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

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Question 1

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Describe the characteristics of a good vision statement. List some of the questions that a good vision statement will ask.

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Although a vision statement can be short...

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Question 2

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Developing a program focused on individual aspects of an organization for short-term success is the focus of strategic planning.

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Question 3

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Instructor Services is a technology company that offers many IT services in highly populated southern Ohio. Services and products include computer training, support, monitoring, repair, network design, virus removal, and software upgrades. It even sells refurbished computers. The source of Instructor Services' strategic position is _____.

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

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 _____.

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.

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

Summarize the three sources strategic position emerges from.

Access Office Equipment has shifted to sales and service of laptops and PCs, and is no longer offering repairs on older types of office equipment because the demand for service on this equipment is low, costly, and the profits have dropped significantly. This is an example of an organization implementing a ______.

Competitive intelligence, SWOT analysis, forecasting, benchmarking, and Porter's five competitive forces are all tools that can be used to gather data and make projections to develop a grand strategy.

Mountain Rescue Incorporated sells emergency safety and rescue products to ski patrols and rescue workers at prices that are below those of its competitors, who offer a larger line of products and focus on broader markets. Mountain Rescue Incorporated is pursuing a ____ strategy.

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.

The growth, stability, and defensive strategies are ____.

Strategy formulation is the process of _____.

Summarize how a company would utilize a cost-leadership strategy and a differentiation strategy. Provide an example of a company that uses each type of strategy.

In a single-product strategy, a company makes and sells only one product within its market, such as a farmer who grows and sells only corn.

What is the assessment of the external environment? What are the critical issues facing the business? Can the business execute the strategy? According to Bossidy and Charan, these are some of the questions that should be addressed in a _____.

A trend analysis is a hypothetical extension of a past series of events into the future.

In general, the BCG matrix suggests that an organization will do better in fast-growing markets in which it has a high market share rather in slow-growing markets in which it has a low market share.

According to Harvard Business School professor Michael Porter, strategic positioning means _____ to achieve sustainable competitive advantage.