Exam 1: Introducing Strategic Management

The external perspective indicates that differences in competitive advantage are more often a function of industry attractiveness than a function of the firm's position in the industry.

Customization of products and services is a major way to exploit various targeted arenas.

Corporate-level strategies are most appropriate for diversified businesses that compete in many different and unrelated businesses and industries.

Which of the following would be least likely to drive a company's staging decision regarding expansion into a particular market?

Staging refers to the timing and pace of strategic moves that are influenced by how a firm uses available resources such as cash, human capital, and knowledge.

A conglomerate is a business that is so diversified it does not fit into one specific industry category.

The big-picture perspective of a business strategy differs significantly from the tactics used to implement the strategy.

The term arena is defined as what a firm wants to become in the future.

A senior manager is reviewing the components of the strategy diamond with her staff. When naming the five major components, she lists all of the following except ________.

A company hires a business consultant to help identify key differentiators that may increase the company's competitive advantage. In discussing possible differentiators, the consultant is least likely to mention which of the following?

Business-level strategies are focused on developing and pursuing goals and objectives within specific markets or industry segments.

In a planning meeting, a CEO discusses the main strategic levers that the company intends to use as part of its strategic implementation efforts. The CEO most likely mentions all of the following except ________.

Research shows that few firms persist with their competitive advantage over prolonged periods of time.

The dynamic perspective tends to explain the medical products industry more accurately than it explains the computer industry.

Which of the following strategy components was most helpful for Under Armour's early success in the sports apparel industry?

Which statement about the strategic management process is most accurate?

Which concept describes how a firm determines the objectives and tasks that are required to put a plan into action?

Research suggests that U.S. managers are better at strategy implementation than strategy formulation.

The dynamic strategy perspective is particularly useful for analyzing markets that change rapidly and unpredictably.

Firms that compete in some aspects of business may actually cooperate in other business areas.