Strategic Management - Study Mode

[#351] Which of the following is associated with successful strategies?
Correct Answer

(D) All of the above

Explanation

Solution: Creating superior value to customers, Exploitation of key success factors and Creating and maintaining strategic fit are associated with successful strategies.

[#352] What is the recommended length of an effective mission statement?
Correct Answer

(D) There is no recommendation It can be as long as the management wants

Explanation

Solution: There is no recommendation It can be as long as the management wants is the recommended length of an effective mission statement. To be effective, mission statements need to clarify the intentions of the business while being inspirational and meaningful to customers and employees. Successful mission statements may take time to create, but when they are developed correctly, they provide a company with clear direction and purpose.

[#353] Which type of strategies are of particular importance to global companies?
Correct Answer

(D) Corporate and competitive

Explanation

Solution: Corporate and competitive type of strategies are of particular importance to global companies. Competitive or business strategy defines for a given business the basis on which it will compete. Corporate strategy is typically decided in the context of defining the company's mission and vision, that is, saying what the company does, why it exists, and what it is intended to become.

[#354] Two reasons for mergers and acquisitions are
Correct Answer

(D) to provide improved capacity utilization and to gain new technology

Explanation

Solution: Two reasons for mergers and acquisitions are to provide improved capacity utilization and to gain new technology. Engaging in the promotional activities, introducing new ways by which product value can be increased, which in turn increases the production rate which leads to maximum capacity utilization.

[#355] Which component of a mission statement addresses the firms distinctive competence or major competitive advantage?
Correct Answer

(D) Self-concept

Explanation

Solution: Self-concept component of a mission statement addresses the firms distinctive competence or major competitive advantage. A mission statement is a short statement of why an organization exists, what its overall goal is, identifying the goal of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation.