Strategic Management
Test Preparation
Course Introduction
Strategic Management explores the formulation, implementation, and evaluation of organizational strategies to achieve long-term objectives and maintain competitive advantage. The course covers key concepts such as industry analysis, internal resource assessment, competitive positioning, and strategic decision-making. Students learn to apply analytical frameworks and tools for diagnosing business challenges, crafting effective strategies, and navigating dynamic market environments. Through case studies and real-world examples, the course emphasizes critical thinking, ethical considerations, and the integration of various business functions to drive organizational success.
Recommended Textbook
Strategic Management Planning for Domestic Global Competition 14th Edition by John Pearce
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14 Chapters
1102 Verified Questions
1102 Flashcards
Source URL: https://quizplus.com/study-set/2872
Page 2
Chapter 1: Strategic Management
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86 Verified Questions
86 Flashcards
Source URL: https://quizplus.com/quiz/57185
Sample Questions
Q1) Specific actions that need to be undertaken to achieve short-term objectives,usually by functional areas,refers to A) Policies
B) Formality
C) Functional tactics
D) Process
Answer: C
Q2) Broad,precedent-setting decisions that guide or substitute for repetitive or time-sensitive managerial decision making are called
A) Goals
B) Strategies
C) Objectives
D) Policies
Answer: D
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Chapter 2: Company Mission
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87 Verified Questions
87 Flashcards
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Sample Questions
Q1) Which group of strategic managers is responsible for overseeing the creation and accomplishment of the company mission?
A) Front-line supervisors
B) Middle-managers
C) Board of directors
D) Employees
Answer: C
Q2) Mission statement expresses an answer to which of these questions?
A) How do we compete in this industry?
B) What business are we in?
C) Who are our competitors?
D) How do we meet the regulatory requirements?
Answer: B
Q3) Which external body requires that a company have a mission statement?
A) None
B) SEC
C) Justice Department
D) IRS
Answer: A
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Page 4
Chapter 3: Corporate Social Responsibility and Business Ethics
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83 Verified Questions
83 Flashcards
Source URL: https://quizplus.com/quiz/57183
Sample Questions
Q1) For the past 28 years ABC,Inc.has made a significant investment of time,money and other resources to increase the literacy rate in adult Americans.This represents which of these principles of successful collaborative social initiatives?
A) Weight government influence
B) Identify a long-term durable mission
C) Assemble and value the total package of benefits
D) Leverage core capabilities
Answer: B
Q2) Approximately _____ percent of senior corporate auditors now report directly to the Board of Directors audit committee.
A) 30
B) 55
C) 75
D) 90
Answer: C
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Page 5
Chapter 4: The External Environment
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83 Verified Questions
83 Flashcards
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Sample Questions
Q1) The starting point for industry definition is
A) The firm's mission statement
B) A focus group session with the firm's top managers
C) The federal government's definition of the industry
D) A definition of the industry in global terms
Q2) Threats to life-supporting ecology caused principally by human activities is an industrial society are commonly referred to as
A) Technology
B) Co-efficiency
C) Pollution
D) Product differentiation
Q3) A profound social change in the recent years has been
A) The accelerating interest of consumers and employers in quality of life issue
B) The decelerating interest of foreigners seeking jobs and immigrant status in the U.S.
C) The remarkably high placement of U.S. high school education in math and science in the world
D) The global warming effect
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Chapter 5: The Global Environment
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85 Verified Questions
85 Flashcards
Source URL: https://quizplus.com/quiz/57181
Sample Questions
Q1) Although industries can be characterized as global or multidomestic,few ___ cases of either type exist.
A) "combined"
B) "blended"
C) "hybrid"
D) "pure"
Q2) Which of these strategies shows the lowest commitment to international market?
A) Export
B) Joint venture
C) Licensing
D) Wholly owned foreign subsidiary
Q3) When a company offers many product lines,____ is high.
A) complexity
B) diversity
C) integration
D) planning
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Page 7
Chapter 6: Internal Analysis
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77 Verified Questions
77 Flashcards
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Sample Questions
Q1) Which method of internal analysis disaggregates the business into sets of activities that occur within the business,starting with inputs and finishing with the firm's products and after-service sales?
A) Resource-based view
B) Value chain analysis
C) SWOT analysis
D) Porter's generic strategies
Q2) _______ become the basis for a lasting competitive advantage.
A) Intangible opportunities
B) Distinctive competencies
C) All capabilities
D) All competencies
Q3) In VCA,which method of cost accounting is preferred?
A) Activity-based cost accounting
B) Value-based cost accounting
C) Traditional cost accounting
D) Financial cost accounting
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Chapter 7: Long-Term Objectives and Strategies
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85 Verified Questions
85 Flashcards
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Sample Questions
Q1) Which of the grand strategies is typically lowest in risk?
A) Horizontal integration
B) Concentrated growth
C) Market development
D) Divestiture
Q2) Competitive position as a measure of corporate success is typically measured as:
A) The input-output relationship of the company
B) The earnings per share of the company
C) The company's relative dominance in the marketplace
D) The firm's stock value
Q3) Which of the following is a generic strategy developed by Michael Porter?
A) Market development
B) Differentiation
C) Liquidation
D) Innovation
Q4) If a business is sold for its tangible asset value,the strategy is one of:
A) Divestiture
B) Conglomeration
C) Liquidation
D) Diversification
Page 9
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Chapter 8: Business Strategy
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84 Verified Questions
84 Flashcards
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Sample Questions
Q1) Organizational requirements to support and sustain rapid response activities include which of these?
A) Strong delegation to operating personnel
B) Subjective measurements and incentives
C) Amenities to attract highly skilled labor and creative people
D) Frequent, detained control reports
Q2) Business strategies require all of these EXCEPT which feature for success in growing industries?
A) Establish strong brand recognition
B) Scale up to meet increasing demand
C) Differentiate the firm's products
D) Horizontal integration
Q3) Common resource,skills and organizational requirements to support an "overall cost leadership" generic strategy include all but:
A) Sustained access to capital
B) Subjective measurement and incentives instead of quantitative measures
C) Process engineering skills
D) Tight cost control
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10
Chapter 9: Multibusiness Strategy
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90 Verified Questions
90 Flashcards
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Sample Questions
Q1) For the ABC Company,the Delta business has a low market share position in a fast growing market.As per the BCG matrix,Delta is a
A) Cash cow
B) Star
C) Question mark
D) Dog
Q2) The core competency must represent a major source of value to be a basis for competitive advantage.Furthermore,the core competence:
A) Must be negotiable
B) Must be financial
C) Must be diversified
D) Must be transferable
Q3) Realizing ____ from shared capabilities and core competencies is a key way value is added in multibusiness companies.
A) competencies
B) profits
C) synergies
D) resources
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11
Chapter 10: Implementation
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88 Verified Questions
88 Flashcards
Source URL: https://quizplus.com/quiz/57176
Sample Questions
Q1) Policies counteract resistance to or rejection of chosen _______.
A) vision statements
B) strategies
C) mission statements
D) capabilities
Q2) ___________ are measurable outcomes achievable or intended to be achieved in one year or less.
A) Targets
B) Goals
C) Short-term objectives
D) Long-term objectives
Q3) Short-term objectives are more consistent when they clearly state what is to be accomplished,when it will be accomplished and how its accomplishment will be:
A) Qualified
B) Benchmarked
C) Measured
D) Strategized
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Chapter 11: Organizational Structure
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81 Verified Questions
81 Flashcards
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Sample Questions
Q1) Product teams:
A) Can tend to slow down innovation
B) Reduce costs associated with design, manufacturing and marketing
C) Place an absolute limit on customer responsiveness
D) Are temporary structures
Q2) ______ is eliminating the number of employees,particularly middle management,in a company.
A) Scrutinizing
B) Self-management
C) Empowerment
D) Downsizing
Q3) Strategic alliances have several advantages for firms seeking agile,responsive organizational structures.Which of the following is NOT an advantage of such an arrangement?
A) Networking and relationship building
B) Increased control over proprietary information and intellectual property
C) Leverages several firms' core competencies
D) Limits capital investment
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13
Chapter 12: Leadership and Culture
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85 Verified Questions
85 Flashcards
Source URL: https://quizplus.com/quiz/57174
Sample Questions
Q1) The assembly line workers had already received cutbacks in bonus compensation when profits fell last quarter.Rogeco's managers made it clear that unless productivity and profits were brought back up to the industry benchmarks within two quarters,further cuts would be made to base pay.This demonstrates:
A) Expert influence
B) Referent influence
C) Information power
D) Punitive power
Q2) The research of Bartlett and Ghoshal suggests that the critical management functions:
A) Must be present in the organization, but not necessarily in all three levels of management
B) Is strictly the domain of top management?
C) Should be confined, typically, to the top two management levels
D) Need to be shared and distributed across three management levels
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14
Chapter 13: Strategic Control
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27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/57173
Sample Questions
Q1) Which of the following is NOT one of the steps necessary for operational control systems to be effective?
A) Measure post-action performance
B) Set standards for performance
C) Initiate corrective action
D) Identify deviations from standards set
Q2) Strategic controls and comprehensive control programs like the _________ bring the entire management task into focus.
A) Capital budgeting
B) Balanced scorecard
C) Financial budgeting
D) Sales budgeting
Q3) A(n)_____________ is the thorough and often rapid,reconsideration of the firm's strategy because of a sudden,unexpected event.
A) Special alert control
B) Implementation control
C) Milestone control
D) Premise control
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15
Chapter 14: Innovation and Entrepreneurship
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61 Verified Questions
61 Flashcards
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Sample Questions
Q1) The pressure for quarterly profits in many U.S.companies stifles innovative behavior.However,investment in intrapreneurial activity requires:
A) No hand-offs
B) Self-selection
C) Patient money
D) Corporate slack
Q2) _________ is money provided to the venture that must be repaid at some point in time.
A) Bond financing
B) Debt financing
C) Equity financing
D) Distributive financing
Q3) A(n)___________ is an innovation in a product,process,technology or the cost associated with it that represents a quantum leap forward in one or more of these ways.
A) Breakthrough innovation
B) Invention
C) "Home-run" innovation
D) Cost-improvement
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