University of Louisiana, Lafayette MGMT 320 CH 6 Quiz 1)Jeff, the owner of a toy store, is interested in developing a sustainable competitive advantage

University of Louisiana, Lafayette

MGMT 320

CH 6 Quiz

1)Jeff, the owner of a toy store, is interested in developing a sustainable competitive advantage. To do this he needs to be responsive to customers and to stay ahead in                                                           .

2. Strategic position emerges from three sources:                    .

3. An organization’s vision is its long­term goal describing                                                                                                       . the organization’s purpose or reason for being

4. Fred, who is starting a painting business, was advised by a friend, a successful business owner, to write down the purpose of his painting business and why he believes his company will exist. Fred was writing his
5. Developing a comprehensive program for long­term success is the focus of                                                                                                                                                                   . mission and vision statements

6. Gathering information about your competitors’ activities so that you can anticipate their moves and react appropriately is known as                          .

7. Dave and his partner are studying the strengths and weaknesses of their construction business, as well as researching the opportunities and threats in the external environment. This process by Dave and his partner is the development of a                                   .

8. Many customers have visited Sally’s Diner for decades because of their friendly service. Most customers feel that Sally’s is the friendliest placed around.

9. A projection for the future is a                                                         .

10. A sustainable competitive advantage is the ability of an organization to perform the tasks it normally does well in the same way each time to perfect those activities.

11. Johnson’s Fruit Farm is one of several stores in the county where customers can purchase locally grown fruits and vegetables. However, Mrs. Johnson also offers weekly workshops in her store on topics such as canning, healthy eating, and how to grow a garden, which no other store in the county does. By offering these unique workshops, the Johnsons are engaging in strategic positioning.

12. The organizational­management process consists of seven steps: (1) doing research,

establishing the mission and vision, (3) assessing the current reality, (4) formulating the grand strategy, (4) implementing the strategy, (6) maintaining strategic control, and (7) maintaining the feedback loop.

13. Several studies found that strategic planning does not benefit smaller companies, as they very seldom see improvements in financial performance from this type of planning.

14. Sue and Jane Smith are writing the vision for their new consignment shop. Because they want their employees and business to grow and reach goals, like all organization visions, it should be positive and inspiring, pushing their organization and the workers to achieve goals that they believe are not possible.

15. An offensive strategy is a grand strategy that involves reduction in the organization’s efforts.

16. A stability strategy is a grand strategy that involves little or no significant organizational change.

17. Strategy implementation is putting strategic plans into effect, which means dealing with roadblocks within the organization’s structure and culture and seeing if the right people and control systems are available to execute the plans.

18. So the owners of a computer repair shop can better formulate strategies, they are