Question 1

An emergent component of a firm's strategy:

Accepted Answer

A)  involves the systematic assessment of the external and internal environments. 
B)  includes the creation of plans to react to or impact environmental factors. 
C)  makes it flexible and adaptable to changing environmental conditions. 
D)  establishes the objectives or benchmarks the firm hopes to achieve. 
A)  involves the systematic assessment of the external and internal environments. 
B)  includes the creation of plans to react to or impact environmental factors. 
C)  makes it flexible and adaptable to changing environmental conditions. 
D)  establishes the objectives or benchmarks the firm hopes to achieve.

Question 2

Define vision,mission and objectives.What are the benefits provided by effective mission statements?

Accepted Answer

Vision is defined as a concept or pictur

Question 3

The transnational strategy focuses on:

Accepted Answer

A)  efficiency,local responsiveness,and organizational learning. 
B)  how a company will compete in a given business. 
C)  being responsive and sensitive to local needs and tastes. 
D)  providing a standardized product to all markets. 
A)  efficiency,local responsiveness,and organizational learning. 
B)  how a company will compete in a given business. 
C)  being responsive and sensitive to local needs and tastes. 
D)  providing a standardized product to all markets.

Question 4

The vision of the firm is a definition of what activities the firm performs for its customers.

Accepted Answer

A) True 
 B)False

Question 5

A global strategy:

Accepted Answer

A)  attempts to provide a standardized product to all markets. 
B)  attempts to be responsive and sensitive to local needs and tastes. 
C)  focuses on local responsiveness and organizational learning. 
D)  is a cross between international and multinational strategies. 
A)  attempts to provide a standardized product to all markets. 
B)  attempts to be responsive and sensitive to local needs and tastes. 
C)  focuses on local responsiveness and organizational learning. 
D)  is a cross between international and multinational strategies.

Question 6

Objectives provide a series of quantifiable milestones or benchmarks by which a firm can assess its progress.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following refers to a network of unique activities that strategically fit together and are difficult to replicate?

Accepted Answer

A)  Conglomeration 
B)  Core competencies 
C)  Virtue ethics 
D)  Global strategies 
A)  Conglomeration 
B)  Core competencies 
C)  Virtue ethics 
D)  Global strategies

Question 8

Two low-cost methods that firms entering foreign markets can use are licensing and franchising agreements.

Accepted Answer

A) True 
 B)False

Question 9

Identify a benefit provided by an effective mission statement.

Accepted Answer

A)  It outlines the history of the organization. 
B)  It communicates the firm's rules and regulations. 
C)  It states the different levels of authority within the firm. 
D)  It defines the purpose of the company. 
A)  It outlines the history of the organization. 
B)  It communicates the firm's rules and regulations. 
C)  It states the different levels of authority within the firm. 
D)  It defines the purpose of the company.

Question 10

Which of the following best defines corporate-level strategy?

Accepted Answer

A)  The determination of how a company will compete in a given business and position itself among its competitors 
B)  The process of identifying how a firm can best align its resources to carve out a defensible position in the marketplace 
C)  The way a company seeks to create value through the configuration and coordination of multimarket activities 
D)  A projected state of affairs that a person or system plans or intends to achieve or bring about 
A)  The determination of how a company will compete in a given business and position itself among its competitors 
B)  The process of identifying how a firm can best align its resources to carve out a defensible position in the marketplace 
C)  The way a company seeks to create value through the configuration and coordination of multimarket activities 
D)  A projected state of affairs that a person or system plans or intends to achieve or bring about

Question 11

Which of the following statements best describes multinational strategies?

Accepted Answer

A)  They focus on developing overall scale economies and global efficiency instead of catering to local tastes. 
B)  They focus on efficiency,local responsiveness,and organizational learning. 
C)  They are used by firms to compete in a given business and position themselves among their competitors. 
D)  They are used by firms when it is important to be responsive and sensitive to local needs and tastes. 
A)  They focus on developing overall scale economies and global efficiency instead of catering to local tastes. 
B)  They focus on efficiency,local responsiveness,and organizational learning. 
C)  They are used by firms to compete in a given business and position themselves among their competitors. 
D)  They are used by firms when it is important to be responsive and sensitive to local needs and tastes.

Question 12

Z-coffiz charges much higher prices for a cup of coffee than its competitors.Z-coffiz is able to do this because it positions itself to be selling an experience,rather than merely a cup of coffee.Which aspect of a firm's strategy does this describe?

Accepted Answer

A)  External fit 
B)  Internal fit 
C)  Differentiation 
D)  Implementable 
A)  External fit 
B)  Internal fit 
C)  Differentiation 
D)  Implementable

Question 13

Which of the following statements is true about strategy formulation?

Accepted Answer

A)  The strategy development process typically flows in a linear fashion. 
B)  Managers should engage in environmental scanning on an ongoing basis. 
C)  All aspects of a firm's strategy are more susceptible to frequent changes. 
D)  The formulation of strategy is the last step toward achieving profitability. 
A)  The strategy development process typically flows in a linear fashion. 
B)  Managers should engage in environmental scanning on an ongoing basis. 
C)  All aspects of a firm's strategy are more susceptible to frequent changes. 
D)  The formulation of strategy is the last step toward achieving profitability.

Question 14

Which of the following questions is most important to the development of a firm's strategy?

Accepted Answer

A)  What is the purpose of the business? 
B)  How will environmental forces impact the firm's business? 
C)  What stakeholders are important? 
D)  How to distinguish the firm from its competitors? 
A)  What is the purpose of the business? 
B)  How will environmental forces impact the firm's business? 
C)  What stakeholders are important? 
D)  How to distinguish the firm from its competitors?

Question 15

According to Milton Friedman,the primary goal of a business is to _____.

Accepted Answer

A)  satisfy customers 
B)  expand globally 
C)  make profits 
D)  provide employment 
A)  satisfy customers 
B)  expand globally 
C)  make profits 
D)  provide employment

Question 16

TechPark,a manufacturing company,was in the process of formulating a strategy in an attempt to improve the firm's competitive advantage.The management began by evaluating the resources available within the organization to better understand how the firm should compete.Eventually they decided to offer their products at a lower cost compared to that of their competitors.Identify the strategy used by the management of TechPark.

Accepted Answer

A)  Corporate-level strategy 
B)  Transnational strategy 
C)  Business-level strategy 
D)  Global strategy 
A)  Corporate-level strategy 
B)  Transnational strategy 
C)  Business-level strategy 
D)  Global strategy

Question 17

What are the three elements a manager should consider while developing a strategy?

Accepted Answer

As a manager develops a strategy,he or s

Question 18

Which of the following statements best describes a business-level strategy?

Accepted Answer

A)  The determination of how a company will compete in a given business and position itself among its competitors 
B)  The way a company seeks to create value through the configuration and coordination of multimarket business activities 
C)  The process of identifying how a firm can best align its resources in a business to carve out a defensible position in the marketplace 
D)  The way a strategy is formed with a focus on developing global efficiency instead of catering to local tastes. 
A)  The determination of how a company will compete in a given business and position itself among its competitors 
B)  The way a company seeks to create value through the configuration and coordination of multimarket business activities 
C)  The process of identifying how a firm can best align its resources in a business to carve out a defensible position in the marketplace 
D)  The way a strategy is formed with a focus on developing global efficiency instead of catering to local tastes.

Question 19

Outline the features of exporting.

Accepted Answer

The practice of exporting involves shipp

Question 20

Which of the following statements best describes the vision of an organization?

Accepted Answer

A)  The activities a firm performs for its customers 
B)  An illustration of how a firm can align its resources to get a position in the marketplace 
C)  A concept that defines a firm's reason for existence 
D)  A concept of what a firm wants to achieve and how it plans to accomplish that 
A)  The activities a firm performs for its customers 
B)  An illustration of how a firm can align its resources to get a position in the marketplace 
C)  A concept that defines a firm's reason for existence 
D)  A concept of what a firm wants to achieve and how it plans to accomplish that

An emergent component of a firm's strategy:

Define vision,mission and objectives.What are the benefits provided by effective mission statements?

The transnational strategy focuses on:

The vision of the firm is a definition of what activities the firm performs for its customers.

A global strategy:

Objectives provide a series of quantifiable milestones or benchmarks by which a firm can assess its progress.

Which of the following refers to a network of unique activities that strategically fit together and are difficult to replicate?

Two low-cost methods that firms entering foreign markets can use are licensing and franchising agreements.

Identify a benefit provided by an effective mission statement.

Which of the following best defines corporate-level strategy?

Which of the following statements best describes multinational strategies?

Z-coffiz charges much higher prices for a cup of coffee than its competitors.Z-coffiz is able to do this because it positions itself to be selling an experience,rather than merely a cup of coffee.Which aspect of a firm's strategy does this describe?

Which of the following statements is true about strategy formulation?

Which of the following questions is most important to the development of a firm's strategy?

According to Milton Friedman,the primary goal of a business is to _____.

What are the three elements a manager should consider while developing a strategy?

Which of the following statements best describes a business-level strategy?

Outline the features of exporting.

Which of the following statements best describes the vision of an organization?

Introduction to Management

The Global Business Environment

Ethics and Corporate Social Responsibility

Business-Level Strategy

Corporate-Level Strategy

Organizational Design

Organizational Culture

Managing Human Capital

Performance Management

Organizational Change

Leadership in Organizations

Becoming a Leader: Knowing Yourself

Power and Influence

Decision Making

Conflict and Negotiation

Leading Teams

Motivation

Communication

Networking

Filters

Exam 4: Introduction to Strategy

An emergent component of a firm's strategy:

Define vision,mission and objectives.What are the benefits provided by effective mission statements?

The transnational strategy focuses on:

The vision of the firm is a definition of what activities the firm performs for its customers.

A global strategy:

Objectives provide a series of quantifiable milestones or benchmarks by which a firm can assess its progress.

Which of the following refers to a network of unique activities that strategically fit together and are difficult to replicate?

Two low-cost methods that firms entering foreign markets can use are licensing and franchising agreements.

Identify a benefit provided by an effective mission statement.

Which of the following best defines corporate-level strategy?

Which of the following statements best describes multinational strategies?

Z-coffiz charges much higher prices for a cup of coffee than its competitors.Z-coffiz is able to do this because it positions itself to be selling an experience,rather than merely a cup of coffee.Which aspect of a firm's strategy does this describe?

Which of the following statements is true about strategy formulation?

Which of the following questions is most important to the development of a firm's strategy?

According to Milton Friedman,the primary goal of a business is to _____.

What are the three elements a manager should consider while developing a strategy?

Which of the following statements best describes a business-level strategy?

Outline the features of exporting.

Which of the following statements best describes the vision of an organization?

Introduction to Management

The Global Business Environment

Ethics and Corporate Social Responsibility

Business-Level Strategy

Corporate-Level Strategy

Organizational Design

Organizational Culture

Managing Human Capital

Performance Management

Organizational Change

Leadership in Organizations

Becoming a Leader: Knowing Yourself

Power and Influence

Decision Making

Conflict and Negotiation

Leading Teams

Motivation

Communication

Networking

Filters