APP case studies

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APP case studies Strategic Planning Correct Answer: the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objective ... s. Vision Statement Correct Answer: answers the question "What Do we want to become", in one sentences. Internal Strength and Weakness is determined at what stage of strategic plan Correct Answer: an organization's controllable activities that are performed especially well or poorly. What is Intuition Correct Answer: Based off past experience, judgment, and feelings, most people recognized that intuition is essential to making good strategic decisions. What is competitive advantage Correct Answer: Anything that a firm does especially well compared to rival firms." Resource allocation Correct Answer: Non financial benefit. It allows more effective allocation of time and resources to identified opportunities Internets effects / Strategic Management Correct Answer: (Marketing moving rapidly to the Internet) What is the first step in Strategic Planning? Correct Answer: Vision Statement Mission Statement Correct Answer: are (enduring statement of purpose that distinguishes one business from other similar firms)(identifies the scope of a firm 's operations in product and market terms. Mission Statement Correct Answer: Identifies the scope of a firm's operations in the product and market terms Mission Statement Correct Answer: addressed the basic question, "What is our Business." What are the Uncontrollable variables of an organization? Correct Answer: External opportunities and external threats Where do you find it the Vision and Mission Statement: Correct Answer: In front of Annual reports, Through a firm's premises, and distributed with company information sent to constituencies. what is the foundation of the business mission Correct Answer: It's the foundation of priorities, strategies, plans, and work assignments. It's the starting point of for the design of managerial jobs and, above all, for the design of managerial structures. What is Peter Druckers synonymous of the mission statement Correct Answer: What is our Business", "What is our mission." A mission statement is the declaration of What? Correct Answer: Attitude and outlook What questions do a vision statement answers? Correct Answer: What do we want to become" What statement is created first? Correct Answer: The Vision statement Who is involved in the development of the mission statement? Correct Answer: As many possible managers Who are your stakeholder? Correct Answer: Individuals who have special stake or claim in the company. Stakeholder includes employees, managers, Stockholders, board of directors, suppliers, distributors, creditors, governments (local, state, federal, and foreign), unions, competitors, environmental groups, and the general public. What is an External evaluation/audit Correct Answer: It focuses on identifying and evaluating trends and events beyond the control of a single firm. what does an External audit do? Correct Answer: It's purpose is to develop a finite list of opportunities that could benefit a firm and threats that should be avoided. The first step in an External Audit Correct Answer: is to gather competitive intelligence and information about economic, social, cultural, demographic, environmental, political, governmental, legal, and technological trends. Competitive intelligence Correct Answer: as formally defined by the society of Competitive Intelligence Professionals (SCIP) is a Systematic and ethical process for gathering and analyzing information about the competition's activities and general business trends to further a business's own goals Barriers to entry and its affect to organizations Correct Answer: are obstacles that make it difficult to enter a given market. Internal Audit Correct Answer: the process of gathering and assimilating information about the firm's management, marketing, finance, accounting, production, operations, R&D and MIS operations. The purpose is to identify/evaluate/prioritize a firm's strengths and weaknesses. Culture products Correct Answer: these products or dimensions are levers that strategist can use to influence and direct strategy formulation, implementation, and evaluation. Such as values, beliefs, rites, rituals, heroes, and etc. The Resource-Based View (RBV) approach Correct Answer: RBV contend that organizational performance will primarily be determined by internal resources that can be grouped into three all-encompassing categories: physical resources, human resources, and organizational resources What is the bridge between now and the future. Correct Answer: Planning is the essential bridge between the present and the future that increases the likelihood of achieving desired results. Functions of Management Correct Answer: Consists of five basic activities: planning, organizing, motivating, staffing, and controlling. Motivation Correct Answer: the process of influencing people to accomplish specific objectives. Steps of Controlling Correct Answer: 1) Establishing performance standards 2) Measuring individual and organizational performance 3) Comparing actual performance to planned performance standards 4) Taking corrective actions What is Horizontal integration Correct Answer: A strategy of seeking ownership of or increased control over a firm's competitors. Known also as, Acquiring rival firm What is Backward integration Correct Answer: strategy of seeking ownership or increased control of a firm's suppliers. The one of the most expensive strategy Correct Answer: Product Development, R&D liquidation Correct Answer: selling all of the company's assets, in parts, for their tangible worth. What is joint venture? Correct Answer: A strategy that occurs when two or more companies form a temporary partnership/consortium/business for the purpose of a capitalizing on some opportunity. Joint venture Correct Answer: Two or more sponsoring firms form a separate organization and have shared equity ownership in the new entity, Merger Correct Answer: When two organizations of about equal size unite to form one enterprise ; acquisition. Outsourcing Correct Answer: companies hiring other companies to take over various part of their the functional operations, such as human resources, information systems payroll, accounting , customer service, and even marketing Which of the following is not a step in the strategic management process Correct Answer: securing interim finaces Which of the following best illustrates the assertion that demographics provide3 important data about the population... Correct Answer: Baby boomers will be reaching retirement age by 2010 According to Peter Ducker asking the question "What is our Business?" is synony [Show More]

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