BUSA 2150 – Final with correct answers 100%

BUSA 2150 – Final with correct answers 100% vision - Correct Answer inspirational statement of a firm's purpose about possibilities mission - Correct Answer goals that ties efforts towards vision, challenges, and a time frame includes value statements strategy - Correct Answer clarifies how the company will serve customers and positions themselves against competitors smaller goals and action items flow from the strategy resources - Correct Answer assets, capabilities, processes, info, and knowledge positive advantage - Correct Answer providing greater value for customers than competitors can sustainable competitive advantage - Correct Answer competitive advantage other companies have tried unsuccessfully to duplicate strategy making process - Correct Answer 1. assess need for strategic change 2. conduct situational analysis 3. choose strategic alternatives risk avoiding strategy - Correct Answer protect an existing competitive advantage risk seeking strategy - Correct Answer extend or create a sustainable competitive advantage strategic reference points - Correct Answer target used by managers to determine if the firm has core competencies to achieve sustainable competitive advantage benefits of planning - Correct Answer intensified effort persistence direction creation of task strategies pitfalls of planning - Correct Answer impede change false sense of certainty detachment of planners growth strategy - Correct Answer increase profits, revenues, market share, or the number of places in which the company does business stability strategy - Correct Answer focuses on improving the way the company sells the same products or services to the same customers retrenchment strategy - Correct Answer focuses on turning around poor company performance by shrinking the size or scope of the business positioning strategies - Correct Answer cost leadership focus strategy differentiation strategy team lifecycle - Correct Answer forming storming norming performing reforming adjourning