Strategic Management
Exam Materials
Course Introduction
Strategic Management is a comprehensive course that examines the formulation, implementation, and evaluation of cross-functional decisions that enable an organization to achieve its long-term objectives. The course covers fundamental concepts such as mission and vision development, environmental scanning, competitive analysis, strategy formulation, and the challenges in strategy execution. Students will learn to apply analytical frameworks and tools to real-world business problems, develop critical thinking skills, and explore the role of leadership, ethics, and organizational culture in strategic decision-making. Through case studies, group projects, and interactive discussions, learners will gain a holistic understanding of how organizations can create and sustain competitive advantage in dynamic environments.
Recommended Textbook
The Management of Strategy Concepts and Cases International Edition 10th Edition by Michael
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13 Chapters
2023 Verified Questions
2023 Flashcards
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Page 2
Chapter 1: Strategic Management and Competitiveness
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135 Verified Questions
135 Flashcards
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Sample Questions
Q1) Firms use the five forces model to identify the ___________ of the industry as measured by its ____________.
A) size, number of competitors
B) globalization, exports
C) hypercompetition, technology diffusion
D) attractiveness, profitability
Answer: D
Q2) The organization's role as a taxpayer is most important to ____ as stakeholders.
A) major suppliers of capital
B) shareholders
C) host communities
D) unions
Answer: C
Q3) Alligator Enterprises has earned above-average returns since its founding five years ago. Since no other firm has challenged Alligator in its particular market niche, the firm's owners can feel secure that Alligator has established a competitive advantage.
A)True
B)False
Answer: False
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Page 3
Chapter 2: The External Environment: Opportunities,
Threats, Competition, and Competitor Analysis
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164 Verified Questions
164 Flashcards
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Sample Questions
Q1) The political/legal segment of an environment represents
A) the political preferences of different ethnic groups in the society.
B) the technological values of different political entities in society.
C) how organizations and governments mutually try to influence each other.
D) the system of regulations governments at all levels place on businesses.
Answer: C
Q2) According to a recent study reported in the Wall Street Journal, 95% of consumer products examined committed at least one offense of "green washing," a term used to describe unproven environmental claims (Chapter 2 Strategic Focus).
A)True
B)False
Answer: True
Q3) Customer loyalty programs such as airline frequent flyer miles are an attempt to A) decrease competitors' access to distribution channels.
B) develop a cost advantage independent of scale.
C) increase customers' switching costs.
D) overcome the perishability of the hotel "product."
Answer: C
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Chapter 3: The Internal Environment: Resources, Capabilities,
Competencies, and Competitive Advantages
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153 Verified Questions
153 Flashcards
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Sample Questions
Q1) (Refer to Case Scenario 3) Mangler's reputation among its customers is an example of
A) a core competency
B) a capability
C) an intangible resource
D) a tangible resource
Answer: C
Q2) One benefit of outsourcing is that it allows a firm to focus on those few value chain activities where it can produce the greatest value.
A)True
B)False Answer: True
Q3) According to the Chapter 3 Strategic Focus, while P&G has only a handful of capabilities, these capabilities result in well over a hundred core competencies that allow it to create unique value for customers.
A)True
B)False Answer: False
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Chapter 4: Business Level Strategy
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147 Verified Questions
147 Flashcards
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Sample Questions
Q1) The differentiation strategy is effective for products that are expensive, luxury consumer goods. It is not effective for common, inexpensive products such as doughnuts.
A)True
B)False
Q2) (Refer to Case Scenario 1) The focused cost-leadership strategy followed by International Cow Packers Inc. (ICP) is appropriate given the industry characteristics of low supplier power, high entry barriers, intense industry rivalry, high threat of substitutes, and powerful buyers.
A)True
B)False
Q3) According to the Chapter 4 Opening Case, part of Starbucks' success in 2011 was the decision to cease introducing new products and to discontinue international expansion in order to focus on reinvigorating its primary brand - the Starbuck's coffee house.
A)True
B)False
Q4) (Refer to Case Scenario 3) What generic business strategy best describes Abrahamson's? Why?
Q5) What are the risks of an integrated cost leadership/differentiation strategy?
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Chapter 5: Competitive Rivalry and Dynamics
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150 Verified Questions
150 Flashcards
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Sample Questions
Q1) The chief disadvantage of being a first mover is the A) high degree of risk.
B) high level of competition in the new marketplace.
C) inability to earn above-average returns unless the production process is very efficient.
D) difficulty of obtaining new customers.
Q2) The larger the resources of a firm taking a competitive action compared with the resources of the other firms in the industry, the ____ the response will be of these other firms.
A) more fragmented
B) slower
C) larger
D) more tactical
Q3) Firms with few competitive resources are more likely to
A) not respond to competitive actions.
B) respond quickly to competitive actions.
C) delay responding to competitive actions.
D) respond to strategic actions, but not to tactical actions.
Q4) What are the advantages and disadvantages of being a first mover, second mover, and late mover?
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Chapter 6: Corporate Level Strategy
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162 Verified Questions
162 Flashcards
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Sample Questions
Q1) (Refer to Case Scenario 2) What difficulties might you expect JC to encounter related to its acquisition of Plastico?
Q2) Antitrust regulation, tax laws, and low performance are all value-neutral reasons why firms engage in diversification.
A)True
B)False
Q3) GE (discussed in the Chapter 6 Opening Case) is an example of a firm following the related constrained diversification strategy (i.e., different businesses that are highly related).
A)True
B)False
Q4) The main difference between the related constrained level of diversification and the related linked level of diversification is
A) the percentage of total organizational profitability that comes from the dominant business.
B) the level of resources and activities shared among the businesses.
C) whether the diversification is vertical or horizontal.
D) whether the diversification is value-creating or value-neutral.
Q5) What are the managerial motives to diversify?
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Chapter 7: Strategic Acquisition and Restructuring
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174 Verified Questions
174 Flashcards
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Sample Questions
Q1) It is relatively common for a firm to develop new products internally to diversify its product lines.
A)True
B)False
Q2) The fastest and easiest way for a firm to diversity its portfolio of businesses is through acquisition because
A) of barriers to entry in many industries.
B) it is difficult and time intensive for companies to develop products that differ from their current product line.
C) innovation in both the acquired and the acquiring firm is enhanced by the exchange of competencies resulting from acquisition.
D) unrelated acquisitions are usually uncomplicated because the acquired firm is allowed to continue to function independently as it did before acquisition.
Q3) The reasons why a firm would overpay for a company that it acquires include inadequate due diligence.
A)True
B)False
Q4) What are the attributes of a successful acquisition program?
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Chapter 8: Global Strategy
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167 Verified Questions
167 Flashcards
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Sample Questions
Q1) What are the incentives for firms to use international strategies? What are the three basic benefits firms can derive by moving into international markets?
Q2) Firms with core competencies that can be exploited across international markets are able to
A) achieve synergies and produce high quality goods at lower costs.
B) enter new markets more quickly.
C) enhance their market image and brand loyalty among local consumers.
D) meet local government requirements more quickly than their international competitors.
Q3) Which of the following is NOT a typical disadvantage of licensing?
A) little control over the marketing of the products
B) licensees may develop a competitive product after the license expires
C) lower potential returns than the use of exporting or strategic alliances
D) incompatibility of the licensing partners
Q4) Walmart's most common entry modes into international markets are acquisitions and joint ventures (Chapter 8 Strategic Focus).
A)True
B)False
Q5) (Refer to Case Scenario 2) Which option would you recommend?
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Chapter 9: Cooperative Implications for Strategy
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148 Verified Questions
148 Flashcards
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Sample Questions
Q1) Mutual forbearance is a form of explicit collusion between firms in which competitors avoid attacking rivals they meet in multiple markets.
A)True
B)False
Q2) Explain the rationales for a cooperative strategy under each of the three types of basic market situations (i.e., slow, standard, and fast cycles).
Q3) Some cooperative strategies fail when it is discovered that a firm has misrepresented the competencies it can bring to the partnership.
A)True
B)False
Q4) Tacit collusion is not explicitly illegal in the United States even though it results in higher prices for consumers.
A)True
B)False
Q5) Identify and define the two different types of network strategies.
Q6) Identify and define the different types of strategic alliances.
Q7) Describe the two strategic management approaches to managing alliances.
Q8) Identify the three types of corporate-level cooperative strategies.
Page 11
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Chapter 10: Corporate Governance and Ethics
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171 Verified Questions
171 Flashcards
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Sample Questions
Q1) All of the following statements are TRUE about the use of defense tactics by the target firm during a hostile takeover EXCEPT
A) defense tactics are usually beneficial for the executives of the target firm.
B) defense tactics are opposed by institutional investors.
C) defense tactics vary in their effectiveness as a defense to takeovers.
D) defense tactics make the costs of a takeover lower.
Q2) According to the Chapter 10 Opening Case, all of the following would aspects of corporate governance EXCEPT
A) creating value for shareholders
B) developing a succession plans for CEOs
C) signaling to the global community that a nation's business infrastructure is consistent with global standards
D) maximization of CEO compensation
Q3) According to the Chapter 10 Opening Case, one of the responsibilities of the board of directors is to have a succession plan for the CEO in place.
A)True
B)False
Q4) (Refer to Case Scenario 1) What compensation structure would you recommend?
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Page 12
Chapter 11: Structure and Controls with Organizations
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157 Verified Questions
157 Flashcards
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Sample Questions
Q1) One reason why a long-tenured top-level manager may hesitate to conclude the firm's structure is a problem is that doing so
A) indicates to competitors that the firm is vulnerable to a hostile takeover.
B) will only lead to inefficiencies.
C) requires the firm undertake multi-year restructuring period that will delay retirement. D) suggests that their previous choices were not the best ones.
Q2) (Refer to Case Scenario 2) How would the implementation of this structure differ for Pal?
Q3) An overriding lesson from the Chapter 10 Opening Case about Borders is that failure to properly structure an organization can contribute to poor strategic decisions and eventually bankruptcy.
A)True
B)False
Q4) According to the Chapter 11 Strategic Focus, Cisco implemented the related constrained strategy using the SBU form of the multidivisional structure.
A)True
B)False
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13
Chapter 12: Leadership Implications for Strategy
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148 Verified Questions
148 Flashcards
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Sample Questions
Q1) The top management team at Ingenuity, Inc., has assigned a team of scientists to a multi-year project to investigate the viability of growing large amounts of fur from cloned cells of minks and foxes to produce no-kill fur products for coats and other clothing items. This idea would satisfy all the dimensions of the entrepreneurial orientation EXCEPT
A) innovativeness.
B) risk taking.
C) proactiveness.
D) competitive autonomy.
Q2) All of the following are external environmental sources that affect managerial discretion EXCEPT
A) industry structure.
B) corporate culture.
C) market growth rate.
D) potential for product differentiation.
Q3) The CEO is the individual with primary responsibility for effective strategic leadership within an organization.
A)True
B)False
Q4) Define human capital and its importance to the firm's success.
Page 14
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Chapter 13: Entrepreneurial Implications for Strategy
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147 Verified Questions
147 Flashcards
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Sample Questions
Q1) A cross-functional work team is having difficulties in operating smoothly and friction has developed among some of the members. Many of the strongest complaints are from the representatives of management who complain that the research scientists are disorganized, haphazard, and undisciplined. Managers complain the scientists do not adhere to any fixed rules or procedures. On the other hand, the research scientists complain that the managerial representatives are excessively rule-oriented bureaucrats, and have no flexibility or spontaneity. The main problem with this team seems to be centered around differences in
A) interpersonal orientation.
B) time orientation.
C) goal orientation.
D) formality of structure.
Q2) Induced strategic behavior as a form of internal innovation is a(an) ____ process.
A) bottom-up
B) top-down
C) free-flowing
D) external
Q3) Discuss the methods an organization can use to facilitate cross-functional integration.
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Page 15