of affordable ready-to-wear clothing.The company is opening two new outlets, as sales have been excellent.Which of the following represents a strength for the company?

A turnaround strategy is a type of renewal strategy used when an organization is in serious trouble.

A ________ describes the rationale of how a company is going to make money.

Discuss the methods by which an organization grows.Give relevant examples.

Diversification is an example of a corporate retrenchment strategy.

The third step in strategic management process is related to the analysis of the ________.

Computer peripherals provider Ascent plans to enter a new market in another country.Which of the following represents a threat for Ascent?

________ is the ability to recognize major external changes, to quickly commit resources, and to recognize when a strategic decision is not working.

You decide to keep Taco Rocket in the same business and do not change the menu.Which of the following, if true, would strengthen the argument for this course of action?

Corporate strategies determine what business a company is in or wants to be in, and what it wants to do with those businesses.

An organization that is diversifying its product line is exhibiting what type of corporate strategy?

Recently, you also purchased a company that manufactures a new satellite dish, allowing you to enter into the cable television market.The business is profitable and growing, but the technological unknowns make it risky.BCG considers it a ________.

Which of the following provides a framework for understanding diverse businesses and helps managers establish priorities for allocating resources?

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

An internal analysis will help Patrick identify the ________ of the company.

If Burger King were to buy out Mom and Pop's Burgers, Burger King would be growing by vertical integration.