Course Introduction
Strategic Management
Textbook Exam Questions
Strategic Management explores the formulation, implementation, and evaluation of organizational strategies to achieve sustainable competitive advantage. The course examines key concepts such as strategic analysis, resource management, industry and competitor assessment, and corporate governance. Students learn to analyze internal and external environments, make informed strategic choices, and develop actionable plans for organizations in various industries. Through real-world case studies and practical exercises, participants gain the analytical tools and frameworks needed to address complex business challenges and drive long-term organizational success.
Recommended Textbook
Essentials of Strategic Management 5th Edition by John E Gamble
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10 Chapters
708 Verified Questions
708 Flashcards
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Chapter 1: Strategy,Business Models, and Competitive Advantage
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46 Verified Questions
46 Flashcards
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Sample Questions
Q1) Why are capabilities critical to a company's quest for a sustainable competitive advantage?
Answer: Answers may vary.
Q2) Briefly define each of the following terms:
a.strategy
b.business model
c.sustainable competitive advantage
Answer: Answers may vary.
Q3) A company's strategy is most accurately defined as
A) management's approaches to building revenues,controlling costs,and generating an attractive profit.
B) management's game plan for growing the business,attracting and pleasing customers,conducting operations,and achieving financial and market performance objectives.
C) management's concept of "where we are headed."
D) the business model that a company's board of directors has approved for outcompeting rivals and making the company profitable.
E) the choices management has made regarding what financial plan to pursue.
Answer: B
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Chapter 2: Strategy Formulation, Execution, and Governance
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58 Flashcards
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Sample Questions
Q1) The managerial purpose of setting objectives includes
A) converting the strategic vision into specific performance targets.
B) using the objectives as yardsticks for tracking the company's progress and performance.
C) challenging the organization to perform at its full potential and deliver the best possible results.
D) establishing deadlines for achieving performance results.
E) All of these choices are correct.
Answer: E
Q2) Explain why an organization needs a strategic vision.What purpose does a strategic vision serve?
Answer: Answers may vary.
Q3) Proficient strategy execution
A) is always the product of much organizational learning.
B) is achieved unevenly,coming quickly in some areas and more slowly in others.
C) entails vigilantly searching for ways to improve performance.
D) is an ongoing process,not an every-now-and-then task.
E) All of these choices are correct.
Answer: E
4
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Chapter 3: Evaluating a Companys External Environment
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Sample Questions
Q1) Can an industry be attractive to one company and unattractive to another company? Why or why not?
Answer: Answers may vary.
Q2) The "driving forces" in an industry
A) are usually triggered by changing technology or stronger learning/experience curve effects.
B) are usually spawned by growing demand for the product,an outbreak of price-cutting,and big reductions in entry barriers.
C) are major underlying causes of change in industry and competitive conditions and have the biggest influences in reshaping the industry landscape and altering competitive conditions.
D) appear when an industry begins to mature but are seldom present during early stages of the industry life cycle.
E) are usually triggered by shifting buyer needs and expectations or by the appearance of new substitute products.
Answer: C
Q3) Identify and briefly describe five common barriers to entering an industry.
Answer: Answers may vary.
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Chapter 4: Evaluating a Company Resources, Capabilities, and Competitiveness
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Sample Questions
Q1) A company that lacks a stand-alone resource that is competitively powerful may attempt to develop a competitive advantage through
A) improved employee training programs,new marketing promotions,or technological enhancements to production processes.
B) the development of a new business strategy that draws upon existing resource strengths.
C) extensive strategic planning and resource identification sessions involving managers at all levels of the organization.
D) bundled resources that enable superior performance of cross-functional capabilities that can be leveraged to support its business model and strategy.
E) devising clever approaches to turning resource weaknesses into resource strengths.
Q2) Which one of the following is not an intangible resource?
A) human assets and intellectual capital
B) technological assets
C) brand,image,and reputation
D) relationships
E) company culture
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Chapter 5: The Five Generic Competitive Strategies
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Sample Questions
Q1) The major avenues for achieving a cost advantage over rivals include
A) eliminating or curbing nonessential cost-producing activities and performing essential value chain activities more cost-effectively that rivals.
B) having a management team that accepts below-market salaries.
C) being a first mover in adopting the latest state-of-the-art technologies,especially those relating to low-cost manufacturing.
D) outsourcing high-cost activities to offshore vendors.
E) paying lower wages to hourly workers than what rivals are paying workers.
Q2) Which one of the five generic competitive strategies is most likely to be best suited for an industry whose product is a commodity? Explain.
Q3) Perceived value and signaling value are often an important part of a successful differentiation strategy when
A) the nature of differentiation is hard to quantify.
B) buyers are making a first-time purchase.
C) repurchase of the product or service is infrequent.
D) buyers are unsophisticated and unfamiliar with the capabilities of competing brands.
E) All of these choices are correct.
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Chapter 6: Strength-Ending a Company Competitive
Position: Strategic Moves, Timing, and Scope of Operations
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Sample Questions
Q1) Which of the following is not a typical reason that many alliances do not live up to expectations?
A) inability of partners to work well together
B) emergence of more attractive technological paths
C) changing conditions make the purpose of the alliance obsolete
D) disagreement over how to divide the added market share and profits gained from joint collaboration
E) diverging objectives and priorities
Q2) Mergers and acquisitions are often driven by such strategic objectives as to
A) expand a company's geographic coverage,extend its business into new product categories,or gain quick access to new technologies or other resources and capabilities.
B) weaken the bargaining power of either key suppliers or key customers.
C) reduce the company's vulnerability to industry driving forces.
D) facilitate a company's shift from one type of competitive strategy to another.
E) secure a higher credit rating and better access to additional financial capital.
Q3) What are the most common reasons companies enter into strategic alliances and collaborative partnerships?
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Page 8
Chapter 7: Strategies for Competing in International Markets
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Sample Questions
Q1) Which of the following is not a strategic option companies should consider in tailoring their strategy to fit circumstances of emerging country markets?
A) Try to change the local market to better match the way the company does business elsewhere.
B) Be prepared to modify aspects of the company's business model to accommodate local circumstances.
C) Prepare to compete on the basis of low price.
D) Enter only those emerging markets that provide profit sanctuaries by offering opportunities for offensive strategies,such as preemptive strikes.
E) All of these choices are correct.
Q2) What are the possible benefits and risks of using strategic alliances to try to enhance a company's ability to compete in foreign markets?
Q3) What are the primary country differences that shape strategy choices in international markets?
Q4) Briefly identify the major reasons a company may choose to expand outside its domestic market.
Q5) List and discuss three strategy options for competing in emerging markets.
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Chapter 8: Corporate Strategy: Diversification and the
Multi-Business Company
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Sample Questions
Q1) The cost-of-entry test for evaluating whether diversification into a particular industry is likely to build shareholder value involves determining whether
A) a newly entered business presents opportunities to cost-efficiently transfer competitively valuable skills or technology from one business to another.
B) the cost to enter the target industry will strain the company's credit rating.
C) a company's costs to enter the target industry are so high that the potentials for good profitability and return on investment are eroded.
D) the cost to enter the target industry will raise or lower the company's total profits.
E) the cost a company incurs to enter the target industry will raise or lower production costs.
Q2) Under what circumstances might an already diversified company choose to pursue corporate restructuring:
Q3) Identify and briefly discuss each of the three options for entering new businesses.Which one is the most popular in the sense of being used most frequently? For what reasons?
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Chapter 9: Ethics,Corporate Social
Responsibility,Environmental Sustainability, and Strategy
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Q1) Which one of the following is not a part of the business case for why companies should act in a socially responsible manner?
A) Every business has a moral duty to be a good corporate citizen.
B) Acting in a socially responsible manner reduces the risk of reputation-damaging incidents.
C) Acting in a socially responsible manner is in the overall best interest of shareholders.
D) To the extent that a company's socially responsible behavior wins applause from consumers and fortifies its reputation,a company may win additional patronage.
E) Acting in a socially responsible manner can generate internal benefits (as concerns employee recruiting,workforce retention,training,and improved worker productivity).
Q2) Why should a company endeavor to be socially responsible in its actions and conduct?
Q3) What is the difference between ethics and business ethics?
Q4) Explain the key tenets of the concept of environmental sustainability.How does striving for environmental sustainability impact strategic initiatives involving a company's shareholders,its employees,and the environment?
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Page 11
Chapter 10: Super Strategy Execution-Another Path to Competitive Advantage
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Sample Questions
Q1) Which one of the following is not a substantive culture-changing action that a company's managers can undertake to alter a problem culture?
A) promoting individuals who have stepped forward to advocate the shift to a different culture and who can serve as role models for the desired cultural behavior
B) revising policies and procedures in ways that will help drive cultural change
C) screening all candidates for new positions carefully and hiring only those who appear to fit in with the new culture
D) urging company personnel to search outside the company for work practices and operating approaches that may be an improvement over what the company is presently doing
E) designing compensation incentives that boost the pay of teams and individuals who display the desired cultural behaviors and hit change-resisters in the pocketbook
Q2) A decentralized organization structure is more likely to further the cause of good strategy execution than is a centralized organization structure. Justify your answer.
Q3) What constitutes effective managerial leadership in achieving superior strategy execution?
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