Ch.10 Test Bank Strategy And Achieving Mission Advantage

CHAPTER 10: Strategy and Achieving Mission Advantage

MULTIPLE CHOICE

1. ____ is the long-term market position and uniqueness that is not easily duplicable by rivals.

PTS: 1

2. ____ is the development of a broad formula prescribing a way in which a business competes and collaborates, sets goals, and establishes policies to carry out those goals in order to achieve the organizational mission.

PTS: 1

3. The existence and enactment of a company ____ is critical to a firm’s success.

PTS: 1

4. A number of factors affect uncertainty in the environment and therefore strategic planning for an organization: (1) political/legislative changes, (2) technology innovation, and (3) changing ____.

PTS: 1

5. The ____ Framework has often been employed to understand the competitive forces in industries.

PTS: 1

6. ____ costs are the costs incurred when a customer changes from one supplier or product to another.

PTS: 1

7. ____ power is when customers seek to drive down price and improve quality.

PTS: 1

8. The analytical tool used for evaluating organizational capabilities, SWOT, stands for ____.

PTS: 1

9. When competing products or services are similar, buyers may obtain value based on the company’s ____.

PTS: 1

10. ____ analysis compares the value of the strategic business units (SBUs) of firms.

PTS: 1

COMPLETION

1. ____________________ involves the creation, implementation, and overall direction for a firm.

PTS: 1

2. ____________________ are the expression of the ethics that guide employees’ actions.

PTS: 1

3. The four expressed values of All Saints Healthcare System are respect, sharing with the poor, excellence, and ____________________.

PTS: 1

4. A(n) ____________________ is a statement about what the organization wants to become.

PTS: 1

5. A(n) ____________________ makes up the core elements of a firm and how it is organized to deliver value to its customers and generates revenues.

PTS: 1

6. A(n) ____________________ is defined as the conditions and elements within an organization, including employees, management, and culture that affect the firm’s choices and activities.

PTS: 1

7. ____________________ are the existence of obstacles that prevent competitors from attempting to enter an industry or market.

PTS: 1

8. ____________________ is likely to occur in markets where competitors differ substantially from one to another.

PTS: 1

9. To have lasting importance, ____________________ must be valuable, rare, difficult to imitate, and lack substitutes.

PTS: 1

10. The ____________________ is a recognized strategic move to gain advantage by being the initial occupant of a market segment and/or product.

PTS: 1

MATCHING

Match each item with a statement below:

1. An example of a generic strategy

2. Conditions, entities, and factors surrounding an organization that influence its activities and choices

3. Concept to identify organizations within an industry that have similar business models and/or strategic orientations so that they directly compete with each other

4. Targeted to a narrow market segment

5. Fully consolidated markets with only one firm

6. Characterized by many buyers and sellers, many products that are similar and undifferentiated

7. Assumes a systems approach where there are two subsystems: service delivery and support activities

8. Market dominated by a few large companies

9. Occurs when the average cost per unit lowers from increased volumes

10. Characterized by a large number of small firms that have similar but not identical products