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Exam 6: Strategic Management: How Exceptional Managers Realize a Grand Design

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Question 51

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Often strategy implementation means overcoming resistance by people who feel the plans threaten their influence or livelihood.

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Question 52

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Jiffy Lube provides only lubricants, but it provides them to all kinds of people with all kinds of motor vehicles. This is an example of how a strategic position can result from serving the few needs of many customers.

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Question 53

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Sandra displays and sells paintings and local art in her gallery, and in the evenings she teaches art classes in the back of her studio, a business named Sandra's Art School. This is an example of related diversification.

In the BCG matrix, organizations that have slow growth but high market share, and income from them often finances stars and question marks, are ____.

When an organization operates several businesses to spread the risk, such as a landscaping company that offers not only landscaping services but also lawn care, snow removal, and other services, that business is utilizing a ____ strategy.

Developing a comprehensive program for long-term success is the focus of ____.

The basic assumption with a trend analysis is that the picture of the present can be projected into the future. This is a bad assumption, because even if you have enough historical data, it is unproductive to assume.

ABC Office Supply in Dayton sells high-quality, unique pens that are a real value to executives in the area. No other company in its area markets pens of such quality and value. By offering this type of product, ABC Office Supply is an example of a company utilizing a _____ strategy.

Maria's Mart is a small store located along a major interstate highway that sells gas and diesel, food, souvenirs, DVD movies, and a wide variety of other items. There is even a café inside the store. Maria's Mart is an example of a diversification strategy.

Many customers shop at Organic Foods because of the employees' extensive product knowledge. This is an example of the company's _____.

Strategic position emerges from three sources: _____.

Recently Paul, the CEO of Stage Productions, felt the company's strategic plan is getting off track. Immediately he discussed this situation with the other members of the top management team and adjustments were made to correct the situation. To steer a strategic plan back on track, organizations should engage as few employees as possible and make the plan very specific, covering only the needed scenarios for the future.

To provide direction and momentum, encourage new ideas, and develop a sustainable competitive advantage are reasons why an organization should adopt strategic management and strategic planning.

Competitive intelligence means gaining information about one's competitors' activities so that you can anticipate their moves and react appropriately.

The owners of Smith's Yard Mart, a family-owned garden center in a rural community, is concerned over the news that a large retailer with a garden center is building a new store on the other side of town. This new retailer is a(n) ____ for Smith's.

Organic Market sells high-quality products and grocery items that are unique to their area; in addition it offers delivery for customers who are unable to leave their home and a number of regular workshops regarding eating healthy. By offering these types of products and services, Organic Market is pursuing a _____ strategy.

The top management of Finest Papers has set a strategic goal of cutting costs over the next three years. Upper management is researching possible roadblocks within the company's structure and culture and if the right people and control systems are available to execute their strategic plans to accomplish this goal. This is an example of strategy implementation.

In the retail industry, time-series forecasts, a type of trend analysis, are used to predict long-term trends such as seasonal variations, as in Christmas sales versus summer sales.

When an organization is able to get and stay ahead in the four areas of (1) being responsive to customers, (2) innovating, (3) quality, and (4) effectiveness, that company can develop ____.

Dave, CEO of a chain of family-style restaurants, is interested in implementing the strategic management process in his restaurants. Summarize the strategic management process and explain how Dave would execute each of the steps and the feedback loop of the strategic management process in his restaurant.