Exam 4: Strategic Management and the Entrepreneur

The ________ is (are)a set of measures unique to the company that gives managers a quick and comprehensive view of how the business is doing and includes both financial and operational factors.

Key success factors are simply relationships between controllable factors and critical elements that permit a firm to compete in its industry.

Objectives are the broad,long-range attributes that a business seeks to accomplish.

Which of the following is a danger in choosing a differentiation strategy?

A sound mission statement needs to be lengthy in order for it to be effective.

The focal point of a firm's strategy is:

A goal is the master plan that covers all of the major parts of the organization and ties them together into a unified whole.

The information-gathering process in competitive analysis:

Small bookstores have a giant killer of a competitive advantage in their:

A small business owner needs to remember that when it comes to employee involvement in the strategic planning process:

Tyson Foods' practice of adding value to its chicken products by deboning,skinning,bite-sizing,or pre-cooking them is an example of a:

Explain the "balanced scorecard," reviewing its strengths and the five perspectives it takes in evaluating a business.

When the small business owner assesses her company's strengths and weaknesses,she is dealing with the ________ business environment.

Answering the question "What business am I in?" defines the company's:

Which of the following best expresses the relationship of a company vision to its mission?

It is possible for a small business owner to gather competitive data inexpensively,even data on other companies' financial condition.

A mission statement addresses the first question of any business venture: "Where do I see myself to be?"

Highly successful entrepreneurs are able to communicate their vision and their enthusiasm about that vision to those around them.

It is important for the small business owner to remember that the strategic planning process is:

One key to building a successful differentiation strategy is to be better than competitors at some characteristic that customers value.