MGMT 425: TEST 3 (CH 12,13,14,15) Practice Actual Exam Questions And Answers Pass Guaranteed.

planning - correct answer process of identifying and selecting an organization's objectives and deciding how the organization will achieve those objectives strategy - correct answer set of planned actions taken by managers to help a company meet its objectives 1. identify companies mission and goals 2. identify core competency and value creating actions 3. formulate strategies - correct answer 3 steps to the International Planning and Strategy Process mission and goals - correct answer define the business and its' main objectives core competency and value creating actions - correct answer analyze firms unique abilities, primary activities, support activities, and national/international business enviornments mission statement - correct answer written statement that describes why a company exists and what it plans to accomplish multinational strategy - correct answer adapting products and their marketing strategies in each national market to suit local preferences global strategy - correct answer offering the same products using the same marketing strategy in all national markets 1. growth 2. retrenchment 3. stability 4. combination - correct answer 4 corporate level strategies: retrenchment strategy - correct answer designed to reduce scale and scope of business; get smaller to cut costs growth strategy - correct answer deal with growing your business; expand; designed to increase scale and scope of a business' operations stability strategy - correct answer want to keep business same; stay stable combination strategy - correct answer combines 2 or more above strategies; applies when you have multiple divisions (ie. Disney cutting back on hotel industry, but expanding entertainment industry) 1. low Cost Leadership 2. differentiation 3. focus - correct answer 3 business level strategies: low cost leadership strategy - correct answer strategy in which a company exploits economies of scale to have the lowest cost structure of any competitor in its industry differentiation strategy - correct answer strategy in which a company designs its products to be perceived as unique by buyers throughout its industry focus strategy - correct answer strategy in which a company focuses on serving the needs of a narrowly defined market segment by being the low-cost leader, by differentiating its product, or both 1. primary activities 2. support activities - correct answer 2 department level strategies: primary activities - correct answer activities that focus on what your company does support activities - correct answer activities that create customer value (HR) organizational structure - correct answer way in which a company divides its activities among separate units and coordinates activities among those units 1. international division structure 2. international business activities 3. global product structure 4. global matrix structure - correct answer 4 types of organizational structure: international division structure - correct answer organizational structure that separates domestic from international business activities by creating a separate international division with its own manager international area structure - correct answer organizational structure that organizes a company's entire global operations into countries or geographic regions global product structure - correct answer organizational structure that divides worldwide operations according to a company's product areas global matrix structure - correct answer organizational structure that splits the chain of command between product and area divisions cross functional team - correct answer team composed of employees who work at similar levels in different functional departments self managed team - correct answer team in which the employees from a single department take on the responsibilities of their former supervisors global team - correct answer team of top managers from both headquarters and international subsidiaries who meet to develop solutions to company-wide problems 1) Identify basic appeal 2)assess the national business environment 3) measure market or site potential 4) select the market or site - correct answer What are the four steps for screening potential markets? primary data - correct answer process of collecting and analyzing original data and applying results to current research needs secondary data - correct answer process of obtaining information that already exists within the company or that can be obtained from outside sources primary- web analytics, surveys, listening labs secondary- publishes articles, blogs, white papers - correct answer whats an example of primary data? whats an example of secondary data? -International organizations -Government agencies (CIA & TIC) -Industry and trade associations -Service organizations -Internet and world wide web - correct answer sources of secondary data. (5) -Trade shows & trade missions -Interviews and focus groups -Surveys -Environmental scanning - correct answer sources of primary data: (4) -Availability of data - it may not be easily accessible -Comparability of data -Cultural problems - correct answer problems with secondary data: (3) -cultural barriers (language) - correct answer problem with primary data: (1) market research - correct answer collection and analysis of information to assist in the decision making concerning markets and sites income elasticity - correct answer sensitivity of demand for a product relative to changes in income germany - correct answer _______ is the number one country for complaining. direct exporting - correct answer a company sells its products directly to buyers in a target market indirect exporting - correct answer a company sells its products to intermediaries who then resell to buyers in a target market