Applied Business Strategies
Exam Materials
Course Introduction
Applied Business Strategies explores the practical application of strategic management concepts within contemporary business environments. The course emphasizes the analysis, formulation, and implementation of effective strategies that enable organizations to achieve competitive advantage. Through case studies, simulations, and real-world scenarios, students learn to assess internal and external environments, make strategic decisions, and respond to market challenges. The course also covers topics such as corporate vision and mission, business model innovation, resource allocation, and performance measurement, preparing students to translate strategic theory into actionable business solutions.
Recommended Textbook
Strategic Management A Competitive Advantage Approach Concepts and Cases 14th Edition by
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11 Chapters
1337 Verified Questions
1337 Flashcards
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Page 2
Chapter 1: The Nature of Strategic Management
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) According to Greenley, strategic management offers all of these benefits EXCEPT
A) it provides an objective view of management problems.
B) it creates a framework for internal communication among personnel.
C) it encourages a favorable attitude toward change.
D) it maximizes the effects of adverse conditions and changes.
E) it gives a degree of discipline and formality to the management of a business.
Answer: D
Q2) A vision statement identifies the scope of a firm's operations in product and market terms.
A)True
B)False
Answer: False
Q3) An objective, logical, systematic approach for making major decisions in an organization is a way to describe the strategic-management process.
A)True
B)False
Answer: True
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Chapter 2: The Business Vision and Mission
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113 Verified Questions
113 Flashcards
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Sample Questions
Q1) The vision statement answers which question?
A) What is our business?
B) How can we improve ourselves?
C) What do we want to become?
D) Who are our stakeholders?
E) How can we increase profitability?
Answer: C
Q2) According to McGinnis, a mission statement should be all of the following EXCEPT
A) it should be specific enough to control creative growth
B) it should be stated in clear terms
C) it should distinguish an organization from all others
D) it should define what an organization is
E) it should serve as a framework for evaluating both current and prospective activities
Answer: A
Q3) A mission statement that is limited enough to exclude some ventures is a poor mission statement.
A)True
B)False
Answer: False
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Page 4
Chapter 3: The External Assessment
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127 Verified Questions
127 Flashcards
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Sample Questions
Q1) In general, what happens to American goods in overseas markets when there is a strong dollar?
A) They are less expensive.
B) They are more attractive.
C) They are cheaper.
D) They are more expensive.
E) They are desirable.
Answer: D
Q2) A forward integration strategy is used by firms to gain control or ownership of suppliers.
A)True
B)False
Answer: False
Q3) "Innovate or evaporate; particularly in technology-driven businesses, nothing quite recedes like success," is a characteristic that describes the most competitive companies in America.
A)True
B)False
Answer: True
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Page 5
Chapter 4: The Internal Assessment
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132 Verified Questions
132 Flashcards
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Sample Questions
Q1) Identify the five basic functions of management, and describe each function.
Q2) Which of the following were NOT mentioned as an example of cultural products?
A) Rites
B) Emotions
C) Rituals
D) Sagas
E) Symbols
Q3) Most producers today sell their goods directly to consumers.
A)True
B)False
Q4) An effective information management system ________ information in such a way that it answers important operating and strategic questions.
A) collects
B) codes
C) stores
D) synthesizes
E) all of the above
Q5) The idea that paying dividends results in a higher stock price is a myth.
A)True
B)False
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Chapter 5: Strategies in Action
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) Chapter 7 bankruptcy is a liquidation procedure used only when a firm sees no hope of being able to operate successfully or to obtain necessary creditor agreement.
A)True
B)False
Q2) Which strategy seeks to increase market share for present products or services in present markets through greater marketing efforts?
A) Market penetration
B) Forward integration
C) Market development
D) Backward integration
E) Product development
Q3) A chief executive officer is located in the divisional level of a large firm.
A)True
B)False
Q4) According to Porter, strategies allow organizations to gain competitive advantage from three different bases: cost leadership, differentiation, and decentralization.
A)True
B)False
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Chapter 6: Strategy Analysis and Choice
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113 Verified Questions
113 Flashcards
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Sample Questions
Q1) In a BCG Matrix the pie slice indicates the proportion of corporate profits generated by that division.
A)True
B)False
Q2) Which of the following is a limitation associated with a SWOT Matrix?
A) Viewing every business as a Star, Cash Cow, Dog, or Question Mark is an oversimplification.
B) Many businesses fall right in the middle of the matrix.
C) It is a static assessment in time.
D) Other variables besides relative market share position and industry growth rate in sales need to be considered.
E) The matrix does not reflect whether or not various divisions or their industry are growing over time.
Q3) The size of the circle in a BCG Matrix corresponds to the proportion of corporate revenue generated by that business unit.
A)True
B)False
Q4) Discuss the appropriate role of a board of directors in an organization.
Q5) Describe the positive features and limitations of QSPM.
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Chapter 7: Implementing Strategies: Management and Operations Issues
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122 Verified Questions
122 Flashcards
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Sample Questions
Q1) Why do changes in company strategy often require changes in the way an organization is structured?
A) Structure dictates how goals and objectives will be established.
B) Structure dictates how resources will be allocated.
C) Structure should be designed to facilitate the strategic pursuit of a firm.
D) All of the above
E) None of the above
Q2) Which of these involves comparing a firm against the best firms in the industry on a wide variety of performance-related criteria?
A) Restructuring
B) Process redesign
C) Reengineering
D) Delayering
E) Benchmarking
Q3) Cornerstones of reengineering are decentralization, reciprocal interdependence and information sharing.
A)True
B)False
Q4) Name at least ten issues that may require a management policy.
Page 9
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Chapter 8: Implementing Strategies: Marketing,
Financeaccounting, RD, and MIS
Issues
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114 Verified Questions
114 Flashcards
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Sample Questions
Q1) Buying off the outstanding shares of your company from the open market to make the company private is what going public means.
A)True
B)False
Q2) The most dramatic new market-segmentation strategy is the targeting of regional tastes.
A)True
B)False
Q3) Retained earnings is obtained by subtracting
A) any dividends to be paid for that year from net income.
B) net income from EBIT.
C) taxes from EBIT.
D) interest expense from EBIT.
E) EBIT from CGS.
Q4) Adequate and timely feedback is important to effective strategy evaluation.
A)True
B)False
Q5) The cash account is used as the plug figure in projected balance sheets. A)True
B)False
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Chapter 9: Strategy Review, Evaluation, and Control
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114 Verified Questions
114 Flashcards
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Sample Questions
Q1) Discuss the different perspectives and concerns of the Balanced Scorecard.
Q2) The Fortune 50 includes all of the following EXCEPT
A) the largest retailers
B) the largest transportation companies
C) the largest utilities
D) the largest banks
E) the largest hospitals
Q3) Too much emphasis on evaluating strategies
A) may be expensive and counterproductive.
B) is not possible - the more emphasis the better.
C) is good for morale, as employees like being closely evaluated.
D) is always advised if the firm can afford it.
E) is worse than too little or no evaluation.
Q4) A frequently used tool in strategy evaluation is the audit.
A)True B)False
Q5) Public accounting firms usually avoid strategy-evaluation services. A)True B)False
Q6) Discuss some contingency plans commonly established by firms.
Page 11
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Chapter 10: Business Ethicssocial
Responsibilityenvironmental Sustainability
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) What challenge facing all organizations requires managers to formulate strategies that preserve and conserve natural resources and control pollution?
A) Economic
B) Ecological
C) Compensational
D) Benchmarking
E) Sociological
Q2) After decades of debate and struggle, firms have finally definitively determined the appropriate social policies.
A)True
B)False
Q3) Corporate social policy should be reaffirmed or changed during strategy implementation.
A)True
B)False
Q4) Business ethics can be defined as principles of conduct within organizations that guide decision making and behavior.
A)True
B)False
Page 12
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Chapter 11: Globalinternational Issues
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120 Flashcards
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Sample Questions
Q1) While there are a few U.S. industries that are not yet greatly challenged by foreign competitors, many products and components within these industries too are now manufactured in foreign countries.
A)True
B)False
Q2) Shifts in the nature and location of production systems, especially to China and India, are reducing the response time to changing market conditions.
A)True
B)False
Q3) Which of the following is NOT a typical characteristic of most Japanese managers?
A) Reserved
B) Quiet
C) Distant
D) Impulsive
E) Introspective
Q4) Explain the concept of protectionism.
Q5) Discuss some things firms can do to diminish the risk of doing business internationally.
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