Question 1

What is environmental and internal scanning?

Accepted Answer

The strategic management process begins with an understanding of strategy and performance. Environmental and internal scanning is the next stage of the strategic management process. Managers must constantly scan the external environment for trends and events that affect the overall economy and they must also monitor changes in the particular industry in which the firm operates. For example, Apple's decision to create the iPhone demonstrates their ability to interpret that traditional industry boundaries that distinguished the cellular phone industry and the computer industry were beginning to blur. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. For example, intellectual property is a vital resource for Apple. Between 2008 and 2010 Apple filed more than 350 cases with the United States Trademark office in order to protect their use of terms such as "apple," "pod," and "safari."

Question 2

Which of the following statements holds true for the "capstone" course recommended by The Ford Foundation?

Accepted Answer

A)  It stressed how strategy and organizational structure need to be consistent with each other in order to ensure strong firm performance 
B)  It offered concepts such as Five Forces Analysis and Generic Strategies that continue to strongly influence how executives choose strategies 
C)  It stressed how organizations could become more efficient through identifying the "one best way" of performing important tasks 
D)  It argued that many of the advantages that firms in developed countries like the United States, Japan, and Great Britain take for granted are disappearing 
E)  It emphasized student's critical thinking skills in general and the notion that multiple ways of addressing a problem could be equally successful 
A)  It stressed how strategy and organizational structure need to be consistent with each other in order to ensure strong firm performance 
B)  It offered concepts such as Five Forces Analysis and Generic Strategies that continue to strongly influence how executives choose strategies 
C)  It stressed how organizations could become more efficient through identifying the "one best way" of performing important tasks 
D)  It argued that many of the advantages that firms in developed countries like the United States, Japan, and Great Britain take for granted are disappearing 
E)  It emphasized student's critical thinking skills in general and the notion that multiple ways of addressing a problem could be equally successful E

Question 3

Strategy implementation entails crafting an effective organizational structure and corporate culture.

Accepted Answer

A) True 
 B)False  True

Question 4

Strategy is a complex concept that involves many different processes and activities within an organization.

Accepted Answer

A) True 
 B)False

Question 5

The idea of "stratego," from which the word strategy is derived, refers to the idea of defeating an enemy by effectively using resources.

Accepted Answer

A) True 
 B)False

Question 6

The key question examined by strategic management is:

Accepted Answer

A)  Why do some companies outperform other companies? 
B)  When is the correct time to introduce new products? 
C)  How much input should all levels of management have in the company's strategic plan? 
D)  When to create new products vs. expanding existing product lines? 
E)  What type of management style creates strategic advantage? 
A)  Why do some companies outperform other companies? 
B)  When is the correct time to introduce new products? 
C)  How much input should all levels of management have in the company's strategic plan? 
D)  When to create new products vs. expanding existing product lines? 
E)  What type of management style creates strategic advantage?

Question 7

The book The Principles of Scientific Management _____.

Accepted Answer

A)  stressed how strategy and organizational structure need to be consistent with each other in order to ensure strong firm performance 
B)  offered concepts such as Five Forces Analysis and Generic Strategies that continue to strongly influence how executives choose strategies 
C)  stressed how organizations could become more efficient through identifying the "one best way" of performing important tasks 
D)  argued that many of the advantages that firms in developed countries like the United States, Japan, and Great Britain take for granted are disappearing 
E)  emphasized student's critical thinking skills in general and the notion that multiple ways of addressing a problem could be equally successful in particular 
A)  stressed how strategy and organizational structure need to be consistent with each other in order to ensure strong firm performance 
B)  offered concepts such as Five Forces Analysis and Generic Strategies that continue to strongly influence how executives choose strategies 
C)  stressed how organizations could become more efficient through identifying the "one best way" of performing important tasks 
D)  argued that many of the advantages that firms in developed countries like the United States, Japan, and Great Britain take for granted are disappearing 
E)  emphasized student's critical thinking skills in general and the notion that multiple ways of addressing a problem could be equally successful in particular

Question 8

What is a non-realized strategy? Give an example of a non-realized strategy.

Accepted Answer

Students' examples may vary.
A non-reali

Question 9

A pizza shop plans to deliver pizzas to households. The delivery would be made without any extra charge. It hopes to execute this strategy in the suburbs. This is an example of a(n) _____ strategy.

Accepted Answer

A)  marked 
B)  pre-termed 
C)  intended 
D)  realized 
E)  emergent 
A)  marked 
B)  pre-termed 
C)  intended 
D)  realized 
E)  emergent

Question 10

The integral part to a company's strategic plan that describes the process through which a company hopes to earn profits is the:

Accepted Answer

A)  Income Growth Strategy 
B)  Business Model 
C)  Profit Margin Analysis 
D)  Economic Process Model 
E)  Environmental Impact Study 
A)  Income Growth Strategy 
B)  Business Model 
C)  Profit Margin Analysis 
D)  Economic Process Model 
E)  Environmental Impact Study

Question 11

Intended strategies are usually described in detail within an organization's strategic plan.

Accepted Answer

A) True 
 B)False

Question 12

Roomz, a mid-range hotel, used to provide only food and accommodation facilities. It soon realized that most of its customers are foreign tourists who constantly ask for directions and advice on places to visit. The hotel then decided to start a travel desk which would help tourists select and visit places of historical and cultural significance. This is an example of a(n) _____ strategy.

Accepted Answer

A)  marked 
B)  pre-termed 
C)  intended 
D)  realized 
E)  emergent 
A)  marked 
B)  pre-termed 
C)  intended 
D)  realized 
E)  emergent

Question 13

Marty's, a clothing company, has a number of outlets that are owned and managed by private individuals. These outlets are allowed to use the brand name and products of the clothing line after paying a fee to Marty's. They also pay a part of their revenues to Marty's. Marty's is an example of a:

Accepted Answer

A)  franchisee 
B)  bailee 
C)  franchisor 
D)  bailer 
E)  legatee 
A)  franchisee 
B)  bailee 
C)  franchisor 
D)  bailer 
E)  legatee

Question 14

Marty's, a clothing company, has a number of outlets which are owned and managed by private individuals. These outlets are allowed to use the brand name and products of Marty's after paying a fee to the company. They also pay a part of their revenues to the clothing line. The part of the revenues paid by the outlets to Marty's is referred to as:

Accepted Answer

A)  acceptance fee 
B)  acknowledgement fee 
C)  franchise fee 
D)  royalty fee 
E)  establishment fee 
A)  acceptance fee 
B)  acknowledgement fee 
C)  franchise fee 
D)  royalty fee 
E)  establishment fee

Question 15

The study of strategic management involves knowing how and when to apply creative thinking.

Accepted Answer

A) True 
 B)False

Question 16

Strategy as _____ refers to how executives interpret the competitive landscape around them.

Accepted Answer

A)  pattern 
B)  perspective 
C)  ploy 
D)  plan 
E)  position 
A)  pattern 
B)  perspective 
C)  ploy 
D)  plan 
E)  position

Question 17

Explain the concept of economies of scale. Give an example.

Accepted Answer

Students' examples may vary.
Some firms

Question 18

A(n) _____ strategy is an unplanned strategy that arises in response to unexpected opportunities and challenges.

Accepted Answer

A)  emergent 
B)  marked 
C)  pre-termed 
D)  intended 
E)  realized 
A)  emergent 
B)  marked 
C)  pre-termed 
D)  intended 
E)  realized

Question 19

Which of the following statements holds true for the book The World is Flat: A Brief History of the Twenty-First Century?

Accepted Answer

A)  It stressed how strategy and organizational structure need to be consistent with each other in order to ensure strong firm performance 
B)  It offered concepts such as Five Forces Analysis and Generic Strategies that continue to strongly influence how executives choose strategies 
C)  It stressed how organizations could become more efficient through identifying the "one best way" of performing important tasks 
D)  It argued that many of the advantages that firms in developed countries like the United States, Japan, and Great Britain take for granted are disappearing 
E)  It emphasized student's critical thinking skills in general and the notion that multiple ways of addressing a problem could be equally successful 
A)  It stressed how strategy and organizational structure need to be consistent with each other in order to ensure strong firm performance 
B)  It offered concepts such as Five Forces Analysis and Generic Strategies that continue to strongly influence how executives choose strategies 
C)  It stressed how organizations could become more efficient through identifying the "one best way" of performing important tasks 
D)  It argued that many of the advantages that firms in developed countries like the United States, Japan, and Great Britain take for granted are disappearing 
E)  It emphasized student's critical thinking skills in general and the notion that multiple ways of addressing a problem could be equally successful

Question 20

Considering the concept of strategy as a position, give an example of how companies position distinct brands based on pricing.

Accepted Answer

Strategy as position considers a company

What is environmental and internal scanning?

Which of the following statements holds true for the "capstone" course recommended by The Ford Foundation?

Strategy implementation entails crafting an effective organizational structure and corporate culture.

Strategy is a complex concept that involves many different processes and activities within an organization.

The idea of "stratego," from which the word strategy is derived, refers to the idea of defeating an enemy by effectively using resources.

The key question examined by strategic management is:

The book The Principles of Scientific Management _____.

What is a non-realized strategy? Give an example of a non-realized strategy.

A pizza shop plans to deliver pizzas to households. The delivery would be made without any extra charge. It hopes to execute this strategy in the suburbs. This is an example of a(n) _____ strategy.

The integral part to a company's strategic plan that describes the process through which a company hopes to earn profits is the:

Intended strategies are usually described in detail within an organization's strategic plan.

Marty's, a clothing company, has a number of outlets that are owned and managed by private individuals. These outlets are allowed to use the brand name and products of the clothing line after paying a fee to Marty's. They also pay a part of their revenues to Marty's. Marty's is an example of a:

The study of strategic management involves knowing how and when to apply creative thinking.

Strategy as _____ refers to how executives interpret the competitive landscape around them.

Explain the concept of economies of scale. Give an example.

A(n) _____ strategy is an unplanned strategy that arises in response to unexpected opportunities and challenges.

Which of the following statements holds true for the book The World is Flat: A Brief History of the Twenty-First Century?

Considering the concept of strategy as a position, give an example of how companies position distinct brands based on pricing.

Leading Strategically

Evaluating the External Environment

Managing Company Resources

Selecting Business-Level Strategies

Supporting the Business-Level Strategy: Competitive and Cooperative Moves

Competing in International Markets

Selecting Corporate-Level Strategies

Executing Strategy Through Organizational Design

Leading an Ethical Organization: Corporate Governance, Corporate Ethics, and Social Responsibility

Filters

Exam 1: Mastering Strategy: Art and Science

What is environmental and internal scanning?

Which of the following statements holds true for the "capstone" course recommended by The Ford Foundation?

Strategy implementation entails crafting an effective organizational structure and corporate culture.

Strategy is a complex concept that involves many different processes and activities within an organization.

The idea of "stratego," from which the word strategy is derived, refers to the idea of defeating an enemy by effectively using resources.

The key question examined by strategic management is:

The book The Principles of Scientific Management _____.

What is a non-realized strategy? Give an example of a non-realized strategy.

A pizza shop plans to deliver pizzas to households. The delivery would be made without any extra charge. It hopes to execute this strategy in the suburbs. This is an example of a(n) _____ strategy.

The integral part to a company's strategic plan that describes the process through which a company hopes to earn profits is the:

Intended strategies are usually described in detail within an organization's strategic plan.

Marty's, a clothing company, has a number of outlets that are owned and managed by private individuals. These outlets are allowed to use the brand name and products of the clothing line after paying a fee to Marty's. They also pay a part of their revenues to Marty's. Marty's is an example of a:

The study of strategic management involves knowing how and when to apply creative thinking.

Strategy as _____ refers to how executives interpret the competitive landscape around them.

Explain the concept of economies of scale. Give an example.

A(n) _____ strategy is an unplanned strategy that arises in response to unexpected opportunities and challenges.

Which of the following statements holds true for the book The World is Flat: A Brief History of the Twenty-First Century?

Considering the concept of strategy as a position, give an example of how companies position distinct brands based on pricing.

Leading Strategically

Evaluating the External Environment

Managing Company Resources

Selecting Business-Level Strategies

Supporting the Business-Level Strategy: Competitive and Cooperative Moves

Competing in International Markets

Selecting Corporate-Level Strategies

Executing Strategy Through Organizational Design

Leading an Ethical Organization: Corporate Governance, Corporate Ethics, and Social Responsibility

Filters