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FINAL EXAM MGT330

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1. The major actions by which a business competes in a particular industry or market.
Answer: Business strategy
2. A strategy employed for an organization that operates a single business and competes in a
single industry.
Answer: Concentration
3. A strategy used to add new businesses that produce related products or are involved in
related markets and activities.
Answer: Concentric diversification
4. A strategy used to add new businesses that produce unrelated products or are involved in
unrelated markets and activities.
Answer: Conglomerate diversification
5. The unique skills and/or knowledge an organization possesses that give it an edge over
competitors.
Answer: Core competencies
6. The set of businesses, markets, or industries in which an organization competes and the
distribution of resources among those entities.
Answer: Corporate strategy
7. A strategy an organization uses to build competitive advantage by being unique in its
industry or market segment along one or more dimensions.
Answer: Differentiation strategy
8. Strategies implemented by each functional area of the organization to support the
organization's business strategy.
Answer: Functional strategies
9. A target or end that management desires to reach.
Answer: Goal
10. A strategy an organization uses to build competitive advantage by being efficient and
offering a standard, no-frills product.
Answer: Low-cost strategy
11. An organization's basic purpose and scope of operations
Answer: Mission
12. The process of identifying the specific procedures and processes required at lower levels
of the organization.
Answer: Operational planning
13. The actions or means managers intend to use to achieve organizational goals.
Answer: Plans
14. Inputs to a system that can enhance performance
Answer: Resources

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15. A narrative that describes a particular set of future conditions.
Answer: Scenario
16. A process planners use, within time and resource constraints, to gather, interpret, and
summarize all information relevant to the planning issue under consideration.
Answer: Situational analysis
17. Groups and individuals who affect and are affected by the achievement of the
organization's mission, goals, and strategies.
Answer: Stakeholders
18. A system designed to support managers in evaluating the organization's progress
regarding its strategy and, when discrepancies exist, taking corrective action.
Answer: Strategic control system
19. Major targets or end results relating to the organization's long-term survival, value, and
growth
Answer: Strategic goals
20. A process that involves managers from all parts of the organization in the formulation and
implementation of strategic goals and strategies.
Answer: Strategic management
21. A set of procedures for making decisions about the organization's long-term goals and
strategies.
Answer: Strategic planning
22. The long-term direction and strategic intent of a company
Answer: Strategic vision
23. A pattern of actions and resource allocations designed to achieve the organization's goals.
Answer: Strategy
24. A comparison of strengths, weaknesses, opportunities, and threats that helps executives
formulate strategy.
Answer: SWOT analysis
25. A set of procedures for translating broad strategic goals and plans into specific goals and
plans that are relevant to a distinct portion of the organization, such as a functional area
like marketing.
Answer: Tactical planning
26. The acquisition or development of new businesses that produce parts or components of
the organization's product.
Answer: Vertical Integration
27. A perspective that goes beyond the conventional rules of society by suggesting that what
is moral must also come from what a mature person with good "moral character" would
deem right.
Answer: Virtue ethics

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1. The major actions by which a business competes in a particular industry or market.Answer: Business strategy2. A strategy employed for an organization that operates a single business and competes in a single industry.Answer: Concentration3. A strategy used to add new businesses that produce related products or are involved in related markets and activities.Answer: Concentric diversification4. A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities.Answer: Conglomerate diversification5. The unique skills and/or knowledge an organization possesses that give it an edge over competitors.Answer: Core competencies6. The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities.Answer: Corporate strategy7. A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions.Answer: Differentiation strategy8. Strategies implemented by each functional area of the organization to support the organization's business strategy.Answer: Functional strategies9. A target or end that management desires to reach.Answer: Goal10. A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product.Answer: Low-cost strategy11. An organization's basic purpose and scope of operationsAnswer: Mission12. ...
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