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MGSC01H3 Final: Final Exam Notes

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lavenderdonkey6

30 Dec 2011

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Management (MGS)

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Professor

Professor Constantinou

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Document Summary

1. arenas where will we be active: vehicles how will we get there, differentiators how will we win in the marketplace. Summary of challenges: understand what strategy is and identify the difference between business-level and corporate-level strategy. Strategic management is the process by which a firm manages the formulation and implementation of its strategy. A strategy is the central, integrated, externally oriented concept of how a firm will achieve its objectives. Strategies typically take one of two forms: business strategy or corporate strategy. The objective of a business strategy is to spell out how the firm plans to compete. This plan integrates choices regarding arenas (where the firm will be active), vehicles (how it will get there), differentiators (how it will win), staging (the speed and sequence of its moves), and economic logic (how it obtains its returns). It should be clear to you by now that strategic management is concerned with firm performance.

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Related Questions

Which of the following is not true about strategy and/or strategic management?

a. The strategic leader's perspective ought to be the holistic consideration of the business and its environment.

b. Strategic management encompasses all the functional areas of business.

c. In business, the strategy requires a big-picture perspective.

d. Strategies sometimes emerge from bottom-up processes.

e. A good leader can afford to devise a strategy in isolation from the lower-level leaders who are responsible for executing it

emeraldmammoth893

Checking the competitive advantage potential of cross-business strategic fit involves:

A) evaluating a diversified company's profitability relative to competitors.

B) examining a company's costs relative to the costs of its chief rivals in the industry.

C) determining if there are opportunities to exploit outsourcing opportunities by a diversified company's lineup of businesses.

D) considering what competitive value can be generated from a strategic fit.

E) evaluating how much benefit a diversified company can gain from cross-business value chain matchups and resource sharing.

Which of the following is NOT one of the five generic types of competitive strategy?

A. A low-cost provider strategy

B. A broad differentiation strategy

C. A best-cost provider strategy

D. A focused low-cost provider strategy

E. A market share dominator strategy

turquoiseeel224