Chapter 7

A(n) ________ is a comprehensive action plan for allocating resources to accomplish long-term organization goals.

• competitive advantage

• strategy

• objective

• idea

A ________ is a clear and lofty sense of why a business exists.

• mission

• vision

• strategic intent

• logo

Microsoft promised to put a computer within an arm's reach of every consumer in the world. This could be considered a statement of ________.

• strategic intent

•  strategy

• competitive advantage

• global positioning

The ability to outperform rivals is called a ________.

• strategy

• strategic inent

• business plan

• competitive advantage

Operating in successful ways that are difficult for competitors to imitate results in ________.

• a strategy

• a strategic intent

• the vertical integration of a company

• a sustainable competitive advantage

What are the three levels of strategy used in organizations?

• Personal, competitive, and corporate

• Competitive, corporate, and legal

• Corporate, business, and functional

• Business, functional, and competitive

A strategy that sets the long-term direction for an organization as a whole is called a ________.

• corporate strategy

• financial strategy

• functional strategy

• business strategy

Which of these is an example of a strategic question at the corporate strategy level?

• "What should our next product be?"

• "How will we price our newest product?"

• "Should we set up more sales offices?"

• "In what industries and markets should we compete?"

A strategy that identifies how a division or business unit will compete in its product or service domain is called a ________ strategy.

• corporate

• middle-management

• business

• bottom-level

A strategy that guides activities within a specific area of operations is called a(n) ________ strategy.

• business

• functional

• corporate

• employee