The following is the most important in strategy design: Understanding the organization's purpose, its mission Forming a strategic vision of where the organization needs to be headed Converting vision into measurable objectives A combination of all of the above in a consistent way

Strategies describe how the effort will accomplish its goals. Organizations typically employ a wide…

Answered: The following is the most important in…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Manny is the Marketing Director for a children’s clothing line. He recently met with his boss, the Chief Marketing Officer, who walked him through the company’s new five-year strategic plan and the specific goals for his department. To evaluate whether goals were met, Manny must develop a list of “success metrics” and measure those throughout the course of the year and develop remediation plans if goals get off track. Manny’s work is an example of which of the functions of management? a. Controllingb. Leadingc. Organizingd. Planninge. None of the above
For a strategic alliance, firms should seek partners that are: Group of answer choices willing to share costs and risks of new-product development. known for being opportunistic. different in terms of vision and agendas. radically different when it comes to strategic goals. similar when it comes to capabilities.
An Internet service company’s strategy addresses the question “How should we compete against a particular firm”. Which of the following best describes this strategy? Group of answer choices Team level strategy. Functional strategy. Corporate level strategy. Firm level strategy. .
The final step in the strategic management process is implementing the objectives. State true or false?
Unlike cost leadership strategies, differentiation strategies are immune from being copied or imitated by competitors because of their uniqueness. Select one: O True False
MBAA 514: Management 1: Strategic Management - S23N70 - Announcements: Explanation of Value Chain Map As a reminder, the guidelines suggested for an easy to follow and more concise explanation of the value chain map can be organized as follows: For each Market Competency (separate paragraph) identify how the Market Competency is created/supported by 1) which core competencies, then, taking each core competency, 2) which capabilities support the core competency, then 3) taking each capability, which resources support the capability. In essence, you are explaining the linkages back from the Market Competency to the resources. In each case you can provide additional information or a brief qualification if needed or available (cite sources). In each case, ensure you use the term or phrase shown on the map and identify it as a core competency, capability or resource. When the same linkage has been identified in a previous discussion, just say as described previously or above. Proceed…
Strategic leadership can also be defined as utilizing strategy in the management of employees. It usually requires the following with the exception of O a. a list of possible risks O b. a vision Oc. a mission O d. a set of goals strategy or plan Oe.
Firms within the same industry may be considered to be in different strategic groups. True False
The BCG (Boston Consulting Group) matrix helps companies make strategic decisions about their product portfolio and allocate resources based on their relative position in the matrix. Discuss FOUR (4) components of the BCG Matrix.
Which of the following is an important method for implementing strategy?a. Sustainabilityb. Value-chain analysisc. Cost leadershipd. Differentiation
Tech Niche Corp., a provider of IT services, has recorded a decrease in sales and profit over the past few months. The managers of the firm review the situation and conduct a SWOT analysis of the firm. This provides new insights into the ways to improve sales. In the context of developing a marketing plan, the organization is in the phase of: Multiple Choice Initiation. Design. Planning. Control.
True or False: Strategic planning is primarily concerned with short-term goals and day-to- day operations.

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	Understanding the organization's purpose, its mission
	Forming a strategic vision of where the organization needs to be headed
	Converting vision into measurable objectives
	A combination of all of the above in a consistent way