Strategic Management
Exam Materials
Course Introduction
Strategic Management explores the formulation, implementation, and evaluation of cross-functional decisions that enable an organization to achieve its objectives. The course examines the external and internal environments affecting businesses, helps students analyze competitive and corporate strategies, and emphasizes the role of leadership in navigating complex, dynamic markets. By integrating concepts from marketing, finance, operations, and human resources, students develop practical skills and analytical frameworks to craft and execute strategies that promote long-term organizational success. Case studies and real-world examples highlight the challenges and opportunities facing managers in both global and local contexts.
Recommended Textbook
Strategic Management and Business Policy 15th Global Edition by J. David Hunger
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Chapter 1: Basic Concepts in Strategic Management
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) Climate change has become a growing concern for businesses to include in their corporate strategies.
A)True
B)False
Answer: True
Q2) A hierarchy of strategy emphasizes the need for the three levels of strategy to complement and support one another.
A)True
B)False
Answer: True
Q3) Knowing a company is mindful of its impact on the environment seldom changes consumer buying habits.
A)True
B)False
Answer: False
Q4) To be effective,strategic management must be a formal process.
A)True
B)False
Answer: False
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Chapter 2: Corporate Governance
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Sample Questions
Q1) Catalyst-level boards of directors typically
A) are less involved than active participation boards.
B) take leading roles in establishing and modifying the company mission, objectives, and strategy.
C) are involved in a limited degree of key decision-making.
D) are held to a greater degree of legal responsibility.
E) experience more financial success than less involved boards.
Answer: B
Q2) Individuals such as Phil Knight at Nike and Steve Jobs at Apple who energized their companies and provided change and movement by providing a vision for that change are known as
A) transformational leaders.
B) strategic implementers.
C) strategists.
D) corporate governors.
E) directors.
Answer: A
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Page 4
Chapter 3: Social Responsibility and Ethics in Strategic Management
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) Discuss some reasons for unethical behavior by business people.
Answer: There are a number of reasons proposed for the unethical behavior by business people.It may be that the involved people are not even aware that they are doing something questionable.There is no worldwide standard of conduct for business people.Cultural norms and values vary between countries and even between different geographic regions and ethnic groups within a country. Another possible reason for what is often perceived to be unethical behavior lies in differences in values between business people and key stakeholders.Some business people may believe profit maximization is the key goal of their firm,whereas concerned interest groups may have other priorities.This difference in values can make it difficult for one group of people to understand another's actions.
Q2) There is no truth to the comment that "business ethics" is an oxymoron.
A)True
B)False
Answer: False
Q3) Kohlberg places 80 percent of U.S.adults in the principled level of development.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Environmental Scanning and Industry Analysis
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Sample Questions
Q1) According to Miles and Snow,which strategic orientation is demonstrated by companies that have a limited product line and focuses on improving the efficiency of their existing operations?
A) initiators
B) reactors
C) analyzers
D) prospectors
E) defenders
Q2) Faulty underlying assumptions are the most frequent cause of forecasting errors.
A)True
B)False
Q3) A corporation's task environment is typically focused on the industry within which the firm operates.
A)True
B)False
Q4) To combat the increasing theft of company secrets,the U.S.government passed the Economic Espionage Act in 1996.
A)True
B)False
Q5) Describe the four strategic types of the Miles and Snow typology.
Page 6
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Chapter 5: Organizational Analysis and Competitive Advantage
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110 Flashcards
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Sample Questions
Q1) Which of the following is not a responsibility of a research and development manager?
A) choosing among alternative new technologies to use within the corporation
B) developing methods of embodying the new technology in new products and processes
C) deploying resources so that the new technology can be successfully implemented
D) taking the design and operationalizing the plan into mass production
E) suggesting and implementing a corporation's technological strategy in light of its corporate objectives and policies
Q2) An automobile assembly line is an example of which approach to manufacturing?
A) continuous system
B) debt capacity
C) sequential processing
D) job shop
E) intermittent system
Q3) Discuss primary and support activities in a value chain.
Q4) Core competencies may mature and become core deficiencies.
A)True
B)False
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Chapter 6: Strategy Formulation: Business Strategy
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Sample Questions
Q1) Business strategy focuses on
A) ensuring that the company maintains the existing market share that it has historically enjoyed.
B) improving the competitive position of a corporation's products or services within the industry or market segment served.
C) providing adequate shareholders' return on investment.
D) preventing the competition from gaining a competitive edge by undermining their marketing plan.
E) recovering the competitive lead by using all available resources that the company can provide.
Q2) An effective mission statement not only needs to be specific to that organization; it must enable a common thread to highlight and focus the energy of everyone in the organization in the direction that the top management team believes is best for the business.
A)True
B)False
Q3) What are cooperative strategies?
Q4) What is the impact of hypercompetition on competitive advantage?
Q5) What are the common elements of a well-crafted mission statement?
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Chapter 7: Strategy Formulation: Corporate Strategy
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Sample Questions
Q1) Discuss the more popular stability strategies.
Q2) The ability for Nike to manufacture its own shoes and then build stores for distribution is an example of
A) forward integration.
B) horizontal integration.
C) backward integration.
D) transferred integration.
E) mass integration.
Q3) The most logical growth strategy for a corporation with current product lines with real growth potential in a growing industry is
A) concentration.
B) conglomerate integration.
C) concentric diversification.
D) stability.
E) retrenchment.
Q4) The probability of succeeding by moving into a related business is a function of a company's position in its core business.
A)True
B)False
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Chapter 8: Strategy Formulation: Functional Strategy and Strategic Choice
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Sample Questions
Q1) The first step in constructing a corporate scenario is to
A) develop a common-sized financial statement.
B) construct detailed pro forma financial statements.
C) decide upon how much risk management is willing to accept.
D) analyze the societal environment.
E) use industry scenarios to develop a set of assumptions about the task environment.
Q2) Penetration pricing attempts to hasten market development and offers the pioneer the opportunity to use the experience curve to gain market share with a low price and dominate the industry.
A)True
B)False
Q3) The attractiveness of a strategic alternative is affected by its perceived compatibility with the key stakeholders in a corporation's task environment.
A)True
B)False
Q4) The continuous improvement system was developed by Deming.
A)True
B)False
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Chapter 9: Strategy Implementation: Global Strategy
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Sample Questions
Q1) Licensing is an especially useful strategy if the brand name is well known but the firm does not have the funds to finance its entering the country directly.
A)True
B)False
Q2) Which means of international entry is a variation of the turnkey operation?
A) joint venture
B) acquisition
C) green-field development
D) production sharing
E) BOT
Q3) Only ________ of human resource managers have ever worked abroad,so most have little understanding of a global assignment's unique personal and professional challenges and thus fail to develop the training necessary for such an assignment.
A) 11%
B) 21%
C) 51%
D) 41%
E) 31%
Q4) Discuss the five stages of international development.
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Chapter 10: Strategy Implementation: Organizing and Structure
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Sample Questions
Q1) The greatest weakness of a Stage II corporation is that all its eggs are in one basket.
A)True
B)False
Q2) The geographic-area structure allows the company to introduce and manage a similar line of products around the world.
A)True
B)False
Q3) Job enlargement is the movement of workers through several jobs to increase variety.
A)True
B)False
Q4) Stage III (Divisional Structure)is the point when the entrepreneur is replaced by a team of managers who have functional specialization.
A)True
B)False
Q5) What is the matrix structure? What are the three conditions which usually exist when the matrix structure is found?
Q6) Discuss the network structure.
Page 12
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Chapter 11: Strategy Implementation: Staffing and Directing
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Sample Questions
Q1) Which of the following might not be included in an action plan?
A) the person responsible for carrying out each action
B) the compensation provided to the person responsible for completing each action
C) the person responsible for monitoring the timeliness of each action
D) contingency plans
E) the dates to begin and end each action
Q2) Which one of the following is not part of the process of MBO?
A) establishing and communicating organizational objectives
B) setting individual objectives that help implement organizational ones
C) reinforcing rules and regulations
D) developing an action plan of activities needed to achieve the objectives
E) periodically reviewing performance as it relates to the objectives
Q3) One component of an effective action plan is the determination of the expected financial and physical consequences of each action.
A)True
B)False
Q4) Corporate culture does not necessarily have to support the strategy of the firm.
A)True
B)False
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Chapter 12: Evaluation and Control
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Sample Questions
Q1) ROI stands for return on incentives.
A)True
B)False
Q2) Because of the belief that accounting-based numbers such as ROI,ROE,and EPS are not reliable indicators of a corporation's economic value,which method of corporate performance is now preferred?
A) shareholder value
B) basic earning power
C) price/earnings ratio
D) profit margin on sales
E) return on assets
Q3) Distinguish between behavior and output controls.Provide examples of each.
Q4) RFID is an electronic tagging technology used to improve supply-chain efficiency in a number of companies.
A)True
B)False
Q5) What is the balanced scorecard? What are the four areas to be addressed?
Q6) The revenue center is measured in terms of efficiency.
A)True
B)False
Page 14
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Chapter 13: Suggestions for Case Analysis
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Sample Questions
Q1) Ratio analysis is a valuable part of SWOT analysis,helping to assess the company's overall situation and pinpoint some problem areas.
A)True
B)False
Q2) The calculation of ratios from financial data is referred to as
A) SWOT analysis.
B) ratio analysis.
C) receivables analysis.
D) integration analysis.
E) diversification analysis.
Q3) An important liquidity ratio is Earnings per Share (EPS).
A)True
B)False
Q4) What has been the most popular method of teaching strategy and policy for years?
A) lecture
B) case analysis
C) team teaching
D) group presentations
E) student teaching
Q5) What are common-size statements?
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