Exam 1: Introducing Strategic Management

The dynamic perspective is useful as a tool for examining industries in which firms tend to encounter the same competitors in multiple markets.

According to the internal perspective, the major determinant of competitive advantage is ________.

Strategy implementation results when a firm performs specific tasks that are required to achieve the goals and objectives described in the strategic plan.

The competitive advantage held by one firm over its competitors tends to change more slowly in stable markets.

What is the relationship between strategy formulation and strategy implementation?

The ________ approach to strategic management argues that the development of unique capabilities is the major determinant of competitive advantage.

What is the definition of strategic alignment?

How does business strategy differ from corporate strategy?

In the perceptions of consumers, low prices tend to be associated with ________.

Acquisition of other businesses is a main vehicle that firms can use to enter new market or industry segments.

Acme Wholesale Supply is considering expanding its sales operations overseas. Which of the following factors is most likely to have a major impact on Acme's decision regarding staging of the expansion?

Staging decisions are typically driven by a single factor, such as resources, urgency, credibility, or the need for early wins.

The initial plan behind a strategy is best described as the ________ strategy.

Business strategy operates as a zero-sum game in which one firm's wins represent another firm's losses.

According to Michael Porter's theory, which of the following factors influences whether firms achieve competitive advantage?

The ________ perspective argues that the structure of industries and positioning of products/services determine whether the firm achieves competitive advantage.

A goal of implementation is to ensure that strategy formulation is comprehensive and well informed.

Vision statements tend to be very general, while arenas are identified very specifically.

Which of the following is not a key component of strategy included as part of the strategy diamond?

JetBlue's decision to secure a home base at JFK Airport when the New York Port Authority was anxious to attract more air traffic is an example of a decision regarding the "arenas" element of strategy.