Question 1

A description of a company's organizational purpose is called a ______?

Accepted Answer

A) Vision statement 
B) Values statement 
C) Mission statement 
D) All the above 
A) Vision statement 
B) Values statement 
C) Mission statement 
D) All the above C

Question 2

The main factor causing the transition from corporate planning to strategic management was the influence of business school academics such as Michael Porter at Harvard Business School.

Accepted Answer

A) True 
 B)False  True

Question 3

The main reason for the transition from corporate planning to strategic management during the latter half of the 1970s was:

Accepted Answer

A) The increasing costs of corporate planning departments. 
B) Disappointing outcomes of corporate diversification. 
C) A more turbulent business environment that became increasingly difficult to predict. 
D) Growing disillusionment with central planning. 
A) The increasing costs of corporate planning departments. 
B) Disappointing outcomes of corporate diversification. 
C) A more turbulent business environment that became increasingly difficult to predict. 
D) Growing disillusionment with central planning. C

Question 4

Strategy denotes an overall plan whereas a tactic is a scheme for a specific action.

Accepted Answer

A) True 
 B)False

Question 5

Strategic decisions are important,involve a significant commitment of resources,and should be easily reversible.

Accepted Answer

A) True 
 B)False

Question 6

Applying the tools of strategy analysis to not-for-profit organizations is simplified by the fact that they do not need to be concerned with maximizing profit.

Accepted Answer

A) True 
 B)False

Question 7

The primary distinction between corporate strategy and business strategy is:

Accepted Answer

A) Corporate strategy is the responsibility of the CEO; business strategy is formulated by the heads of business units 
B) Corporate strategy is concerned with where the firm competes; business strategy with how it competes 
C) Corporate strategy is concerned with establishing competitive advantage; business strategy with strategy implementation in individual businesses 
D) Corporate strategy is concerned with the long-term performance of the firm; business strategy with resource deployment. 
A) Corporate strategy is the responsibility of the CEO; business strategy is formulated by the heads of business units 
B) Corporate strategy is concerned with where the firm competes; business strategy with how it competes 
C) Corporate strategy is concerned with establishing competitive advantage; business strategy with strategy implementation in individual businesses 
D) Corporate strategy is concerned with the long-term performance of the firm; business strategy with resource deployment.

Question 8

The main difference between corporate level strategy and business level strategy is:

Accepted Answer

A) Corporate strategy defines the scope of a firm's activities,while business strategy focuses on how to beat the competition in specific product markets 
B) Corporate strategy defines a firm's overall structure,while business strategy describes its actions 
C) Corporate strategy comprises the overall strategic plan,while business strategy focuses on implementing that strategy in each product market 
D) Corporate level strategy is concerned with long term goals,while business level strategy focuses on short term competitiveness 
A) Corporate strategy defines the scope of a firm's activities,while business strategy focuses on how to beat the competition in specific product markets 
B) Corporate strategy defines a firm's overall structure,while business strategy describes its actions 
C) Corporate strategy comprises the overall strategic plan,while business strategy focuses on implementing that strategy in each product market 
D) Corporate level strategy is concerned with long term goals,while business level strategy focuses on short term competitiveness

Question 9

Many of the concepts and theories of business strategy have their origins in military strategy.

Accepted Answer

A) True 
 B)False

Question 10

When describing the strategy of a firm,it is best to ignore the current positioning of the firm in order to concentrate upon the direction in which the firm will develop in the future.

Accepted Answer

A) True 
 B)False

Question 11

In the late 1970s and early 1980s,Michael Porter pioneered:

Accepted Answer

A) The application of industrial organization economics to strategic decisions 
B) Empirical research into the relationship between market share and firm profitability 
C) The resource-based view of the firm 
D) The application of game theory to strategic management 
A) The application of industrial organization economics to strategic decisions 
B) Empirical research into the relationship between market share and firm profitability 
C) The resource-based view of the firm 
D) The application of game theory to strategic management

Question 12

Strategy can help decision making by:

Accepted Answer

A) Expanding the range of decision alternatives under consideration 
B) Ensuring that strategic decisions are restricted to the CEO and top management team 
C) Facilitating the use of analytical tools 
D) All of these 
A) Expanding the range of decision alternatives under consideration 
B) Ensuring that strategic decisions are restricted to the CEO and top management team 
C) Facilitating the use of analytical tools 
D) All of these

Question 13

In the military field,we generally make the following distinction between strategy and tactics:

Accepted Answer

A) Tactics comprise the overall plan whereas strategy focuses on specific actions 
B) Tactics relate to specific actions whereas strategy relates to the overall plan 
C) Tactics encompass specific political actions within the firm whereas strategy is the overall plan for deploying resources to establish a favorable position 
D) Tactics form the overall plan whereas strategy is concerned with the maneuvers to win battles 
A) Tactics comprise the overall plan whereas strategy focuses on specific actions 
B) Tactics relate to specific actions whereas strategy relates to the overall plan 
C) Tactics encompass specific political actions within the firm whereas strategy is the overall plan for deploying resources to establish a favorable position 
D) Tactics form the overall plan whereas strategy is concerned with the maneuvers to win battles

Question 14

Strategic fit refers to:

Accepted Answer

A) The need for a firm's strategy to be consistent with its vision,mission,and culture 
B) The consistency of a firm's strategy with its external and internal environments 
C) The need for a firm's strategy to be unique 
D) The need for a firm's strategy to fit the needs of all its stakeholders,not just shareholders 
A) The need for a firm's strategy to be consistent with its vision,mission,and culture 
B) The consistency of a firm's strategy with its external and internal environments 
C) The need for a firm's strategy to be unique 
D) The need for a firm's strategy to fit the needs of all its stakeholders,not just shareholders

Question 15

The career success of both Queen Elizabeth II and Lady Gaga may be attributed to their willingness to engage in systematic strategic planning

Accepted Answer

A) True 
 B)False

Question 16

During the 21st century,the complexity of the challenges posed by disruptive,digital technologies and accelerating rates of change has encouraged companies to:

Accepted Answer

A) Shift their strategic focus towards the growth markets of Asia,Africa,and Latin America. 
B) Rejecting shareholder value maximization in favor of maximizing stakeholder interests. 
C) Depend increasingly upon strategic alliances and other forms of collaboration. 
D) Prefer mergers and acquisitions to organic growth. 
A) Shift their strategic focus towards the growth markets of Asia,Africa,and Latin America. 
B) Rejecting shareholder value maximization in favor of maximizing stakeholder interests. 
C) Depend increasingly upon strategic alliances and other forms of collaboration. 
D) Prefer mergers and acquisitions to organic growth.

Question 17

Ryanair's strategic position is as Europe's lowest-cost airline may be attributed to:

Accepted Answer

A) The willingness of its CEO,Michael O'Leary,to challenge conventional notions of customer and employee satisfaction 
B) Its use of secondary airports where costs are lower 
C) The high operating costs of major airlines such as British Airways,Lufthansa,and Air France-KLM on short-haul routes 
D) An integrated,consistent set of activities designed to maximize productivity and minimize operating costs 
A) The willingness of its CEO,Michael O'Leary,to challenge conventional notions of customer and employee satisfaction 
B) Its use of secondary airports where costs are lower 
C) The high operating costs of major airlines such as British Airways,Lufthansa,and Air France-KLM on short-haul routes 
D) An integrated,consistent set of activities designed to maximize productivity and minimize operating costs

Question 18

For both individuals and businesses,successful strategies are characterized by:

Accepted Answer

A) Unrelenting commitment to ambitious goals. 
B) Clear goals,understanding their competitive environment,awareness of internal strengths and weaknesses,and effective implementation. 
C) Meticulous planning. 
D) Possessing superior abilities and resources that are then deployed to build competitive advantage. 
A) Unrelenting commitment to ambitious goals. 
B) Clear goals,understanding their competitive environment,awareness of internal strengths and weaknesses,and effective implementation. 
C) Meticulous planning. 
D) Possessing superior abilities and resources that are then deployed to build competitive advantage.

Question 19

In strategic management,the expression "blue oceans" refers to:

Accepted Answer

A) Radical innovation 
B) The potential offered by uncontested market space 
C) A key theme in the US Navy's strategic planning process 
D) The ability to cut costs through moving production to offshore locations. 
A) Radical innovation 
B) The potential offered by uncontested market space 
C) A key theme in the US Navy's strategic planning process 
D) The ability to cut costs through moving production to offshore locations.

Question 20

When identifying a company's strategy,its statements of a strategy found in its public documents need to be:

Accepted Answer

A) Treated with skepticism 
B) Checked against the company's decisions and actions 
C) Interpreted using modern techniques of textual analysis 
D) Checked against its statements of vision and mission 
A) Treated with skepticism 
B) Checked against the company's decisions and actions 
C) Interpreted using modern techniques of textual analysis 
D) Checked against its statements of vision and mission

A description of a company's organizational purpose is called a ______?

The main factor causing the transition from corporate planning to strategic management was the influence of business school academics such as Michael Porter at Harvard Business School.

The main reason for the transition from corporate planning to strategic management during the latter half of the 1970s was:

Strategy denotes an overall plan whereas a tactic is a scheme for a specific action.

Strategic decisions are important,involve a significant commitment of resources,and should be easily reversible.

Applying the tools of strategy analysis to not-for-profit organizations is simplified by the fact that they do not need to be concerned with maximizing profit.

The primary distinction between corporate strategy and business strategy is:

The main difference between corporate level strategy and business level strategy is:

Many of the concepts and theories of business strategy have their origins in military strategy.

When describing the strategy of a firm,it is best to ignore the current positioning of the firm in order to concentrate upon the direction in which the firm will develop in the future.

In the late 1970s and early 1980s,Michael Porter pioneered:

Strategy can help decision making by:

In the military field,we generally make the following distinction between strategy and tactics:

Strategic fit refers to:

The career success of both Queen Elizabeth II and Lady Gaga may be attributed to their willingness to engage in systematic strategic planning

During the 21st century,the complexity of the challenges posed by disruptive,digital technologies and accelerating rates of change has encouraged companies to:

Ryanair's strategic position is as Europe's lowest-cost airline may be attributed to:

For both individuals and businesses,successful strategies are characterized by:

In strategic management,the expression "blue oceans" refers to:

When identifying a company's strategy,its statements of a strategy found in its public documents need to be:

Goals,values and Performance

Industry Analysis: the Fundamentals

Further Topics in Industry and Competitive Analysis

Analyzing Resources and Capabilities

Organization Structure and Management Systems: the Fundamentals of Strategy Implementation

The Sources and Dimensions of Competitive Advantage

Industry Evolution and Strategic Change

Technology-Based Industries and the Management of Innovation

Competitive Advantage in Mature Industries

Vertical Integration and the Scope of the Firm

Global Strategy and the Multinational Corporation

Diversification Strategy

Implementing Corporate Strategy: Managing the Multibusiness Firm

External Growth Strategies: Mergers,acquisitions,and Alliances

Current Trends in Strategic Management

Filters

Exam 1: The Concept of Strategy

A description of a company's organizational purpose is called a ______?

The main factor causing the transition from corporate planning to strategic management was the influence of business school academics such as Michael Porter at Harvard Business School.

The main reason for the transition from corporate planning to strategic management during the latter half of the 1970s was:

Strategy denotes an overall plan whereas a tactic is a scheme for a specific action.

Strategic decisions are important,involve a significant commitment of resources,and should be easily reversible.

Applying the tools of strategy analysis to not-for-profit organizations is simplified by the fact that they do not need to be concerned with maximizing profit.

The primary distinction between corporate strategy and business strategy is:

The main difference between corporate level strategy and business level strategy is:

Many of the concepts and theories of business strategy have their origins in military strategy.

When describing the strategy of a firm,it is best to ignore the current positioning of the firm in order to concentrate upon the direction in which the firm will develop in the future.

In the late 1970s and early 1980s,Michael Porter pioneered:

Strategy can help decision making by:

In the military field,we generally make the following distinction between strategy and tactics:

Strategic fit refers to:

The career success of both Queen Elizabeth II and Lady Gaga may be attributed to their willingness to engage in systematic strategic planning

During the 21st century,the complexity of the challenges posed by disruptive,digital technologies and accelerating rates of change has encouraged companies to:

Ryanair's strategic position is as Europe's lowest-cost airline may be attributed to:

For both individuals and businesses,successful strategies are characterized by:

In strategic management,the expression "blue oceans" refers to:

When identifying a company's strategy,its statements of a strategy found in its public documents need to be:

Goals,values and Performance

Industry Analysis: the Fundamentals

Further Topics in Industry and Competitive Analysis

Analyzing Resources and Capabilities

Organization Structure and Management Systems: the Fundamentals of Strategy Implementation

The Sources and Dimensions of Competitive Advantage

Industry Evolution and Strategic Change

Technology-Based Industries and the Management of Innovation

Competitive Advantage in Mature Industries

Vertical Integration and the Scope of the Firm

Global Strategy and the Multinational Corporation

Diversification Strategy

Implementing Corporate Strategy: Managing the Multibusiness Firm

External Growth Strategies: Mergers,acquisitions,and Alliances

Current Trends in Strategic Management

Filters