Question 1

Strategy denotes an overall plan whereas a tactic is a scheme for a specific action.

Accepted Answer

A) True 
 B)False  True

Question 2

The main value of analytical approaches to strategy formulation is:

Accepted Answer

A) To identify the optimal strategy that a firm should adopt 
B) To provide understanding of strategic issues 
C) To substitute for manager's intuition and creativity 
D) To ensure that strategic decision making is assigned to the capable people within the organization 
A) To identify the optimal strategy that a firm should adopt 
B) To provide understanding of strategic issues 
C) To substitute for manager's intuition and creativity 
D) To ensure that strategic decision making is assigned to the capable people within the organization B

Question 3

A key component of an effective strategy is clear,consistent,long-term goals.

Accepted Answer

A) True 
 B)False  True

Question 4

A major problem of using SWOT analyses in distinguishing strengths from weaknesses and opportunities from threats.

Accepted Answer

A) True 
 B)False

Question 5

Strategic choices involve two basic questions: where and how to compete?

Accepted Answer

A) True 
 B)False

Question 6

Strategic decisions are those decisions that are:

Accepted Answer

A) Important,commit resources,and are irreversible 
B) Long term 
C) Are confined to the senior executives of an organization 
D) Concerned with establishing competitive advantage 
A) Important,commit resources,and are irreversible 
B) Long term 
C) Are confined to the senior executives of an organization 
D) Concerned with establishing competitive advantage

Question 7

Which of the following is not one of the ways in which a systematic,strategy-making process improves an organization's decision making:

Accepted Answer

A) Reducing the number of choices being considered 
B) Integrating and pooling the knowledge of different members of the organization 
C) Facilitating the use of analytic tools 
D) Providing algorithms that generate optimal solutions to strategic problems 
A) Reducing the number of choices being considered 
B) Integrating and pooling the knowledge of different members of the organization 
C) Facilitating the use of analytic tools 
D) Providing algorithms that generate optimal solutions to strategic problems

Question 8

"Strategic fit" refers to the consistency between a firm's strategy and,on one hand,its external environment and,on the other,its internal resources and capabilities.

Accepted Answer

A) True 
 B)False

Question 9

The main problem of SWOT as a framework for strategy analysis is that:

Accepted Answer

A) Distinguishing opportunities from threats and strengths from weaknesses is often difficult 
B) It has now been superseded by more sophisticated analytical frameworks 
C) It is focused on strategy formulation and fails to take account of strategy implementation 
D) It is so widely used that it no longer has any novelty. 
A) Distinguishing opportunities from threats and strengths from weaknesses is often difficult 
B) It has now been superseded by more sophisticated analytical frameworks 
C) It is focused on strategy formulation and fails to take account of strategy implementation 
D) It is so widely used that it no longer has any novelty.

Question 10

Strategic fit refers to:

Accepted Answer

A) The need for a firm's strategy to be consistent with its vision,mission,and culture 
B) The consistency of a firm's strategy with its external and internal environments 
C) The need for a firm's strategy to be unique 
D) The need for a firm's strategy to fit the needs of all its stakeholders,not just shareholders 
A) The need for a firm's strategy to be consistent with its vision,mission,and culture 
B) The consistency of a firm's strategy with its external and internal environments 
C) The need for a firm's strategy to be unique 
D) The need for a firm's strategy to fit the needs of all its stakeholders,not just shareholders

Question 11

The successful careers of both Queen Elizabeth II and Lady Gaga may be attributed to their commitment to systematic strategic planning

Accepted Answer

A) True 
 B)False

Question 12

Ryanair's strategic position is as Europe's lowest-cost airline may be attributed to:

Accepted Answer

A) The willingness of its CEO,Michael O'Leary,to challenge conventional notions of customer and employee satisfaction 
B) Its use of secondary airports where costs are lower 
C) The high operating costs of major airlines such as British Airways,Lufthansa,and Air France-KLM on short-haul routes 
D) An integrated,consistent set of activities designed to maximize productivity and minimize operating costs 
A) The willingness of its CEO,Michael O'Leary,to challenge conventional notions of customer and employee satisfaction 
B) Its use of secondary airports where costs are lower 
C) The high operating costs of major airlines such as British Airways,Lufthansa,and Air France-KLM on short-haul routes 
D) An integrated,consistent set of activities designed to maximize productivity and minimize operating costs

Question 13

A conceptualization the firm as an "activity system" is a means of depicting:

Accepted Answer

A) How a firm's strategy should be implemented 
B) The extent to which a firm's resources and capabilities are aligned with its strategic goals 
C) The extent to which a firm's strategic goals are aligned with its industry environment 
D) The components of a firm's strategy and consistency with which they fit together 
A) How a firm's strategy should be implemented 
B) The extent to which a firm's resources and capabilities are aligned with its strategic goals 
C) The extent to which a firm's strategic goals are aligned with its industry environment 
D) The components of a firm's strategy and consistency with which they fit together

Question 14

The successful careers of both Queen Elizabeth II and Lady Gaga may be attributed to the fact that both:

Accepted Answer

A) Have used dressing up as a means of attracting attention and establishing identity 
B) Have a knack for being in the right place at the right time 
C) Have a consistency of direction based on clear goals 
D) Have built a loyal fan base based on astute use of the media. 
A) Have used dressing up as a means of attracting attention and establishing identity 
B) Have a knack for being in the right place at the right time 
C) Have a consistency of direction based on clear goals 
D) Have built a loyal fan base based on astute use of the media.

Question 15

The more turbulent a firm's external environment,the more must its strategy:

Accepted Answer

A) Be formulated top-down rather than bottom-up 
B) Be about direction rather than specific plans 
C) Emphasize innovation 
D) Rely upon inputs from external consultants 
A) Be formulated top-down rather than bottom-up 
B) Be about direction rather than specific plans 
C) Emphasize innovation 
D) Rely upon inputs from external consultants

Question 16

The principles of military strategy are rarely applicable to business situations.

Accepted Answer

A) True 
 B)False

Question 17

The principal temporal challenge of that strategic management faces is:

Accepted Answer

A) The need to match internal organizational change with the rate of change in the external environment 
B) The need to compete for today while preparing for the future 
C) The need to keep abreast of technological change 
D) Increasing responsiveness and innovation 
A) The need to match internal organizational change with the rate of change in the external environment 
B) The need to compete for today while preparing for the future 
C) The need to keep abreast of technological change 
D) Increasing responsiveness and innovation

Question 18

The extent to which an organization's strategy is determined by decentralized emergence rather than by centralized design depends mainly upon:

Accepted Answer

A) How turbulent and unpredictable is the external environment of the organization 
B) How the organization is structured 
C) The commitment of the organization to experimentation 
D) Whether the organization has a formalized process of strategic planning. 
A) How turbulent and unpredictable is the external environment of the organization 
B) How the organization is structured 
C) The commitment of the organization to experimentation 
D) Whether the organization has a formalized process of strategic planning.

Question 19

The primary purpose of strategy is:

Accepted Answer

A) To maximize shareholder value 
B) To achieve success 
C) To ensure that all stakeholders benefit from the value created by the firm 
D) To be a responsible corporate citizen 
A) To maximize shareholder value 
B) To achieve success 
C) To ensure that all stakeholders benefit from the value created by the firm 
D) To be a responsible corporate citizen

Question 20

A description of a company's organizational purpose is called a:

Accepted Answer

A) Vision statement 
B) Values statement 
C) Mission statement 
D) All the above 
A) Vision statement 
B) Values statement 
C) Mission statement 
D) All the above

Strategy denotes an overall plan whereas a tactic is a scheme for a specific action.

The main value of analytical approaches to strategy formulation is:

A key component of an effective strategy is clear,consistent,long-term goals.

A major problem of using SWOT analyses in distinguishing strengths from weaknesses and opportunities from threats.

Strategic choices involve two basic questions: where and how to compete?

Strategic decisions are those decisions that are:

Which of the following is not one of the ways in which a systematic,strategy-making process improves an organization's decision making:

"Strategic fit" refers to the consistency between a firm's strategy and,on one hand,its external environment and,on the other,its internal resources and capabilities.

The main problem of SWOT as a framework for strategy analysis is that:

Strategic fit refers to:

The successful careers of both Queen Elizabeth II and Lady Gaga may be attributed to their commitment to systematic strategic planning

Ryanair's strategic position is as Europe's lowest-cost airline may be attributed to:

A conceptualization the firm as an "activity system" is a means of depicting:

The successful careers of both Queen Elizabeth II and Lady Gaga may be attributed to the fact that both:

The more turbulent a firm's external environment,the more must its strategy:

The principles of military strategy are rarely applicable to business situations.

The principal temporal challenge of that strategic management faces is:

The extent to which an organization's strategy is determined by decentralized emergence rather than by centralized design depends mainly upon:

The primary purpose of strategy is:

A description of a company's organizational purpose is called a:

Goals, Values, and Performance

Industry Analysis: the Fundamentals

Further Topics in Industry and Competitive Analysis

Analyzing Resources and Capabilities

A : The Sources and Dimensions of Competitive Advantage

B :The Sources and Dimensions of Competitive Advantage

Industry Evolution and Strategic Change

Technology-Based Industries and the Management of Innovation

Vertical Integration and the Scope of the Firm

Global Strategy and the Multinational Corporation

Diversification Strategy

Implementing Corporate Strategy: Managing the Multibusiness Firm

External Growth Strategies: Mergers, Acquisitions, and Alliances

Current Trends in Strategic Management

Filters

Exam 1: The Concept of Strategy

Strategy denotes an overall plan whereas a tactic is a scheme for a specific action.

The main value of analytical approaches to strategy formulation is:

A key component of an effective strategy is clear,consistent,long-term goals.

A major problem of using SWOT analyses in distinguishing strengths from weaknesses and opportunities from threats.

Strategic choices involve two basic questions: where and how to compete?

Strategic decisions are those decisions that are:

Which of the following is not one of the ways in which a systematic,strategy-making process improves an organization's decision making:

"Strategic fit" refers to the consistency between a firm's strategy and,on one hand,its external environment and,on the other,its internal resources and capabilities.

The main problem of SWOT as a framework for strategy analysis is that:

Strategic fit refers to:

The successful careers of both Queen Elizabeth II and Lady Gaga may be attributed to their commitment to systematic strategic planning

Ryanair's strategic position is as Europe's lowest-cost airline may be attributed to:

A conceptualization the firm as an "activity system" is a means of depicting:

The successful careers of both Queen Elizabeth II and Lady Gaga may be attributed to the fact that both:

The more turbulent a firm's external environment,the more must its strategy:

The principles of military strategy are rarely applicable to business situations.

The principal temporal challenge of that strategic management faces is:

The extent to which an organization's strategy is determined by decentralized emergence rather than by centralized design depends mainly upon:

The primary purpose of strategy is:

A description of a company's organizational purpose is called a:

Goals, Values, and Performance

Industry Analysis: the Fundamentals

Further Topics in Industry and Competitive Analysis

Analyzing Resources and Capabilities

A : The Sources and Dimensions of Competitive Advantage

B :The Sources and Dimensions of Competitive Advantage

Industry Evolution and Strategic Change

Technology-Based Industries and the Management of Innovation

Vertical Integration and the Scope of the Firm

Global Strategy and the Multinational Corporation

Diversification Strategy

Implementing Corporate Strategy: Managing the Multibusiness Firm

External Growth Strategies: Mergers, Acquisitions, and Alliances

Current Trends in Strategic Management

Filters