Reference no: EM132222498
1. ________ is primarily referring to an organization’s industry, and the downstream and upstream markets related to it.
a. An external environment analysis
b. A situational analysis
c. An organization analysis
2. American Spoon is a small company in Petoskey, Michigan that uses fruit from local farmers to handcraft gourmet fruit preserves and condiments in small batches. Where would you first use this information in the strategic management process?
a. Strategic Objectives and Analysis
b. Strategic Implementation
c. Strategic Formulation
3. Michael Porter defined classified competitive strategies based on a grid of price strategy and target markets. Redbox, a major DVD rental company, uses vending machines placed outside grocery stores and other retail outlets to rent DVDs for $1. There are ways to view movies even cheaper, such as through the flat-fee streaming video subscriptions offered by Netflix. But among firms that rent actual DVDs, Redbox offers unparalleled levels of low price and high convenience. What is Redbox’s strategy in this grid?
a. overall differentiation
b. focused low cost
c. overall low cost
4. Amazon, the largest online retailer, has experimented with physical stores and recently bought Whole Foods. Whole Foods has almost 500 stores and gives Amazon facilities for rapid physical expansion. The general insight here is that
a. to survive today, organizations need to be present in both the online and physical markets
b. Amazon recognized a bargain-priced stock in Whole Foods
c. people do not like buying groceries online
6. One major role of firms is to manage risk. Consumers do not want to pay for products of unknown quality or where the delivery date is questionable. Managers also worry about unexpected changes in supplies or markets. Strategic management seeks to adapt to and benefit from change. For strategists, this ________ is both a challenge and an opportunity.
a. resource scarcity
b. uncertainly
c. stability