Business Strategy
Exam Materials
Course Introduction
Business Strategy is a comprehensive course that explores the frameworks, tools, and analytical approaches used by organizations to achieve and sustain competitive advantage. Students will learn how to assess industry dynamics, evaluate internal resources, and formulate strategies that align with organizational goals in dynamic market environments. Topics include competitive analysis, value creation, global and digital strategies, and the execution of strategic initiatives. Through case studies and real-world examples, participants will develop critical thinking and decision-making skills essential for navigating complex business challenges and driving organizational success.
Recommended Textbook
Essentials of Strategic Management 5th Edition by John E Gamble
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10 Chapters
708 Verified Questions
708 Flashcards
Source URL: https://quizplus.com/study-set/2781
Page 2
Chapter 1: Strategy,Business Models, and Competitive Advantage
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46 Verified Questions
46 Flashcards
Source URL: https://quizplus.com/quiz/55422
Sample Questions
Q1) A well-conceived strategy builds a company's A) profitability and financial strength.
B) competitive strength and market standing.
C) distinctive competencies and sustainability.
D) competitive edge.
E) All of these choices are correct.
Answer: E
Q2) A company may develop an emergent strategy due to A) strategic moves by rival firms.
B) unexpected shifts in customer preferences.
C) fast-changing technological developments.
D) new market opportunities.
E) All of these choices are correct.
Answer: E
Q3) Briefly define each of the following terms:
a.strategy
b.business model
c.sustainable competitive advantage
Answer: Answers may vary.
Page 3
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Chapter 2: Strategy Formulation, Execution, and Governance
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58 Verified Questions
58 Flashcards
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Sample Questions
Q1) Which of the following is an integral part of the managerial process of crafting and executing strategy?
A) developing a proven business model
B) setting objectives and using them as yardsticks for measuring the company's performance and progress
C) deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage
D) communicating the company's mission and purpose to all employees
E) deciding on the composition of the company's board of directors
Answer: B
Q2) Explain why a company's strategy is really a bundle of strategies.
Answer: Answers may vary.
Q3) Proficient strategy execution
A) is always the product of much organizational learning.
B) is achieved unevenly,coming quickly in some areas and more slowly in others.
C) entails vigilantly searching for ways to improve performance.
D) is an ongoing process,not an every-now-and-then task.
E) All of these choices are correct.
Answer: E
Page 4
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Chapter 3: Evaluating a Companys External Environment
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84 Verified Questions
84 Flashcards
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Sample Questions
Q1) Which of the following is not a major question to ask in thinking strategically about industry and competitive conditions in a given industry?
A) How many companies in the industry have good track records for revenue growth and profitability?
B) What strategic moves are rivals likely to make next?
C) What are the key factors for future competitive success?
D) Does the outlook for the industry offer good prospects for profitability?
E) What forces are driving changes in the industry,and what impact will these changes have on competitive intensity and industry profitability?
Answer: A
Q2) Identify and briefly explain any three factors that lead to strong bargaining power on the part of buyers.
Answer: Answers may vary.
Q3) Identify and briefly explain any three factors that lead to strong bargaining power on the part of suppliers.
Answer: Answers may vary.
Q4) Identify and briefly describe five common barriers to entering an industry.
Answer: Answers may vary.
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Page 5
Chapter 4: Evaluating a Company Resources, Capabilities, and Competitiveness
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/55419
Sample Questions
Q1) Which one of the following is not something that can be learned from doing a competitive strength assessment?
A) factors on which a company is competitively strongest and weakest vis-à-vis key rivals
B) whether a company should correct its weaknesses by adopting best practices and/or revamping the makeup of its value chain
C) which of the rated companies is competitively strongest and what size competitive advantage it enjoys
D) whether a company has a net competitive advantage or a net competitive disadvantage relative to key rivals (with the size of the advantage/disadvantage being indicated by the differences among the companies' competitive strength scores)
E) which rival company is competitively weakest and the areas where it is most vulnerable to competitive attack
Q2) What is benchmarking and why is it a strategically important analytical tool?
Q3) What are the three main approaches to rectify a weakness in a company's customer value proposition?
Q4) Identify five indicators of whether a company's present strategy is working well.
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Chapter 5: The Five Generic Competitive Strategies
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58 Verified Questions
58 Flashcards
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Sample Questions
Q1) A focused low-cost strategy seeks to achieve competitive advantage by
A) outmatching competitors in offering niche members an absolute rock-bottom price.
B) delivering more value for the money than other competitors.
C) performing the primary value chain activities at a lower cost per unit than can the industry's low-cost leaders.
D) dominating more market niches in the industry via a lower cost and a lower price than any other rival.
E) serving buyers in the target market niche at a lower cost and lower price than rivals.
Q2) The major avenues for achieving a cost advantage over rivals include
A) eliminating or curbing nonessential cost-producing activities and performing essential value chain activities more cost-effectively that rivals.
B) having a management team that accepts below-market salaries.
C) being a first mover in adopting the latest state-of-the-art technologies,especially those relating to low-cost manufacturing.
D) outsourcing high-cost activities to offshore vendors.
E) paying lower wages to hourly workers than what rivals are paying workers.
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Chapter 6: Strength-Ending a Company Competitive
Position: Strategic Moves, Timing, and Scope of Operations
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68 Verified Questions
68 Flashcards
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Sample Questions
Q1) For backward vertical integration into the business of suppliers to be a viable and profitable strategy,a company must
A) have considerable expertise in supply chain management,transportation logistics,and inventory control techniques.
B) be able to achieve the same scale economies as outside suppliers and match or beat suppliers' production efficiency with no drop in quality.
C) have large state-of-the-art production facilities so that it can fully capture all economies of scale in producing parts and components.
D) have core competences in R&D,product design and engineering,and distribution logistics so that it will have adequate capabilities to produce and distribute parts and components in a timely and cost-effective manner.
E) have a distinctive competence in production process technology and at least a core competence in manufacturing R&D.
Q2) What is the purpose of defensive strategy? Give at least two examples of defensive moves.
Q3) What are the strategic advantages of a backward vertical integration strategy?
Q4) Identify and briefly explain five types of offensive strategies.
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Chapter 7: Strategies for Competing in International Markets
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65 Verified Questions
65 Flashcards
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Sample Questions
Q1) In which of the following circumstances is it not advantageous for a multinational competitor to concentrate its activities in a limited number of locations in order to build competitive advantage?
A) When the costs of performing certain value chain activities are significantly lower in certain geographic locations than in others
B) When a company has competitively superior patented technology that it can license to foreign partners
C) When there is a steep learning or experience curve associated with performing an activity in a single location
D) When certain locations have superior resources,allow better coordination of related activities,or offer other valuable advantages
E) When there are significant scale economies in performing the activity
Q2) When is a global strategy "superior" to a multidomestic strategy?
Q3) Briefly identify the major reasons a company may choose to expand outside its domestic market.
Q4) What are the primary country differences that shape strategy choices in international markets?
Q5) Explain the importance of competing in emerging markets.
Page 9
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Chapter 8: Corporate Strategy: Diversification and the
Multi-Business Company
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97 Verified Questions
97 Flashcards
Source URL: https://quizplus.com/quiz/55415
Sample Questions
Q1) In a diversified company,the competitive advantage potential of cross-business strategic fit is greater when
A) the business lineup includes a number of cash cows.
B) valuable opportunities exist to transfer skills,technology,or intellectual capital from one business to another,combine the performance of related activities,or share the use of a well-respected brand name across multiple products or service categories.
C) the strategy maps of the various business units converge.
D) businesses included in the corporate portfolio compete in fast-growing industries.
E) competition is less intense and driving forces are relatively weak.
Q2) Cross-business strategic fits can be derived from
A) transferring competitively valuable resources,expertise,technological know-how,or other capabilities from one business to another.
B) cost sharing between separate businesses whose activities can be combined.
C) brand sharing between business units that have common customers or that draw upon common core competencies.
D) sharing common administrative and customer service infrastructure.
E) All of these choices are correct.
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Page 10
Chapter 9: Ethics,Corporate Social
Responsibility,Environmental Sustainability, and Strategy
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52 Verified Questions
52 Flashcards
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Sample Questions
Q1) Explain what is meant by "sustainable business practices," and using that explanation,provide three examples of companies that pursue sustainability strategies.
Q2) Unethical business behavior tends to be driven by such factors as
A) a managerial mind-set that "the business of business is business,not ethics."
B) overzealous pursuit of personal gain,wealth,and other selfish interests.
C) a company culture that puts the profitability and good business performance ahead of ethical behavior.
D) heavy pressures on company managers to meet or beat earnings targets.
E) All of these choices are correct.
Q3) Which one of the following is not one of the major drivers of unethical managerial behavior?
A) intense competitive pressures
B) overzealous pursuit of personal gain,wealth,and other selfish interests
C) a company culture that puts the profitability and good business performance ahead of ethical behavior
D) heavy pressures on company managers to meet or beat earnings targets
E) the attitude among management that "the business of business is business,not ethics"
Q4) Explain what is meant by the "triple bottom line."
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Chapter 10: Super Strategy Execution-Another Path to Competitive Advantage
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100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/55413
Sample Questions
Q1) If management is to match a company's organization structure to its strategy in an effective way,then it is essential
A) that company personnel be empowered to make both strategic decisions and operating decisions.
B) for strategy-critical value-chain activities to be the main building blocks on the organization chart.
C) that value chain activities be deliberately organized so as to produce maximum strategic fit.
D) to define the jobs of company personnel in terms of the functions to be performed rather than in terms of the results to be achieved.
E) for the company to be organized around cross-functional teams rather than around functional specialties and functional departments.
Q2) What is meant by the term corporate culture? Identify the three major types of corporate cultures.Which of the three types of company cultures is most beneficial to evolving a company's strategy? Why is corporate culture an important factor in implementing and executing strategy?
Q3) What are the distinctive features of adaptive corporate cultures?
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