Question 1

Traditional broadcasters argued before the Federal Trade Commission that a merger between Sirius Satellite Radio and XM Satellite Radio would result in

Accepted Answer

A)  a monopoly of the radio broadcasting industry. 
B)  100% control of the satellite radio industry by the combined firms. 
C)  the traditional radio broadcasting industry being rendered unprofitable. 
D)  the complete destruction of the business model employed by land-based radio broadcasters.

Question 2

The critical need in business to identify and exploit where the market is heading is called

Accepted Answer

A)  opportunity recognition. 
B)  business forecasting. 
C)  technological entrepreneurship. 
D)  value creation.

Question 3

Frederick Taylor, a proponent of time and motion studies and "the science of work" in the early 1900s, shifted the strategic focus of companies from practices designed to eliminate rivals to an internal search for efficiencies and, thus, a competitive advantage based on the firm's own capabilities.

Accepted Answer

A) True 
 B)False

Question 4

"A systematic way of examining all the activities a firm performs and how they interact..." describes

Accepted Answer

A)  an internal analysis. 
B)  the capital budgeting process. 
C)  the value chain. 
D)  the resource-based perspective.

Question 5

Briefly describe the contributions of Sun Tzu, Frederick Taylor, Alfred Chandler, and Michael Porter to the evolution of strategy as a field of study and practice.

Accepted Answer

The answer of Briefly describe the contributions of Sun Tzu,...

Question 6

The turbulent period of the 1970s in the U.S. demonstrated a need for companies to adopt anticipatory visions of their futures and a long-term orientation rather than counting on the future being much like the past.

Accepted Answer

A) True 
 B)False

Question 7

Professor Michael Porter moved the study of strategy toward an emphasis on long-range planning, in which the past is extrapolated into the future.

Accepted Answer

A) True 
 B)False

Question 8

The stage of the strategic management process in which one examines the industry where he or she wishes to compete and looks carefully inside the company to understand its unique competitive strengths and how it organizes its activities is called strategic

Accepted Answer

A)  formulation. 
B)  evaluation. 
C)  analysis. 
D)  implementation.

Question 9

Writing 2,500 years ago, Sun Tzu, in The Art of War, codified many of the precepts of strategy that remain important even today.

Accepted Answer

A) True 
 B)False

Question 10

The vignette about Competition in Commercial Aircraft Manufacturing illustrates what important dimension(s) of strategy?

Accepted Answer

A)  Strategic decisions have long-lasting effects. 
B)  Early strategic decisions can lead to significant differences between competitors. 
C)  Boeing's unassailable lead in the industry confronts no serious competition. 
D)  Both A and B above are illustrated by the vignette.

Question 11

Analysis, formulation, implementation, and synthesis are the four stages typical of the strategic management process.

Accepted Answer

A) True 
 B)False

Question 12

Strategic decisions that are both technically legal and highly effective in the market are to be considered ethical without regard to any other considerations.

Accepted Answer

A) True 
 B)False

Question 13

The critical need in business to identify and exploit where the market is heading is known as value creation.

Accepted Answer

A) True 
 B)False

Question 14

A resource-based analysis is the means by which a firm's managers evaluate the capabilities of important rivals.

Accepted Answer

A) True 
 B)False

Question 15

Many of the foundations of strategic thought can be found in the 2,500-year-old writings of

Accepted Answer

A)  the Old Testament of the Bible. 
B)  Sun Tzu in The Art of War. 
C)  Aeschylus in The Oresteian Trilogy. 
D)  Sophocles in Oedipus the King.

Exam 1: The Need for Strategy

Traditional broadcasters argued before the Federal Trade Commission that a merger between Sirius Satellite Radio and XM Satellite Radio would result in

The critical need in business to identify and exploit where the market is heading is called

Frederick Taylor, a proponent of time and motion studies and "the science of work" in the early 1900s, shifted the strategic focus of companies from practices designed to eliminate rivals to an internal search for efficiencies and, thus, a competitive advantage based on the firm's own capabilities.

"A systematic way of examining all the activities a firm performs and how they interact..." describes

Briefly describe the contributions of Sun Tzu, Frederick Taylor, Alfred Chandler, and Michael Porter to the evolution of strategy as a field of study and practice.

The turbulent period of the 1970s in the U.S. demonstrated a need for companies to adopt anticipatory visions of their futures and a long-term orientation rather than counting on the future being much like the past.

Professor Michael Porter moved the study of strategy toward an emphasis on long-range planning, in which the past is extrapolated into the future.

The stage of the strategic management process in which one examines the industry where he or she wishes to compete and looks carefully inside the company to understand its unique competitive strengths and how it organizes its activities is called strategic

Writing 2,500 years ago, Sun Tzu, in The Art of War, codified many of the precepts of strategy that remain important even today.

The vignette about Competition in Commercial Aircraft Manufacturing illustrates what important dimension(s) of strategy?

Analysis, formulation, implementation, and synthesis are the four stages typical of the strategic management process.

Strategic decisions that are both technically legal and highly effective in the market are to be considered ethical without regard to any other considerations.

The critical need in business to identify and exploit where the market is heading is known as value creation.

A resource-based analysis is the means by which a firm's managers evaluate the capabilities of important rivals.

Many of the foundations of strategic thought can be found in the 2,500-year-old writings of