MBA 705 EXAM 3 MCLAUGHLIN UPDATED ACTUAL Questions And Correct
Answers
Terms in this set (62)
Strength-Opportunity "Offensive" alternative
utilize a strength to address an opportunity.
, Weaknesses-Threat "Defensive" alternative
eliminate or minimize a weakness in order to minimize the effect of a threat.
Strength-Threat Utilize a strength to minimize the effect of a threat.
Weakness-Opportunity Shore up a weakness to enable the organization to take advantage of an
opportunity.
Issues in Strategy Formulation -Strategic change: Do the benefits outweigh the costs?
-Social responsibility and ethics: Is the strategy compatible?
-What effect does the change in strategy have on existing resources?
-How will competitors respond when the change is implemented?
Blue Ocean Strategy growth strategy: inventing or discovering a new industry or industry segment that
creates new demand
require research, creativity and saavy
Gap analysis identifies the distance between a firm's current position and its desired position
with regard to an internal weakness.
*When possible, a firm should take action to close the gap, especially when it
leaves a firm vulnerable to external threats.
value chain helps a firm analyze its strengths and weaknesses, and understand how they might
translate into competitive advantage or disadvantage.
strategic capabilities the mechanism through which individuals in an organization coordinates efforts
along one or more resources to solve a particular problem.
*how firm resources are translated into strengths or weaknesses
human resources (issues to consider) -Board of directors: Tenure, experience, and present level of investment
-Top managers, including the CEO: Background, capabilities, experience
-Other managers & employees: Effective HR planning, training & development,
turnover, effective performance appraisal (PA)
organizational resources (issues to consider) -Consistency among corporate, business, and functional strategies
-Consistency between organizational strategies and the firm's mission/goals
-Consistency between the firm's strategies and its culture
-Consistency between the firm's strategies and its structure
-Relative position in the industry
Answers
Terms in this set (62)
Strength-Opportunity "Offensive" alternative
utilize a strength to address an opportunity.
, Weaknesses-Threat "Defensive" alternative
eliminate or minimize a weakness in order to minimize the effect of a threat.
Strength-Threat Utilize a strength to minimize the effect of a threat.
Weakness-Opportunity Shore up a weakness to enable the organization to take advantage of an
opportunity.
Issues in Strategy Formulation -Strategic change: Do the benefits outweigh the costs?
-Social responsibility and ethics: Is the strategy compatible?
-What effect does the change in strategy have on existing resources?
-How will competitors respond when the change is implemented?
Blue Ocean Strategy growth strategy: inventing or discovering a new industry or industry segment that
creates new demand
require research, creativity and saavy
Gap analysis identifies the distance between a firm's current position and its desired position
with regard to an internal weakness.
*When possible, a firm should take action to close the gap, especially when it
leaves a firm vulnerable to external threats.
value chain helps a firm analyze its strengths and weaknesses, and understand how they might
translate into competitive advantage or disadvantage.
strategic capabilities the mechanism through which individuals in an organization coordinates efforts
along one or more resources to solve a particular problem.
*how firm resources are translated into strengths or weaknesses
human resources (issues to consider) -Board of directors: Tenure, experience, and present level of investment
-Top managers, including the CEO: Background, capabilities, experience
-Other managers & employees: Effective HR planning, training & development,
turnover, effective performance appraisal (PA)
organizational resources (issues to consider) -Consistency among corporate, business, and functional strategies
-Consistency between organizational strategies and the firm's mission/goals
-Consistency between the firm's strategies and its culture
-Consistency between the firm's strategies and its structure
-Relative position in the industry
