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MGMT344 TEST QUESTIONS WITH CORRECT ANSWERS

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MGMT344 TEST QUESTIONS WITH CORRECT ANSWERS Simple Control system - Answer- 1. Mission 2. Objectives 3. Strategies 4. Implementation 5. Evaluation 6. Remedial action Controls and incentives include - Answer- - Direct supervision - Operating & capital expenditure budgets - Targets and ...

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  • October 14, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgmt344
  • mgmt344 test
  • simple control system
  • mgmt344 test questions with correct answers

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MGMT344 TEST QUESTIONS WITH
CORRECT ANSWERS
Simple Control system - Answer- 1. Mission
2. Objectives
3. Strategies
4. Implementation
5. Evaluation
6. Remedial action

Controls and incentives include - Answer- - Direct supervision
- Operating & capital expenditure budgets
- Targets and pressures

The balanced scorecard - Answer- combines strategic control and evaluation of
performance to move from a short term view to a long term strategic one. it uses
financial, customer, internal process, and learning/growth lens

VRIO - Answer- Value of strategic competition, Rarity, Imitability, Organizational support

Definition: Dynamic Capabilities: - Answer- The firm's ability to renew and recreate
strategic capabilities to meet the needs of changing environments. Can create, extend,
or modify operational capabilities.

The value chain - Answer- describes the categories within an organsiation which create
a product or service.

about linking activities

this concept invites strategist to think of the firms in terms of activities

the value system/industry - Answer- set of inter-organisational links and relationships
that are necessary to create a product or service

types of control systems - Answer- planning based system
culture based approaches
performance targeting systems

the industry lifecycle - Answer- development: Low rivalry
Growth: Low rivalry

, Shakeout: increasing rivalry
Maturity: stronger buyers
decline: extreme rivalry

strategy in embryonic industry - Answer- - differentiation is usually a priority
- invest in a product innovation to generate gains in perceived performance and quality
- consider dynamics of industry standard 'lock-in' and related drivers
- funding and time horizons need to reflect the high risks at this industry stage
- firms may benefit from strategic alliance

fragmented industry conditions - Answer- large number of smaller firms
no one firm can gain advantage
little price competition

consolidated industry conditions - Answer- - few industry competitors
- signifiant entry barriers

chaining - walmart
franchising - mcdonalds
horizontal - fonterra

managing price competition in mature industries - Answer- --- price signal options
- agressive signal

-collusive signal

- price leadership

- non price competition

strategies in declining industries - Answer- leadership strategy
niche strategy
harvest strategy
divestment strategy

Cost leadersip - Answer- 1. input costs
2. economies of scale
3. experince
4. product process design

Successful focus strategies depend on at least one of three key factors: - Answer-
distinct segment needs
distinct segment value chains
viable segment economies

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