Which of the following is best described as the process of conducting research and gathering and assimilating external information?

20 Questions | Total Attempts: 23297

Which of these requires a firm to establish annual objectives, devise policies, and allocate resources?
Anything that a firm does especially well compared to rival firms is referred to as:
__________ are the individuals who are most responsible for the success or failure of an organization.
A disadvantage of international operations is:
- Competitors in foreign markets may not exist.
- Language, culture, and value systems differ among countries, causing communication barriers and problems managing people.
- Economies of scale can be achieved from operation in global rather than solely domestic markets.
- Foreign operations can allow firms to establish low-cost production facilities in locations close to raw materials and/or cheap labor.
The problem of limited resources within a firm makes ______________ particularly important as the firm decides how to allocate its resources.
All of these are pitfalls an organization should avoid in strategic planning except:
- Using strategic planning to gain control over decisions and resources.
- Failing to involve key employees in all phases of planning.
- Hastily moving from mission development to strategy formulation.
- Using plans as a standard for measuring performance.
The process of conducting research and gathering and assimilating external information is called:
The term strategic planning refers only to strategy formulation.
The action stage of strategic management is called strategy formulation.
________ is the process by which a firm manages the formulation and implementation of its strategy.
The two most critical questions that __________ strategy must address are how a company will achieve its objectives today, when other firms may be competing to satisfy the same customer's needs and how the firm plans to compete in the future.
Which of the following is not one of the three fundamental questions addressed by the corporate strategy?
- In what business will we compete?
- How can we, as a corporate parent, add value to our various lines of business?
- How will diversification or our entry into a new industry help us to compete in our other industries?
- How can we best position our operations to compete against present and future rivals within a particular business?
Which of the following statements regarding strategy formulation and strategy implementation is the most accurate?
- Neither strategy formulation nor strategy implementation can succeed without the other.
- Strategy formulation is more important than strategy implementation.
- Strategy implementation is more important than strategy formulation.
- Neither strategy formulation nor strategy implantation can have a significant impact on firm performance.
All of the following are elements of the strategy diamond except
- Within the strategy diamond ______ refer(s) to decisions about the areas in which a firm will be active, including its products, services, distribution channels, market segments, geographic areas, technologies, and even stages of the value creation process
The five elements of the strategy diamond are technologies, vehicles, differentiators, staging, and economic logic.
Which one is not a part of strategy formulation?
Which is not a part of strategy implementation?
- Entrepreneurship & Innovation
Which is not a part of the international strategy lifecycle?
- Product Demand Develops and Firm Exports Products
- Firm Introduces Innovation in Domestic Market
- Production Becomes Standardized and is Relocated to Low-Cost Countries
The term _________ is used to refer to strategy formulation, implementation, and evaluation, with _________referring only to strategy formulation.
- Strategic planning; strategic management
- Strategic management; strategic planning
- Management cycle; brainstorming

Organization
Project Management
Risk Management

Full PDF PackageDownload Full PDF Package

This Paper

A short summary of this paper

17 Full PDFs related to this paper

Download

PDF Pack

5. The process of conducting research and gathering and assimilating external informationis called environmental scanning or industry analysis.

D.Internal Strengths and Weaknesses1.Internal strengths and internal weaknesses are an organization’s controllable activitiesthat are performed especially well or poorly.2.Identifying and evaluating organizational strengths and weaknesses in the functionalareas of a business is an essential strategic-management activity.3.Strengths and weaknesses are determined relative to competitors and may bedetermined by both performance and elements of being.E.Long-Term Objectives1.Objectives can be defined as specific results that an organization seeks to achieve inpursuing its basic mission.2.Long term means more than one year.3.Objectives state direction, aid in evaluation, create synergy, reveal priorities, focuscoordination, and provide a basis for effective planning, organizing, motivating andcontrolling activities.4.Objectives should be challenging, measurable, consistent, reasonable, and clear.F.Strategies1.Strategies are the means by which long-term objectives will be achieved. Businessstrategies may include geographic expansion, diversification, acquisition, productdevelopment, market penetration, retrenchment, divestiture, liquidation, and jointventure.2.Strategies currently being pursued by Best Buy, Levi Strauss, and New York TimesCompany are described in Table 1-1.H.Annual Objectives1.Annual objectives are short-term milestones that organizations must achieve to reachlong-term objectives.2.Like long-term objectives, annual objectives should be measurable, quantitative,challenging, realistic, consistent, and prioritized.

I.Policies1.Policies are the means by which annual objectives will be achieved. Policies includeguidelines, rules, and procedures established to support efforts to achieve statedobjectives.2.Policies are most often stated in terms of management, marketing, finance/accounting,production/operations, research and development, and computer information systemsactivities.3.Because smoking is a huge burden on companies worldwide, some firms areimplementing policies to curtail smoking.Table 1-2 gives a ranking of the countriesby percentage of people who smoke.III.BENEFITS OF STRATEGIC MANAGEMENTThe principle benefit of strategic management has been to help organizations formulate betterstrategies through the use of a more systematic, logical, and rational approach to strategicchoice. Communication is a key to successful strategic management. The major aim of thecommunication process is to achieve understanding and commitment throughout theorganization. It results in the great benefit of empowerment.More and more organizationsare decentralizing the strategic-management process.Figure 1-2 illustrates the benefits ofengaging in strategic planning.