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

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Question 31

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This question has two parts;be sure to answer both.First,summarize each of the three common grand strategies.Next,provide an example of how a company (real or hypothetical)might execute each strategy.

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Question 32

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___________ is(are) included in strategic control.

A) Implementing MBO
B) A strong employee diversity and synergy agenda
C) Seldom making adjustments to a strategy
D) Monitoring the execution of strategy and making adjustments,if necessary,
E) Developing a diversity plan

F) A) and C)
G) C) and E)

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Question 33

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Which of the following questions is NOT useful for evaluating a company's values statement?

The first three steps in the strategic-management process are establishing the mission and the values statement,assessing the current reality,and formulating the grand strategy.

When organizations endeavor (1) to keep their costs (and hence the prices of their products or services) below those of competitors and (2) to target a wide market,they are utilizing a _____ strategy.

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

Choose a local fast-food restaurant (such as a McDonald's,Wendy's,Taco Bell,KFC,or a locally owned diner)and develop a SWOT analysis for the restaurant,utilizing the four elements of a SWOT analysis.

Strategy formulation is the process of

Explain how a company would utilize a single-product strategy and a diversification strategy (including a vertical integration strategy).Provide an example of a company that uses each type of strategy.

Instructor Services is a technology company that offers many IT services in highly populated southern Ohio.The company's services and products include computer training,support,monitoring,repair,network design,virus removal,and software upgrades.It even sells refurbished computers.The source of Instructor Services' strategic position is

A ____ statement should describe what the organization stands for,its core priorities,the values its employees embody,and what its products contribute to the world.

In a single-product strategy,a company makes and sells only one product within its market.An example of a businessperson following a single-product strategy is a farmer who grows and sells only corn.

Access Office Equipment has shifted to sales and service of laptops and PCs,where it has the potential to triple the number of its customers.The company is no longer offering repairs on older types of office equipment because the demand for service on this equipment is low,and profits in that part of the business have dropped significantly.Access Office Equipment is implementing a _____ strategy.

Maintain strategic control. The feedback loop comes out of strategic control.Through control,managers monitor progress and take corrective action early and rapidly when things go awry,sometimes returning to earlier steps to rethink policies,redo budgets,or revise personnel arrangements.

Successful controlling within an organization,according to Bossidy and Charan,demands that managers build a foundation of controlling using ___________,the three core processes.

Over the course of 40 years,Sal grew his company to six package shipping stores.With his retirement approaching and the increased competition,he decided to reduce the number of locations to two.Sal's reduction of effort represents a

The Golden Bed in Dayton,Ohio,sells high-quality,unique bedding that is a real value to upscale homes in the area.No other company in its local area markets bedding of such quality and value.By offering this type of product,The Golden Bed is utilizing a _____ strategy.

______ requires a manger to visit an earlier step in the strategic-management process in order to revise actions if necessary.

_____ focuses on developing a comprehensive program for long-term success.

Execution consists of questioning,analysis,and follow-through to mesh strategy with reality,align people with goals,and achieve promised results.