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Busn Policy N Strategy > First Exam > Flashcards

First Exam Flashcards

0
Q

Business policy composed of?

A

Competitive and cooperative strategy

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1
Q

Business policy focuses on?

A

Improving the competitive position of a corporation’s products and services within the industry or market segment served

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2
Q

Which of the following is not one of the question that development of competitive strategy should raise?

A

Should we compete by garnering political support of influential leaders.

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3
Q

When lower cost and differentiation strategies have a broad mass-market target, they are simply called.

A

Cost leadership differentiation

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4
Q

The focus strategies will likely predominate when many small & medium sized local companied compete for relative small shares of the total market in a?

A

Fragmented industry

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5
Q

As an industry matures while overcoming fragmentation

A

Consolidated industry

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6
Q

As an industry becomes hyper-competitive, firms initially responded by:

A

Competition on cost and quality

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7
Q

Which of the following is NOT an advantage of being first mover?

A

First mover may be able to keep R&D cost low by imitating the technological advances of others.

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8
Q

Which offensive tactic utilizes a head to head approach with the firm competitor by matching every category of competition from price to promotion to distribution channel?

A

Frontal assault

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9
Q

Which offensive tactic proposes an indirect approach against the established competitor such as changing the rules of the game?

A

Bypass attack

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10
Q

Which offensive tactic usually occurs as an attacking company surrounds the competitor position in terms of products or markets or both?

A

Encirclement

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11
Q

The two general types of cooperative strategies are?

A

Strategic alliances collusion.

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12
Q

Which of the following is NOT a reason companies or business units may form a strategic alliance?

A

To build new facilities.

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13
Q

An agreement in which a firm grants rights to another firm in another country or market to produce and sell a product is known as a _____?

A

Licensing arrangement

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14
Q

The kind of tragic alliance in which a company forms a strong and close long-term relationship for mutual advantage with a key supplier or distributor is the?

A

Value-chain partnership

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15
Q

Which external growth strategy occurs when a corporation is completely absorbed as an operating subsidiary or division of the acquiring firm?

A

Acquisitions.

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16
Q

Which external growth strategy is a partnership of two or more corporations or business units to achieve mutually beneficial strategic objective?

A

Strategic alliances

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17
Q

The most logical strategy for a corporation having a strong competitive position possessing a high market share in a highly attractive industry is.

A

Concentration

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18
Q

The purpose of vertical growth is to _____?

A

Take over a function previously supplied by a former employer

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19
Q

The theory that proposes that vertical integration is more efficient than contracting for goods and services in the marketplace when the transaction costs of buying goods on the open market becomes too great is known as……?

A

Transaction cost economics

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20
Q

In many cases, _______ integration is more profitable than ________ integration.

A

Backward, forward.

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21
Q

When a firm internally makes 100% of its key supplies and completely control its distribution, this is known as?

A

Full integration

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22
Q

All of the following factors reflect transaction costs Except?

A

Selling a market agreement

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23
Q

As defined by the text, synergy is the concept

A

That two firms can generate more profits together than separately.

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24
Q

Adding a related or complementary product to a corporation’s business units is called?

A

Concentric diversification

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25
Q

Growth through diversification out of an industry into an unrelated industry is called?

A

Conglomerate diversification

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26
Q

An MNC uses which international strategy for entering a foreign market by associating itself with a firm in the host country or a government agency in that country to combine resources and expertise needed for the development of a new product or technologies?

A

Joint ventures

27
Q

An MNC uses which international strategy for entering a foreign market by combining the higher labor skills and technology available in the developed countries with the lower cost labor available in the developing countries?

A

Production sharing

28
Q

In international dealings, turnkey operations are?

A

Typically contracts for construction of operating facilities in exchange for a fee.

29
Q

Which strategy is most appropriate as a temporary strategy to enable a corporation to consolidate its resources after prolonged rapid growth in an industry now facing an uncertain future?

A

Pause/proceed with caution strategy

30
Q

Which strategy is descriptive of a corporation in a mature industry facing a drop in its attractiveness, opting to decrease short term discretionary expenses to maintain profit as a certain level?

A

Profit strategy

31
Q

Which strategy is most appropriate for a corporation having a weak competitive position regardless of the industry attractiveness resulting in poor performance decreased sales and lost profits.

A

Retrenchment strategy

32
Q

What is a turnaround strategy?

A

Emphasized improving operational efficiency and is appropriate when the corporation problems are pervasive but not yet critical.

33
Q

The hope of which strategy is that another company will have the necessary resources and determination to return the company to profitability?

A

Sell out

34
Q

Which strategy involves giving up management of the firm to the court in return for some settlement of the corporation obligations?

A

Bankruptcy

35
Q

Products that typically bring in far more money than is needed for maintenance of their market share are called?

A

Cash cow

36
Q

Those products with low Market share that do not have potential to bring in much cash are called?

A

Dogs

37
Q

A corporate strategy that cuts across divisional boundaries to build synergy across business units to improve the competitive position of one or more business units is called?

A

Horizontal strategy

38
Q

Which of the following is an example of a marketing functional strategy?

A

To manipulate advertising expenditures to emphasize market “pull” over “push”

39
Q

The types of marketing in which a company captures a larger share of an existing products through market saturation or market penetration or develops new markets for current market is called?

A

Market development

40
Q

A popular financial strategy in which a company is acquired in a transaction financed largely by debt that eventually paid off with money generated from the acquired companies operation or by sale of its assets is?

A

The leverage buyout

41
Q

Leverage buyout are also referred to as?

A

Management buyout

42
Q

A common stock tied to one portion of a corporation business is known as?

A

Tracking stocks

43
Q

According to Porter, to achieve a differentiation competitive strategy by following the functional strategy of technological leadership a business unit should

A

Innovate in other activities to increase buyer value

44
Q

If the company wishes to be technological leader and also pursue a differentiation strategy the appropriate R&D strategy would be

A

Innovate in other activities to increase buyer value

45
Q

Continuous improvement is an operation concept Developed in?

A

Japan

46
Q

The manufacturing strategy which requires the people, processes, units and technology reconfigure themselves to give customers exactly what they want, when they want is called?

A

Mass customization

47
Q

The purchasing strategy in which purchasing company orders a particular part from several vendors is?

A

Multiple sourcing

48
Q

The concept of _______ was taken one step further in Fitjii in which vendor sales representatives usually have desks next to the purchasing company factory floor, attend production status meetings, visits the R&D lab and analyze the purchasing company sales forecasts.

A

Sole sourcing

49
Q

The flow of products into and out of manufacturing is a factor when developing a ________ strategy

A

Logistics

50
Q

It is advisable to have management from all levels participate in this strategy formulation process

A

To gain an insight as to what works need to be done and to gain cooperation in the implementation of the strategy

51
Q

The term used in strategic implementation that describes a statement of activities or steps needed to accomplish a single use plan and whose use is to make the strategy action oriented is

A

Program

52
Q

When the return on investment for each division of a corporation is greater than what the return would be if each division were an independent business, that corporation is said to have achieved

A

Synergy

53
Q

All of the following are changing structural characteristics of the old organizations EXCEPT?

A

Cross-functional work teams

54
Q

Which structure is often called a virtual organization?

A

Network structure

55
Q

Which of the following is not descriptive of a network structure?

A

The network structure typically is located in a large, single building or areas with many work projects in operation on the site

56
Q

An organization which is composed of cells that can operate alone but that can interact with other cells to product a more potent and competent business mechanism if referred to as a

A

Cellular organzation

57
Q

The radical redesign of business processes to achieve major gains in cost, service, or time is called?

A

Reengineering

58
Q

Which of the following is not a part of reengineering?

A

Determines internal as well as external customer

59
Q

Which component of the job characteristics model provides workers information on how they are performing?

A

Open feedbacks Channel

60
Q

Which type of chief executive officer would be appropriate for a corporation that cannot be saved and might be facing bankruptcy and needs to close the firm or liquidate its assets?

A

Professional liquidator

61
Q

How does Pestel theory differentiate fro the Swot theory when analyzing a company. Some of quantitative factors tend to be similar, name of the closet pairing.

A

Economic, opportunities

62
Q

The concept of continuous improvement is part of

A

Total quality management

63
Q

What does MBO Stand for?

A

Management by objectives

64
Q

Which method of managing disparate cultures is the most common and most destructive method of dealing with two different cultures because one company imposes its demands at the expense of another company’s culture?

A

Deculturation

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