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 and gain a competitive advantage. The course provides an integrative perspective on assessing the internal and external environments, analyzing resources and capabilities, and formulating strategies that align with organizational goals. Through case studies, theoretical frameworks, and practical applications, students learn to anticipate industry trends, navigate global challenges, and make informed strategic choices in dynamic business environments. Key topics include competitive analysis, corporate strategy, innovation, and ethical considerations in strategy development.
Recommended Textbook
Foundations of Strategy 1st Canadian Edition by Robert M. Grant
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10 Chapters
579 Verified Questions
579 Flashcards
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Page 2
Chapter 1: The Concept of Stategy
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59 Verified Questions
59 Flashcards
Source URL: https://quizplus.com/quiz/47517
Sample Questions
Q1) The notion of "strategic fit"
A)does not mean much, and is a common statement made in strategic literature.
B)implies coherence between resources, capabilities, structure and systems.
C)expresses how well a firm's strategy fits its internal and external environment.
D)b and c.
Answer: D
Q2) Maximising shareholder value
A)is the sole objective of all profit-making companies in every country.
B)is the primary legal obligation in most English-speaking countries.
C)is not the only legal obligation in continental Europe, and in Asia. Firms here are legally obliged to take account of a broad range of stakeholder interests.
D)both b and c.
Answer: D
Q3) Paradoxically, the most consistently profitable companies are those whose primary goals are NOT stated in terms of profits.
A)True
B)False
Answer: True
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3
Chapter 2: Industry Analysis
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58 Verified Questions
58 Flashcards
Source URL: https://quizplus.com/quiz/47518
Sample Questions
Q1) The value to managers of understanding key success factors is
A)self-evident.
B)legitimate because it is accepted by the academic world.
C)that it generates "generic strategies" which guarantee success.
D)to help maintain a strategic perspective of what needs to be done to survive, and help them avoid degenerating into a fire fighting approach.
Answer: D
Q2) Having high fixed costs makes it hard to make a profit in a recession.
A)True
B)False
Answer: True
Q3) Porter's 5 Forces model arguably has some deficiencies and does NOT answer all possible questions. But this is true of all models.
A)True
B)False
Answer: True
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Chapter 3: Resources and Capabilities
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64 Verified Questions
64 Flashcards
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Sample Questions
Q1) We need to appraise our resources and capabilities against A)our past record; we must continually improve.
B)the best firms around the world, no matter in what country, market or industry.
C)our competitors' resources and capabilities.
D)The best that our competitors might attain in the future.
Answer: C
Q2) The hierarchy of capabilities explains
A)how capabilities to do market research time-effectively and buy advertising cost-effectively, belong under marketing capabilities.
B)how capabilities are made up of processes that use resources to achieve a desired result.
C)how the CEO should have more capabilities than the CFO, the COO etc.
D)how core capabilities are more valuable than threshold capabilities.
Answer: A
Q3) Human resources are always listed on a firm's balance sheet.
A)True
B)False
Answer: False
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5
Chapter 4: The Nature and Sources of Competitive
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50 Verified Questions
50 Flashcards
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Sample Questions
Q1) The seven drivers of cost advantage
A)must be equally examined in all firms.
B)can be a useful framework within which to compare a firm's cost improvements in the last few years.
C)can be a useful framework within which to compare a firm's costs with its competitors.
D)can be a useful framework within which to compare a firm's profit margins with its competitors.
Q2) It is quite natural to combine cost leadership and differentiation strategies
A)into a strategy where you focus on doing both.
B)no: porter says they are mutually exclusive.
C)if you do, you will probably end up being 'stuck in the middle'.
D)b and c.
Q3) Differentiation means offering many product features that distinguish your product from everyone else's.
A)True
B)False
Q4) A "Blue ocean strategy" refers to the creation of entirely new markets.
A)True
B)False
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Chapter 5: Industry Evolution and Strategic Change
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53 Verified Questions
53 Flashcards
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Sample Questions
Q1) A shift from radical to incremental innovation takes place when an industry coalesces around a leading technology and design.
A)True
B)False
Q2) To succeed as a leading player in the Growth phase, a firm should
A)offer a product or service which is designed to be "scaled up" in volume.
B)obtain sufficient resources and build capabilities to support effective scaling-up of operations.
C)have sufficient market access or commercial muscle to sell scaled-up volume.
D)all of the above.
Q3) The different stages of the industry life cycles are characterised by
A)the evolution of the industry growth rate over time.
B)the evolution of the competition in the industry.
C)the evolution of a firm's market share.
D)none of the above.
Q4) The industry life cycle comprises 4 stages: introduction, growth, maturity, declineso is indistinguishable from the product life cycle.
A)True
B)False
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Chapter 6: Technology-Based Industries and the Management of Innovation
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67 Verified Questions
67 Flashcards
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Sample Questions
Q1) Standards are important in an industry because
A)they underpin interoperability (where relevant)and facilitate industry growth.
B)every industry needs a market leader.
C)they are imposed by the government and have the force of law behind them.
D)most industries cannot effectively function without standards.
Q2) Firms innovate because they are seeking A)Market share.
B)leadership of the industry.
C)a competitive advantage.
D)lower costs.
Q3) Network externalities exist when
A)the value of a product for a customer lies in how many others he can connect to.
B)the value of a product for a customer depends significantly on the number of other users of the same product.
C)there are large benefits to other customers.
D)there are huge drawbacks for other customers.
Q4) Technology is NOT very important to established, mature industries.
A)True
B)False
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Chapter 7: Corporate Stategy
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74 Verified Questions
74 Flashcards
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Sample Questions
Q1) "Economies of scope" is a more modern expression to replace the old-fashioned term "economies of scale".
A)True
B)False
Q2) If the transaction costs associated with buying in a product or service from the market costs more than the firm providing this internally, then the firm will outsource.
A)True
B)False
Q3) Economies of scope and economies of scale both relate to lower average cost but A)economies of scale refer to cost-advantage from higher volume of a single product. B)economies of scope refer to cost-advantage from spreading a common cost over multiple products.
C)a and b. D)none of the above.
Q4) There are three types of diversification; related, unrelated, and concentric.
A)True
B)False
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Chapter 8: Realizing Stategy
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53 Verified Questions
53 Flashcards
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Sample Questions
Q1) Whether formal or informal, all strategic planning systems
A)describe the company's ultimate goals.
B)map stakeholders' influence on the company.
C)coordinate financial results within a company.
D)coordinate plans within a company.
Q2) Strong bureaucratic controls reduce the freedom of junior employees to exercise personal judgments.
A)True
B)False
Q3) Total Quality Management requires that employees receive
A)regular, timely, feedback on their performance.
B)regular, timely, feedback on the quality of the whole firm's output.
C)immediate quality control reports.
D)reports that predict future quality.
Q4) The 200-year-old quote from Adam Smith's early industrial pin factory illustrates
A)the gains to be had from task specialization.
B)the usefulness of 200-year-old economics textbooks.
C)how technology has progressed in 200 years.
D)a and b.
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Chapter 9: Global Strategies and the Multinational Corporation
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66 Verified Questions
66 Flashcards
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Sample Questions
Q1) Trading industries are distinguished by
A)the widespread practice of importing and exporting.
B)the widespread practice of moving capital investments from one country to another.
C)the tendency for employees to move from one country to another.
D)all of the above.
Q2) In its first, largely European, phase of internationalization, IKEA
A)kept its markets and products unchanged.
B)made minimal changes to its products and processes.
C)consciously changed its culture but not its products.
D)changed its products but not its culture.
Q3) Many MNCs are 'captives of their history' because
A)structure follows strategy, and their original strategies may now be irrelevant.
B)once you have established them successfully, it is hard to change both international structures and strategies.
C)strategy follows structure, so they have to adapt their global strategies to the reality of global political structures.
D)a and b.
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Page 11
Chapter 10: Corporate Responsibility
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35 Verified Questions
35 Flashcards
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Sample Questions
Q1) Empirical research into leadership tends to conclude that successful leaders have many different characteristics and approaches to dealing with people.
A)True
B)False
Q2) Today's high levels of interconnectedness result from high levels of
A)global trade, interest and exchange rate flexibility, and speed of communication.
B)global trade, unemployment and inflation.
C)government and private sector debt, and today's high speed of communication.
D)b and c.
Q3) A lack of social legitimacy could bring down yet more investment or commercial banks.
A)True
B)False
Q4) The global financial crisis showed that the boards of most financial institutions understood the risks they were running, but did not tell shareholders the extent of these risks until too late.
A)True
B)False
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