Strategic Management
Final Exam Questions
Course Introduction
Strategic Management is a comprehensive course that explores the formulation, implementation, and evaluation of strategies to achieve organizational objectives in a competitive environment. Through analysis of case studies and theoretical frameworks, students learn to assess internal and external environments, identify strategic opportunities and threats, and develop effective strategies for growth and sustainability. The course emphasizes decision-making at the highest organizational levels and addresses topics such as competitive advantage, corporate strategy, industry analysis, and the role of leadership in strategic planning. By the end of the course, students will be able to critically evaluate strategic options and understand how to create and maintain long-term organizational success.
Recommended Textbook
Strategic Management Creating Competitive Advantages 9th Edition by Gregory G Dess Dr
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Chapter 1: Strategic Management: Creating Competitive Advantages
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Sample Questions
Q1) In the interview with Admiral William H.McRaven,he suggests that several duties,responsibilities and organizational relationships are similar between his military career activity and his role as chancellor.He says that he is a servant leader.Which of the following lessons is not one from his military career?
A) Change cannot be made without understanding the organizational environment.
B) A leader must establish relationships early by reaching out to stakeholders within and external to the organization.
C) Communication and collaboration need to be reinforced by the organizational culture.
D) Actions must be moral, legal, ethical, and judgmental.
Answer: D
Q2) Strategic management involves the recognition of trade-offs between effectiveness and A) cost.
B) value.
C) return on investment.
D) efficiency.
Answer: D
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Chapter 2: Analyzing the External Environment of the Firm:
Creating Competitive Advantages
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Sample Questions
Q1) PPG Industries,the Pittsburgh-based manufacturer of paints,coatings,optical products,specialty materials,chemicals,glass,and fiber glass suffered serious failures in 1986 and 1987 when it attempted to diversify its offers.It used a technique to help it identify possible future strategies.What was it?
A) crowdsourcing
B) competitive intelligence
C) scenario analysis
D) monitoring
Answer: C
Q2) Why must successful managers recognize opportunities and threats in their company external environment?
A) If they miscalculate the market, opportunities will be lost.
B) If they misread the market, they are likely to become rich.
C) If they identify all of the environmental threats, they are guaranteed to acquire large market share.
D) If they identify all of the environmental opportunities, they are guaranteed to acquire large market share.
Answer: A
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Chapter 3: Assessing the Internal Environment of the Firm
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Sample Questions
Q1) Which of the following examples demonstrates how successful organizations manage their primary activities?
A) Motorola has revised its compensation system to reward employees who learn a variety of skills.
B) Wal-Mart implemented a sophisticated information system that resulted in reduced inventory carrying costs and shortened customer response times.
C) National Steel improved its efficiency by reducing the number of job classifications.
D) JIT inventory systems are vital to Toyota committing to fulfill new car orders within five days.
Answer: D
Q2) In assessing its primary activities,an airline would examine A) employee training programs.
B) baggage handling.
C) criteria for lease versus purchase decisions.
D) the effectiveness of its lobbying activities.
Answer: B
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Chapter 4: Recognizing a Firm's Intellectual Assets: Moving
Beyond a Firm's Tangible Resources
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Sample Questions
Q1) The importance of human capital has decreased in recent years.For this reason,many firms have placed greater attention on attracting talent but not on developing or retaining it.
A)True
B)False
Q2) There are multiple advantages of e-teams.Which of the following is not an advantage?
A) E-teams are less restricted by the geographic constraints that are placed on face-to-face teams.
B) E-teams can be more flexible in responding to unanticipated work challenges and opportunities.
C) Process losses result from identification and combination activities.
D) E-teams can be effective in generating social capital.
Q3) In social network analysis,the importance of ties connecting heterogeneous people that help to ensure a wide range of diversity in information and perspective is known as A) closure.
B) social supports.
C) redundancy.
D) bridging relationships.
Page 6
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Chapter 5: Business-level Strategy: Creating and Sustaining Competitive Advantages
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Sample Questions
Q1) Research has consistently shown that firms that achieve both cost leadership and differentiation advantages tend to perform
A) at about the same level as firms that achieve either cost or differentiation advantages.
B) about the same as firms that are stuck-in-the-middle.
C) higher than firms that achieve either a cost or a differentiation advantage.
D) lower than firms that achieve differentiation advantages but higher than firms that achieve cost advantages.
Q2) The Yoox algorithm permits it to predict which products will sell at which times and where,thus allowing effective stocking to meet customer needs.This a result of
A) purchasing patterns.
B) data analytics.
C) physical plant.
D) flooding the market with ads.
Q3) What are the pitfalls of the overall cost leadership strategy? Provide an example for each pitfall and explain why it is a pitfall.
Q4) What is a focus strategy? Provide an example where this has been implemented successfully.
Page 7
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Chapter 6: Corporate-level Strategy: Creating Value Through Diversification
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Sample Questions
Q1) Explain the purpose of antitakeover tactics and provide a specific example of an actual antitakeover tactic.
Q2) The antitakeover tactic,________,is when a firm offers to buy shares of their stock from a company (or individual)planning to acquire their firm at a higher price than the unfriendly company paid for it.
A) golden parachute
B) poison pill
C) greenmail
D) scorched earth
Q3) Factors that directly affect the merger and acquisition environment include all the following except
A) general economic conditions.
B) level of optimism about the future.
C) currency fluctuations.
D) managerial style.
Q4) Research shows that most acquisitions of public corporations result in value creation rather than value destruction.
A)True
B)False
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Chapter 7: International Strategy: Creating Value in Global Markets
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Sample Questions
Q1) Reverse innovation occurs when a company develops a product that meets the needs of a developed country and then adapts it to the needs of the developing country.
A)True
B)False
Q2) What are the four basic types of international strategies that a company may pursue? Explain how the selection of one of these strategies is largely dependent on the relative pressure on the firm to address cost reduction and adaptation to local markets.
Q3) Which of the following types of international firms are most likely to benefit from a global strategy as opposed to a multidomestic strategy?
A) firms that compete in industries in which consumer preferences vary substantially in each country
B) firms in industries that are expanding very rapidly
C) firms in industries that have value added by sales and marketing departments
D) firms in industries that have much value added in research and design or manufacturing
Q4) What is a beachhead strategy and how does it contribute to a company's decision to internationalize?
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Chapter 8: Entrepreneurial Strategy and Competitive Dynamics
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Sample Questions
Q1) Entrepreneurial firms that pursue a low-cost leadership strategy use all the following to achieve lower costs except
A) cost-saving technology.
B) simple organizational structures.
C) rapid decision making.
D) extensive investment in order to achieve economies of scale.
Q2) Competitors in a mature market typically find that a new entrant is threatening because
A) nearly all market need is already being met.
B) the new entrant might increase prices.
C) the new entrant offers the same product.
D) the new entrant is a pioneer.
Q3) When launching a new venture,finding a way to begin doing business must ________ generate cash flow,build credibility,attract good employees,and overcome the liability of newness.
A) slowly
B) quickly
C) steadily
D) painlessly
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Q4) Explain what a pioneering new entry means and when it is appropriate to use it.
Chapter 9: Strategic Control and Corporate Governance
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Sample Questions
Q1) Double-loop learning in the contemporary approach to strategic control means that the organizational assumptions,premises,goals and strategies are occasionally monitored,tested,and reviewed.
A)True
B)False
Q2) Many institutional investors are aggressive in protecting and enhancing their investments.They are shifting from ________ to owners.They are assuming the role of ________ shareholders and rigorously analyzing issues of corporate governance.In the process,they are reinventing systems of corporate monitoring and accountability.
A) sellers; part-time
B) investors; full-time
C) investors; part-time
D) traders; permanent
Q3) Which of the following is not one of the characteristics of reward and incentive systems?
A) They represent a poor means of influencing the culture of an organization.
B) They focus efforts on high priority tasks.
C) They motivate high levels of individual and collective task performance.
D) They represent an effective control mechanism.
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Page 11
Chapter 10: Creating Effective Organizational Designs
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Sample Questions
Q1) In the ambidextrous firm,if managers direct their efforts primarily at ________,they are likely to miss out on promising business opportunities.
A) alignment
B) adaptability
C) structure
D) opportunities
Q2) One of the disadvantages of divisional structure design is that they divide ________,________,and knowledge.They insulate divisional managers from other divisional managers thus inhibiting their ability to coordinate activities,share resources,and learn from each other.
A) land, buildings
B) assets, structures
C) people, resources
D) people, buildings
Q3) Which of the following activities is not identified by organizational structure?
A) managerial
B) executive
C) social responsibility
D) administrative
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Page 12
Chapter 11: Strategic Leadership: Creating a Learning
Organization and an Ethical Organization
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Sample Questions
Q1) Texas Instruments teaches ethics to its employees.They include all levels of the organization in the exchange of knowledge and auditing of behaviors.This is a good example of a(n)________ ethics program.
A) compliance-based
B) integrity-based
C) conformance-based
D) behavioral-based
Q2) In organizations,ethical behavior must start with ________ before ________ can be expected to perform accordingly.
A) the employees; the shareholders
B) the shareholders; the leader
C) the leader; the employees
D) the leader; the shareholders
Q3) Leaders risk creating a culture of fear and micromanagement if they
A) create personal connections with their people through frequent unannounced visits.
B) express their passion frequently.
C) keep their workforce motivated.
D) recognize the opinions of others so that they feel valued.
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Chapter 12: Managing Innovation and Fostering Corporate
Entrepreneurship
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Sample Questions
Q1) Business risk taking refers to the risk associated with entering untested markets or committing to unproven technologies.
A)True
B)False
Q2) Radical innovations are evolutionary applications of novel ideas within existing paradigms.
A)True
B)False
Q3) Product champions
A) are typically senior executives.
B) are usually inventors of some sort.
C) scavenge for resources and encourage others to back promising new ideas.
D) are strong supporters of the status quo.
Q4) Strategic reasons for undertaking a corporate venture do not include
A) entering into new markets.
B) expanding capabilities by acquiring new knowledge.
C) building the base of corporation resources.
D) reinforcing stakeholder commitment.
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Q5) What is the difference between product innovation and process innovation? How is each used?