Strategic Management Study Guide
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Strategic Management is a comprehensive course that explores the processes by which organizations analyze their internal and external environments, formulate strategic objectives, and implement plans to achieve long-term success. The course covers key concepts such as competitive advantage, industry analysis, resource-based views, corporate and business-level strategy, and strategy execution. Through case studies, real-world examples, and practical frameworks, students develop critical thinking and decision-making skills essential for navigating complex business landscapes and leading organizations toward sustainable growth.
Recommended Textbook Management An Integrated Approach 2nd Edition by Ranjay
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Page 2
Gulati
Chapter 1: Introduction to Management
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Sample Questions
Q1) With regard to managing uncertainty, high uncertainty requires
A) less vigilance of contextual forces and less adaptation.
B) stronger vigilance of contextual forces and less adaptation.
C) less vigilance of contextual forces and more adaptation.
D) stronger vigilance of contextual forces and more adaptation.
Answer: D
Q2) Harriet, a manager of a steel company, wants to design formal processes and systems to deal with the firm's various stakeholders. Which of the following tools will best serve this purpose?
A) Stakeholder mapping
B) Scientific management
C) Strategic positioning
D) Trend analysis
Answer: A
Q3) A stakeholder is any group or individual who can affect or is affected by the achievement of an organization's purpose.
A)True
B)False
Answer: True
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Chapter 2: The Global Business Environment
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Q1) Social values often pose a much lesser challenge than language barriers for a company wanting to expand globally.
A)True
B)False
Answer: False
Q2) The Uruguay Round is noteworthy because it created the successor to GATT.
A)True
B)False
Answer: True
Q3) Which of the following is one of the primary goals of ASEAN?
A) Eliminating tariffs among countries
B) Easing travel of citizens and goods
C) Creating a single financial market
D) Ensuring peace and stability
Answer: D
Q4) Fuel and mining products are increasingly important components of MERCOSUR's export base.
A)True
B)False
Answer: True
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Chapter 3: Ethics and Corporate Social Responsibility
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Q1) Describe the link between a firm's overall performance and corporate social responsibility.
Answer: A firm's overall performance and corporate social responsibility are linked through the consumer. Consumers not only have a favorable attitude toward companies engaging in CSR, but also make purchasing decisions based on CSR activity. This in turn increases sales revenues, thereby increasing profitability.
Q2) The Sarbanes-Oxley Act of 2002 was passed in order to
A) control pollution and protect the environment in the long term.
B) increase taxation levels for companies doing business abroad.
C) eliminate the practice of bribery.
D) control the manipulation of accounts by the top management in firms.
Answer: D
Q3) CSR is considered strategic when it supports core business activities that contribute to a firm's mission, vision, and strategy.
A)True
B)False
Answer: True
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5
Chapter 4: Introduction to Strategy
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Q1) "To make bikes that allow riders of all ages and abilities to experience the joy of riding" is an example of
A) strategy.
B) mission.
C) vision.
D) tactic.
Q2) Foodies, a food manufacturing company, made plans to either open a new outlet in Berylia, a country where the majority are low-income families, or Erbia, a country where the majority of the people belong to high-income families. It finally decides to open a new outlet in Berylia by offering products with reduced cost as the demand for its product is greater in Berylia. This scenario is an example of _____ in defining a strategy.
A) making trade-offs
B) creating fit among activities
C) choosing a set of activities
D) developing objectives
Q3) The transnational strategy is a cross between global and multinational strategies.
A)True
B)False
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Chapter 5: Business-Level Strategy
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Sample Questions
Q1) Describe the three strategies of competitive advantage.
Q2) Managers must view the firm's value chain in the context of a larger value system that includes the value chains of suppliers and distribution channels.
A)True
B)False
Q3) Which of the following statements is true about Porter's 5-Forces Model?
A) The level of threat of entry from competition is generally the same across all industries.
B) Every industry and market is different in terms of who maintains the power in the buyer-supplier relationship.
C) The buyer or customer has no power to force down prices in an industry.
D) Not all companies face the threat of substitutes.
Q4) Toyota's unique philosophy, processes, and organizational culture
A) are tangible resources.
B) are human resources.
C) make up its value chain.
D) are intangible resources.
Q5) What are the tangible and intangible resources of an organization? Give examples.
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Page 7
Chapter 6: Corporate-Level Strategy
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Q1) Transaction costs refer to the costs a firm incurs to coordinate activities between business units.
A)True
B)False
Q2) Which of the following is NOT a reason why managers pursue diversification strategies?
A) The opportunity to increase customer loyalty
B) The potential to manage or minimize risk
C) The potential for personal gain
D) The opportunity to leverage core assets or skills between different businesses
Q3) The ultimate goal of developing a corporate-level strategy is to build
A) employee commitment.
B) a corporate advantage.
C) customer relationships.
D) a wholly owned subsidiary.
Q4) Discuss the results of diversification.
Q5) Define vertical integration and its types.
Q6) Define diversification and describe its types.
Q7) Why do managers pursue diversification strategies?
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Chapter 7: Organizational Design
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Sample Questions
Q1) Outline the five customer-centric activities of an organization.
Q2) As firms expand and grow in complexity, they are likely to reorganize into a functional structure.
A)True
B)False
Q3) The factor that distinguishes functional organizational structure from divisional is that
A) a functional structure is organized around the outputs a firm produces.
B) a functional structure is best suited to deal with environmental change.
C) a functional structure groups diverse functions into separate divisions.
D) a functional structure is organized in terms of the main activities to be performed.
Q4) The key advantage of the matrix structure is that it creates clarity for managers who are simultaneously accountable to distinct units that don't always share the same objectives.
A)True
B)False
Q5) Define organizational structure and briefly describe its types.
Q6) Describe the clan approach.
Q7) Discuss organizational design and the life-cycle of a firm.
Page 9
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Chapter 8: Organizational Culture
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Q1) Which of the following is the best example of an organization with a weak culture?
A) TechPark is a company characterized by low levels of agreement among employees about what is valued in the organization.
B) The employees of Z-Gadgets, a manufacturing company, experience role clarity, in which they operate autonomously with little monitoring.
C) The performance of ElectronicZone tends to fluctuate, wherein it's good under stable environments and very poor under turbulent environments.
D) Z-Furn's organizational culture is very inflexible and cannot be easily changed in response to changing environments.
Q2) Which of the following is a source from which a firm's culture develops?
A) The employees' skill set
B) The suppliers and customers
C) The organization's competitors
D) The founder of the organization
Q3) Once a behavior has become an assumption, it is even more visible.
A)True
B)False
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Chapter 9: Managing Human Capital
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Q1) _____ analysis is the process of tracking the results of one's own key actions and decisions.
A) Feedback
B) Strategic
C) Trend
D) SWOT
Q2) After a recent downsizing, Joe's work responsibilities significantly increased. Joe felt guilty and resentful and became self-absorbed and risk adverse. Joe was suffering from A) survivor syndrome.
B) MBO.
C) post-downsizing disorder.
D) outsourcing envy.
Q3) Majestic Company is expanding benefits, adding training and development programs, and recruiting specialists. Majestic is most likely in the A) initiation stage of growth.
B) functional growth stage.
C) controlled growth stage.
D) functional integration stage of growth.
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11
Chapter 10: Performance Management
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Q1) _____ is defined as the process of evaluating behaviors and outputs to see whether standards have been met or objectives have been obtained.
A) Benchmarking
B) Measurement
C) De-escalation
D) Strategic control
Q2) The factor that differentiates behavior and output is that
A) outputs include the decisions of individual employees.
B) behavior is controlled at the unit or department level.
C) outputs are more flexible and diverse.
D) behavior can be specified for an entire organization.
Q3) Because GE operates in many businesses, ranging from aircraft engines to healthcare imaging, GE would
A) not be able to use the balanced scorecard.
B) have to adopt a common strategy for all businesses to be able to use the balanced scorecard.
C) need to create a unique balanced scorecard for each of its business units.
D) have to choose one business unit with which it could use the balanced scorecard.
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Chapter 11: Organizational Change
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Q1) In communicating the model for change, leaders need to appeal to both logic and emotions.
A)True
B)False
Q2) Define organizational change and briefly explain how change can be driven by external factors.
Q3) Thomas, a top executive of an organization, is responsible for managing the transformational change process that the organization is about to undergo soon. Which of the following should Thomas do in order to combat the employees' resistance to change and to create a sustainable change?
A) He should keep the reasons for change confidential.
B) He should set up a bonus plan to reward employees for the change.
C) He should fire employees who complain about the change process.
D) He should engage employees in the change process.
Q4) Outline the key aspects of organizational change.
Q5) Organic change is a process where change is initiated in response to some known external threat or opportunity.
A)True
B)False
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Chapter 12: Leadership in Organizations
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Questions
Q1) Mona has an employee who is very skilled yet lacks the motivation to function at his best. Based on Hersey and Blanchard's situational theory, Mona should
A) be directive.
B) act as a guide.
C) focus on delegation.
D) offer support.
Q2) Which of the following statements is true about Fiedler's contingency model?
A) A low least-preferred-coworker score indicates a leader who is more relationship-oriented.
B) Depending on the favorability of the leadership situation, a different style of leadership is required.
C) Fiedler suggests that leaders should adapt themselves to match the situation.
D) Relationship-oriented leaders are more successful at the extremes of leadership situations.
Q3) Leadership substitutes refer to
A) aspects of a situation that make leadership unnecessary.
B) aspects that influence the external environment affecting leadership.
C) aspects that overlook a crucial component of the leadership construct.
D) aspects that hinder a leader's ability to act a particular way.
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Page 14
Chapter 13: Becoming a Leader: Knowing Yourself
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Q1) Which of the following indices of creativity involves the ability to change approaches to a problem?
A) Flexibility
B) Fluency
C) Originality
D) Adaptability
Q2) James and Jacob are working on an important project for which the deadline is approaching. James quickly analyzes the situation and organizes the activities such that the project is completed on time. However, Jacob begins by gathering extra information and experimenting with new methods. He prefers not to be rushed. In the context of the psychological dimensions of personality, it can be inferred that
A) Jacob is more of a thinker than an intuitor.
B) James is more judging than perceiving.
C) Jacob is more sensing than feeling.
D) James is more of a perceiver than a thinker.
Q3) Briefly explain Howard Gardner's multiple intelligences.
Q4) Outline the components of emotional intelligence.
Q5) Define self-awareness and interpersonal effectiveness, and describe their relationship.
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Chapter 14: Power and Influence
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Q1) Positional power is often more influential and effective than personal power.
A)True
B)False
Q2) Which of the following results in losing power?
A) Strong attention to detail
B) Engaging in constructive conflict
C) Inflated view of self
D) Flexibility
Q3) Building sources of personal power is the final step involved in exercising power through influence.
A)True
B)False
Q4) Describe the different influence styles.
Q5) Juanita believes that she and Lee share common organizational goals. Lee isn't sure what to do. Juanita has a plan. Which style of influence will be most helpful to Juanita in gaining Lee's support?
A) Disengaging
B) Persuading
C) Asserting
D) Attracting
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Chapter 15: Decision Making
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Q1) Heuristics are the short-cuts that individuals use to save time when making complex decisions.
A)True
B)False
Q2) Top management's decision on how to integrate a newly acquired firm is most likely a(n) _____ decision.
A) emotional
B) programmed
C) intuitive
D) nonprogrammed
Q3) Tom negotiated with the customer and priced the customer's order at a special discount within the bounds of established rules and guidelines.Tom has made a(n) _____ decision.
A) emotional
B) unstructured
C) intuitive
D) programmed
Q4) List the actions that can help managers "de-bias" their judgments.
Q5) Outline heuristics and its types.
Q6) Differentiate between programmed and nonprogrammed decisions.
Page 17
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Chapter 16: Conflict and Negotiation
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Q1) Which of the following is the final step involved in diagnosing disagreement?
A) Identifying the factors that may underlie the disagreement
B) Determining whether both parties had access to the same information
C) Identifying the state to which the disagreement has evolved
D) Determining the nature of the difference among the people involved
Q2) Which of the following statements about affective and cognitive conflicts is true?
A) Cognitive conflicts can have a positive influence on the team.
B) Cognitive conflicts cannot be interpreted as personal attacks.
C) In affective conflict situations, the focus is on the task at hand.
D) In most cases, cognitive conflicts are extremely destructive.
Q3) Which of the following statements is true of the bargaining zone framework?
A) The reservation point is the number below or above which the negotiator will not go.
B) In a positive bargaining zone, there is no settlement that will be acceptable to both parties.
C) The bargaining zone framework is a unique characteristic of integrative negotiations.
D) In a negative bargaining zone, negotiators' acceptable positions overlap.
Q4) Discuss negotiating in egalitarian and heirarchical cultures.
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Chapter 17: Leading Teams
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Q1) As the size of a team increases beyond 20 members, the tendency to collaborate increases as coordination activities increase.
A)True
B)False
Q2) In the forming stage of team development, team members experience conflicts about interpersonal issues.
A)True
B)False
Q3) What defines a team, and under what conditions is the use of teams appropriate?
Q4) Which of the following describes a team that is considered effective?
A) The team follows a set of standard rules and procedures.
B) The team enhances the ability of another team.
C) The team enables members to work independently.
D) The team contributes to team members' satisfaction.
Q5) Which of the following is one of the main components of a team process?
A) Dominating discussions
B) Constructive conflict
C) Increased conformity
D) Blocking behaviors
Q6) Describe manager-led teams.
Page 19
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Chapter 18: Motivation
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Q1) The human resources department sought to design jobs that have distinct and important roles in the organization, that are meaningful, and that foster a sense of contribution to the organization so as to fulfill employees' drive to A) acquire.
B) bond.
C) comprehend.
D) defend.
Q2) Discuss the process theories of motivation.
Q3) Outline the content theories of motivation.
Q4) Managers at Glasglow Company sought to increase transparency in organizational processes, emphasize fairness, and build trust so as to fulfill employees' drive to A) acquire.
B) bond.
C) comprehend.
D) defend.
Q5) Identify the characteristics of managers who conform to Douglas McGregor's Theory Y.
Q6) Describe the features of reinforcement theory.
Q7) Differentiate extrinsic and intrinsic rewards of motivation. Give examples.
Page 20
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Chapter 19: Communication
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Q1) Briefly describe communication networks.
Q2) Define communication style. Identify its dimensions.
Q3) Define persuasion. List the principles for enhancing persuasion.
Q4) Which of the following refers to the formal and informal connections through which individuals use their relationships with others to send and receive messages?
A) Communication channels
B) Communication systems
C) Communication networks
D) Communication media
Q5) Aristotle believed that pathos was the most important element of persuasion.
A)True
B)False
Q6) While saying "yes," Mark shook his head no while looking down at the ground. Assuming he meant "yes," his body language represented ______ to the receiver of the message.
A) channel
B) tone
C) approach
D) noise
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Chapter 20: Networking
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Q1) Briefly describe the strength of ties.
Q2) Social capital is not only beneficial to individuals within organizations but also to those organizations themselves.
A)True
B)False
Q3) Lu, who is part of the production department, has key connections with members of the R&D, marketing, art, technical support, distribution, and human resources departments. From this information, we can infer that Lu is a A) redundant contact.
B) boundary spanner.
C) peripheral specialist.
D) structural hole.
Q4) What are networking clubs? What are their purpose and how do they differ?
Q5) The first step in building a useful internal network is to identify information brokers. A)True B)False
Q6) Define networking. How can one build diverse networks?
Q7) Define centrality and its conceptions.
Page 22
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