Exam (elaborations)
Test Bank for SM131 Week 9 Strategy and Innovation 5th Edition by James D. McKeen
- Course
- Institution
Test Bank for SM131 Week 9 Strategy and Innovation 5th Edition by James D. McKeen
[Show more]
Content preview
Test Bank for SM131 Week 9 Strategyand Innovation 5th Edition by James D.
McKeen
What is the goal of strategy? - ANSmaximize value creation and capture
Strategy exists as a field of: - ANSresearch and practice
What is the strategy goal in the field of practice? - ANSenable organizations to achieve the
greatest organization performance (typically profit)
What is the strategy goal in the field of research? - ANSunderstand what are the determinants
of long-term organizational performance
Dr. Lonnie Johnson - ANSnuclear engineer who developed Super Soaker
What IS strategy? - ANS-brain that coordinates all firm functions
-help coordinate all internal firm activities by giving guidelines to each function within the firm
-a broad theme that drives organizational choices and policies
What happens when there is no strategy to guide decisions? - ANSdecisions may be
uncoordinated, duplicative, and work at cross purposes
What is strategy based on? - ANSrivalry
What is the fundamental fact of strategy? - ANSBoth external and internal environments affect
profits
Our job as strategists is to: - ANSexplain why firms have high/low profit, make recommendations
to firms about what strategic plans may help improve profits
In order to develop a thoughtful and effective strategy: - ANSorganizations must make tradeoffs
Basic Strategy Tools - ANSSWOT analysis, five forces analysis, competitive positioning analysis
SWOT analysis - ANS-most basic tool
-simplest and most widely used strategy analysis
-considers both internal and external environment
-tip of the iceberg
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AllLegitExams. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78998 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now