EDUCATOR

1) What is our present situation? 2) What should the company's future direction be & what performance targets should we set? 3) What's our plan for running the company and achieving good results? correct answers What are the 3 central questions all businesses face? strategy correct answers The set of coordinated actions that a company's managers take in order to outperform the company's competitors and achieve superior profitability to create, support, articulate, execute and defend a ...

stakeholders correct answers individuals and groups who have an interest in a firm's performance and an ability to influence its actions 1. owners (shareholders, individual, institutional) 2. external shareholders (customers, suppliers, local communities, gov agencies, society) 3. internal shareholders (employees, managers) When are visions statements most likely to fail? correct answers 1. irreelvant, not anchored to reality 2. the walk doesn't match the talk 3. they are not the holy ...

Business Strategy correct answers concerns the question of "how to compete" in a single product market Differentiation or Cost-Leader correct answers Firms pursue competitive advantages through either a _______________________ or __________________________ generic strategy •Offering new products and/or services •Competing in different geographic regions correct answers As firms grow, they may look for opportunities to expand to new markets such as... Corporate Strategy correct answe...

Equation for Return on Assets? correct answers Return on Assets= Net Income/Total Assets Competitive ___________________ differences should be measured by using a variety of evaluation tools. correct answers Performance Competitive performance is always measured ____________ to other firms correct answers Relative Measuring Competitive Advantage - Three standards are typical by asking: 1. 2. 3. correct answers 1. How much economic value does the firm generate? 2. What is the firm's acc...

Business Level Strategy correct answers goal-directed actions managers take in their quest for competitive advantage in a single product market Business Level Strategies may involve 2 things: correct answers 1. a single product 2. group of similar products A business level strategy broadly concerns what question? correct answers "How should a firm compete?" - Who will we serve? (customer segments) - What customer wants/needs will we satisfy? - Why do we want to satisfy them? - How wil...

Environment correct answers consists of the set of external conditions and forces that have potential influence on the organization What are some examples of outside conditions and forces that could influence an organization? correct answers Customers, Rivals, Economic Conditions, Events (weather-related) 3 Reasons why the Environment matters: correct answers 1. Source of Resources: inputs, capital, labor, and customers 2. Source of Opportunities and Threats: 3. Shapes Strategic Decisions...

Globalization correct answers Process of closer integration and exchange between different countries and peoples worldwide, made possible by falling trade and investment barriers, advances in telecommunications, and reductions in transportation costs. Integration-responsiveness framework correct answers Strategy framework that juxtaposes the pressure an MNE faces for cost reductions and local responsiveness to derive four different strategies to gain and sustain competitive advantage when c...

external analysis correct answers industry structure, competitive forces, and strategic groups internal analysis correct answers resources, capabilities, and core competencies Strategy Formulation (business/corporate strategy) correct answers Guiding policy to address the competitive challenge Strategy Implementation correct answers Coherent actions to implement the firms guiding policy Strategy correct answers a set of goal directed actions a firm takes to gain & sustain superior performa...

Business Ethics correct answers the application of ethical behavior in a business context Sources of Ethical Standards correct answers (1) The School of Ethical Universalism (2) The School of Ethical Relativism (3) Integrated Social Contracts Theory Ethical Relativism correct answers making decisions based on personal values/beliefs rather than on military rules, regulations, and codes of conduct Ethical Litmus Test correct answers Questioning ones decision deciding if it is ethical to co...

Business Level Strategy correct answers goal directed actions managers take in their quest for competitive advantage when competing in a single product market Cost Leadership correct answers positioning strategy centered around producing products at lower costs than your competitors. Managers manipulate cost-drivers to keep costs low. example: offering a basic service but then charging a premium for the extra add-ons Differentiation correct answers positioning strategy in which product feat...