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SECTION 1ManagingThe Strategy Making Process ForCompetitive Advantage
SECTION 1ManagingThe Strategy-Making Process ForCompetitive Advantage
-The principal driver(s) of shareholder value is (are)
profitability and profit growth.
-A competitive advantage is considered to be a sustained competitive advantage when the
advantage endures for a long time.
firm is able to spread the advantage to all of its business units.
advantage is very large.
advantage was gained at a low cost.
look at the overall picture of a corporation.
are responsible for the specific business functions or operations that constitute a company or one of its divisions.
have no strategic role.
formulate generic strategies.
-The first step in the strategic management process is
defining the mission and major goals of the organization.
analyzing the macro- environment.
analyzing the industry environment.
determining the firm’s strengths and weaknesses.
-Aaron planned to cut prices at his bicycle shop, but when a competing shop began to offer free repairs, Aaron decided to copy them. Aaron’s new strategy– offer free repairs — is an example of a(n)
-The scenario approach to strategic planning involves
homing in on a single prediction of future demand conditions using an iterative planning process.
devising plans for coping with a number of different possible future states of the world.
functional managers setting key corporate objectives.
using computers to build virtual worlds for top-level managers.
-Which of the following cognitive biases occurs when decision makers commit even more resources when they receive feedback that the project is failing?
Prior hypothesis bias
Reasoning by analogy
Illusion of control
-EdwardWrapp’s ideas about the astuteness of political power suggest that successful strategic managers
are skilled organizational politicians who can build consensus and get their ideas pushed through.
are unwilling to live with less than total acceptance of their programs.
maintain tight control over as many decisions as possible.
publicly commit themselves to bold strategic agendas.
is simpler than the expert approach.
is an example of ivory tower planning.
involves one group member being responsible for questioning the assumptions of a plan.
results in unproductive conflict.