Leadership and Strategy Exam Preparation Guide
Course Introduction
This course explores the dynamic relationship between leadership and strategic management, providing students with the tools and frameworks necessary to guide organizations toward success in complex and evolving environments. Through the integration of theory and practical case studies, students will analyze the role of visionary leadership in crafting, executing, and adapting business strategies. Key topics include strategic decision-making, change management, ethical leadership, and competitive advantage, equipping learners with the skills to inspire teams, navigate organizational challenges, and drive long-term value creation.
Recommended Textbook Strategic Management Concepts BRV 1st Edition by Jeffrey H. Dyer
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14 Chapters
700 Verified Questions
700 Flashcards
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Page 2
Chapter 1: What Is Business Strategy?
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Sample Questions
Q1) Adia and Ali are two business partners who want to set up a company that sells imported sports gear and equipment.In order to make sure that the company makes and retains profit, they must choose an area that is close to where their products have the highest demand.This area should allow them consistently to make profit.In this scenario, Adia and Ali are looking for a _____.
A) market
B) strategy
C) cost advantage
D) mission
Answer: A
Q2) _____ can be best defined as the reason a firm wins with customers or the value proposition it offers to customers, such as a low cost advantage or differentiation advantage.
A) Switching costs
B) Unique value
C) Complementary products
D) SWOT analysis
Answer: B
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Page 3
Chapter 2: Analysis of the External Environment: Opportunities and Threats
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Q1) WillowWorks LLC, a retail clothing store, has been sourcing its raw materials from a supplier named ThreadTym Corp.for the last five years.A change of management at ThreadTym resulted in an increase of the prices of the raw materials.As a result, WillowWorks purchases ThreadTym so that it can produce these products on its own.This scenario best illustrates _____.
A) network effect
B) forward integration
C) backward integration
D) switching cost
Answer: C
Q2) _____ can be most accurately defined as conditions in the competitive environment that endanger the profitability of a firm.
A) Integrations
B) Weaknesses
C) Threats
D) Rivalries
Answer: C
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Chapter 3: Internal Analysis: Strengths, Weaknesses, and Competitive Advantage
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Q1) Weavers Inc., a popular clothing brand, has been providing its customers with the best quality silk products for many years.The employees of Weavers Inc.use pink berry silkworms for their silk products and weave their greased silk threads in such a way that they produce different shades of colors when held at different angles.Weavers Inc.has been providing unmatched service toward millions of customers around the world.Other companies have tried to imitate their products and services, but have not been successful.Few competitors who captured these silkworms did not know the precise temperatures that were essential for their breeding and survival.Which of the following factors of inimitability does this scenario regarding Weavers Inc.best reflect?
A) Positive network externalities
B) Tacit knowledge
C) Time compression diseconomies
D) Causal ambiguity
Answer: B
Q2) A resource creates _____ if its contributions allow a company to produce a product or service that is of worth to end users.
Answer: value
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Page 5
Chapter 4: Cost Advantage
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Sample Questions
Q1) Define learning curve, experience curve, and scale curve.Compare them with each other.
Q2) Five Checkers Inc.has been able to purchase more supplies for less money than its competitors.Five Checkers makes use of a set of communication skills that create compromising deals with its suppliers.Sound reasons are stated by Five Checkers to show why the suppliers must reduce their prices.The reasons are accepted by the suppliers and thus have helped increase profits for Five Checkers Inc.In this scenario, Five Checkers Inc.used _____.
A) purchasing volume
B) negotiating volume
C) learning curves
D) negotiating tactics
Q3) Explain proprietary knowledge and its important sources.
Q4) Mention the four ways that companies achieve cost advantage through lower-cost inputs and explain bargaining power over suppliers.
Q5) A strategy in which the unique value offered to customers is lower-priced products or services is known as _____.
Q6) Which is an important source of proprietary knowledge?
Q7) Define economies of scale and list out its four principle sources.
Page 6
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Chapter 5: Differentiation Advantage
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Q1) Kim, a consumer, is in the final stage of selecting a product.Which of the following is is true if her actions follow the typical consumption chain?
A) Kim is unlikely to have become aware of her need for a product yet.
B) Kim is likely to be persuaded by the product attributes at this stage.
C) Service providers are likely to assist Kim in helping her use the product.
D) Service providers are likely to detect faults with the performance of the product.
Q2) What are the three ways in which product features can be offered for the purpose of differentiation?
Q3) Home Shore Inc., an electronics store, provides value to its customers by setting up televisions at customers' homes for free.The company also provides instructional manuals on how to set them up without professional help.Which step of the consumption chain does this scenario depict?
A) The sixth step: how do consumers find your offering?
B) The seventh step: how is your product stored/moved around?
C) The tenth step: what if customers aren't satisfied and need to return or exchange?
D) The fifth step: how is your product/service delivered?
Q4) Explain product differentiation.
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7
Chapter 6: Corporate Strategy
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Sample
Questions
Q1) Elegant Meals Inc., a company that owns a chain of restaurants, sells dinnerware to its customers who fancy them.Since their restaurants are known for their interior designs, they also sell home décor products.By selling these products, Elegant Meals Inc.caters to a(n) _____.
A) entertainment market
B) capital market
C) adjacent market
D) global market
Q2) Lee, the CEO of Libra Inc., decided that the best way to diversify this food processing company would be to set up its own small-scale beverage producing unit in a new area where its new products would have high demands.This decision by Lee best reflects a(n)_____.
A) acquisition
B) greenfield entry
C) brownfield entry
D) merger
Q3) In vertical integration, movement in the direction of raw materials is _____.
Q4) Mention the factors that lead to destroying value through diversification.Explain any three of them.
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Chapter 7: Vertical Integration and Outsourcing
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Q1) Which of the following scenarios best illustrates the concept of vertical integration?
A) NZB Corp., a company that sells all its assets to another company
B) Hues Inc., a company that owns its supply chain for its raw materials and processes
C) Scorpio LLC, a company that buys raw materials from a supplier company
D) Blue Corp., a company that makes raw materials and supplies them to a different company
Q2) Cygnus Bank is a banking and financial services company.It offered a large sum of money and a chance to receive employment to the programmers who could create a software that would help enhance employee productivity.Which of the following types of crowdsourcing did Cygnus Bank use?
A) Crowdvoting
B) Crowdinnovation
C) Crowdtasking
D) Crowdcreating
Q3) What is the main difference between a company that is vertically integrated and a company that is vertically specialized?
Q4) Explain the three Cs of vertical integration.
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Chapter 8: Strategic Alliances
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Q1) Borpon Inc.and Biocolog Corp.are well-established biotechnology companies.They enter into a strategic alliance in which they create and own a legally independent company.The new company is created from resources and assets contributed by the parent firms.Revenues, expenses, and profits are equally shared by both firms.Which of the following strategic alliances is adopted by Borpon and Biocolog?
A) A contractual alliance
B) An equity alliance
C) A distribution agreement
D) A joint venture
Q2) Two firms that produce industrial machinery decide to form a strategic alliance.The objective of this collaboration is to combine their manufacturing facilities to achieve economies of scale during production.Which of the following is the primary value they aim to create through this alliance?
A) Combining unique skills
B) Pooling similar resources
C) Lowering distribution costs
D) Creating product differentiation
Q3) What are the different types of nonequity alliances?
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Chapter 9: International Strategy
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Q1) Blue Corp., a car manufacturing company, reaches its five-year goal of becoming market leader in the domestic market.Upon reaching saturation in the local market, it decides to expand its market globally in order to increase its profits.Which of the following is likely to be the primary reason for Blue to enter the global market?
A) Lower-cost resources
B) Longer product life
C) Sales growth
D) Product differentiation
Q2) An automobile manufacturing company has its production units and sales units in two different locations.The production units are situated in geographical areas that offer cheap labor and easy resource availability.On the other hand, the sales units are located in places where there is a high demand for the products.Which of the following strategies is best exemplified in this scenario?
A) A multidomestic strategy
B) A global strategy
C) An arbitrage strategy
D) A standardization strategy
Q3) _____ distance is usually measured as per capita gross domestic product.
Q4) Write a note on cultural distance.
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Chapter 10: Innovative Strategies That Change the Nature of Competition
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Q1) Jobs Now is an employment website.Like its competitors, it offers free listings in every category, which is free for job seekers but not for companies.This feature of Jobs Now is an example of _____.
A) a blue ocean strategy
B) a mass-customization strategy
C) a standardization model
D) a revenue model
Q2) Creating new demand in an uncontested market space is called the _____.
Q3) Paws Corp., a manufacturer of pet products, tries to get a few customers to try out their products.The primary goal of the organization is to get some reference customers that will seed future growth to increase market acceptance.In this case, the organization is in the _____ stage of the product life cycle.
A) introduction
B) growth
C) maturity
D) decline
Q4) Groups of people who share similar needs and thus are likely to desire the same features in a product are called _____.
Q5) _____ coined the term hypercompetition.
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Chapter 11: Competitive Strategy
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Q1) Any factor that increases the costs, lowers the profit margins, or limits the market share of entrants to a market is called a(n) _____.
Q2) Plateus Inc., a food manufacturing company, has brand equity worth a billion dollars that has been accomplished through consistent delivery of quality products and long-term advertising.These strategies make entering the industry a formidable task for any other firm.Which of the following is exemplified in this case?
A) An entry barrier
B) A tit-for-tat strategy
C) A complementary strategy
D) The Nash equilibrium
Q3) Most companies are in competition with their rivals each and every day, month, or year with no certain end date.This is an example of _____.
A) a parallel game
B) an infinitely repeated game
C) a simultaneous game
D) the Nash equilibrium
Q4) In game theory, a set of actions that are always played no matter what a rival chooses to do is referred to as the _____.
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Page 13
Chapter 12: Implementing Strategy
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Q1) Which of the following statements is true of the changing phase of organizational change?
A) It entails moving away from certain actions, policies, or strategies before adopting anything new.
B) It means moving from one set of behaviors and activities to another.
C) It involves formalizing and institutionalizing new behaviors, methods, processes, or routines.
D) It provides the fundamental motivation for change.
Q2) The CEO of a well-established firm stresses on the need for change in the production pattern for the betterment of the company.He is supported by a group of influential people from all levels in the organization who work to lead the change effort.This is an example of _____.
A) generation of urgency
B) building a guiding coalition
C) creation of a response profile
D) refreezing
Q3) Write a note on the principle of line of sight.
Q4) What are the eight steps to successful change?
Q5) Explain the hard triangle and soft square in the 7 S model.
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Chapter 13: Corporate Governance and Ethics
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Q1) Salma owns stocks of an e-commerce business.In exchange for the money she has invested, she has received two property rights from the business.Which of the following is most likely to be one of the property rights given to her?
A) She will get a share of the residual earnings of the business.
B) She will be the only owner of the assets of the business.
C) She will get ownership of the private properties owned by other investors of the business.
D) She will be entitled to a higher percentage of the profits earned by the business.
Q2) Ria and Maria start an investment firm together that is not a separate legal entity.They have an equal share of the profits and the liabilities of the business.This type of business ownership can be best categorized as a(n) _____.
A) cooperative
B) partnership
C) corporation
D) individual proprietorship
Q3) Explain with examples how the engagement of a company with its key stakeholders can affect its overall performance and competitive advantage.
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Page 15
Chapter 14: Strategy and Society
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Q1) Which of the following statements is true of shared values?
A) Profit and social welfare are substitutes that managers must trade off to create shared values.
B) Shared values entail transferring the ability to effectively perform tasks from one organization to another.
C) Shared values focus on the improvement of both the economic and social welfare of a firm.
D) Shared values focus solely on the income and wealth outcomes of an organization.
Q2) Discuss the four roles played by stakeholders in the value net.
Q3) Discuss the role of a social entrepreneur in the creation of shared value.
Q4) Ruth works for an electronics manufacturing company, Zeeway Inc., whose employees volunteer over 1 million hours per year on initiatives that include environmental conservation, economic empowerment, and literacy programs.Which of the following best represents Zeeway's initiative?
A) Incremental innovation
B) Competition response strategy
C) Corporate social responsibility
D) Strategic alliance
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