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strategic management
Strategic Management Theory And Practice 4th Edition John A. Parnell - Solutions
Why and how should the four Ps of marketing be aligned to support the organization’s business strategy?
What is the difference between product and process R & D? How can each align with business strategies?
Relate the concept of the experience curve to the production operations of an automobile assembly plant.
Explain the role of business process reengineering in various functional strategies.
Explain the linkage that a JIT inventory system provides between the purchasing and production functions.What are the implications for quality?
Because functional strategies should be designed to support corporate and business strategies, they should not be considered until corporate and business strategies have been formulated. True or False
The most appropriate means of securing funds likely depends on the corporate and business strategies being pursued. True or False
The reduction in per-unit costs that occurs as an organization gains experience producing a product or service is known as economies of scale. Economies of scale is one of the contributing factors to the experience curve. True or False
The purchasing department in a low-cost business should always purchase raw materials at the lowest possible cost. True or False
The HR department in a low-cost business should always attempt to hire managers and workers at pay rates below those of their competitors. True or False
A key characteristic of an effective IS is its ability to serve and help integrate the other functional areas of the business. True or False
Functional strategies should __________.A. be integrated across the business unit B. support the business strategy C. support the corporate strategy D. all of the above
Which of the following is not part of the marketing strategy?A. pricing B. distribution C. promotion D. none of the above
The experience curve is based on which of the following?A. potential for capital-labor substitutions B. economies of scale C. organizational learning D. all of the above
Efforts directed toward improvements or innovations in the quality or uniqueness of a company’s outputs is known as __________.A. product R & D B. process R & D C. product innovation D. structural reorganization
Reducing operational costs by making the production process more efficient is known as __________.A. TQM B. process R & D C. product innovation D. structural innovation
Which of the following is not a characteristic of the JIT approach to inventory?A. JIT is difficult on suppliers.B. JIT reduces inventory costs.C. JIT is less risky than traditional inventory approaches.D. JIT is popular in Japan.
What is the value chain? How is it useful to strategy formulation?
How do a SWOT analysis and SW/OT matrix help managers in the strategic decision-making process?
What types of alternatives can be generated from a SW/OT matrix?
Should an organization change strategies when performance declines? Explain.
The first step in crafting a strategy is the SWOT analysis.True of False
The value chain is an analytical technique for identifying organizational opportunities and threats. True of False
Opportunities and threats should emanate from the analysis of macroenvironmental and industry forces. True of False
A factor can be both an opportunity and a strength. True of False
Another name for an opportunity is an alternative. True of False
Choosing the “no change” strategy and thereby recommending that the current strategy be continued is the least risky option. True of False
The tool that enables executives to position an organization to take advantage of particular opportunities in the environment while avoiding or minimizing environmental threats is called __________.A. PEST analysis B. SWOT analysis C. total quality management (TQM) analysis D. none of the above
The description of activities that comprise the economic performance and capabilities of the firm is known as __________.A. the value chain B. process innovation C. quality assessment D. none of the above
To sustain competitive advantage, firms must acquire or develop resources that are __________.A. difficult for competitors to imitate B. long lasting C. difficult for competitors to acquire on the market D. all of the above
Physical resources include __________.A. production facilities B. plant locations C. production capacity D. all of the above
Which of the following could not be an example of a weakness?A. product quality B. fierce competition C. human resources D. all of the above
Which type of alternative is always defensive in nature?A. strength-opportunity B. strength-threat C. weakness-opportunity D. weakness-threat
What is the difference between a tall organization and a flat organization? What are the advantages and disadvantages of each?
What forms of organizational structure are available to strategic managers? What are the primary advantages and disadvantages of each?
What is the matrix structure? Why has it become so popular in recent years?
What is corporate restructuring?
Corporate restructuring seeks to improve efficiency and performance through such actions as realigning divisions in the firm, reducing the amount of cash under the discretion of senior executives, and acquiring or divesting business units. True of False
A flat organization is composed of many hierarchical levels and narrow spans of control. True of False
Horizontal structures have fewer managerial levels than vertical structures. True of False
In general, a functional structure tends to be most appropriate for differentiated businesses. True of False
Corporate restructuring can be voluntary or involuntary. True of False
Progressive firms restructure only when firm performance declines. True of False
The formal means by which work is coordinated in an organization is called the __________.A. organizational structure B. organizational culture C. organizational dynamic D. none of the above
An increase in the breadth of an organization’s structure is known as __________.A. centralization B. decentralization C. horizontal growth D. vertical growth
Which of the following structures tends to be the most centralized?A. functional structure B. product divisional C. geographic divisional structure D. matrix structure
The notion of a profit center is consistent with which form of organizational structure?A. functional structure B. product divisional C. geographic divisional structure D. matrix structure
Which form of organizational structure is actually a combination of two other forms?A. functional structure B. product divisional C. geographic divisional structure D. matrix structure
Which of the following structures tends to be the most decentralized?A. functional structure B. product divisional C. geographic divisional structure D. matrix structure
Give an example of an organization whose culture is appropriate for its strategy. Explain.
Strategies involving mergers and acquisitions are particularly vulnerable to cultural problems. Mergers between two organizations often are easier to accomplish on paper than in reality. Reality may reveal that the cultures of the organization fail to mesh as easily as corporate assets. Research on
Explain transformational and transactional leadership styles, and give examples of each. Identify the conditions under which each is likely to be effective.
To what extent can leaders institute change in their organizations? Practically speaking, how is this accomplished?
Organizational culture can facilitate or hinder the firm’s strategic actions. True or False
Because each organization develops its own unique culture, even organizations within the same industry and city will exhibit distinctly different ways of functioning. True or False
Transactional leaders inspire involvement in a mission, giving followers a “dream” or “vision” of a higher calling. True or False
Most effective leaders exhibit traits associated with both transformational and transactional leadership styles. True or False
Because environments have become less predictable in recent years, a transformational leadership style may be most appropriate for the majority of firms. True or False
The first step in initiating strategic change is to create a shared vision.True or False
Deeply rooted values and ways of thinking that regulate firm behavior characterize __________.A. a strong culture B. a weak culture C. the organizational culture D. none of the above
A lack of values and ways of thinking in a firm characterize __________.A. strong culture B. weak culture C. organizational culture D. none of the above
In general, an organizational culture __________.A. cannot be changed B. can only be changed by a transformational leader C. can be changed easily if proper procedures are followed D. none of the above
The unconscious reference to one’s own cultural values as a standard of judgment is known as __________.A. emotional intelligence B. the self-reference criterion C. global awareness D. none of the above
One’s collection of psychological attributes, such as motivation, empathy, self-awareness, and social skills is known as __________.A. emotional intelligence B. leadership traits C. leadership style D. none of the above
Top-down change efforts __________.A. are not always successful B. can be augmented through employee participation C. are not necessarily more effective than bottom-up efforts D. all of the above
What are the five steps in the strategic control process?
Why is it critical to identify the appropriate strategic control standards for a firm?
Should corrective action always be taken when performance falls below the predetermined standard?Likewise, should corrective action never be taken when performance meets or exceeds the predetermined standard? Explain.
Explain how competitive benchmarking is used in strategic control. What are some commonly used competitive benchmarks?
What is crisis management, and why is it important?
Strategic control should be ongoing and occur throughout the strategic management process. True or False
The PIMS program is a government-sponsored effort to improve strategic planning effectiveness in the United States. True or False
Corrective action should usually, but not always, be taken at all levels if actual performance is less than the standard that has been established. True or False
Strategic control can be exerted through either the formal or informal organization. True or False
Crisis management refers to efforts made to eliminate the possibility that the organization can be affected negatively by unforeseen events. True or False
Crisis management involves a series of steps that can be taken before a crisis occurs, while it is occurring, and after it has passed. True or False
Strategic control is important because __________.A. it is difficult to know how well the firm is performing without it B. the organization’s environment is uncertain and always changing C. lower-level managers need an effective means of providing feedback to top management D. A & B only
The strategic control process begins by __________.A. identifying appropriate performance measures B. establishing benchmarks C. measuring performance D. taking corrective action as needed
The process of measuring a firm’s performance against that of the top performers, usually in the same industry, is known as __________.A. competitive positioning B. performance measurement C. benchmarking D. PIMS analysis
Sources of published information for strategic control available to the public include all of the following except __________.A. the Wall Street Journal B. Consumer Reports C. PIMS data D. many trade journals
Benchmarks should be __________.A. broad, not specific B. associated with the strategy’s success C. outside the firm’s control D. all of the above
Which of the following approaches bases the measurement of performance on an array of quantitative and qualitative factors instead of a single quantitative measure in the organization, such as profitability?A. balanced scorecard B. PIMS analysis C. competitive benchmarking D. none of the above
Allstate was founded in 1930 as a subsidiary of Sears. As the giant retailer embarked on its great expansion, Allstate sold auto insurance through all of the new stores. Following World War II, the popularity of the automobile in the United States sparked continued growth for Allstate. In the late
In 1994, recent Princeton graduate and Wall Street executive Jeff Bezos left his job, began working out of the garage of his rented home, and raised several million dollars of start-up capital to launch an online retail business. The following year, he opened a 400-square foot office in Bellevue,
American Express was formed in 1850 as a delivery services company but soon emerged as a leader in travel-related services. In 1868, the firm developed a money order to compete with the government’s postal money order. In 1891, American Express introduced the notion of traveler’s checks.During
George Schneider founded Anheuser-Busch in St. Louis in 1852. In 1860, the brewery was sold to Eberhard Anheuser and several other investors, although Anheuser later bought out the others.Adolphus Busch married into the family in 1861—hence the Anheuser-Busch connection.Budweiser was first
Joseph “Pitt” Hyde opened the first Auto Shack auto parts store in 1979 in Forrest City, Arkansas.Having served on the board of directors at Wal-Mart for 7 years, Hyde built on the big box’s business model and concentrated on smaller markets in the South and Southeast, emphasizing service and
Avon Products, Inc., is a global manufacturer and marketer of beauty and related products, including cosmetics, toiletries, fragrances, jewelry, gifts, home furnishings, and health and wellness offerings. Unlike most of its rivals, Avon’s business is comprised primarily of Internet and direct
Bank of America is the third-largest bank by assets in the United States behind Citigroup and JPMorgan Chase. Following its 2004 acquisition of Fleet Boston, the bank boasted the most extensive branch network in the industry, encompassing over 5,700 locations and 17,000 ATMs throughout the United
Warren Eisenberg and Leonard Feinstein launched Bed ’n Bath in 1971 with one small linens store in New York and another in New Jersey. The firm expanded into two other states—California and Connecticut—by 1985, at which time its first successful superstore was launched, a format that became a
Stanley has been a prominent manufacturer of high-quality tools since 1843. Stanley’s reputation has been a key strength and has contributed to its success throughout the years. Black & Decker has been a leading producer of power tools and accessories in the United States since its inception in
Cici’s Enterprises was founded in Plano, Texas, in 1985. The firm operates and franchises a chain of Cici’s Pizza restaurants in the United States. Most locations can be found in strip malls in suburban areas of the Southeast and Southwest. Known for its “Hi, welcome to Cici’s” greeting,
The first Price Club Warehouse was opened in San Diego in 1975 by Sol Price, Robert Price(Sol’s son), Rick Libenson, and Giles Bateman. The firm originally sought to sell merchandise in volume at deep discounts only to small businesses but later expanded the concept to include government,
By the time Michael Dell enrolled at the University of Texas in 1983, he was already a successful entrepreneur. Although his initial academic interest was not business, Dell launched a venture selling random-access memory (RAM) chips and disk drives for IBM personal computers out of his dorm room.
Atlanta-based Delta Air Lines provides scheduled air transportation for passengers and cargo throughout the United States and around the world. Delta serves over 350 cities in more than 60 countries. Founded as the world’s first crop dusting service in 1924, Delta has grown to become the third
In 1986, Douglas Perry, Macon Brock, and Ray Compton founded Dollar Tree Stores as an offshoot of retail chain K & K Toys. K & K was divested in 1991 in order to place full emphasis on developing the dollar store concept. At that time, strategic challenges included shifting the company away from
Between 1969 and 1971, Fred Smith secured $90 million in financing to launch Federal Express(now known as FedEx), a service that originally provided overnight and second-day delivery to 22 major cities in the United States. FedEx began delivery in 1973, and the company enjoyed immediate success.
Henry Ford founded Ford Motor Company in 1903 in Dearborn, Michigan. In 1908, Ford assembly lines produced the company’s first car, the Model T. Henry Ford is often quoted as saying that a customer could have a Model T in any color as long as it was black. By the late 1910s, more than one-half of
Bernard Marcus and Arthur Blank founded Home Depot after losing their jobs in the home improvement industry in 1978. Home Depot focused on the needs of the DIY market, specializing in building materials and lawn and garden equipment. Three stores were launched in the Atlanta area in 1979, and four
International Paper (IP) was launched in 1898 when 18 northeastern pulp and paper firms consolidated to reduce costs. Growth was not rapid in much of the 1900s, although the firm acquired a number of small, related businesses. Following some diversification in the 1960s and 1970s, IP began to
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