Chapter 5 Concepts and Context of Business Strategy

Question 0

Usually the first quantification of a business mission statement They are a general statement of desired outcomes, directly supportive of and aligned with the mission.

Answer 0

Goals

Question 1

Contextual definition of what the organization is and what it expects to accomplish

Answer 1

Mission

Question 2

Specific measurable expressions of the stated goals, with specific targets and time periods.

Answer 2

Objectives

Question 3

The plan by which measurable objectives will be obtained

Answer 3

Strategy

Question 4

Implementation of the strategic plan

Answer 4

tactics

Question 5

Describe the strategy management process

Answer 5

1. Set goals and objectives
2. Analysis of current situation
3. SWOT
4. Strategy design and choice of best strategy
5. Implementation plan design
6. Strategy implementation
7. Monitoring of environment and performance results
8. Analysis of variance and desired performance results
9. Adjustments based on analysis of variance

Question 6

involves determining what actions need to be completed to accomplish a strategy

Answer 6

implementation plan design

Question 7

___ between the business strategy and business environment mean that the organization pursues purposes and take actions that are consistent with the needs, perceptions, and behaviors of other actors within the environment

Answer 7

Fit

Question 8

Company’s skills, capabilities, and knowledge assets that are necessary to compete in markets. They may be competencies that the company crrently has or ones that will need to be obtained.

Answer 8

Core Competencies

Question 9

A configuration of the elements of a business, how they work together, and how they produce profits

Answer 9

Business model

Question 10

The vision of the future that gives the organization direction and a plan to have a role in the future

Answer 10

strategic intent

Question 11

Creates the strategic architecture that will guide the organization over the next five to ten years

Answer 11

Corporate strategy

Question 12

Strategy at the next level down from corporate level strategy

Answer 12

Business unit strategy

Question 13

A business, department, organization, or possibly even a product line within the larger organization that has separate goals and objectives

Answer 13

Strategic business unit

Question 14

Collection of strategic business units that sevre various needs in the corporate structure

Answer 14

Business portfolio

Question 15

This tool is similar to the growth share matrix but is more sophisticated and is used to manage a firm’s business portfolio

Answer 15

Market Attractiveness-Business strength matrix

Question 16

Quantifies the goals of the organization into specific performance targets

Answer 16

Balanced Scorecard

Question 17

What are the four core areas of the balanced score card?

Answer 17

Financial performance perspective
Customer perspective
Internal business perspective
Stakeholder value perspective

Question 18

Adopting an ___ culture helps the company adapt to environental changes

Answer 18

Entrepreneurial

Question 19

What is derived from an organization’s vision?

Answer 19

Its mission and broad goals

Question 20

Changing the rules of the market is the ultimate way for a company to act entrepreneurially: T or F

Answer 20

T

Question 21

What hings on developing a portfolio of core competencies?

Answer 21

winning strategies

Question 22

The ___ concept provides a model for businesses to rapidly forge new offerings through a combination of both internal and external resources

Answer 22

Value network

Question 23

____ is required to cope with certain contingencies, such as natural disasters, manmade disasters, and terrorism

Answer 23

Flexibiity

Question 24

What is the key to pursuing market ownership?

Answer 24

The portfolio of strategic competencies