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

The vision is an organization's purpose or reason for being,and a company's mission statement is its long-term goal of what it wants to become.

The growth,stability,and defensive strategies are ____.

Writer Geoffrey Colvin stated that successful managers need to be able to make large,painful decisions and radically alter their business design,such as "exiting businesses,firing people,admitting you were wrong (or at least not omniscient)."

Sue keeps a close eye on her company's internal and external environment to discover possible opportunities for new products and threats from competition,as soon as possible.This is an example of ____.

At a time when many retailers are offering men's suits at cheap prices and reducing their quality to compete,Suave Clothing has continued to live by the tagline "Quality never goes out of style," believing that offering a quality product to the customer always will mean success.It has also aggressively focused on ways to reduce costs.Suave clothing is utilizing a stability strategy.

Choose an organization you are familiar with and develop a SWOT analysis for that organization,utilizing the four elements of a SWOT analysis for that organization.Give specific examples with the four elements.

According to Harvard Business School professor Michael Porter,strategic positioning "means performing different activities from rivals,or performing similar activities in different ways" to achieve sustainable competitive advantage.

In the retail industry,time-series forecasts,a type of trend analysis,are used to predict long-term trends such as seasonal variations,as in Christmas sales versus summer sales.

Frank is interested in rewriting the vision for his antique shops,and he wants his employees and his business to grow.So the vision for Frank's stores should be positive and inspiring,and it should stretch the company and his employees to achieve objectives that they believe are not possible.

Contingency planning is also known as time management and compartmentalization.

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

Sales this year at Donna's Pawn Shop have been high,and based on several factors,Donna projects next year's sales to also be good.However,even with her forecast of continued strong sales,Donna and her partner need to develop a plan in case sales drop unexpectedly.This type of planning for alternative future conditions is known as ____.

Explain strategic control.Summarize the suggestions of Bryan Barry to keep a strategic planning on track.

Summarize Michael Porter's model for industry analysis.Give an example of each of the five primary competitive forces in a firm's environment.

When organizations endeavor to keep their costs,and hence prices,of their products or services below those of competitors and to target a wide market this is a _____ strategy.

The owners of Smith's Yard Mart,a family-owned garden center in a rural community,is concerned over the news that a large retailer with a garden center is building a new store on the other side of town.This new retailer is a(n)____ for Smith's.

Once Instructor Services,an IT company,analyzes the company's strengths,weaknesses,opportunities,and threats,managers will be able to do forecasting to develop a long-term strategy.

The concept that the economic value of separate,related businesses under one ownership and management is greater together than the businesses are worth separately is known as reduced risk.

Bossidy and Charan stated that leaders who execute focus on many priorities and goals.

According to Burt Nanus,"powerful mission and vision statements challenge and inspire people in the organization and help to align their energies in multiple directions."