Exam 9: Strategic Management

In the strategic management process, the ________ defines the organisational purpose and answers the question: 'What is our reason for being in business?'

In ________, the organisation attempts to gain control of its inputs by becoming its own supplier.

Which of the following is NOT part of the organisation's external environment?

According to the textbook, the first organisation to bring a product or service to market is often referred to as the ________.

What step in the strategic management process follows analysing the external environment?

In the strategic management process, what step comes prior to evaluating results?

A trucking company that grows by purchasing a chain of service stations is engaged in what type of growth?

According to the textbook, ________ is when a company grows by merging with or acquiring firms in different, but related, industries.

Which of the following in the strategic management process is part of the step 'analysing the organisation's resources'?

Which of the following is a reason that strategic management is important?

Direct expansion and diversification are examples of a corporate retrenchment strategy.

What to Do? Imagine that you are the CEO of McDonald's Family Restaurants (Australia)with hundreds of franchised fast-food outlets throughout Australia.The success you have experienced in the last five years has you thinking of what to do next with the business.Should you expand the business at the current rate? Open new and different restaurants? What would be your next step? -Refer to What to Do? (Scenario).If you decided to purchase a franchised motel chain because it was a good investment, this would be an example of ________.

An organisation that is diversifying its product line is exhibiting what type of grand strategy?

The Strategic Management Process You finally made it.You were recently promoted to Executive Vice President in the corporate division.On the first day in your new position, the Chairperson said she was pleased at your new promotion and looked forward to hearing your presentation at next week's meeting concerning the new strategic management process you will be handling.You smiled, even though your stomach was churning.Unfortunately, this was the first you had heard about this meeting, and other than doing your small part in past planning efforts, you have little idea about how to design a strategic management process.You quickly grab your daughter's management textbook and read up on the topic. -Refer to The Strategic Management Process (Scenario).At this point, you are not even sure what a 'mission' is, but you quickly learn that it outlines ________.

Relative to an organisation's culture, managers must be aware that ________.

An internet-based knowledge-management system that resulted in shorter response times to customers would be one e-business technique that contributes to the competitive advantage of a ________.

If the food service company Jollibee Foods Corporation (JFC)acquires the fast-food restaurant QuickSoup, this would be an example of what kind of grand growth strategy?

Strategies include plans for how the organisation will attract and satisfy customers in order to achieve goals.

A strong culture is easier to change than a weak culture.

In a short essay, list and explain three corporate level strategies explaining under what circumstances they might be used.