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Business Integration &Strategic Management Peregrine Section Review Exam with solved questions
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Business Integration StrategicManagement Peregrine Section Review
Strategy is an organization's game plan to:
and answers the questions: - answersCreate satisfied customers
Be ahead of competition
Achieve performance targets
Develop an eco-system that satisfies all stakeholders
Where are we now?
Where do we want to go?
How do we get there?
How will we know if we got there?
Match the term with its descriptor
A. Vision
B. Mission
C. Goals
D. Objective
a statement that provides the rationale for an organization's existence.
an aspirational future state that an organization desires to be in.
represent the transition from the mission into specific and measurable aims.
generic or qualitative aims of a company - answersA. Vision: an aspirational future state
that an organization desires to be in.
, B. Mission: a statement that provides the rationale for an organization's existence.
C. Goals: generic or qualitative aims of a company
D. Objective: represent the transition from the mission into specific and measurable
aims.
The Five Tasks of Strategic Management - answersDeveloping a strategic vision &
business mission
Setting objectives
Crafting a strategy to achieve the objectives
Implementing and executing the strategy
Evaluating performance, monitoring new developments, and initially corrective
adjustments
SWOT - answersStrengths: Things your company does well. Qualities that separate you
from your competitors, internal resources such as skill, knowledgeable staff. Tangible
assets such as intellectual property, capital, or proprietary technologies.
Weaknesses: Things your company lacks. Things your competitors do better than you.
Resource limitations. Unclear unique selling proposition.
Opportunities: Underserved markets for specific products. Few competitors in your area.
Emerging need for your products or services. Press/media coverage of your company.
Threats: Emerging competitors. Changing regulator environment. Negative press/media
coverage. Changing customer attitudes toward your company.
Five forces - answersThreat of New Entrants
Bargaining Power of Suppliers
Bargaining Power of Customers
Threat of Substitution
Competition in the industry
______________________ are firms in an industry that follow similar strategies such as
low cost and acceptable quality - answersStrategic groups
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