Question 1

A conglomerate is best described as ________.

Accepted Answer

A)  a business that fits into a specific market or industry category 
B)  a business that is not diversified 
C)  a business that sells only one product 
D)  a highly diversified business that does not fit into one specific category 
A)  a business that fits into a specific market or industry category 
B)  a business that is not diversified 
C)  a business that sells only one product 
D)  a highly diversified business that does not fit into one specific category

Question 2

From the dynamic perspective, a successful firm is least likely to possess which of the following features?

Accepted Answer

A)  an emphasis on continuous learning 
B)  the ability to improvise 
C)  a slow response to change 
D)  willingness to experiment 
A)  an emphasis on continuous learning 
B)  the ability to improvise 
C)  a slow response to change 
D)  willingness to experiment

Question 3

_____ are not an arena described in the business strategy diamond.

Accepted Answer

A)  Delivery channels 
B)  Product and service categories 
C)  Mergers and acquisitions 
D)  Market segments 
A)  Delivery channels 
B)  Product and service categories 
C)  Mergers and acquisitions 
D)  Market segments

Question 4

A company plans to maximize its profits by charging premium prices for superior customer service. This plan represents an example of which of the following aspects of strategy?

Accepted Answer

A)  arenas 
B)  vehicles 
C)  economic logic 
D)  staging 
A)  arenas 
B)  vehicles 
C)  economic logic 
D)  staging

Question 5

In most businesses, the information necessary to formulate strategy can be found with a small group of leaders.

Accepted Answer

A) True 
 B)False

Question 6

The external perspective on competitive advantage is based on the assumption that differences in competitive advantage are a function of the uniqueness of the firm.

Accepted Answer

A) True 
 B)False

Question 7

What are strategic implementation levers?

Accepted Answer

Strategic implementation levers are the

Question 8

A firm that is characterized by multimarket competition encounters the same competitors in many different markets.

Accepted Answer

A) True 
 B)False

Question 9

_____ is/are not one of the levers used to achieve strategic alignment.

Accepted Answer

A)  Reward systems 
B)  Profitability 
C)  Processes 
D)  Organizational structure 
A)  Reward systems 
B)  Profitability 
C)  Processes 
D)  Organizational structure

Question 10

Which of the following is not an assumption of the internal perspective?

Accepted Answer

A)  Each firm is a unique collection of resources and capabilities. 
B)  All firms possess the same strategically relevant resources. 
C)  Resources are not highly mobile across firms. 
D)  Firms acquire different resources and capabilities over time. 
A)  Each firm is a unique collection of resources and capabilities. 
B)  All firms possess the same strategically relevant resources. 
C)  Resources are not highly mobile across firms. 
D)  Firms acquire different resources and capabilities over time.

Question 11

Which of the following maintains the ultimate responsibility for strategy within an organization?

Accepted Answer

A)  senior management 
B)  lower-level managers 
C)  mid-level executives 
D)  employee teams 
A)  senior management 
B)  lower-level managers 
C)  mid-level executives 
D)  employee teams

Question 12

How is the concept of strategy defined?

Accepted Answer

Strategy is defined as the central, inte

Question 13

Organizational structure is the least important of all three major strategic levers.

Accepted Answer

A) True 
 B)False

Question 14

What is the "knowing-doing gap" found among managers?

Accepted Answer

The "knowing-doing gap" refers

Question 15

_____ is/are not a vehicle described in the business strategy diamond.

Accepted Answer

A)  Joint ventures 
B)  Reputation 
C)  Acquisitions 
D)  Franchising 
A)  Joint ventures 
B)  Reputation 
C)  Acquisitions 
D)  Franchising

Question 16

According to the external perspective, which of the following has the greatest impact on a firm's competitive advantage?

Accepted Answer

A)  proper utilization of the firm's human resources 
B)  selecting the most attractive industry in which to compete 
C)  identifying the firm's key competitive advantage 
D)  developing the firm's unique resources and capabilities 
A)  proper utilization of the firm's human resources 
B)  selecting the most attractive industry in which to compete 
C)  identifying the firm's key competitive advantage 
D)  developing the firm's unique resources and capabilities

Question 17

Systems consist of the organizational processes and procedures that a firm uses in its daily operations, such as controls and incentives, resource-allocation procedures, budgets, and distribution.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following concepts describes the process used to decide what a firm should do?

Accepted Answer

A)  strategy integration 
B)  strategy implementation 
C)  strategy formulation 
D)  strategic alignment 
A)  strategy integration 
B)  strategy implementation 
C)  strategy formulation 
D)  strategic alignment

Question 19

Which of the following describes the most appropriate use of business-level strategies?

Accepted Answer

A)  pursuing opportunities within a specific business 
B)  outsourcing production to overseas divisions 
C)  managing diversified businesses 
D)  competing in hypercompetitive markets 
A)  pursuing opportunities within a specific business 
B)  outsourcing production to overseas divisions 
C)  managing diversified businesses 
D)  competing in hypercompetitive markets

Question 20

The process of implementing strategy should provide information that can be used to modify a firm's strategy.

Accepted Answer

A) True 
 B)False

A conglomerate is best described as ________.

From the dynamic perspective, a successful firm is least likely to possess which of the following features?

_____ are not an arena described in the business strategy diamond.

A company plans to maximize its profits by charging premium prices for superior customer service. This plan represents an example of which of the following aspects of strategy?

In most businesses, the information necessary to formulate strategy can be found with a small group of leaders.

The external perspective on competitive advantage is based on the assumption that differences in competitive advantage are a function of the uniqueness of the firm.

What are strategic implementation levers?

A firm that is characterized by multimarket competition encounters the same competitors in many different markets.

_____ is/are not one of the levers used to achieve strategic alignment.

Which of the following is not an assumption of the internal perspective?

Which of the following maintains the ultimate responsibility for strategy within an organization?

How is the concept of strategy defined?

Organizational structure is the least important of all three major strategic levers.

What is the "knowing-doing gap" found among managers?

_____ is/are not a vehicle described in the business strategy diamond.

According to the external perspective, which of the following has the greatest impact on a firm's competitive advantage?

Systems consist of the organizational processes and procedures that a firm uses in its daily operations, such as controls and incentives, resource-allocation procedures, budgets, and distribution.

Which of the following concepts describes the process used to decide what a firm should do?

Which of the following describes the most appropriate use of business-level strategies?

The process of implementing strategy should provide information that can be used to modify a firm's strategy.

Leading Strategically Through Effective Vision and Mission

Examining the Internal Environment: Resources

Exploring the External Environment: Macro Industry and Dynamics

Creating Business Strategies

Crafting Business Strategy of Dynamic Contexts

Developing Corporate Strategy

Looking at International Strategies

Understanding Alliances and Cooperative Strategies

Studying Merges and Acquisitions

Organizational Structure, Systems, and Processes

Considering New Ventures and Corporate Renewal

Corporate Governance in the Twenty-First Century

Filters

Exam 1: Introducing Strategic Management

A conglomerate is best described as ________.

From the dynamic perspective, a successful firm is least likely to possess which of the following features?

_____ are not an arena described in the business strategy diamond.

A company plans to maximize its profits by charging premium prices for superior customer service. This plan represents an example of which of the following aspects of strategy?

In most businesses, the information necessary to formulate strategy can be found with a small group of leaders.

The external perspective on competitive advantage is based on the assumption that differences in competitive advantage are a function of the uniqueness of the firm.

What are strategic implementation levers?

A firm that is characterized by multimarket competition encounters the same competitors in many different markets.

_____ is/are not one of the levers used to achieve strategic alignment.

Which of the following is not an assumption of the internal perspective?

Which of the following maintains the ultimate responsibility for strategy within an organization?

How is the concept of strategy defined?

Organizational structure is the least important of all three major strategic levers.

What is the "knowing-doing gap" found among managers?

_____ is/are not a vehicle described in the business strategy diamond.

According to the external perspective, which of the following has the greatest impact on a firm's competitive advantage?

Systems consist of the organizational processes and procedures that a firm uses in its daily operations, such as controls and incentives, resource-allocation procedures, budgets, and distribution.

Which of the following concepts describes the process used to decide what a firm should do?

Which of the following describes the most appropriate use of business-level strategies?

The process of implementing strategy should provide information that can be used to modify a firm's strategy.

Leading Strategically Through Effective Vision and Mission

Examining the Internal Environment: Resources

Exploring the External Environment: Macro Industry and Dynamics

Creating Business Strategies

Crafting Business Strategy of Dynamic Contexts

Developing Corporate Strategy

Looking at International Strategies

Understanding Alliances and Cooperative Strategies

Studying Merges and Acquisitions

Organizational Structure, Systems, and Processes

Considering New Ventures and Corporate Renewal

Corporate Governance in the Twenty-First Century

Filters