Cambodian Mekong University (CMU)

ENB201-Introduction to Business Concepts

WORKSHEET UNIT3: STRATEGY

I. Key Term Match the each terminology with its definition on the right. 1. Goal A. The actions or means managers intend to use to achieve organizational goals. 2. Plans B. A target or end that management desires to reach 3. Scenario C. A narrative that describes a particular set of future conditions. 4. Strategy D. A set of procedures for making decisions about the organizations longterm goals and strategies. 5. Strategic planning E. A set of procedures for translating broad strategies goals and plans into specific goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing. 6. Tactical planning F. A pattern of actions and resource allocations designed to achieve the organizations goals. 7. Operational planning G. Major targets or end results relating to the organizations long-term survival, value, and growth. 8. Strategic goals H. The process of identifying the specific procedures and processes required at lower levels of the organization. 9. Strategic vision I. The long-term direction and strategic intent of a company. 10. Stakeholders J. Groups and individuals who affect and are affected by the achievement of the organizations mission, goals, and strategies. II. True/False statement 11. Planning is the conscious, systematic process of making decisions about goals and activities that an individual, group, work unit, or organization will pursue in the future. 12. Situational analysis is a process planners use, within time and resource constraints, to gather, interpret and summarized all information relevant to the planning issue under consideration. 13. Goals should not be specific, challenging, and realistic. 14. Strategic management is a process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies. 15. Mission is a strategy employed for an organization that operates a single business and competes in a single industry. 16. Concentration is an organizations basic purpose and scope of operations. 17. SWOT analysis is a comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy. 18. Corporate strategy is the set of businesses markets or industries in which an organization compete and the distribution of resources among those entities. 19. Concentric diversification is a strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities. 20. Conglomerate diversification is a strategy used to add new businesses that produce related products or are involved in related markets activities. 21. Vertical integration is the acquisition or development of new businesses that produce parts or components of the organizations product. 22. Business strategy is the major actions by which a business competes in a particular industry or market.
Academic Year: 2011-2012 1 Tutor: Khun Sokang

Cambodian Mekong University (CMU)

ENB201-Introduction to Business Concepts

23. Low-cost strategy is a strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions. 24. Differentiation strategy is a strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product. 25. Functional strategies are strategies implemented by each functional area of the organization to support the organizations business strategy. 26. Strategic control system is a system designed to support managers in evaluating the organizations progress regarding its strategy and, when discrepancies exist, taking corrective action. 27. Benchmarking is the process of assessing how well one companys basic functions and skills compare to those of some other company or set of companies. 28. Resources are not inputs to production that can be accumulated over time to enhance the performance of a firm. 29. Core competencies are the unique skills and/or knowledge an organization possesses that give it an edge over competitors. 30. The environmental analysis also should examine other forces in the environment, such as macroeconomic conditions and technological factors. III. Multiple Choices 31. What are the various types of plans? A. single-use plans B. standing plans C. contingency plans D. all of the above 32. The important steps followed during formal planning are situational analysis, alternative goals and plans, goal and plan evaluation, goal and plan selection, implementation, and A. evaluate the advantages B. monitor and control C. select the feasible goal D. examines influences from the external environment 33. What are the three types of managers? A. strategic managers B. tactical managers C. operational managers D. all of the above 34. Which is NOT the strategic management process? A. establishment of mission, vision, and goals B. analysis of external opportunities and threats C. analysis of internal strengths and weaknesses D. none of the above 35. Which is the strategic management process? A. SWOT analysis and strategy formulations B. strategy implementation C. strategic control D. all of the above 36. Which is NOT the category of resources? A. tangible assets B. intangible assets C. none of the above D. all of the above 37. What are the corporate strategies? A. concentration B. vertical integration C. concentric diversification D. all of the above

Academic Year: 2011-2012

Tutor: Khun Sokang

Cambodian Mekong University (CMU)

ENB201-Introduction to Business Concepts

38. Which is the corporate strategy? A. SWOT analysis B. conglomerate diversification C. core competencies D. none of the above 39. Which is the business strategy? A. low-cost strategy B. differentiation strategy C. functional strategies D. all of the above 40. ..are the major actions by which a business competes in a particular industry or market. A. business strategies B. functional strategies C. corporate strategies D. low-cost strategy 41. According to the chapter, which organization uses low-cost strategy? A. General Motors B. Wal-Mart and Southwest Airlines C. Nordstrom D. Xerox Corporation 42. In general, what are the steps in strategy implementation? A. Define strategic tasks B. Assess organization capabilities C. Develop implementation agenda D. all of the above 43. Which is NOT the level of planning? A. strategic planning B. tactical planning C. operational planning D. top-level manager 44. ..emphasized a top-down approach senior executives and specialized planning units developed goals and plans for the entire organization. A. strategic planning B. tactical planning C. operational planning D. strategic management 45. Stakeholder includes buyers, suppliers, competitors, government and regulatory agencies, unions and employee groups, A. the financial community B. owners and shareholders C. trade association D. all of the above IV. Essay Questions 46. This chapter opened with a quote from former CEO of GE Jack Welch: Manage your destiny, or someone else will. What does this means for strategic management? What does it mean when Welch adds, or someone else will? 47. How do strategic, operational, and tactical planning differ? How might the three levels complement one another in an organization? 48. What accounts for the shift from strategic planning to strategic management? 49. In your opinion, what are the core competencies of companies in the auto industry such as General Motors, Ford, and Chrysler? 50. What are the key challenges in the strategy implementation? What barriers might prevent strategy implementation?

Academic Year: 2011-2012

Tutor: Khun Sokang