RATS 1 for Quizlet - this is questions and answers for test 1 of Strategic Management PDF

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this is questions and answers for test 1 of Strategic Management...

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Chapter 2

Issues

1. Be able to define vision, mission, values. 2. What is the difference between a vision and a mission statement? How do their purposes differ? What benefits do they provide? 3. What are the components of a good mission statement? A vision statement? 4. How should profit relate to the mission? 5. What are the characteristics of an effective objective? What makes it a strategic objective? Be able to identify examples? 6. What is involved in putting a strategy together? 7. Be able to tell the difference between strategies and objectives. 8. What is the purpose of the Balanced Scorecard? 9. How should conflicts between long-term and short-term objectives be managed? 10. Know the different levels of strategy and examples of each. What is each level focused on? 11. What are the basic tasks of a manager in strategy execution? Sample Questions:

Thet a s koft ope x e c u t i v e swh e nt hec ompa n yf a c e sdi s r upt i v ec ha n ge si ni t se n v i r onme nti st ono ton l y r a i s eq ue s t i onsa b outt hea ppr op r i a t e ne s sofi t sdi r e c t i o na nds t r a t e gybuta l s ot o: A. kno wwh e nt oc ont i nuewi t ht hepr e s e n tc or p or a t ec u l t ur ea ndwhe nt os hi f tt oadi ffe r e n ta ndb e t t e r c or por a t ec ul t ur e . B. f e r r e to utt hec a u s e sa n dd e c i dewhe na d j us t me nt sa r ene e de da ndwh a ta d j us t me nt sa r ene e d e df or i mp r o v e dp e r f o r ma nc ea ndope r a t i nge x c e l l e nc e . C. figur eo utwhe t he rt oa r r i v ea tde c i s i o nsqui c kl yo rs l o wl yi nc hoo s i n ga mongt hev a r i o u sa l t e r n a t i v e a d j us t me nt s . D. de c i dewhe t h e rt ot r yt ofixt hep r ob l e msofpo ors t r a t e gye x e c ut i onors i mp l ys hi f tt oas t r a t e gyt ha ti s e a s i e rt oe x e c ut ec o r r e c t l y . E. de c i d eho wt oi d e n t i f yt hepr o bl e mst ha tne e dfix i n g . Bus i ne s ss t r a t e gyc onc e r ns : A.h o wt og a i na nds us t a i nac ompe t i t i v ea d v a n t a g ef oras i n gl el i n eofbus i n e s s . B. de fini n gwha ts e to fbu s i ne s s e st ob ei na ndwh y . C. s e l e c t i n gab u s i n e s smo de lt ous ei npur s ui n gbus i ne s sob j e c t i v e s . D. s e l e c t i n gas e tofs t r e t c hfina nc i a la n ds t r a t e gi cob j e c t i v e sf orap a r t i c ul a rl i neofbus i n e s s . E. c h oos i n gt hemo s ta pp r opr i a t es t r a t e g i ci nt e n tf oras pe c i ficl i n eofb us i ne s s .

Chapter 5 Issues 1. Define and know the differences between each of the five generic competitive strategies. Be able to identify examples. What are the objectives of each? 2. Know what circumstances internally and externally are best for each of the competitive strategies. 3. What do managers have to do for each in order to make the strategy work? 4. What are the ways a firm can differentiate itself? 5. What circumstances increase the likelihood of a strategy succeeding?

Sample Questions: Af oc u s e ds t r a t e gya i me da ts e c ur i n gac ompe t i t i v ee dg ea ndwh i c hi sb a s e de i t h e ronl o wc os to r d i ffe r e nt i a t i onbe c o me sl e s sa t t r a c t i v ewhe n: A.i ti sc os t l yordi ffic u l tf ormu l t i s e gme ntc o mpe t i t or st oputc a pa bi l i t i e si npl a c et ome e tt h es pe c i a l i z e d n e e dsoft het a r g e tma r k e tni c hea nda tt hes a met i mes a t i s f yt hee x pe c t a t i onsoft he i rma i n s t r e a m c u s t ome r s . B. t hei ndus t r yh a sma n ydi ffe r e nts e g me nt sa n dma r ke tn i c h e s ,t h e r e b ya l l o wi n gaf oc us e rt opi c ka n a t t r a c t i v en i c h es ui t e dt oi t sr e s our c es t r e n gt h sa ndc a pa b i l i t i e s . C. i ndu s t r yl e a de r sdonots e et h a tha vi n gapr e s e nc ei nt heni c h ei sc r u c i a lt ot he i ro wns u c c e s s . D. t het a r g e tma r k e tn i c hei snoto v e r c r o wde dwi t hanu mbe ro fot h e rr i v a l sa t t e mp t i n gt of oc usont he s a men i c he . E.t h et a r g e tma r ke tn i c h ei ss ma l le n ought ol i mi tp r ofit a bi l i t ya ndt heout l o oki sr i pef ordi ffe r e nt i a t i n g . Thebi gda n g e rorr i s kofab e s t c os tpr o vi de rs t r a t e gyi s : A.t h a tbu y e r swi l lb eh i ghl ys ke pt i c a la boutp a y i n gar e l a t i v e l yl o wpr i c ef orups c a l ea t t r i b ut e s / f e a t u r e s . B. note s t a b l i s hi n gs t r on ga l l i a nc e sa ndpa r t ne r s hi pswi t hk e ys up p l i e r s . C. t ha tr i v a l s ,wi t hl o wc o s tpr o vi de rs t r a t e g i e swi l lb ea bl et os t e a la wa ys omec u s t o me r so nt heb a s i sofa l o we rpr i c e , a ndhi gh e ndd i ffe r e n t i a t or swi l lb ea bl et os t e a la wa yc us t o me r swi t ht hea ppe a lo fbe t t e r p r odu c ta t t r i but e s . D. t ha ti t wi l lb euna bl et oa c hi e v et op no t c hq ua l i t ya tar o c k bo t t o mc o s t . E.be c o mi n gt ooh i ghl yi nt e gr a t e da n dnotr e l y i n ge nou gho nout s our c i n g.

Chapter 9 through pg. 268 Issues

1. How do ethics and business ethics relate to each other? 2. Be able to define ethical relativism, ethical universalism, integrated social contracts theory. What does each focus on? 3. What are the problems/challenges with each of these theories? What impact do they have on business dealings? Examples? 4. What is the test of an effective code of ethics? 5. What factors tend to encourage unethical behavior in firms? How organizational culture relate to unethical behavior?

Sample Questions:

Ac c o r di n gt ot hes c h oo lofe t hi c a luni v e r s a l i s m: A.u ni v e r s a le t hi c a lpr i nc i pl e ss e tf o r t ht het r a i t sa ndbe ha vi o r st ha ta r ec ons i d e r e dvi r t uousa ndt ha ta g oodpe r s oni ss uppos e dt obe l i e v ei na ndt odi s pl a y . Ass uc h , t h e s enor msputl i mi t sonwha ta c t i onsa n d b e ha v i o r sf a l li n s i d et hebounda r i e so fwha ti sr i gh ta ndwhi c ho ne sf a l l out s i de —s uc hu n i v e r s a lnor ms i n c l u deh one s t y , r e s p e c t i n gt her i ght sofot he r s , pr a c t i c i n gt h eGol de nRul e , a ndn ota c t i n gi nama nne r t ha th a r msot he r so rpi l l a g e st hee n vi r on me nt . B. a l ls oc i e t i e sa ndc ount r i e sa r eobl i g a t e dt oa p pl yuni v e r s a l l yde fine de t hi c a lp r i nc i pl e so fr i g hta nd wr on ga ss e t f o r t hi nt heGl oba lCo deo fEt hi c a la n dSo c i a lMor a l i t y( whi c hi ss ub s c r i be dt ob y150 n a t i onsoft hewor l d) . C. a l ls oc i e t i e sa ndc ount r i e sa pp l ye s s e nt i a l l yt hev e r ys a mes e to fu ni v e r s a l l yde fine de t hi c a lpr i n c i pl e s o fr i ghta ndwr on gi nj ud gi n gt hee t hi c a lc or r e c t ne s so fbus i ne s sbe h a v i or . D. i ti sonl yf a i rt ha tt hes t a nd a r dsofwha t ' se t hi c a la n dwha t ' sune t hi c a lbea pp l i e dun i v e r s a l l yt oa l l b us i ne s s e si na l lc ount r i e si r r e s pe c t i v eofl oc a lb us i n e s st r a di t i onsa ndl oc a lb us i ne s snor ms . E.t h es t a nda r dsofwha tc o n s t i t ut e se t hi c a la ndune t hi c a lbe ha v i ori nbus i n e s ss i t u a t i on sa r epa r t l y u ni v e r s a l , b uti nt h ema i na r eg o v e r ne db yl oc a lb us i n e s snor ms . Thede gr e eofc r os s c ount r yv a r i a bi l i t yi npa yi n gb r i be sa ndki c kba c k st ogr e a s ebus i n e s st r a ns a c t i ons : A.v i ol a t e se t hi c a l pr i nc i pl e so fr i ghta n dwr o ngi na l lc o unt r i e s . B. i se t hi c a l l ya c c e pt a b l ea c c or d i n gt ot hepr i n c i p l eofe t hi c a luni v e r s a l i s ma nde t hi c a l l yun a c c e pt a bl e a c c or di n gt ot hep r i nc i p l eofe t hi c a lr e l a t i vi s m. C. i sa c c e pt a bl et oi mmor a lma na g e r sbu tno tt oa mor a lma na g e r s . D. i so neoft het h or n i e s te t hi c a lp r obl e mst h a tmul t i na t i o na lc ompa ni e sf a c ebe c a us epa yi n gbr i be si s n or ma la n dc u s t oma r yi ns o mec ou nt r i e sa nde t hi c a l l yorl e g a l l yf o r bi d de ni not he r s . E.i smor ea c c e p t a bl ei nde a l i n gwi t hac ompa n y' ss up p l i e r st ha ni nd e a l i ngwi t hac o mpa n y ' sc us t o me r s ....