1· The first step in the strategic management process is A) defining the mission

Question

1· The first step in the strategic management process is A) defining the mission and major goals of the organization. B) analyzing the macroenvironment C) analyzing the industry environment. D) determining the firm's strengths and weaknesses. E) deciding on a fit between the organization's strengths and weaknesses and the environment's opportunities and threats. 2. As a barrier to new entry, absolute cost advantages can be based on A) continuous advertising of brand and company names. B) high product quality, service-oriented innovations, and good after-sales service C) cost reductions that arise from the mass production of standardized output. D) the unique ability of established companies to spread fixed costs over a large volume. E) control over low-cost inputs required for production, including labor, materials, equipment, or management skills. 3. A company's competitive advantage is more durable when A) barriers to imitation are low and there are few capable competitors. B) barriers to imitation are high and there are many capable competitors. C) barriers to imitation are high. D) the industry is stable and there are many capable competitors. E) the industry is stable and barriers to imitation are low. Capabilities refer to a company's A) tangible resources. B) intangible resources. C) skills at coordinating its resources and putting them to productive use. D) strategy as expressed in the firm's business model. 4. E) policies.

Explanation / Answer

1) A

By defining the mission and goals, organization is able to determine the end to be achieved. Thus, accordingly it can lay down the path to achieve the same

2) E

By controlling the low cost inputs, the profit margins can be increased by the organization helping in long term benefit

3) C

When barriers to imitation are high, then it is not possible for others to copy. Thus, helping in durable competitive advantage

4) B

They are intangible resources in order to drive business on path of success. Example: Leadership qualities, discipline etc.

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.