MGMT 351 Test 5 | Questions with 100% Correct Answers
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Course
MGMT 351
Institution
MGMT 351
MGMT 351 Test 5 | Questions with 100% Correct Answers Strategic decisions require integration, because they must ______. align with other decisions and support the mission of the firm Strategy formulation is defined as the ______. development of strategies in an organization Which of these are t...
Strategic decisions require integration, because they must ______.
align with other decisions and support the mission of the firm
Strategy formulation is defined as the ______.
development of strategies in an organization
Which of these are the internal aspects of a SWOT analysis? (Select all that apply.)
Strengths
Weaknesses
Value creation is defined as the ______.
difference between a customer's buyer value, or willingness to pay, and the firm's cost
in offering a product or service
A situation in which there are many companies competing in an industry with no
dominant competitors is known as ______.
industry fragmentation
The term ______ describes how a firm's decisions and policies integrate to increase
profits.
business model
The development of strategies in an organization characterizes strategy ______.
Formulation
Which of these are the external aspects of a SWOT analysis? (Select all that apply.)
Threats
Opportunities
In a ______ industry, one firm, or a few firms, have substantial market share.
Concentrated
The difference between a customer's buyer value, or willingness to pay, and the firm's
cost in offering a product or service, is known as ______.
value creation
Product differentiation is defined as ______.
products with unique attributes that customers value
, Loss of product differentiation when multiple firms have similar offerings is the definition
of ______.
product commoditization
The fall in unit costs with higher levels of output due to spreading fixed costs over
greater amounts of output is the definition of ______ economies.
Scale
The threat of substitutes is best described as how ______.
much firms should worry about similar products or services
Product ______ occurs when products have unique attributes that customers value.
Differentiation
The bargaining power of suppliers in an industry increases when ______. (Select all
that apply.)
there is a limited number of supply chain vendors
suppliers are large in relation to the size of the firms in the industry
The threat of buyers will be reduced when buyers ______. (Select all that apply.)
have high switching costs
feel very loyal
In which circumstances would the threat of substitutes be less likely? (Select all that
apply.)
Customers must put a lot of time into learning how to use substitutes.
Switching costs are high.
The ability to incur lower expenses than competitors can is known as a ______
advantage.
Cost
Emphasis on particular customers, products, or geographic locations characterizes
______.
focus strategy
Bargaining power of buyers increases when ______. (Select all that apply.)
costs related to switching suppliers are low
there are relatively few buyers
Lean manufacturing is defined as ______.
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