Question 1

Describe the various sources of information that are available to managers.

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Question 2

Internal analysis is carried out to assess a firm's capabilities and critical success factors compared to those of its competitors.

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Question 3

Compare and contrast globalization and regionalization.

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Question 4

What are the two levels of strategic alternatives that a firm must consider when competing internationally?

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Question 5

What is environmental scanning? What areas are most commonly focused in environmental scanning?

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Question 6

What is a SWOT analysis? How is it used in strategic planning?

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Question 7

Offshoring is when a company moves one or all of its factories from the host country to the home country.

Accepted Answer

Offshoring is when a company moves one or all of its factories from the home country to a host country, typically in search of lower production costs or other business advantages.

Question 8

Production, one of the five global corporate objectives, deals with development of new products with global patents.

Accepted Answer

Production as a global corporate objective primarily focuses on the efficient creation of goods and services, rather than specifically on the development of new products with global patents, which falls more under research and development (R&D) and innovation strategies.

Question 9

Environmental scanning should be conducted on the global level exclusively.

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Question 10

Core competencies are challenging and at times difficult for competitors to imitate.

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Core competencies are unique strengths and capabilities that give a company a competitive advantage, and they are often difficult for competitors to replicate or imitate. Therefore, the statement is true.

Question 11

The strategic management process consists of independent and discontinuous steps.

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The strategic management process consists of interdependent and continuous steps, including analysis, strategy formulation, implementation, and evaluation. Each step builds upon the previous one, and the process is often iterative, meaning that adjustments may be made as new information becomes available.

Question 12

In environmental scanning, the first broad scan of all potential world markets results in the firm being able to eliminate from its list those markets that are closed or insignificant or do not have reasonable entry conditions.

Accepted Answer

This statement is true. Environmental scanning involves scanning and analyzing the external environment to identify opportunities and threats, including potential markets. The first step in this process is to conduct a broad scan of all potential world markets and eliminate markets that are closed, insignificant, or have unreasonable entry conditions.

Question 13

The mission of an organization provides a basis for strategic decision making.

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The mission statement of an organization outlines the purpose and goals of the organization. It sets the direction of the organization and provides a basis for strategic decision making.

Question 14

The term globalization refers to the establishment of worldwide operations and the development of standardized products and marketing.

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The statement accurately defines the term globalization.

Question 15

Describe the strategies of globalization and regionalization.When can each strategy be used most effectively?

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Question 16

Antidumping laws enable formal institutions to affect international competition.

Accepted Answer

Antidumping laws allow formal institutions (such as governments or trade commissions) to intervene in cases where they believe foreign companies are selling goods at unfairly low prices in order to gain an advantage over domestic companies. This intervention can affect international competition by imposing tariffs or other trade barriers on the targeted goods, making them more expensive or less desirable for consumers.

Question 17

The strategic management process invariably follows a linear format.

Accepted Answer

The strategic management process is not always linear and can involve multiple iterations, feedback loops, and dynamic changes. It is a complex and iterative process that requires constant monitoring, evaluation, and adaptation.

Question 18

What is the difference between environmental scanning at the multinational level and the regional level?

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Question 19

After clarifying the corporate mission and objectives, the first major step in weighing international strategic options is the environmental assessment.

Accepted Answer

The environmental assessment is indeed the first major step in weighing international strategic options after clarifying the corporate mission and objectives.

Question 20

List the seven steps in the strategic management process.

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Quiz 6: Formulating Strategy