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A vision statement answers the question, "What is our business?" whereas a mission statement answers, "What do we want to become?"

The changes that occurred at Disney after Rober Iger took over as CEO exemplifies the fact that more and more organizations are centralizing the strategic-management process.

In multidivisional organizations, each division should develop a mission sttement independent of the parent company.

Accourding to Vern McGinnis, to be effective, all a mission statement need to do is define what the organization is and what the organization aspired to be.

It is predicted that, by 2025, over 18% of the population in the United States will be over 65 years old.

The first step for using Porter's Five-Forces Model is to evaluate the relative strength of each competitive force.

Metaphors are handed-down narratives of some wonderful event that is based on history but has been embellished with fictional detail.

Benchmarking is an analytical tool used to determine whether a firm's value chain activities are competitive compared to rivals.

Since a combination strategy is not risky, many organizations pursue a combination of two or more strategies simulaneously.

Most companies favor related diversification strategies in order to exploit common use of a well-known brand name
What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives?
Strategic management
During what stage of strategic management are a firm's specific internal strengths and weaknesses determined?
Anything that a firm does especially well compared to rival firms is referred to as _______.
competitive advantage
The trends in newspaper circulation in the United States provide support for which statement?
Most competitive advantages are hard to sustain.
In which phase of strategic management are annual objectives especially important?
Principles of conduct that guide decision-making are known as _______.
business ethics
Which of these basic questions should a vision statement answer?
What do we want to become?
What is the first step in the comprehensive strategic-managemnet model?
Developing vision and mission statements
According to the comprehensive strategic-management model, which step needs to be completed immediately following the extablishment of long-term objectives?
Generating, evaluating, and selecting strategies
What is the best time to develop a mission statement?
When the firm is successful
A proactive environmental policy is likely to lead to ____.
conservation of energy
Which of these examples of a mission statement's forcus area is not effective?
Exxon/Mobil focuses on oil and gas rather than energy.
Which type of trend is exemplified by the increasing numbers of two-income households in America?
In general, what happens to American goods in overseas markets when there is a strong dollar?
More expensive
It is predicted that the United States will have how many racial or ethnic majorities by the year 2075?
Who is the largest exporter to the United States?
The term that refers to the EU's effort to end competitive tax breaks among member countries is _____.
tax harmonization
According to Porter, what is usually the most powerful of the five competitive forces?
Rivalry among competing firms
A standardized, detailed set of techniques and behaviors that manage anxieties, but seldom produce intended, technical consequences of practical results are called _______.
What are historical narratives describing the unique accomplishments of a group and its leaders, usually in heroic terms?
Which function of management includes areas such as job design, job specification, job analysis and unity of command?
Which of the following is the process of influencing people to accomplish specific objectives?
Which decision concerns determining the best capital structure for the firm and includes examining various methods by which the firm can raise capital?
What category of ratios measures how effectively a firm can maintain its economic position in the growth of the economy and industry?
Budget Rent-a-Car is opening car rental shops in Wal-Mart stores and this is an example of which type of strategy?
Forward integration
Advanced Medical Optics using acquisitions to obtain all medical aspects of eye care, from laser surgery to contacts to implants for all ages is an example of which type of strategy?
Market development
In which situation would horizontal integration be an especially effective strategy?
When an organization can gain monopolistic characteristics in a particular area or region without being challenged by the federal government for "tending substantially" to reduce competition.
Winn-Dixie closing one-third of its stores and eliminating 22,000 jobs in an attempt to emerge from bankruptcy would be an example of _____.
According to Porter, which strategy offers products or services to a small range of customers at the lowest price available on the market?
Low-cost focus
Which strategy would be most appropriate when the distinctive competencies of two or more firms complement each other especially well?
Joint venture
Compare and contrast vision statement with mission statement.
So many companies develop both mission and vision statements such as schools, colleges, Forbes 500 list pampanies. The vision statement answers the question we want to become and mission statement answers what the business wants to acomplish when emplimenting these both managers and employees must share this belief. If they dont share it can reflect their future if they work together it would be a successful company.
Discuss Michael Porter's Five Forces Model
Michael Porter developed a competitive analysis using different strategies such as showing profit margins and returns on investments to different companies. He discreibes first in his model rivalry among competing firms second potential entry of new competitors third potential development of substitude products fourth barganing power of supplies and last barganing power of consumers. Basicly can indicate whether the company can make an acceptable profit. They identify all the forces, evaluate whats important and then decide whether it is worth staying with the company or close up shop.
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