Chapter 6 Quiz Flashcards Preview

UNLV MGT301 - Victor Isbell > Chapter 6 Quiz > Flashcards

Flashcards in Chapter 6 Quiz Deck (20)
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1

Doug is the CEO of Johnson Motors, a business consisting of Chevrolet, Buick, Cadillac, and Mercedes-Benz dealerships. He also sells Fleetwood and American Coach RVs. Doug mentioned to his sales manager that "there is economic value in having many related businesses managed by one ownership group. They are worth more than if they are separate companies." This is an example of ____.

synergy

2

The second step in the strategic-management process is to look at where the organization stands and see what is working and what could be different to maximize efficiency and effectiveness in achieving the organization's mission. This step is the process of completing a(n) _____.

current reality assessment

3

To provide direction and momentum, encourage new ideas, and develop a sustainable competitive advantage are reasons why an organization should adopt _____.

strategic management and strategic planning

4

Tom is the CEO of Yost Tech, a large global manufacturing company, and he is having lunch with a longtime friend, Greg, owner of a small office supply store. Tom told Greg that "Strategic management and planning have really increased our success at Yost. I just read an article about an analysis of several studies that found that strategic management and planning _____."

benefits both small and large organizations

5

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

competitive intelligence

6

Delux Technology has a reputation of reliability and winning customer service, building this highly respected name brand over the last 15 years. As a speaker at a business conference, Steve, the CEO of Delux, told his audience that "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." Delux Technology utilizes a ____.

stability strategy

7

More important than profit growth, stimulating innovation, customer loyalty, and finding qualified employees, global CEOs desire ____.

excellence in execution

8

Michael Porter proposed that business-level strategies originate with the primary competitive forces in the firm's environment; these forces are _____.

threats of new entrants and substitute products or services, bargaining power of suppliers and buyers, and competitive rivalries

9

Quality Services is an organization that operates several companies that market food products, restaurant equipment, and paper and plastic products, and it even has a division that counsels restaurant owners, helping them become established. Quality Services is involved in a _____ strategy.

diversification

10

The basic assumption that the picture of the present can be projected into the future is the basis of a _____.

trend analysis

11

Bryan Barry suggests that to keep a strategic plan on track, organizations should ____.

engage people, keep it simple, stay focused, and keep moving

12

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.

threat

13

Ben attended a workshop hosted by SCORE, an SBA organization that counsels small-business owners on developing a good vision statement. In that workshop the speakers discussed how an organization's vision needs to describe _____.

what the company wants to become, and its long-term direction and strategic intent

14

Tom and his family have developed a successful business selling a liquid spray fertilizer to other farmers in his area, consisting of rich, organic compost material. Recently ABC Seed, a national seed company, has been marketing a powdered chemical fertilizer to his customers that is less expensive than Tom's product. ABC's efforts are an example of ___ in Porter's model for industry analysis.

threats of substitute products and services

15

Organic Foods International has decided to increase its market share by hiring a marketing rep to visit businesses in the area and invite their employees to shop at Organic Foods and for monthly health events. The store also hired two new employees to handle the anticipated increase in customer traffic. Organic Foods is utilizing a _____.

growth strategy

16

Rashid, the CEO of Top Productions, was telling his new vice president of accounting that "In the past I had resistance to new ideas by people who felt that one of our plans threatens their influence or jobs. So when you tell your collections department that we just hired a collection agency to handle bad debt, you may have to sell your collections manager and his supervisors on using the agency and that nobody is going to be laid off." Selling middle and supervisory managers on changes to overcome their resistance is often a necessary part of _____.

strategy implementation

17

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

people

18

Is it appropriate for the organization and for the times? Does it set standards of excellence and reflect high ideals? Is it ambitious? These are all questions that are answered in a good _____.

vision statement

19

ABC Technology makes and sells only one product, a high-quality processor for mainframe computers, within its market, Silicon Valley, California; ABC utilizes a _____ strategy.

single-product

20

George, a chef and owner of a popular restaurant, is always visiting his competition to observe how they are doing things in their restaurants. He told one of his managers that "I do this 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 us, but better." George is utilizing ___.

competitive intelligence