Exam (elaborations)
MIE 480 Ch 1 & 2 Detailed Questions and Expert Answers
- Course
- MIE480
- Institution
- North Carolina State University
MIE 480 Ch 1 & 2 Detailed Questions and Expert Answers
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MIE 480 Ch 1 & 2 Detailed Questions and ExpertAnswers
Which of these could be an example of a competitive advantage? - ANS The ability
of a firm to outperform its rivals by achieving profitability and growth than others
in the industry
The idea that the strategy-making process is constantly ongoing and adapting over
time with the input of additional information is: - ANS the feedback loop
Which of these is characteristic of a well-constructed goal? - ANS My company has
set a goal of launching five new products each year for the next five years through
at least a 10% annual investment in research and development.
Which parts of the SWOT analysis deal with the external environment and which
parts deal with the internal environment? - ANS External: opportunities and
threats. Internal: strengths and weaknesses.
An HVAC contractor is considering expanding into a new business line, offering
commercial facility maintenance and service in addition to construction
contracting services. As the contractor considers this potential strategy, it
conducts a strategic planning process for this business unit, analyzing external and
internal factors. Which of these can be classified as a part of the external operating
environment of the company? - ANS Local commercial properties are most often
served by one of three big national HVAC service firms and a handful of local
smaller firms.
, There are four main categories of strategies that managers may define to create
and sustain a competitive advantage. Which of these is an example of a business-
level strategy? - ANS A general manager defining a superior customer service
strategy for his division to better deliver its products
Which of these is a definition for an emergent strategy making process? - ANS
Strategies that evolve as the unplanned responses to unforeseen circumstances,
arising from autonomous action by individual managers, serendipitous events, and
changed circumstances
Which of the following steps precedes a SWOT analysis in the strategic planning
process? - ANS Crafting an organization's mission statement
Mickey is the CEO of a multidivisional company who has determined that it is time
for the company to revisit its strategic plan and is working on the agenda for the
meeting, beginning with a review of the company's mission, vision, and values. On
day 2, Mickey plans to conduct an analysis of internal and external forces affecting
the company. The invitee list for the strategic planning session includes the CFO,
the COO, the vice president of human resources, and the vice president of sales.
Mickey believes this smaller team will be able to reach a greater consensus and be
efficient in developing the strategic plan for the next five years. Which potential
pitfall could impact the strategic plan for this company? - ANS An "ivory tower"
approach could lead the executive team to a plan created in a vacuum without an
understanding of current operating realities.
Scenario planning is one methodology strategic managers can use to avoid pitfalls
in their planning process. In scenario planning, managers: - ANS create a what-if
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