Strategic Management Exam
Bank
Course Introduction
Strategic Management is a comprehensive course that explores the formulation, implementation, and evaluation of cross-functional decisions that enable organizations to achieve their long-term objectives. Through a blend of theoretical frameworks and real-world case analyses, students gain insights into competitive analysis, resource allocation, and the alignment of organizational strengths with emerging market opportunities. The course covers strategic planning processes, industry and environmental analysis, and the development of sustainable competitive advantage, preparing students to think critically and make informed decisions in dynamic business environments.
Recommended Textbook
Strategic Management Creating Competitive Advantages 9th Edition by Gregory G Dess Dr
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12 Chapters
1223 Verified Questions
1223 Flashcards
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Page 2
Chapter 1: Strategic Management: Creating Competitive Advantages
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106 Verified Questions
106 Flashcards
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Sample Questions
Q1) Strategy formulation at the business level addresses best how to compete in a given business
A) to attain competitive advantage.
B) to reduce costs.
C) to decrease buyer power.
D) to thwart entry of new rivals.
Answer: A
Q2) Corporate level strategy focuses on what businesses to compete in and
A) how business can be managed to achieve synergy.
B) how business can be managed to reduce synergy.
C) how the firm can work as a stand-alone entity.
D) how the firm can create more value by operating alone.
Answer: A
Q3) Wall Street executives have received excessive bonus pay in the past.This concerns which of the following stakeholder groups most directly?
A) government
B) suppliers
C) creditors
D) stockholders
Answer: D
Page 3
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Chapter 2: Analyzing the External Environment of the Firm:
Creating Competitive Advantages
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114 Verified Questions
114 Flashcards
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Sample Questions
Q1) Heightened concern with fitness might be a threat to some companies and an opportunity to others.In the SWOT framework,these are ________ environmental factors.
A) internal
B) external
C) both internal and external
D) not relevant external
Answer: B
Q2) The strategic groups concept is valuable for assessing the implications of industry ________ for the strategic group as a whole.
A) trends
B) positions
C) experience
D) wealth
Answer: A
Q3) Perceptual acuity,according to Ram Charan,is the ability to know for certain what will happen in the future.
A)True
B)False
Answer: False
Page 4
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Chapter 3: Assessing the Internal Environment of the Firm
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) An executive states that HR must be a true partner of the business,with a deep and up-to-date understanding of business realities and objectives,and must ensure HR initiatives fully support them at all points of the value chain.This is an example of
A) relationships among activities within the firm and with other stakeholders.
B) relationships between firms.
C) interrelationships among activities within the firm.
D) interrelationships among firms.
Answer: C
Q2) ________ is/are associated with collecting,storing,and distributing the product or service to buyers.They consist of warehousing,material handling,delivery operation,order processing,and scheduling.
A) Services
B) Inbound logistics
C) Outbound logistics
D) Operations
Answer: C
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Chapter 4: Recognizing a Firm's Intellectual Assets: Moving
Beyond a Firm's Tangible Resources
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) Attracting and retaining human capital is a challenge for many firms today.Firms experiencing high turnover should
A) focus on increased recruiting.
B) decrease money spent on human capital.
C) adopt effective retention strategies.
D) make their work environment less stimulating.
Q2) Top executives can use email effectively for all of the following except
A) updates on company strategy.
B) executive perspectives on key issues.
C) overview of the executive work for the month.
D) updates on corporate intelligence.
Q3) IP is characterized by ________ development costs and very ________ marginal costs.
A) insignificant; low
B) expensive; high
C) significant; low
D) insignificant; high
Q4) Intellectual property rights are the tangible property owned by a firm.
A)True B)False
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Chapter 5: Business-level Strategy: Creating and Sustaining Competitive Advantages
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) Improving business processes by reengineering them,benchmarking specific activities against industry leaders,encouraging employee input to identify excess costs,increasing capacity utilization,and improving employee productivity lead to a significant overall gain.These are examples of which turnaround strategy used by successful companies?
A) asset and cost surgery
B) selective product and market pruning
C) piecemeal productivity improvements
D) global expansion
Q2) Which of the following is not a potential pitfall of a focus strategy?
A) Erosion of cost advantages can arise within the narrow segment.
B) Product/service offerings that are highly focused are subject to competition from new entrants.
C) Focusers can become too focused to satisfy buyer needs.
D) All rivals share a common input or raw material.
Q3) The experience curve is a factor central to an overall cost leadership strategy and refers to how business learns to increase costs as it gains experience with production processes.
A)True
B)False
Page 7
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Chapter 6: Corporate-level Strategy: Creating Value Through Diversification
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) 3M leverages its competencies in adhesives technologies to many industries,including automotive,construction,and telecommunications.This is an example of creating value by using
A) related diversification to acquire economies of scope by leveraging pooled negotiating power.
B) unrelated diversification to financial synergies through portfolio management.
C) related diversification to acquire economies of scope by leveraging core competencies.
D) unrelated diversification to parenting, restructuring, and financial synergies through restructuring and parenting.
Q2) AOL purchased Time Warner for 114 billion USD in 2001.By 2003,AOL Time Warner had lost 150 billion USD in market valuation.This is an example of a
A) good expansion.
B) reasonable divestiture.
C) cost savings strategy.
D) failed acquisition.
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Page 8
Chapter 7: International Strategy: Creating Value in Global Markets
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107 Verified Questions
107 Flashcards
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Sample Questions
Q1) In the Kulshrestha article "Learning from Mistakes" that is presented at the beginning of the textbook chapter,only a few Indian malls built after 1990 have been successful over the long term.Why?
Q2) With regard to factor conditions,the pool of resources that a firm (or nation)has is much more important than the speed and efficiency with which these resources are deployed.
A)True
B)False
Q3) Regions represent the outcomes of centuries of political and cultural history that results in not only ________ but also mutual ________.
A) differences; expectations
B) similarities; expectations
C) commonalities; losses
D) commonalities; affinities
Q4) Similarity of culture,laws,rules,and norms encourages
A) regionalization.
B) globalization.
C) trans-nationalization.
D) ethnocentric expansion.
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Chapter 8: Entrepreneurial Strategy and Competitive Dynamics
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94 Verified Questions
94 Flashcards
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Sample Questions
Q1) Aircraft makers Boeing and Airbus have a high degree of ________ because they make very similar products and have many buyers in common.
A) dynamic capabilities
B) first mover advantages
C) market commonality
D) equity funding
Q2) ________ are private individuals who provide seed capital to young ventures.
A) Gazelles
B) Angels
C) Cash cows
D) Rising stars
Q3) Vision is an important element of entrepreneurial leadership because A) a vision statement is part of the documentation used to obtain venture financing.
B) the entrepreneur has to envision realities that do not yet exist.
C) organizations cannot function without a detailed and operational vision.
D) banking institutions require it.
Q4) Discuss the phases of activity involved in the opportunity recognition process that lead to viable new venture opportunities.Explain how this is more than identifying ideas.
Page 10
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Chapter 9: Strategic Control and Corporate Governance
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Sample Questions
Q1) One of the most critical roles of the board of directors is to create incentives that align the interests of the CEO and top executives with the interests of shareholders.
A)True
B)False
Q2) Individual and institutional shareholders have the same rights that include all the following except
A) right to sell stock.
B) right to vote the proxy.
C) the right to bring suit for damages if the economy declines.
D) certain residual rights following the liquidation of the company once creditors and claimants are paid.
Q3) Agency theory is concerned with resolving two problems that can occur in agency relationships.Which of the following is not one of those problems?
A) Goals conflict between principals and agents.
B) Verification of actual agency activity is expensive and difficult to obtain.
C) Principals and agents have differing attitudes toward risk.
D) Stockholders and management align with external stakeholders.
Q4) What is agency theory and what problems is it concerned with resolving?
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Chapter 10: Creating Effective Organizational Designs
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86 Verified Questions
86 Flashcards
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Sample Questions
Q1) Which of the following statements about simple organizational structures is false?
A) Small firms with a narrow product-market scope will adopt such a structure.
B) Decision-making authority is highly centralized.
C) There is little specialization of tasks.
D) Creativity and individualism are rare.
Q2) If a firm outsources some parts of its value chain in order to reduce costs and increase quality and at the same time engages in multiple alliances to penetrate new markets,this is an example of a firm using a ________ of organizational types.
A) combination
B) boundaryless consortium
C) bounded consortium
D) barrier-free collection
Q3) Discuss the advantages and disadvantages of a simple organizational structure.
Q4) To enhance integration and control of related product market activities,the functional structure minimizes centralization.
A)True
B)False
Q5) What is organizational structure and why is it important?
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Chapter 11: Strategic Leadership: Creating a Learning
Organization and an Ethical Organization
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104 Flashcards
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Sample Questions
Q1) People with strong self-awareness are overly critical and unrealistically optimistic and are well suited to run organizations because they will make good judgment calls.
A)True
B)False
Q2) Former GVO marketing director,David Lieberman,tells a story about a new product idea proposed by a creative person.The idea was loved by everyone except a high-ranking manufacturing representative who rejected the idea because the new proposal involved a color change which he implied would create a spare-parts problem.Because his experience in manufacturing involved cost cutting,lean inventories and focus,he could not conceive of how this new product proposal would be good for innovation.This is an example of what kind of organizational barrier?
A) vested interests in the status quo
B) personal time constraints
C) behavioral barrier
D) systemic barrier
Q3) For a firm to become a highly ethical organization,it must have several key elements: role models; corporate credos and codes of conduct; reward and evaluation systems; and policies and procedures.Explain briefly each of these elements.
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Chapter 12: Managing Innovation and Fostering Corporate Entrepreneurship
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93 Verified Questions
93 Flashcards
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Sample Questions
Q1) First movers in an industry often capture above-average profits but usually find it difficult to maintain early market share gains.
A)True
B)False
Q2) What are new venture groups? What purpose do they serve? Are they more than a typical R&D department? Explain.
Q3) On average,approximately what percentage of corporate ventures reaches profitability within six years?
A) 80 percent
B) 65 percent
C) 50 percent
D) 35 percent
Q4) Which of the following statements about skunkworks is false?
A) They are independent work groups.
B) They are autonomous.
C) They refer to a specialized type of outside contractor that corporations use to develop entrepreneurial ideas.
D) They are used to leverage existing strengths in new arenas to identify new opportunities.
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