CRAFTING+EXEC.STRAT.:CONCEPTS (LOOSE)
22nd Edition
ISBN: 9781260157178
Author: Thompson
Publisher: MCG
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Question
Chapter 4, Problem 7ESP
Summary Introduction
To compare: Company’s competitive strength assessment with other two companies.
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A profitable company will make it a point to determine how its competitors are doing business and try to do it better themselves. Benchmarking is one of the most effective tools available to an organization to ensure that these goals are being met.
Many organizations use benchmarking as a way to measure organizational performance. What are the pros and cons of this approach? Has this approach always been used as a competitive tool? Provide at least two examples of companies using this type of tool to help them remain competitive within their market.
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When using the strategic management process, firms should start by
A) developing a strategic vision, mission and values.
B) developing a proven business model, deciding on the company's top management team, and crafting a strategy.
setting objectives, developing a business model, crafting a strategy, and deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage.
C) coming up with a statement of the company's mission and communicating it to all employees, setting objectives, selecting a business model, and monitoring developments and initiating corrective adjustments to the business model when necessary.
D) deciding on the company's board of directors, setting financial objectives, crafting a strategy, and choosing what business approaches and operating practices to employ.
Chapter 4 Solutions
CRAFTING+EXEC.STRAT.:CONCEPTS (LOOSE)
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