Exam 6: Strategic Management: How Exceptional Managers Realize a Grand Design

Armando, CEO of a successful medical supply company, is constantly reading press releases, ads, and news articles about his competition. He regularly checks information about new competitive products and visits trade shows to study his competition. Armando is involved in

Strategy formulation is the process of

You are the CEO of a major corporation. You have been tasked by the board of directors to turn the company around as they just let the last CEO go for a difference in opinion. Being new, where would you focus your attention first?

When organizations endeavor (1) to keep their costs (and hence the prices of their products or services) below those of competitors and (2) to target a wide market, they are utilizing a ________ strategy.

Mel's Diner is a popular café that specializes in home-cooked meals, friendly service, and a menu that contains vegan and vegetarian dishes (menu items that no other restaurant in the area offers). Mel's Diner is engaging in strategic positioning by offering the unique menu items of vegan and vegetarian dishes.

Which of the following is NOT part VRIO?

In 2003, Myspace launched a social networking website offering an interactive, user-submitted network of friends, personal profiles, blogs, groups, photos, music, and videos. Myspace was the largest social networking site in the world, from 2005 to 2009. Recently, it was purchased by Specific Media, an online platform where music fans can interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. Which of the following describes Specific Media's strategy?

A company's overall ability to execute is a function of effectively executing according to three processes, but Bossidy and Charan believe that the ________ process is the most important.

Explain whether strategic management works as well for small companies as it does for large organizations, providing an example of how a small company can offer personal connections as a source of competitive advantage.

________ focus(es) on developing a comprehensive program for long-term success.

This question contains two parts; be sure to answer each. First, describe Porter's four competitive strategies, giving examples of companies that use each of the strategies. Next, suppose you are CEO of Simply Paper, a company that produces reams of copy paper. Which strategy would you use, and why?

Utilizing the four elements of a SWOT analysis, develop a SWOT for a fast-food restaurant or diner.

________ is the process by which a company compares its performance with that of high-performing organizations.

Hanson Steel sees the new trade tariffs as an organizational threat.

True Taste's Restaurant and Catering serves delicious vegetarian and vegan dishes. So, when the local community became interested in eating a healthier diet, True Taste's benefited. In a SWOT analysis, the changing community attitudes are an example of a(n) ________ for True Taste's Restaurant.

In the BCG matrix, ________ are companies that have high growth and high market share, and are definite keepers.

A+ Enterprises has a reputation of reliability and a winning customer service, qualities that helped to build this highly respected name brand over the last 15 years. Speaking at a recent business conference, Benjamin, the CEO of A+, told his audience, "We have built our reputation by changing little over the last several years, but consistently helping customers with great, caring service and a reliable product." Which type of strategy does A+ Enterprises use?

In a staff meeting, Mark is employing Dr. De Bono's Six Thinking Hats. Doug expresses all the positives about being open on Thanksgiving. Rashmi presents the data from the last three years on sales from that day. Rafael explains why staying open late on Thanksgiving will not be in the employees or client's best interests. Sophie explores using the Internet only and not having the brick and mortar stores open. Which color hat would Rafael wear?

Lester, a chef and owner of Green Lantern, a popular restaurant, is always visiting his competitors to observe how they are doing things in their restaurants. He told one of his managers, "I eat dinner at a lot of restaurants because I want to know what is going on. I am always concerned that one of our competitors will surprise us with a new service or menu item, like ours but better." In which activity is Lester engaging?

With small businesses in very competitive industries, small differences in performance may affect that company's survival. In this case, it is worth the effort for the company's managers to implement