Question 1

Business-level and corporate-level strategies are least likely to share which of the following elements?

Accepted Answer

A)  focus on profit maximization 
B)  focus on cash flow maximization 
C)  breadth of focus 
D)  focus on quality and efficiency 
A)  focus on profit maximization 
B)  focus on cash flow maximization 
C)  breadth of focus 
D)  focus on quality and efficiency

Question 2

The dynamic perspective indicates that the current market position of a firm is not an accurate predictor of its future performance.

Accepted Answer

A) True 
 B)False

Question 3

A research associate is requested by his boss to write a report identifying potential new arenas in which the business might launch overseas operations. Which of the following categories is the associate least likely to include as a potential arena in his report?

Accepted Answer

A)  customers 
B)  channels 
C)  product categories 
D)  technologies 
A)  customers 
B)  channels 
C)  product categories 
D)  technologies

Question 4

The internal perspective on competitive advantage is also known as which of the following?

Accepted Answer

A)  structural approach 
B)  industrial organization economics 
C)  resource-based view 
D)  dynamic perspective 
A)  structural approach 
B)  industrial organization economics 
C)  resource-based view 
D)  dynamic perspective

Question 5

According to Michael Porter's theory, what factors determine competitive advantage?

Accepted Answer

This theory, sometimes called industrial

Question 6

The concept of strategic alignment can best be described as ________.

Accepted Answer

A)  the way that firms choose to use their resources 
B)  the need for the firm's activities to compliment each other and support the overall strategy 
C)  the way that firms choose to develop their capabilities 
D)  the need to increase competitive advantage by selecting an attractive industry 
A)  the way that firms choose to use their resources 
B)  the need for the firm's activities to compliment each other and support the overall strategy 
C)  the way that firms choose to develop their capabilities 
D)  the need to increase competitive advantage by selecting an attractive industry

Question 7

What are the two key components of the strategic management process?

Accepted Answer

The two critical components ar

Question 8

A business utilizing the "people and rewards" implementation lever would most likely carry out which of the following?

Accepted Answer

A)  providing on-the-job training programs 
B)  instituting just-in-time inventory control 
C)  reorganizing the company's management hierarchy 
D)  decentralizing the company's business operations 
A)  providing on-the-job training programs 
B)  instituting just-in-time inventory control 
C)  reorganizing the company's management hierarchy 
D)  decentralizing the company's business operations

Question 9

Successful strategies are often formulated without input from those who will later implement the strategies.

Accepted Answer

A) True 
 B)False

Question 10

All of the following are aspects of organizational structure except ________.

Accepted Answer

A)  units 
B)  hierarchy 
C)  budgeting 
D)  authority 
A)  units 
B)  hierarchy 
C)  budgeting 
D)  authority

Question 11

What role does strategic leadership play in the strategy implementation process?

Accepted Answer

Strategic leadership is respon

Question 12

A company makes a decision to expand only by developing new stores internally. The company can best be described as using which of the following?

Accepted Answer

A)  the vehicle of organic growth 
B)  the vehicle of acquisition 
C)  the differentiator of alliances 
D)  the economic logic of customization 
A)  the vehicle of organic growth 
B)  the vehicle of acquisition 
C)  the differentiator of alliances 
D)  the economic logic of customization

Question 13

The dynamic perspective looks at how a firm arrived at its current market position to predict future competitive advantage.

Accepted Answer

A) True 
 B)False

Question 14

Which statement about the dynamic perspective is true?

Accepted Answer

A)  A firm's market position tends to remain relatively stable over time. 
B)  The current market position of a firm is not an accurate predictor of its future performance. 
C)  Competitive advantage is determined by the structure of the industry. 
D)  Competitive advantage is determined by industry attractiveness. 
A)  A firm's market position tends to remain relatively stable over time. 
B)  The current market position of a firm is not an accurate predictor of its future performance. 
C)  Competitive advantage is determined by the structure of the industry. 
D)  Competitive advantage is determined by industry attractiveness.

Question 15

In markets that are dominated by only a few firms, the degree of industry stability has no effect on competitive advantage.

Accepted Answer

A) True 
 B)False

Question 16

What categories should be considered when analyzing a firm's economic logic?

Accepted Answer

A firm's economic logic can be analyzed

Question 17

Major differentiators include services that help a business outperform their competitors, including brand image, customization, technical superiority, price, quality, and reliability.

Accepted Answer

A) True 
 B)False

Question 18

The internal perspective assumes that firms can create a competitive advantage by having resources that are rare or costly to imitate.

Accepted Answer

A) True 
 B)False

Question 19

A business market that experiences rapid and unpredictable change is known as a "high-velocity" market.

Accepted Answer

A) True 
 B)False

Question 20

The competitive advantage of a firm over its competitors tends to change more slowly in unpredictable markets.

Accepted Answer

A) True 
 B)False

Business-level and corporate-level strategies are least likely to share which of the following elements?

The dynamic perspective indicates that the current market position of a firm is not an accurate predictor of its future performance.

A research associate is requested by his boss to write a report identifying potential new arenas in which the business might launch overseas operations. Which of the following categories is the associate least likely to include as a potential arena in his report?

The internal perspective on competitive advantage is also known as which of the following?

According to Michael Porter's theory, what factors determine competitive advantage?

The concept of strategic alignment can best be described as ________.

What are the two key components of the strategic management process?

A business utilizing the "people and rewards" implementation lever would most likely carry out which of the following?

Successful strategies are often formulated without input from those who will later implement the strategies.

All of the following are aspects of organizational structure except ________.

What role does strategic leadership play in the strategy implementation process?

A company makes a decision to expand only by developing new stores internally. The company can best be described as using which of the following?

The dynamic perspective looks at how a firm arrived at its current market position to predict future competitive advantage.

Which statement about the dynamic perspective is true?

In markets that are dominated by only a few firms, the degree of industry stability has no effect on competitive advantage.

What categories should be considered when analyzing a firm's economic logic?

Major differentiators include services that help a business outperform their competitors, including brand image, customization, technical superiority, price, quality, and reliability.

The internal perspective assumes that firms can create a competitive advantage by having resources that are rare or costly to imitate.

A business market that experiences rapid and unpredictable change is known as a "high-velocity" market.

The competitive advantage of a firm over its competitors tends to change more slowly in unpredictable markets.

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

Business-level and corporate-level strategies are least likely to share which of the following elements?

The dynamic perspective indicates that the current market position of a firm is not an accurate predictor of its future performance.

A research associate is requested by his boss to write a report identifying potential new arenas in which the business might launch overseas operations. Which of the following categories is the associate least likely to include as a potential arena in his report?

The internal perspective on competitive advantage is also known as which of the following?

According to Michael Porter's theory, what factors determine competitive advantage?

The concept of strategic alignment can best be described as ________.

What are the two key components of the strategic management process?

A business utilizing the "people and rewards" implementation lever would most likely carry out which of the following?

Successful strategies are often formulated without input from those who will later implement the strategies.

All of the following are aspects of organizational structure except ________.

What role does strategic leadership play in the strategy implementation process?

A company makes a decision to expand only by developing new stores internally. The company can best be described as using which of the following?

The dynamic perspective looks at how a firm arrived at its current market position to predict future competitive advantage.

Which statement about the dynamic perspective is true?

In markets that are dominated by only a few firms, the degree of industry stability has no effect on competitive advantage.

What categories should be considered when analyzing a firm's economic logic?

Major differentiators include services that help a business outperform their competitors, including brand image, customization, technical superiority, price, quality, and reliability.

The internal perspective assumes that firms can create a competitive advantage by having resources that are rare or costly to imitate.

A business market that experiences rapid and unpredictable change is known as a "high-velocity" market.

The competitive advantage of a firm over its competitors tends to change more slowly in unpredictable markets.

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