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Test Bank for SM131 Week 9 Strategy and Innovation 5th Edition by James D. McKeen
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Test Bank for SM131 Week 9 Strategy and Innovation 5th Edition by James D. McKeen
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Test Bank for SM131 Week 9 Strategyand Innovation 5th Edition by James D.
McKeen
What is the goal of strategy? - ANSmaximize value creation and capture
Strategy exists as a field of: - ANSresearch and practice
What is the strategy goal in the field of practice? - ANSenable organizations to achieve the
greatest organization performance (typically profit)
What is the strategy goal in the field of research? - ANSunderstand what are the determinants
of long-term organizational performance
Dr. Lonnie Johnson - ANSnuclear engineer who developed Super Soaker
What IS strategy? - ANS-brain that coordinates all firm functions
-help coordinate all internal firm activities by giving guidelines to each function within the firm
-a broad theme that drives organizational choices and policies
What happens when there is no strategy to guide decisions? - ANSdecisions may be
uncoordinated, duplicative, and work at cross purposes
What is strategy based on? - ANSrivalry
What is the fundamental fact of strategy? - ANSBoth external and internal environments affect
profits
Our job as strategists is to: - ANSexplain why firms have high/low profit, make recommendations
to firms about what strategic plans may help improve profits
In order to develop a thoughtful and effective strategy: - ANSorganizations must make tradeoffs
Basic Strategy Tools - ANSSWOT analysis, five forces analysis, competitive positioning analysis
SWOT analysis - ANS-most basic tool
-simplest and most widely used strategy analysis
-considers both internal and external environment
-tip of the iceberg
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