Learning Objective: 1.1 Knowledge Bloom’s: AACSB: Analytical thinking A primary purpose that often specifies the business or businesses in which company’s the firm intends to compete the customers it intends to serve—refers to its —or _____. Answer: mission Level of Difficulty: Easy Section reference: What Information and Analysis Guides Strategy Formulation? Learning Objective: 1.2 Knowledge Bloom’s: AACSB: Analytical thinking Short answer What is the first decision that a company which is developing a strategic management process must make when it is initiated? Answer: In a strategic management process, one of the first decisions a company must make is which markets it will serve. Level of Difficulty: Easy Section reference: What Is Business Strategy? Learning Objective: 1.1 Knowledge Bloom’s: AACSB: Analytical thinking What is the next step in the strategic management process that a company should take after identifying prospective markets? Answer: The next step in the strategic management process after identifying prospective markets is attempting to decide what unique value is to be offered in those markets. Level of Difficulty: Easy Section reference: What Is Business Strategy? Learning Objective: 1.1 Knowledge Bloom’s: AACSB: Analytical thinking What does the term cost advantage mean?
Learning Objective: 1.1 Bloom’s: Knowledge AACSB: Analytical thinking A company’s primary purpose that often specifies the business or businesses in which the firm intends to compete —or the customers it intends to serve—refers to its _____. Answer: mission Level of Difficulty: Easy Section reference: What Information and Analysis Guides Strategy Formulation? Learning Objective: 1.2 Bloom’s: Knowledge AACSB: Analytical thinking Short answer What is the first decision that a company which is developing a strategic management process must make when it is initiated? Answer: In a strategic management process, one of the first decisions a company must make is which markets it will serve. Level of Difficulty: Easy Section reference: What Is Business Strategy? Learning Objective: 1.1 Bloom’s: Knowledge AACSB: Analytical thinking What is the next step in the strategic management process that a company should take after identifying prospective markets? Answer: The next step in the strategic management process after identifying prospective markets is attempting to decide what unique value is to be offered in those markets. Level of Difficulty: Easy Section reference: What Is Business Strategy? Learning Objective: 1.1 Bloom’s: Knowledge AACSB: Analytical thinking What does the term cost advantage mean?