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Explain the difference between a cost-leadership strategy and a differentiation strategy. Provide an example of a company that uses each type of strategy.

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A cost-leadership strategy is to keep th...

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Explain how a company would utilize a diversification strategy (including a vertical integration strategy). Provide an example of a company that uses the strategy.

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Diversification is operating several bus...

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Growth, stability, and defensive strategies are common


A) leadership strategies.
B) cost-leadership strategies.
C) types of differentiation plans.
D) stabilization strategies.
E) grand strategies.

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What are the three sources of a unique and valuable strategic position?


A) few needs, many customers; broad needs, few customers; broad needs, many customers
B) low-cost products; huge market needs; unique products
C) many needs, few customers; little need, many customers; narrow needs, few customers
D) poor products available; few products available; no products available
E) bad economy; strong economy; stable economy

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In a SWOT analysis, organizational strengths are


A) external opportunities that a company can take advantage of.
B) environmental factors that the organization may exploit for competitive advantage.
C) MBO skills that should be emphasized.
D) skills and capabilities that give a company advantages in executing its strategies.
E) means that give a specific industry an advantage in a down economy.

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Executive Office Supply, a small family-owned company, sells high-priced desks, some as expensive as $10,000, to executives in its area. Very few companies have chosen to market this product, and Executive Office Supply has enjoyed record profits over the last 25 years. As their financial planner, you would advise Executive Office Supply to not utilize strategic planning.

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


A) engage people, keep it simple, stay focused, and keep moving.
B) engage people, keep people happy, provide fun activities, and provide good benefits.
C) provide fun activities, provide good benefits, and keep it simple.
D) engage people, keep it simple, stay focused, and offer a good benefits package.
E) aggressively compete, cut costs, focus on customer service, and engage people.

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In 2009 and 2010, Toyota had to recall millions of automobiles due to uncontrollable acceleration. This recall forced upper-level management to rethink many things. For example, Toyota had become too focused on profits. As a business coach, where would you recommend Toyota begin?


A) Step 1: Establish the mission, vision, and values statements.
B) Step 2: Assess the current reality.
C) Step 3: Formulate the grand strategy.
D) Step 4: Implement the strategy.
E) Step 5: Maintain strategic control.

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Imagine you are the CEO of Noodle Soup, a company that sells ramen noodles. Give an example of each of the five primary competitive forces in Noodle Soup's environment.

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According to Michael Porter, business-le...

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An organization's vision statement needs to describe


A) the organization's purpose or reason for being.
B) what the company will market and its business plan.
C) the organization's purpose or reason for being and its strategic intent.
D) the organization's ethical and diversity standards.
E) what the company wants to become and where it wants to go strategically.

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________ is another term for a defensive strategy.


A) A retrenchment strategy
B) A fixed plan
C) The aggressive approach
D) A growth strategy
E) A stability strategy

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Which managers would be at Level 2: Business-Level Strategy?


A) finance managers
B) human resource managers
C) retail unit managers
D) operations managers
E) marketing managers

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Joelle wants to broaden her functional knowledge. Which of the following activities should she engage in?


A) attending a business conference
B) reading a business article
C) writing a reflection journal
D) wearing a blue hat
E) studying the company's annual report

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In Dr. De Bono's Six Thinking Hats, who wears the blue hat?


A) the person serving as the fact gatherer
B) the person discussing emotions
C) the person serving as the control function
D) the person exploring new ideas
E) the person playing devil's advocate

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In order, the steps of the strategic-management process are


A) establish the mission and vision statements, assess the current reality, conduct a trend analysis, and maintain the feedback loop.
B) establish the mission statement, maintain strategic control, formulate the grand strategy, and implement the strategy.
C) establish the mission, vision, and values statements; assess the current reality; formulate the grand strategy; implement the strategy; and maintain strategic control.
D) establish the vision and values statements, develop a mission statement, formulate the grand strategy, implement the strategy, and maintain the feedback loop.
E) determine the strategy; carry out the strategic plans; and establish the mission, vision, and values statements.

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Many customers shop at All Natural because of the employees' extensive product knowledge. In a SWOT analysis, the employees' high levels of product knowledge are an example of the company's


A) strengths.
B) threats.
C) weaknesses.
D) opportunities.
E) intelligence.

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The BCG matrix is a means of evaluating strategic business units on the basis of their


A) business costs and share of the market.
B) differentiation and profitability.
C) business growth rates and share of the market.
D) BCG ratio.
E) product quality and profitability.

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When Nordstrom's says, "Leave it better than we found it. We work hard to be a company that our employees and our customers can be proud of. For us, that means doing our best to support the many people and communities we serve. It also means respecting the environment by reducing our impact and conserving resources where we can. We strive to make people feel good and show that Nordstrom is a company that cares." They are sharing their mission.

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


A) strategic goal.
B) business plan.
C) vision statement.
D) SWOT analysis.
E) trend analysis.

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The second step in the strategic-management process is a(n) ________, where managers look at where the organization stands, and then determine what is working and what could be different to maximize efficiency and effectiveness in achieving the organization's mission.


A) organizational vision statement
B) company synergy assessment
C) current reality assessment
D) ethical and diversity evaluation
E) grand strategy

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