Strategic Management Study Guide
STRATEGIC MANAGEMENT
TEST 2 (Chapters 3, 4, and 6): STUDY GUIDE
• Know definitions and be able to recognize examples of concepts
• Test will be multiple choice, 45-50 items
• Bring scantron sheet and #2 pencil
Additional free student study resources available including an interactive quiz from the publisher at: http://highered.mcgraw-hill.com/sites/0078029317/student_view0/chapter1/chapter_quiz.html Chapter 3: Assessing the Internal Environment
• What is value chain analysis? How is it useful for understanding competitive advantages?
Strategic analysis of an organization that uses value-creating activities. It is useful for understanding the building blocks of competitive advantages.
• In the value chain, what are the 5 primary activities? Which 4 activities are support activities?
Primary- inbound logistics, operations, outbound logistics, marketing and sales, and service.
Support- general admininistration, human resource management, technology development, and procurement.
• Relating to primary activities, what specific activities are associated with inbound logistics? Operations? Outbound logistics? Marketing and sales? Service?
Inbound logistics- receiving, storing, and distributing inputs of a product.
Operations- all activities associated with transforming inputs into the final product form.
Outbound logistics- collecting, storing, and distributing the product or service to buyers.
Marketing and sales- activities associated with purchases of products and services by end users and the inducements used to get them to make purchases.
Service- actions associated with providing service to enhance or maintain the value of the product.
• What is a Just-in-time inventory system?- were designed to achieve efficient inbound logistics. Parts and deliveries arrive only hours before they are needed.
• Relating to support activities, what specific activities are associated with procurement? Technology development? HR
TEST 2 (Chapters 3, 4, and 6): STUDY GUIDE
• Know definitions and be able to recognize examples of concepts
• Test will be multiple choice, 45-50 items
• Bring scantron sheet and #2 pencil
Additional free student study resources available including an interactive quiz from the publisher at: http://highered.mcgraw-hill.com/sites/0078029317/student_view0/chapter1/chapter_quiz.html Chapter 3: Assessing the Internal Environment
• What is value chain analysis? How is it useful for understanding competitive advantages?
Strategic analysis of an organization that uses value-creating activities. It is useful for understanding the building blocks of competitive advantages.
• In the value chain, what are the 5 primary activities? Which 4 activities are support activities?
Primary- inbound logistics, operations, outbound logistics, marketing and sales, and service.
Support- general admininistration, human resource management, technology development, and procurement.
• Relating to primary activities, what specific activities are associated with inbound logistics? Operations? Outbound logistics? Marketing and sales? Service?
Inbound logistics- receiving, storing, and distributing inputs of a product.
Operations- all activities associated with transforming inputs into the final product form.
Outbound logistics- collecting, storing, and distributing the product or service to buyers.
Marketing and sales- activities associated with purchases of products and services by end users and the inducements used to get them to make purchases.
Service- actions associated with providing service to enhance or maintain the value of the product.
• What is a Just-in-time inventory system?- were designed to achieve efficient inbound logistics. Parts and deliveries arrive only hours before they are needed.
• Relating to support activities, what specific activities are associated with procurement? Technology development? HR