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Question
In order for a firm to achieve sustained competitive advantage, a firm must continually adapt to changes in external trends and events and effectively formulate, implement, and evaluate strategies that capitalize upon those factors.
Answer
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One of the dangers of remaining a local competitor is that more aggressive companies will use their global growth to capture economies of scale and learning.
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All of the following are limitations of the BCG Matrix EXCEPT
A) Viewing every business as a star, cash cow, dog or question mark can be an oversimplification.
B) The Matrix requires at least three years worth of data.
C) The Matrix does not reflect divisional or industry growth over time.
D) The Matrix does not allow a company to be classified as somewhere in between two categories.
E) Variables such as size of market and competitive advantages are not considered in the Matrix.
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Which of the following is NOT a major approach to R&D?
A) To be a pioneer
B) To be an innovative imitator
C) To be a low-cost producer by mass-producing products similar to but less expensive than products recently introduced
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After a draft mission statement has been developed, it is important to
A) ask managers to read several articles about mission statements as background information.
B) vote on the mission statement.
C) ask managers to prepare a mission statement for the organization.
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E) request modifications, additions, and deletions to the mission statement.
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R&D employees and managers perform all of the following tasks EXCEPT
A) transferring complex technology
B) altering products to particular tastes and specifications
C) researching resource availability
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E) adjusting process to local raw materials
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In the BCG Matrix, a division with a high relative market share position in a low-growth industry can be described as a
A) Star.
B) Cash Cow.
C) Question Mark.
D) Dog.
E) Failure.
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In the BCG Matrix, when a division of an organization has a high relative market share and is in a fast-growing industry, it is called a
A) Star.
B) Cash Cow.
C) Cat.
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In the BCG Matrix, how would a division with a low relative market share position in a high growth industry be described?
A) Question Mark
B) Cash Cow
C) Star
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Opportunity analysis is one of the basic functions of
A) marketing.
B) finance/accounting.
C) computer information systems.
D) production/operations.
E) research and development.
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In the context of conflict management and resolution, ignoring the problem in the hopes that the conflict will resolve itself is classified as a defusion technique.
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The most admired electronics company in 2011 was Tyco International.
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Since the 1980s, most countries including the U.S. have been steadily lowering their tax rates.
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Production processes typically constitute less than 50 percent of a firm's total assets.
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There were only 106 public U.S. companies filing bankruptcy in 2010, less than half the 211 public firms that filed the prior year.
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Market commonality is the extent to which the type and amount of a firm's internal resources are comparable to a rival.
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Corrective actions are almost always ________ except when external and internal factors have not significantly changed and the firm is progressing satisfactorily toward achieving stated objectives.
A) unnecessary
B) needed
C) undesirable
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Intelligence gathering is an unethical business practice.
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Desire for ________ is a part of the social fabric in worker-manager relations in Mexico.
A) harmony
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Making many intuitive decisions that conflict with the formal plan is one pitfall top managers should avoid in strategic planning.
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Quantitative forecasts become less accurate as historical relationships become less stable.
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In Europe it is generally true that the farther ________ on the continent, the more participatory the management style.
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Followed by commitment, understanding is the most important benefit of strategic management.
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Corrective actions should always
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B) streamline asset holdings.
C) have no risk.
D) involve abandoning existing strategies.
E) all of the above
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Differentiation guarantees competitive advantage.
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In general, U.S. managers feel the day has been productive if it is spent
A) rushing to meetings and conferences.
B) resting.
C) listening.
D) meditating.
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Linear regression is based on the assumption that the future will be different from the past.
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Low-performing firms typically underestimate their competitor's strengths and overestimate their own firm's strengths.
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Liquidation is often appropriate when retrenchment and divestiture have failed.
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Significant barriers to entry are not always sufficient to keep some new firms from entering industries with higher-quality products, lower prices, and substantial marketing resources.
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Divestiture has become a popular strategy for firms to focus on their core business and become more diversified.