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 ...
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
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
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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