Question 1

Strategic competitiveness can be attained only when the firm's selected structure is congruent with its formulated strategy.

Accepted Answer

A firm's structure must support its strategy in order to achieve strategic competitiveness. If there is a mismatch between the two, the firm may face obstacles and inefficiencies in trying to execute its strategy. Therefore, a congruent structure is essential for strategic success.

Question 2

When Wrigley decided to focus almost exclusively on the chewing gum market and Seagram decided to enter the beverage market while also competing in the entertainment industry, both firm's were deciding their diversification strategies.

Accepted Answer

This statement accurately describes the decision of both Wrigley and Seagram to pursue specific diversification strategies - Wrigley choosing to focus on chewing gum, and Seagram entering both the beverage and entertainment industries.

Question 3

What is the difference between the firm's strategic intent and strategic mission. How are they related?

Accepted Answer

The answer of What is the difference between the firm's...

Question 4

What is the SWOT analysis?

Accepted Answer

The answer of What is the SWOT analysis?...

Question 5

Discuss the four components of an external environmental analysis.

Accepted Answer

The answer of Discuss the four components of an external...

Question 6

What is a cooperative strategy? What purposes do they serve?

Accepted Answer

The answer of What is a cooperative strategy? What purposes...

Question 7

Describe the recommendations of the Boston Consulting Group's Growth-Share Matrix.

Accepted Answer

The answer of Describe the recommendations of the Boston Consulting...

Question 8

What is conglomerate diversification? What are its advantages and disadvantages?

Accepted Answer

The answer of What is conglomerate diversification? What are its...

Question 9

What are the four types of diversification?

Accepted Answer

The answer of What are the four types of diversification?...

Question 10

In examining the firm's capabilities, company leaders may choose functional analysis, value-chain analysis, or five forces analysis.

Accepted Answer

The five forces analysis is used to analyze the competitive environment, not the firm's internal capabilities. Functional and value-chain analyses are used for examining a firm's capabilities.

Question 11

What are the components of the strategic management process?

Accepted Answer

The answer of What are the components of the strategic...

Question 12

What is portfolio analysis?

Accepted Answer

The answer of What is portfolio analysis?...

Question 13

Describe Porter's Five Forces model.

Accepted Answer

The answer of Describe Porter's Five Forces model....

Question 14

What is the difference between tangible and intangible resources? Give an example of each.

Accepted Answer

The answer of What is the difference between tangible and...

Question 15

What are some of the standard measures of strategic success evaluated in the final stage of the strategic management process?

Accepted Answer

The answer of What are some of the standard measures...

Question 16

What are the segments of the general environment? How are they related?

Accepted Answer

The answer of What are the segments of the general...

Question 17

What are the two basic choices when selecting a business-level strategy? Provide examples of each.

Accepted Answer

The answer of What are the two basic choices when...

Question 18

It is essential that the executive team assess the short-range outcomes as part of the strategic management process. The long-term outcomes need not be assessed since they are constantly changing and the plan adapts to them.

Accepted Answer

It is important to assess both short-term and long-term outcomes as part of the strategic management process. Long-term outcomes may shift and change over time, but monitoring them can help ensure that the plan continues to move in the right direction and adapt to new circumstances.

Question 19

The firm's internally focused definition of what it plans to produce and market is the strategic mission while the firm's externally focused definition of how the firm intends to use its resources is the strategic intent.

Accepted Answer

The firm's strategic mission is its externally focused definition of its core purpose and values, often reflecting how it positions itself in the market. The strategic intent is more about the firm's ambitions and goals, focusing on leveraging and building resources and capabilities to achieve a competitive advantage.

Question 20

What is benchmarking?

Accepted Answer

The answer of What is benchmarking?...

Quiz 7: Strategic Management