Management And Organizational Behavior Exam 2 : Chapter 9 Questions And Answers Verified 100% Correct

Management And Organizational Behavior Exam 2 : Chapter 9 Questions And Answers Verified 100% Correct Zappos provides customers with a personal shopping assistant who helps customers track down shoes or clothing online, even if Zappos doesn't sell it. Based on this information, Zappos is most likely pursuing a(n) ________ strategy. - ANSWER -customer service The ABC company is focused on advancements in existing technology or services. Therefore, it is investing additional funding in research and development activities. ABC is likely pursuing a(n) ________ strategy. - ANSWER -innovation Which of the following best describes strategic management? - ANSWER -Strategic management is a task that managers perform to develop the company's strategies. Which statement is most likely true about strategic management and performance levels? - ANSWER -There is a positive relationship between strategic management and performance. During an economic recession, which strategy would most likely be effective for a company to adopt? - ANSWER -Identifying the changing needs of customers Strategic management is a key factor in helping a company to ________. - ANSWER -coordinate the various parts of the organization to achieve goals What are the six steps of the strategic management process? - ANSWER -Identifying the mission, external analysis, internal analysis, formulating strategies, implementing strategies, and evaluating the results The first four steps of the strategic management process involve ________. - ANSWER -analysis for formulating strategies and defining goals After conducting a SWOT analysis, a manager will most likely be able to create a strategy to ________. - ANSWER -correct significant weaknesses In the strategic management process, why is the evaluating results step so important? - ANSWER -To help managers determine if strategy adjustments are necessary What are the three types of corporate strategies? - ANSWER -Growth, stability, and renewal What are the four methods commonly used in a growth strategy? - ANSWER -Concentration, vertical integration, horizontal integration, and diversification Which statement is true about a stability strategy? - ANSWER -A stability strategy is when an organization continues its current strategies. What are the two main types of renewal strategies? - ANSWER - Retrenchment and turnaround Creating a sustaining competitive advantage is characterized by all of the following EXCEPT ________. - ANSWER -accurately forecasting consumer demand (using the company's core competencies to give the company an edge, exploiting a company's resources, doing something better than other corporations can do it, continuously improving quality) What are two steps that managers need to implement before selecting a competitive strategy? - ANSWER -five forces model and SWOT analysis Which of the following best describes a cost leadership strategy? - ANSWER -A cost leadership strategy is a company's ability to provide a product for less because it has lower costs. A differentiation strategy is best described as when a company ________. - ANSWER -produces an innovative or highly differentiated product or service Which of these statements is true about strategic leadership? - ANSWER -Strategic leadership involves being a key decision maker. Which statement about strategic flexibility is FALSE? - ANSWER -An important part of strategic flexibility is to move slowly and deliberately to avoid mistakes. (true-Strategic flexibility is necessary for today's changing economic needs, To be strategically flexible, a company needs to respond quickly to changes in the environment., Strategic flexibility is top management's ability to realize when a strategy isn't working and move to fix it, It's