_____________________ are the results or outcomes an organization wants to achieve in pursuing its basic mission.

The basic purpose of setting objectives is to---

A _____________________ is considered to be an open-ended statement of what one wants to accomplish with no quantification of what is to be achieved and no time criteria for its completion

An organization should be responsive to the broader concerns of the communities in which it operates, and should have goals that satisfy people in the external environment. For example, goals like customer satisfaction and social responsibility may be important environmental goals.

These goals relate to the nature of products delivered to customers. They define quantity, quality, variety, innovativeness of products.

According to Fred R. David, a mission statement is more than a statement of purpose. It is ----

(choose 3)

The purpose of the mission statement is to ---

A mission statement should be _______________________- it must continually guide and inspire the pursuit of organizational goals. It may not be fully achieved, but it should be challenging for managers and employees of the organization.

A mission statement should be __________________ in orientation allowing judgments about the most promising growth directions and the less promising ones.

A mission statement should be appropriate to the organization in terms of its history, culture and shared values. It must stay _________________

_____________________ goals tell us what the organization is trying to do, irrespective of what the official goals say the aims are.

______________________ literally means the surroundings, external objects, influences or circumstances under which someone or something exists.

The environment consists of a number of factors, events, conditions and influences arising from different sources. All these interact with each other to create new sets of influences. Therefore, the environment is _____________

The Five Forces model developed by Michnal E. Porter has been the most commonly used analytical tool for examining competitive environment.

The first of Porter’s Five Forces model is the _______________

New entrants bring new capacity and often substantial resources to an industry with a desire to gain market share. Established companies already operating in an industry often attempt to discourage new entrants from entering the industry to protect their share of the market and profits.

Which of the following is a barrier to entry for new entrants?

New entrants are likely to fear expected retaliation if--

_______________ means the competitive struggle between companies in an industry to gain market share from each other

_______________________ refers to the ability of buyers to bargain down prices charged by firms in the industry or driving up the costs of the firm by demanding better product quality and service

According to Porter, buyers are most powerful under the following conditions except one--

When suppliers sell to several firms and the firm does not represent a significant fraction of its sales, suppliers are prone to exert power. In other words, the supplier group does not depend heavily on the industry for revenues.

When the product is an important input to the firm’s business or when such inputs are important to the success of a firm’s manufacturing process or product quality, the bargaining power of suppliers is low.

A ______________ performs the same or a similar function as an industry’s product.

An ________________is a group of firms producing similar products or services. By similar products we mean products that customers perceive to be substitutes for one another

Industry analysis covers two important components:

What are those?

A ________________ industry consists of a large number of small or medium-sized companies, none of which is in a position to determine industry price.

It means the extent to which industry sales are dominated by only a few firms.

_________________________ is a visual representation of perceptions of your product relative to competing alternatives.

________________ is the process of monitoring the events and evaluating trends in the external environment, to identify both present and future opportunities and threats that may influence the firm’s ability to reach its goals.

Involves estimating the future trends and changes in the environment.

Managers perform internal analysis to identify the threats and opportunities of a firm’s resources and capabilities. The basic purpose is to build on the strengths and overcome the weaknesses in order to avail of the opportunities and minimize the effects of threats.

which of the following is an opportunity?

A ________________ is something a company lacks or does poorly. Examples include lack of skills or expertise, deficiencies in assets, inferior capabilities in functional areas etc.

The three important steps in SWOT analysis are:

Choose 3--

TOWS matrix is just an extension of SWOT matrix. TOWS stand for threats, opportunities, weaknesses and strengths. This matrix was proposed by _______________ as a strategy formulation – matching tool.

_______________________ are generated by thinking of ways in which a company can use its strengths to take advantage of opportunities. This is the most desirable and advantageous strategy as it seeks to mass up the firm’s strengths to exploit opportunities.

________________ are basically defensive strategies and primarily aimed at minimizing weaknesses and avoiding threats.

Opportunities and threats, however, are external factors that are not created by the company, but emerge as a result of the competitive dynamics caused by ‘gaps’ or ‘crunches’ in the market.