Strategic Management & Business Policy, 13e (Wheelen/Hunger) Chapter 7 Strategy Formulation: Corporate Strategy
1) Corporate strategy deals primarily with the choice of direction for the firm as a whole and the management of its business or product portfolio. Answer: TRUE iff: 1 !age Ref: "#$ Topic: Topic: Corporate %trategy ") Corporate parenting is the coordination of cash flow among units. Answer: &A'%E iff: " !age Ref: "#$ Topic: Topic: Corporate %trategy () The most widely pursued corporate directional strategies are those designed to achiee growth. Answer: TRUE iff: 1 !age Ref: "#* Topic: Topic: irectional %trategy +) A merger is a transaction inoling two or more corporations in which stoc, is e-changed but from which only one corporation suries. Answer: TRUE iff: 1 !age Ref: "#* Topic: Topic: irectional %trategy /) The two basic growth strategies are concentration and strategic alliances. Answer: &A'%E iff: " !age Ref: "#* Topic: Topic: irectional %trategy $) 0ertical 0ertical integration is going bac,ward ba c,ward on an industrys alue chain. Answer: &A'%E iff: " !age Ref: 1"2 Topic: Topic: irectional %trategy *) 0ertical 0ertical integration is the degree d egree to which a firm operates ertically in multiple locations on an industrys alue chain from e-tracting raw materials to manufacturing to retailing. Answer: TRUE iff: " !age Ref: "#2 Topic: Topic: irectional %trategy 2) &orward integration is often more profitable than bac,ward integration. Answer: &A'%E iff: ( !age Ref: "#3 Topic: Topic: irectional %trategy
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3) 6! Amoco Amoco and Royal utch %hell are e-amples of fully integrated firms because they internally ma,e 1##7 of their ,ey supplies supp lies and completely control their distributors. Answer: TRUE iff: ( !age Ref: "#3 Topic: Topic: irectional %trategy AAC%6: Reflectie Thin,ing 1#) 8ith 8ith taper integration a firm internally ma,es 1##7 o f its ,ey supplies and completely control its distributors. Answer: &A'%E iff: " !age Ref: "# Topic: Topic: irectional %trategy 11) An An e-ample of forward 9uasiintegration would be a large pharmaceutical firm that ac9uires part interest in a drugstore chain in order to guarantee that its drugs hae access to the distribution channel. Answer: TRUE iff: ( !age Ref: "#3"1# Topic: Topic: irectional %trategy AAC%6: Analytic %,ills 1") A longterm contract is considered ertical integration. Answer: &A'%E iff: 1 !age Ref: "1#1$3 Topic: Topic: irectional %trategy 1() ;ori
oint enture between a foreign corporation and a domestic company is the most popular strategy used to enter a new country. Answer: TRUE iff: " !age Ref: "11 Topic: Topic: irectional %trategy
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1$) A relatiely 9uic, way to moe into an international area is through ?reenfield deelopment. Answer: &A'%E iff: " !age Ref: "1( Topic: irectional %trategy AAC%6: Analytic %,ills 1*) Turn,ey operations are typically contracts for the construction of operating facilities in e-change for a fee. Answer: TRUE iff: " !age Ref: "1( Topic: irectional %trategy 12) @anagement contracts are common when a host goernment e-propriates part or all of a foreignowned companys holdings in its country. Answer: TRUE iff: " !age Ref: "1+ Topic: irectional %trategy 13) %ynergy is the concept that two businesses will generate more profits together than they could separately. Answer: TRUE iff: " !age Ref: "1+ Topic: irectional %trategy "#) Concentric diersification is growth into unrelated businesses. Answer: &A'%E iff: 1 !age Ref: "1+ Topic: irectional %trategy "1) Conglomerate diersification is diersifying into an industry unrelated to its current one. Answer: TRUE iff: 1 !age Ref: "1/ Topic: irectional %trategy "") 5n terms of diersification strategies research suggests that the relationship between relatedness and performance is curilinear in the shape of an inerted Ushaped cure. Answer: TRUE iff: ( !age Ref: "1$ Topic: irectional %trategy "() The stability strategies are really a lac, of any strategy. Answer: &A'%E iff: ( !age Ref: "1* Topic: irectional %trategy AAC%6: Reflectie Thin,ing
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"+) %tability strategies can be ery useful in the short run but they can be dangerous if followed for too long. Answer: TRUE iff: " !age Ref: "1* Topic: irectional %trategy "/) 8hen %onys CE ;oward %tringer eliminated 1#### >obs and closed 11 plants he was addressing the consolidation phase of the turnaround strategy. Answer: &A'%E iff: " !age Ref: "12 Topic: irectional %trategy AAC%6: Reflectie Thin,ing "$) According to the 6C? ?rowth %hare @atri- cash cows are mar,et leaders typically at the pea, of their product life cycle and are usually able to generate enough cash to maintain their high share of the mar,et. Answer: &A'%E iff: " !age Ref: ""( Topic: !ortfolio Analysis "*) According to the 6C? ?rowth %hare @atri- dogs should be either sold off or managed carefully for the small amounts of cash they can generate. Answer: TRUE iff: " !age Ref: ""( Topic: !ortfolio Analysis "2) The ?E 6usiness %creen is based on longterm industry attractieness and business strength=competitie position. Answer: TRUE iff: " !age Ref: ""( Topic: !ortfolio Analysis "3) According to the ?E 6usiness %creen the competitie strength of a product is based only on its mar,et share. Answer: &A'%E iff: " !age Ref: ""+ Topic: !ortfolio Analysis (#) ne disadantage of portfolio analysis is that it proides an illusion of scientific rigor. Answer: TRUE iff: 1 !age Ref: ""/ Topic: !ortfolio Analysis (1) Corporate parenting iews the corporation in terms of resources and capabilities that can be used to build business unit alue as well as generate synergies across business units. Answer: TRUE iff: 1 !age Ref: ""* Topic: Corporate !arenting + Copyright 4 "#1" !earson Education 5nc.
(") 5n multipoint competition large multibusiness corporations compete against other large multibusiness firms in a number of mar,ets. Answer: TRUE iff: " !age Ref: ""2 Topic: Corporate !arenting (() 8hich strategy specifies the firms oerall direction in terms of its general orientation toward growth the industries or mar,ets in which it competes and the manner in which it coordinates actiities and transfers resources among business unitsB A) corporate 6) functional C) diisional ) organi
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($) 8hich one of the following directional strategies is most fre9uently used in corporationsB A) stability 6) growth C) consolidation ) retrenchment E) e-pansion Answer: 6 iff: 1 !age Ref: "#* Topic: irectional %trategy (*) 8hich e-ternal growth strategy inoles two or more corporations >oining in a stoc, e-change and from which only one corporation suriesB A) mergers 6) strategic alliances C) diersification ) ac9uisitions E) concentration Answer: A iff: " !age Ref: "#* Topic: irectional %trategy (2) 8hich of the following strategies was being used when Allied Corporation and %ignal Companies formed Allied %ignalB A) mergers 6) strategic alliances C) diersification ) ac9uisitions E) concentration Answer: A iff: " !age Ref: "#* Topic: irectional %trategy AAC%6: Analytic %,ills (3) 8hich e-ternal growth strategy was demonstrated when !rocter ?amble completely absorbed ?illetteB A) mergers 6) strategic alliances C) diersification ) ac9uisitions E) concentration Answer: iff: " !age Ref: "#2 Topic: irectional %trategy AAC%6: Reflectie Thin,ing
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+#) 8hich of the following is DT a reason why the growth strategy is so seductieB A) There are more opportunities for adancement and promotion. 6) A corporation that e-periences successful growth is thought of positiely by the mar,etplace and potential inestors. C) A large and growthoriented corporation has more clout and influence. ) A growing firm can coer up mista,es and inefficiencies because of the increase in cash flow reenue. E) A large and growing firm attracts more ac9uisition offers. Answer: E iff: " !age Ref: "#2 Topic: irectional %trategy +1) The most logical growth strategy for a corporation haing a strong competitie position possessing a high mar,et share in a highly attractie industry is A) concentration. 6) conglomerate integration. C) concentric diersification. ) stability. E) retrenchment. Answer: A iff: " !age Ref: "#3 Topic: irectional %trategy AAC%6: Reflectie Thin,ing +") &ord @otor Companys use of company resources to build its Rier Rouge !lant outside of etroit so that iron ore could enter into one end of the plant and a finished automobile could e-it out of the other end is called A) ertical growth. 6) tapered integration. C) horiectie. ) sell a company encumbered with debt. E) e-pand to countries with strong trade alliances. Answer: 6 iff: " !age Ref: "#2 Topic: irectional %trategy
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++) The purchase of Carrolls &oods for its hoggrowing facilities by %mithfield &oods the worlds largest por, processor is an e-ample o f A) forward integration. 6) hori
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+2) 5n many cases integration is more profitable than integration. A) forward bac,ward 6) ertical bac,ward C) bac,ward ertical ) bac,ward forward E) mass forward Answer: iff: ( !age Ref: "#3 Topic: irectional %trategy +3) 8hen a firm internally ma,es 1##7 of its ,ey supplies an d completely controls its distributors this is ,nown as A) full integration. 6) ertical integration. C) mass integration. ) economical integration. E) strategic integration. Answer: A iff: " !age Ref: "#3 Topic: irectional %trategy /#) 8hen 6ristol@yers %9uibb purchased 1*7 of 5mClones common stoc, to gain access to a new drug it was using which type of integrationB A) full integration 6) longterm contracts C) bac,wards integration ) taper integration E) 9uasi integration Answer: E iff: ( !age Ref: "1# Topic: irectional %trategy AAC%6: Reflectie Thin,ing /1) A firms e-pansion into other geographic locations and=or increasing the range of products and serices offered to current mar,ets is called A) forward ertical growth. 6) diersification. C) bac,ward ertical growth. ) captie company strategy. E) hori
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/") 8hich strategy did elta choose when it ac9u ired Dorthwest Airlines to obtain access to Dorthwests Asian mar,etsB A) A retrenchment strategy using hori
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/$) 8hich strategy might be the most li,ely when management realioint entures C) production sharing ) e-porting E) ac9uisitions Answer: iff: " !age Ref: "11 Topic: irectional %trategy /3) An @DC uses which international strategy for entering a foreign mar,et by associating itself with a firm in the host country or a goernment agency in that country to combine resources and e-pertise needed for the deelopment of a new product or technologiesB A) licensing 6) >oint entures C) production sharing ) e-porting E) ac9uisitions Answer: 6 iff: " !age Ref: "1" Topic: irectional %trategy
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$#) ne benefit of a U.%. company entering a >oint enture with an international firm is that it A) reduces the ris,s of e-propriation. 6) enhances the policy of the host countrys ta,eoer of the firm. C) promotes s,epticism among other countries not inoled in the merger. ) encourages competitors to wor, with the company. E) increases reenues by "#7. Answer: A iff: " !age Ref: "1( Topic: irectional %trategy $1) An @DC uses which international strategy for entering a foreign mar,et by purchasing another company already operating in the area deeloping synergistic benefits gained from ac9uiring strong complementary product lines and a good distribution networ,B A) licensing 6) >oint entures C) production sharing ) e-porting E) ac9uisitions Answer: E iff: " !age Ref: "1( Topic: irectional %trategy $") 5n international dealings greenfield deelopment is A) a way in which an @DC may contract with a foreign goernment or local firm to trade raw materials for certain resources belonging to the @DC. 6) a way in which an @DC can ta,e total control of operations by ac9uiring a firm already established in the host country. C) when a corporation chooses to build a facility from scratch allowing it the freedom to design the plant choose suppliers and hire its wor, force. ) when an @DC has a large amount of management talent aailable and chooses to use its personnel to assist a firm in a host country for a specified fee and period of time. E) contracting for construction of operating facilities in e-change for a fee. Answer: C iff: " !age Ref: "1( Topic: irectional %trategy $() An @DC uses which international strategy for entering a foreign mar,et by combining the higher labor s,ills and technology aailable in the deeloped countries with the lower cost labor aailable in the deeloping countriesB A) licensing 6) >oint entures C) production sharing ) e-porting E) ac9uisitions Answer: C iff: " !age Ref: "1( Topic: irectional %trategy 1" Copyright 4 "#1" !earson Education 5nc.
$+) 5n international dealings turn,ey operations are A) a way in which an @DC may contract with a foreign goernment or local firm to trade raw materials for certain resources belonging to the @DC. 6) a way in which an @DC can ta,e total control of operations by either starting a business from scratch or ac9uiring a firm already established in the host country. C) when a corporation chooses to build a facility from scratch allowing it the freedom to design the plant choose suppliers and hire a wor, force. ) when an @DC has a large amount of management talent aailable and chooses to use its personnel to assist a firm in a host country for a specified fee and period of time. E) contracting for construction of operating facilities in e-change for a fee. Answer: E iff: ( !age Ref: "1( Topic: irectional %trategy $/) @anagement contracts are used in international dealings A) as a way in which an @DC may contract with a foreign goernment or local firm to trade raw materials for certain resources belonging to the @DC. 6) as a way in which an @DC can ta,e total control of operations by either starting a business from scratch or ac9uiring a firm already established in the host country. C) when a corporation chooses to build a facility from scratch allowing it the freedom to design the plant choose suppliers and hire a wor, force. ) when an @DC has a large amount of management talent aailable and chooses to use its personnel to assist a firm in a host country for a specified fee and period of time. E) when an @DC typically contracts for construction of op erating facilities in e-change for a fee. Answer: iff: " !age Ref: "1+ Topic: irectional %trategy $$) Research comparing concentric with conglomerate diersification concludes that A) conglomerate diersification is always less profitable than concentric diersification. 6) concentric diersification is always less profitable than conglomerate diersification. C) the relationship between relatedness and performance is curilinear. ) neither concentric nor conglomerate diersification are eer profitable. E) for optimum effectieness both conglomerate and concentric diersification should be utili
$2) The stability strategy is appropriate for all of the following circumstances EFCE!T A) useful in the shortrun but can be dangerous if followed too long. 6) most appropriate for reasonably successful corporations in a reasonably predictable enironment. C) appropriate when the industry is facing modest o r nogrowth potential. ) appropriate when the industry is in decline. E) popular with small business owners who hae found a niche and are happy with their success. Answer: iff: " !age Ref: "1* Topic: irectional %trategy $3) 8hich strategy is most appropriate as a temporary strategy to enable a corporation to consolidate its resources after prolonged rapid growth in an industry now facing an uncertain futureB A) hori
*") The strategy which ta,es place in two basic phases of contraction and consolidation is A) merger. 6) li9uidation C) integration. ) diestment. E) turnaround. Answer: E iff: 1 !age Ref: "12 Topic: irectional %trategy *() 8hich one of the following is DT a characteristic of a firm that has chosen a captie company strategyB A) !robably most appropriate for a company with a strong competitie position in a growing industry. 6) The firm reduces its functional actiities to reduce costs. C) The firm gains a certainty of sales and production in return for becoming heaily dependent upon another firm for at least */7 of its sales. ) ne of its customers ma,es up a large percentage of the companys sales and wants the company to ,eep operating as its supplier. E) @anagement desperately see,s an GangelG to guarantee the companys continued e-istence. Answer: A iff: ( !age Ref: "13 Topic: irectional %trategy AAC%6: Reflectie Thin,ing *+) 5n which strategy does management hope that another company will hae the necessary resources and determination to return the company to profitabilityB A) sell out 6) captie company C) li9uidation ) ban,ruptcy E) all of the aboe Answer: A iff: 1 !age Ref: "13 Topic: irectional %trategy */) 8hich strategy inoles giing up management of the firm to the courts in return for some settlement of the corporations obligationsB A) li9uidation 6) ban,ruptcy C) diersification ) diestment E) consolidation Answer: 6 iff: 1 !age Ref: "13 Topic: irectional %trategy 1/ Copyright 4 "#1" !earson Education 5nc.
*$) 8hich strategy did Circuit City use in "##2 when it conerted its retail stores to cashB A) li9uidation 6) ban,ruptcy C) diersification ) diestment E) consolidation Answer: A iff: " !age Ref: ""# Topic: irectional %trategy AAC%6: Analytic %,ills **) ne of the most popular aids to deeloping corporate strategy in multibusiness corporations that iews business units in terms of the cash they generate is called A) !5@%. 6) segmentation analysis C) portfolio analysis. ) industry analysis. E) diersification study. Answer: C iff: " !age Ref: ""# Topic: !ortfolio Analysis *2) 5n the 6oston Consulting ?roups ?rowth%hare @atri- the relatie competitie position of a product diision or corporation is defined as A) its mar,et share. 6) its gross sales diided by its mar,et share. C) its mar,et share multiplied by that of its nearest competitor. ) its mar,et share diided by that of the smallest other competitor. E) its mar,et share diided by that of the largest other competitor. Answer: E iff: " !age Ref: ""1 Topic: !ortfolio Analysis *3) The growthshare matri- of the 6oston Consulting ?roup suggests that the e-cess cash being generated by Gcash cowsG should be used to fund A) Gdogs.G 6) G9uestion mar,s.G C) Gstars.G ) Gwhite ,nights.G E) Gfish.G Answer: 6 iff: " !age Ref: """ Topic: !ortfolio Analysis
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2#) According to the 6C? ?rowth%hare @atri- mar,et leaders that typically are at the pea, of their product life cycle and are usually able to generate enough cash to maintain their high share of the mar,et are called A) cash cows. 6) lost leaders. C) dogs. ) 9uestion mar,s. E) stars. Answer: E iff: 1 !age Ref: """ Topic: !ortfolio Analysis 21) !roducts that typically bring in far more money than is needed for maintenance of their mar,et share are called A) cash cows. 6) lost leaders. C) dogs. ) 9uestion mar,s. E) stars. Answer: A iff: 1 !age Ref: ""( Topic: !ortfolio Analysis 2") According to the 6C? ?rowth %hare @atri- those products with low mar,et share that do DT hae the potential to bring in much cash are called A) cash cows. 6) lost leaders. C) dogs. ) 9uestion mar,s. E) stars. Answer: C iff: 1 !age Ref: ""( Topic: !ortfolio Analysis 2() According to the 6C? ?rowth%hare @atri- the ,ey to success is A) effectie management. 6) competitie positioning. C) innoatie initiatie. ) industry leadership. E) mar,et share. Answer: E iff: " !age Ref: ""( Topic: !ortfolio Analysis
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2+) 8hich of the following is DT one of the limitations of the 6C? ?rowth %hare @atri-B A) 5t is too simplistic. 6) The lin, between mar,et share and profitability is 9uestionable. C) ?rowth rate is only one aspect of industry attractieness. ) There are too many aspects of oerall competitie position included. E) %mall competitors with fastgrowing mar,et share are ignored. Answer: iff: ( !age Ref: ""( Topic: !ortfolio Analysis 2/) 8hich of the following is DT defined by ?E as one of the ariables forming industry attractienessB A) mar,et share 6) mar,et siectiity from which to ma,e de cisions. C) 5t encourages top management to ealuate each of the corporations businesses indiidually. ) 5t raises the issue of cash flow aailability for use in e-pansion and growth. E) 5t stimulates the use of e-ternally oriented data to supp lement managements >udgment. Answer: 6 iff: ( !age Ref: ""/ Topic: !ortfolio Analysis
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22) 8hich of the following is DT one of the limitations of portfolio analysisB A) 5t contains alueladen terminology that can lead to selffulfilling prophecies. 6) 5t is not easy to define product=mar,et segments. C) 5t relies too heaily on ob>ectie >udgments. ) 5t suggests the use of standard strategies which may be impractical or may miss potential opportunities. E) 5t proides an illusion of scientific rigor. Answer: C iff: ( !age Ref: ""/ Topic: !ortfolio Analysis 23) Corporate parenting generates corporate strategy by focusing on A) the core competencies of the parent corporation and on the alue created from the relationship between the parent and its units. 6) the cash flow among its business units. C) whether a business unit should be growing stabilioint entures. E) licensing agreements. Answer: 6 iff: " !age Ref: ""* Topic: Corporate !arenting 31) According to Campbell ?oold and Ale-ander in their parentingfit matri- when parent companies create more alue than any of their rials would if they owned the same businesses they hae A) multipoint competition. 6) parenting adantage. C) corporate parenting. ) portfolio analysis. E) no real adantage. Answer: 6 iff: " !age Ref: ""* Topic: Corporate !arenting
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3") A corporate strategy that cuts across diisional boundaries to build synergy across business units to improe the competitie position of one or more business units is called A) ertical strategy. 6) horiobs. ?rowth itself is e-citing and egoenhancing for CEs. iff: 1 !age Ref: "#2 Topic: irectional %trategy "# Copyright 4 "#1" !earson Education 5nc.
3*) iscuss the two basic growth strategies. Answer: The two basic growth strategies are concentration on the current product line in one industry and diersification into other product lines in other industries. 5f a companys product lines hae real growth potential concentration of resources on those product lines ma,es sense as a strategy for growth. Companies begin thin,ing about diersification when their growth has plateaued and opportunities for growth in the original business hae been depleted. iff: " !age Ref: "#2 Topic: irectional %trategy 32) 8hat are the more popular options for international entryB Answer: There are seeral popular options for international entry. E-porting is a good way to minimioint enture between a foreign corporation and a domestic company is the most popular strategy used to enter a new country. Companies often form >oint entures to combine the resources and e-pertise needed to deelop new products or technologies. A relatiely 9uic, way to moe into an international area is through ac9uisitions purchasing another company already operating in that area. 5f a company doesnt want to purchase another companys problems along with its assets it may choose greenfield deelopment building its own manufacturing plant and distribution system. !roduction sharing is the process of combining the higher labor s,ills and technology aailable in the deeloped countries with the lowercost labor aailable in deeloping countries. Turn,ey operations are typically contracts for the construction of operating facilities in e-change for a fee. The 6T I6uild perate Transfer) concept is a ariation of the turn,ey operation. 5nstead of turning the facility oer to the host country when completed the company operates the facility for a fi-ed period of time during which it earns bac, its inestment plus a profit. @anagement contracts offer a means through which a corporation may use some of its personnel to assist a firm in a host country for a specified fee and period of time. iff: ( !age Ref: "11"1+ Topic: irectional %trategy 33) iscuss the more popular stability strategies. Answer: The more popular stability strategies include the pauseproceed with caution no change and profit strategies. A pause proceed with caution strategy is in effect a timeout an opportunity to rest before continuing a growth or retrenchment strategy. A no change strategy is a decision to do nothing new a choice to continue current operations and policies for the foreseeable future. A profit strategy is a decision to do nothing new in a worsening situation but instead to act as though the companys problems are only temporary. iff: " !age Ref: "1*"12 Topic: irectional %trategy
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1##) efine a retrenchment strategy. iscuss the more popular options. Answer: A retrenchment strategy may be used when a company has a wea, competitie position in some or all of its product lines resulting in poor performance sales are down and profits are becoming losses. The more popular options are turnaround becoming a captie company selling out ban,ruptcy and li9uidation. Turnaround strategy emphasiuggle to ensure the best return of the corporations inested money. iff: 1 !age Ref: ""# Topic: !ortfolio Analysis 1#") escribe the four categories of the 6C? ?rowth %hare @atri-. Answer: The four categories of the 6C? ?rowth %hare @atri- are 9uestion mar,s stars cash cows and dogs. Juestion mar,s are new products with the potential for success but they need a lot of case for deelopment. %tars are mar,et leaders typically at the pea, of their product life cycle and are usually able to generate enough cash to maintain their high share of the mar,et. Cash cows typically bring in far more money than is needed to maintain their mar,et share. 5n this declining stage of their life cycle these products are Gmil,edG for cash that will be inested in new 9uestion mar,s. ogs hae low mar,et share and do not hae the potential to bring in much cash. ogs should be either sold off or managed carefully for the small amount of cash they can generate. iff: ( !age Ref: """""( Topic: !ortfolio Analysis 1#() efine corporate parenting. Answer: Corporate parenting iews the corporation in terms of resources and capabilities that can be used to build business unit alue as well as generate synergies across business units. Corporate parenting generates corporate strategy by focusing on the core competencies of the parent corporation and on the alue created from the relationship between the parent and its businesses. iff: 1 !age Ref: ""* Topic: Corporate !arenting
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