Balanced Scorecard - correct answer-Financial - cost down and profitable?
Innovation - always making new products or fail
Customers - constantly survey customers and base productivity on sales
Core competencies - stick with what you do best.
Competitive Intelligence - correct answer-1. If a company is to survive, it must keep track of
what its competitors are doing.
2. Practicing competitive intelligence means gaining information about one's competitors'
activities so that you can anticipate their moves and react appropriately.
Competitive Strategies - correct answer-Cost Leadership - low cost, low prices, wide market
Differentiation - superior value for a wide market
Cost Differentiation - keeping cost down
Focused Differentiation - unique, narrow and superior market
Contingency Planning - correct answer-alternative plans; Plan B or Crisis planning
Example: In-N-Out
Five Steps of the Strategic Management Process - correct answer-Step 1: Establish the
Mission and the Vision.
Step 2: Establish the Grand Strategy.
Step 3: Formulate Strategic Plans.
Step 4: Carry Out the Strategic Plans.
Step 5: Maintain Strategic Control: The Feedback Loop.
Forecast - correct answer-a vision or projecting of the future.
Goals - correct answer-Objectives a business wants to achieve
Levels of Planning - correct answer-Strategic - overall gameplan; Top Managers (1-5 year
outlook)
Tactical - carry out plans; Middle Managers (6-24 month outlook)
Operational - day-to-day tasks; Frontline Managers (1-52 weeks outlook)
Management By Objective (MBO) - correct answer-Management and employee jointly
develop goals and plans, periodically evaluate progress and appraises with rewards for
results.
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