Question 1

What is an intended strategy?

Accepted Answer

An intended strategy is the strategy tha

Question 2

A _____ is an organization which grants the right to use its brand name, products, and processes to other organizations.

Accepted Answer

A) legatee 
B) franchisee 
C) bailee 
D) bailer 
E) franchisor 
A) legatee 
B) franchisee 
C) bailee 
D) bailer 
E) franchisor

Question 3

What is a realized strategy?

Accepted Answer

A realized strategy is the strategy that

Question 4

Trends and events of the external environment seldom affect the overall state of an organization.

Accepted Answer

A) True 
 B)False

Question 5

Developing a viable business model requires that a firm sell goods or services for more than it costs the firm to create and distribute those goods.

Accepted Answer

A) True 
 B)False

Question 6

A(n) _____ fee refers to the percentage of franchisees' revenues paid to an organization which has granted the right to use its brand name, products, and processes.

Accepted Answer

A) royalty 
B) establishment 
C) acceptance 
D) acknowledgement 
E) franchise 
A) royalty 
B) establishment 
C) acceptance 
D) acknowledgement 
E) franchise

Question 7

Strategic management is neither an art nor a science.

Accepted Answer

A) True 
 B)False

Question 8

Roomz, a mid-range hotel, used to provide only food and accommodation facilities.It soon realized that most of its customers are foreign tourists who constantly ask for directions and advice on places to visit.The hotel then decided to start a travel desk which would help tourists select and visit places of historical and cultural significance.This is an example of a(n) _____ strategy.

Accepted Answer

A) marked 
B) pre-termed 
C) intended 
D) realized 
E) emergent 
A) marked 
B) pre-termed 
C) intended 
D) realized 
E) emergent

Question 9

Strategy implementation entails crafting an effective organizational structure and corporate culture.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following statements holds true for the book, "Competitive Strategy: Techniques for Analyzing Industries and Competitors"?

Accepted Answer

A) It stressed on how strategy and organizational structure need to be consistent with each other in order to ensure strong firm performance. 
B) It offered concepts such as Five Forces Analysis and Generic Strategies that continue to strongly influence how executives choose strategies. 
C) It stressed on how organizations could become more efficient through identifying the "one best way" of performing important tasks. 
D) It argued that many of the advantages that firms in developed countries like the United States, Japan, and Great Britain take for granted are disappearing. 
E) It emphasized student's critical thinking skills in general and the notion that multiple ways of addressing a problem could be equally successful in particular. 
A) It stressed on how strategy and organizational structure need to be consistent with each other in order to ensure strong firm performance. 
B) It offered concepts such as Five Forces Analysis and Generic Strategies that continue to strongly influence how executives choose strategies. 
C) It stressed on how organizations could become more efficient through identifying the "one best way" of performing important tasks. 
D) It argued that many of the advantages that firms in developed countries like the United States, Japan, and Great Britain take for granted are disappearing. 
E) It emphasized student's critical thinking skills in general and the notion that multiple ways of addressing a problem could be equally successful in particular.

Question 11

Marty's, a clothing company, has a number of outlets that are owned and managed by private individuals.These outlets are allowed to use the brand name and products of the clothing line after paying a fee to Marty's.They also pay a part of their revenues to Marty's.Marty's is an example of a:

Accepted Answer

A) franchisee. 
B) bailee. 
C) franchisor. 
D) bailer. 
E) legatee. 
A) franchisee. 
B) bailee. 
C) franchisor. 
D) bailer. 
E) legatee.

Question 12

Economies of _____ refer to a cost advantage that is created when a firm can produce a good or service at a lower per unit price due to producing the good or service in large quantities.

Accepted Answer

A) scale 
B) demand 
C) scope 
D) brand 
E) integration 
A) scale 
B) demand 
C) scope 
D) brand 
E) integration

Question 13

A viable business model requires that a firm:

Accepted Answer

A) sell goods or services at the same cost the firm needs to create and distribute those goods. 
B) sell goods or services without paying any attention to the costs that the firm has to bear in order to create and distribute those goods. 
C) give away goods or services for free in order to attract more and more customers. 
D) sell goods or services for more than it costs the firm to create and distribute those goods. 
E) sell goods or services for less than it costs the firm to create and distribute those goods. 
A) sell goods or services at the same cost the firm needs to create and distribute those goods. 
B) sell goods or services without paying any attention to the costs that the firm has to bear in order to create and distribute those goods. 
C) give away goods or services for free in order to attract more and more customers. 
D) sell goods or services for more than it costs the firm to create and distribute those goods. 
E) sell goods or services for less than it costs the firm to create and distribute those goods.

Question 14

Explain Taylor's principles of scientific management.

Accepted Answer

In 1911, Taylor published a book titled

Question 15

Strategy formulation involves developing specific strategies and actions.

Accepted Answer

A) True 
 B)False

Question 16

One important aspect of a business model is providing customers with a good or service more cheaply than they can create it themselves.

Accepted Answer

A) True 
 B)False

Question 17

Who wrote the book, "The World is Flat: A Brief History of the Twenty-First Century"?

Accepted Answer

A) Michael Porter 
B) Frederick W.Taylor 
C) Niccolò Machiavelli 
D) Thomas Friedman 
E) Alfred Chandler 
A) Michael Porter 
B) Frederick W.Taylor 
C) Niccolò Machiavelli 
D) Thomas Friedman 
E) Alfred Chandler

Question 18

A department store consistently keeps low prices, and this strategy helps the store to attract many customers.This is an example of a strategic:

Accepted Answer

A) ploy. 
B) plan. 
C) position. 
D) pattern. 
E) perspective. 
A) ploy. 
B) plan. 
C) position. 
D) pattern. 
E) perspective.

Question 19

A company that manufactures soaps could not sell its products despite spending a good amount on advertisements.Therefore, management decided to use the concept of direct marketing.They thought of appointing a large number of salespersons who would do door-to-door selling of the product.This is an example of a strategic:

Accepted Answer

A) ploy. 
B) plan. 
C) position. 
D) pattern. 
E) perspective. 
A) ploy. 
B) plan. 
C) position. 
D) pattern. 
E) perspective.

Question 20

Intended strategies are usually described in detail within an organization's strategic plan.

Accepted Answer

A) True 
 B)False

What is an intended strategy?

A _____ is an organization which grants the right to use its brand name, products, and processes to other organizations.

What is a realized strategy?

Trends and events of the external environment seldom affect the overall state of an organization.

Developing a viable business model requires that a firm sell goods or services for more than it costs the firm to create and distribute those goods.

A(n) _____ fee refers to the percentage of franchisees' revenues paid to an organization which has granted the right to use its brand name, products, and processes.

Strategic management is neither an art nor a science.

Strategy implementation entails crafting an effective organizational structure and corporate culture.

Which of the following statements holds true for the book, "Competitive Strategy: Techniques for Analyzing Industries and Competitors"?

Marty's, a clothing company, has a number of outlets that are owned and managed by private individuals.These outlets are allowed to use the brand name and products of the clothing line after paying a fee to Marty's.They also pay a part of their revenues to Marty's.Marty's is an example of a:

Economies of _____ refer to a cost advantage that is created when a firm can produce a good or service at a lower per unit price due to producing the good or service in large quantities.

A viable business model requires that a firm:

Explain Taylor's principles of scientific management.

Strategy formulation involves developing specific strategies and actions.

One important aspect of a business model is providing customers with a good or service more cheaply than they can create it themselves.

Who wrote the book, "The World is Flat: A Brief History of the Twenty-First Century"?

A department store consistently keeps low prices, and this strategy helps the store to attract many customers.This is an example of a strategic:

Intended strategies are usually described in detail within an organization's strategic plan.

Leading Strategically

Evaluating the External Environment

Managing Company Resources

Selecting Business-Level Strategies

Supporting the Business-Level Strategy: Competitive and Cooperative Moves

Competing in International Markets

Selecting Corporate-Level Strategies

Executing Strategy Through Organizational Design

Leading an Ethical Organization: Corporate Governance, Corporate Ethics, and Social Responsibility

Filters

Exam 1: Mastering Strategy: Art and Science

What is an intended strategy?

A _____ is an organization which grants the right to use its brand name, products, and processes to other organizations.

What is a realized strategy?

Trends and events of the external environment seldom affect the overall state of an organization.

Developing a viable business model requires that a firm sell goods or services for more than it costs the firm to create and distribute those goods.

A(n) _____ fee refers to the percentage of franchisees' revenues paid to an organization which has granted the right to use its brand name, products, and processes.

Strategic management is neither an art nor a science.

Strategy implementation entails crafting an effective organizational structure and corporate culture.

Which of the following statements holds true for the book, "Competitive Strategy: Techniques for Analyzing Industries and Competitors"?

Marty's, a clothing company, has a number of outlets that are owned and managed by private individuals.These outlets are allowed to use the brand name and products of the clothing line after paying a fee to Marty's.They also pay a part of their revenues to Marty's.Marty's is an example of a:

Economies of _____ refer to a cost advantage that is created when a firm can produce a good or service at a lower per unit price due to producing the good or service in large quantities.

A viable business model requires that a firm:

Explain Taylor's principles of scientific management.

Strategy formulation involves developing specific strategies and actions.

One important aspect of a business model is providing customers with a good or service more cheaply than they can create it themselves.

Who wrote the book, "The World is Flat: A Brief History of the Twenty-First Century"?

A department store consistently keeps low prices, and this strategy helps the store to attract many customers.This is an example of a strategic:

Intended strategies are usually described in detail within an organization's strategic plan.

Leading Strategically

Evaluating the External Environment

Managing Company Resources

Selecting Business-Level Strategies

Supporting the Business-Level Strategy: Competitive and Cooperative Moves

Competing in International Markets

Selecting Corporate-Level Strategies

Executing Strategy Through Organizational Design

Leading an Ethical Organization: Corporate Governance, Corporate Ethics, and Social Responsibility

Filters