Question 1

A ______ is a set of normalized assumptions about how the world works and how to generate knowledge that frames thinking within a community.

Accepted Answer

A)   theoretical tool
B)   concept
C)   phenomenon
D)   paradigm D

Question 2

What makes strategizing necessary?

Accepted Answer

A)   rapid changes in the business landscape
B)   more sophisticated organizational structures
C)   pressure to innovate
D)   all of these D

Question 3

The first strategy as practice theory was written by ______.

Accepted Answer

A)   Porter
B)   Knights and Morgan
C)   Marx & Engels
D)   Machiavelli B

Question 4

In Furrer, Thomas and Goussevskaia's research, the most frequent keyword associated with strategy was:

Accepted Answer

A)   process
B)   dynamics
C)   performance
D)   environment

Question 5

Modern conceptions of strategy as planning played a major role in:

Accepted Answer

A)   the First World War
B)   the Peloponnesian Wars
C)   the Second World War
D)   the Vietnam War

Question 6

Marks & Spencer is a ______.

Accepted Answer

A)   successful model for fashion retailing
B)   model example of organization learning
C)   firm challenged by newer models such as Zara
D)   firm with a weak leadership team

Question 7

A behavioural perspective on strategy argues that ______ influence the unfolding of strategy.

Accepted Answer

A)   cognitive processes of bounded rationality
B)   rapid changes and external phenomena
C)   both cognitive processes of bounded rationality and rapid changes and external phenomena
D)   none of these

Question 8

Machiavelli's contribution to strategy suggests that:

Accepted Answer

A)   remaining powerful is the highest priority
B)   listening to your employees' needs is of utmost importance
C)   delegation of authority enhances team performance
D)   none of these

Question 9

Strategic ______ are the opposite of norms of predictability and routine.

Accepted Answer

A)   cases
B)   surprises
C)   evolutions
D)   capabilities

Question 10

With which of the following would you associate these words: 'the environment determines success, not the resources controlled'?

Accepted Answer

A)   Penrose
B)   Machiavelli
C)   Pericles
D)   Porter

Question 11

Strategy is all about:

Accepted Answer

A)   foresight and a holistic view of the firm
B)   the short-term objectives of the firm and ways of meeting them
C)   defining marketing goals and targets
D)   enhancing sales performance

Question 12

Who developed Transaction Cost Economics?

Accepted Answer

A)   Michael Porter
B)   Edith Penrose
C)   Karl Marx
D)   Oliver Williamson

Question 13

Which of the following was a strategist?

Accepted Answer

A)   Machiavelli
B)   Sun-Tzu
C)   Herodotus
D)   all of these

Question 14

In the aforementioned study, which topic/concept was found to have an increased frequency of occurrence in the years 2001-05?

Accepted Answer

A)   marketing research and metrics
B)   operational efficiency
C)   IT
D)   innovation

Question 15

What is a principle of revolutionary strategy, according to Hamel?

Accepted Answer

A)   Strategic planning may be planning but it is not strategic.
B)   Revolutionaries exist in every company.
C)   none of these
D)   Both strategic planning may be planning but it is not strategic and revolutionaries exist in every company.

Question 16

A definition of the firm following Edith Penrose focuses on the role of:

Accepted Answer

A)   technology
B)   capital
C)   resources
D)   network

Question 17

A ______ problem is a problem that is hard to define, has many inter-related causes and no criteria for evaluating solutions.

Accepted Answer

A)   complex
B)   historical
C)   sensemaking
D)   wicked

Question 18

According to ______, resources that are not easily copied by competitors are the real source of innovation and value for a firm.

Accepted Answer

A)   Porter
B)   Penrose
C)   Chandler
D)   Ansoff

Question 19

A main feature of Ansoff's logic is that strategy is the exclusive territory of:

Accepted Answer

A)   marketing managers
B)   top management
C)   sales managers
D)   the founder of the company

Question 20

According to Michael Porter, firm profitability is dependent on ______.

Accepted Answer

A)   industry structure
B)   people
C)   the initial capital employed
D)   the economy

Exam 1: Strategy: Theory Practice an Introduction