Strategic Management Course Fourth year Week 8 Lecture

Strategic Management Course Fourth year, Week 8, Lecture 8 Dr/ Sally Amer 1/4/2020

Revision • Chapter 1: What Is Strategy and the Strategic Management Process? • Chapter 2: Evaluating a Firm’s External Environment • Chapter 3: Evaluating a Firm’s Internal Environment. • Chapter 4: Types of Strategies. • Barney, J. B. , & Hesterly, W. S. (2015). Strategic management and competitive advantage: Concepts and cases (5. ed. , global ed). Pearson.

• Chapter 1: Strategic Management Essentials Chapter 5: Organizational analysis and competitive advantage David, F. R. , & David, F. R. (2017). Strategic management: A competitive advantage approach (Sixteenth edition). Pearson.

True or False 1) Strategies are the means by which annual objectives will be achieved ( F ) 2) Strategists should take into consideration both the internal and external factors that face the organization ( T ). 3) There is no difference between both strategic management and strategic planning ( F ). 4) Developing a mission statement represent a first step in strategic planning ( T ).

5) Long-term objectives are particularly important in strategy formulation ( T ). 6) Policies are the means by which long-term objectives will be achieved ( F ). 7) The first step at the strategic management process is to put your mission ( T ). 8) Cost- leadership strategy represents a type of businesslevel strategy ( T ). 9) Deliberate strategy is a strategy that a firm is actually pursuing ( F ) 10) Emergent strategy emerges when the firm doesn’t actually implement ( F ).

11) A firm must begin with an understanding of the internal environment within which a firm operates (F ). 12) Substitutes meet approximately the same customer needs by using the same ways (F). 13) Product Refinement, Service, and Process Innovation are examples of opportunities at emerging market (F). 14) The S-C-P model can also be used to develop tools for analyzing strategic opportunities in an industry (T). 15) In mature industries, the primary opportunities are market leadership, niche, harvest, and divestment (F).

16) A clear mission provides the foundation for developing a comprehensive vision statement (F). 17) Vision describes an antecedent, the best antecedent we can achieve (F). 18) A vision statement reveals what an organization wants to be and whom it wants to serve (F). 19) Mission is more associated with behavior and the present (T).

20) Valuable, rare, and costly-to-imitate resources and capabilities can be a source of temporary competitive advantage (F). 21) VRIO is a tool for analyzing a firm’s external opportunities and threats (F). 22) Financial objectives can best be met by focusing first on achieving strategic objectives that improve a firm’s competitiveness and market strength (T). 23) Forward vertical integration, it closer to the beginning of the value chain, that is, closer to gaining access to raw materials (F). 24) Friendly acquisitions occur when the management of the target firm does not want the firm to be acquired (F).

Determine the availability of the nine elements at this mission

Choose the correct answer 1) Deciding what new business to enter is an example of …………. . A) Strategy implementation B) Strategy Formulation C) Strategy evaluation 2) ……………often is called the “action stage” of strategic management. A) Strategy implementation B) Strategy Formulation C) Strategy evaluation

3) Creating an effective organizational structure is an example of……. . A) Strategy implementation B) Strategy Formulation C) Strategy evaluation 4) …………. is the primary means for obtaining this information A) Strategy implementation B) Strategy Formulation C) Strategy evaluation

5) …………. . is a competitive advantage that lasts for a very short period of time. A) Sustained competitive advantage B) Temporary competitive advantage C) Parity competitive advantage 6) …………. is any individual, group, or organization outside a firm that seeks to reduce the level of that firm’s performance. A) Opportunity B) Threat C) Weakness D) Strength

7) If the cost of entry into an industry is greater than potential profits a new competitor could obtain entering, So the new competitors consider as……. A) Threat B) Not a threat C) Strength D) weakness 8) If the cost of entry into an industry is lower than potential profits a new competitor could achieve entering a ………… A) Competitive advantage B) Competitive parity C) Competitive Disadvantage the by

9) Which of the following represents an example of monopolistic competition A) Stock market B) Shampoo C) Home mail delivery 10) If the company has the ability to differentiate their products rather than other competitors, this represents a…. …… for the company and a ……. for other competitors. A) Threat, opportunity. B) Strength, threat C) Threat, Weakness D) Opportunity, threat

11) The development of new technologies and products occurs at the……… a) Emerging industry b) Mature industry c) Declining industry 12) Deemphasizing competitors’ product lines occurs at the ……… A) Emerging industry B) Mature industry C) Declining industry

13) Firms can implement a ……… strategy by reducing the range of products they sell, reducing their distribution network. A) Leadership B) Harvest C) Niche 14) If the company has valuable recourses and capabilities, this can be considered as……. . A) Opportunities B) Threat C) Weakness D) Strength

15) If a particular resource or capability is controlled by numerous competing firms, then that resource is considered as a source of……. . A) Competitive advantage B) Competitive disadvantage C) Competitive parity 16) If the firm has valuable resources not rare and not costly to imitate, in this case the firm can achieve………. A) Competitive advantage B) Competitive disadvantage C) Competitive parity

17) If a resource or capability is valuable but not rare, exploitation of this resource in conceiving and implementing strategies will generate………. . A) Competitive advantage B) Competitive disadvantage C) Competitive parity 18) ……………. is a firm’s theory of how to gain competitive advantage by operating in several businesses simultaneously. A) Business-level strategy B) Cost leadership C) Corporate-level strategy

19) When a firm operates in multiple geographic simultaneously, it is said to be implementing a…………. A) product diversification strategy. B) geographic market diversification strategy. C) product-market diversification strategy. 20) When a firm engages in an ……… when it purchases a second firm. A) Acquisition B) Mergers C) Strategic Alliances

21) When, one firm purchases some percentage of a second firm’s assets while the second firm simultaneously purchases some percentage of the first firm’s assets, this represents a………. A) Acquisition B) Mergers C) Strategic Alliances

Thanks