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Exam 6: Strategic Management: How Exceptional Managers Realize a Grand Design

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Question 21

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The owners of Smith's Yard Mart,a family-owned garden center in a rural community,are concerned over the news that a large retailer with a garden center is building a new store on the other side of town.According to a SWOT analysis,this new retailer is a(n) ____ to Smith's.

A) strength
B) threat
C) weakness
D) opportunity
E) intelligence

F) C) and D)
G) A) and B)

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Question 22

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The second step in the strategic-management process is a(n) ________,where managers look at where the organization stands,and then determine what is working and what could be different to maximize efficiency and effectiveness in achieving the organization's mission.

A) organizational vision statement
B) company synergy assessment
C) current reality assessment
D) ethical and diversity evaluation
E) grand strategy

F) A) and C)
G) None of the above

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Question 23

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Sales this year at Donna's Pawn Shop have been high,and based on several factors,Donna projects next year's sales to also be good.However,even with her forecast of continued strong sales,Donna and her business partner need to develop a plan in case sales drop unexpectedly.________ is the type of planning for alternative future conditions.

Frank is interested in rewriting the vision statement for his antique shops,and he wants his employees and his business to grow.Therefore,the vision for Frank's stores should be positive and inspiring,and it should stretch the company and his employees to achieve objectives that they believe are not possible.

Don knows that one of the reasons people do not return to his electronics store is because of the slow service.How would a SWOT analysis classify the slow service at Don's electronic store?

________ is the process by which a company compares its performance with that of high-performing organizations.

The basic assumption that the picture of the present can be projected into the future is the basis of a

In a SWOT analysis,organizational strengths are

"Who are our customers? What are our major products or services? In what geographic areas do we compete?" A good _____ will answer these questions.

This question contains multiple parts;be sure to answer all of them.First,define and explain strategic control.Next,summarize Bryan Barry's suggestions for keeping strategic planning on track.Finally,suppose you are the owner of a dog-walking service with eight dog-walkers on staff.Explain how you would implement each of Barry's suggestions.

Pedro,CEO of a successful IT company,is constantly reading press releases,ads,and news articles about his competition.He regularly checks information about new competitive products and visits trade shows to study his competition.Pedro is involved in

"What is the assessment of the external environment? What are the critical issues facing the business? Can the business execute the strategy?" According to Bossidy and Charan,a ______ should address these some of these questions.

"Is it appropriate for the organization and for the times? Does it set standards of excellence and reflect high ideals? Is it ambitious?" A good _______ will answer these questions.

The best ways to avoid faddish management ideas are to

Strategy involves creating a "fit" among activities." "Fit" has to do with the ways a company's activities interact and reinforce one another.The most effective companies have good or excellent fit among their activities.

Many customers shop at Organic Foods because of the employees' extensive product knowledge.In a SWOT analysis,the employees' high levels of product knowledge are an example of the company's

George,a chef and owner of L'Auberge,a popular restaurant,is always visiting his competitors to observe how they are doing things in their restaurants.He told one of his managers,"I eat dinner at a lot of restaurants because I want to know what is going on.I am always concerned that one of our competitors will surprise us with a new service or menu item,like ours but better." In which activity is George engaging?

Focused-differentiation stresses unique and superior products to a narrow market;examples include the Ford GT supercar,Norwegian Cruise Line's Norwegian Escape,Cartier,Turnbull & Asser,and niche books.

The vision statement is an organization's purpose or reason for being,and a company's mission statement is its long-term goal of what it wants to become.

Gig companies,such as Amazon,Google,and Apple,are no longer content simply to enhance part of your life.Their new strategy is to build a device,sell it to consumers,and then