Strategic Planning Exam Bank
Course Introduction
Strategic Planning is a comprehensive course that introduces students to the core concepts, frameworks, and techniques used in crafting long-term organizational strategies. The course covers the analytical tools necessary to assess external environments and internal capabilities, explores the formulation of vision and mission statements, and examines the processes behind setting objectives and evaluating strategic options. Through case studies, simulations, and practical assignments, students learn how to implement, monitor, and adapt strategic plans to ensure alignment with organizational goals and respond to changing environments. The course is designed to equip future managers and leaders with the skills to drive sustainable growth and maintain competitive advantage in dynamic business landscapes.
Recommended Textbook
Strategic Management Creating Competitive Advantages 9th Edition by Gregory G
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Chapter 1: Strategic Management: Creating Competitive Advantages
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106 Verified Questions
106 Flashcards
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Sample Questions
Q1) According to the text,the triple bottom line approach to corporate accounting includes which three components?
A) financial, environmental, and customer
B) financial, organizational, and customer
C) financial, environmental, and social
D) financial, organizational, and psychological
Answer: C
Q2) Management innovations such as total quality,benchmarking,and business process reengineering cannot lead to sustainable competitive advantage because
A) companies that have implemented these techniques have lost money.
B) there is no proof that these techniques work.
C) they cost too much money and effort to implement.
D) every company is trying to implement them.
Answer: D
Q3) Strategy analysis is the study of only the big picture external environments of the firm.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Analyzing the External Environment of the Firm:
Creating Competitive Advantages
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Sample Questions
Q1) Airbnb,a room-sharing site,offers more rooms than Marriott.Goldman Sachs suggests that the supply of new rooms over the next two years will outpace the previous five even though the growth of American occupancy rates has begun to slow.Which competitive force is involved in this situation?
A) the threat of favorable government policies
B) the threat of new buyers
C) the threat of new entrants
D) the threat of proprietary products
Answer: C
Q2) In the SWOT framework,________ are the same for all firms in the same competitive environment.
A) strengths and weaknesses
B) strengths and opportunities
C) weaknesses and threats
D) opportunities and threats
Answer: D
Q3) In some industries,low switching costs can act as an important barrier to entry.
A)True
B)False
Answer: False
Page 4
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Chapter 3: Assessing the Internal Environment of the Firm
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Sample Questions
Q1) The resource-based view (RBV)of the firm combines the following two perspectives:
A) the primary and support activities of the firm.
B) the interrelationships among the primary activities of the firm and corporate management.
C) the internal analysis of the firm and the external analysis of the industry and competitive environment.
D) the industry and the competitive environment.
Answer: C
Q2) When Nordstrom,the Seattle-based department store chain,aids customers with after-sales support,it exemplifies which primary value-chain activity?
A) operations
B) outbound logistics
C) inbound logistics
D) service
Answer: D
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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) There are multiple challenges associated with making effective e-teams.Which of the following is not a challenge?
A) Process losses result from identification and combination activities.
B) E-teams can be effective in generating social capital.
C) The physically dispersed team is susceptible to the risk factors that can create process loss.
D) Some collective energy, time, and effort must be devoted to dealing with team inefficiencies.
Q2) Structural holes,according to Ron Burt of the University of Chicago,are the ________ gap between two groups and are common in organizations.
A) economic
B) social C) interpersonal
D) relational
Q3) 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
6
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Chapter 5: Business-level Strategy: Creating and Sustaining Competitive Advantages
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Sample Questions
Q1) Discuss how each stage of the industry life cycle (introduction,growth,maturity,and decline)can play a role in decisions that managers must make at the business level.Provide an example for each stage.
Q2) Which of the following reasons is not a reason that Atlas Door could lose competitive advantage?
A) Its technologies are non-proprietary.
B) A rival easily could hire away its talented employees.
C) A new rival with a strong resource base could undercut its prices.
D) It has strong power over its distributors.
Q3) BlackBerry lost its competitive advantage by 2016 because it
A) did not deliver innovations to respond to changing market demand.
B) developed a highly performant just-in-time delivery system.
C) did not reward its employees.
D) let suppliers have dominant power.
Q4) The market life cycle should be used for short-run forecasting because it provides a conceptual framework for understanding what changes typically occur over the life of an industry.
A)True
B)False
Page 7
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Chapter 6: Corporate-level Strategy: Creating Value Through Diversification
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Sample Questions
Q1) Transaction costs include all the following costs except A) monitoring costs.
B) negotiating costs.
C) search costs.
D) agency costs.
Q2) When Cabot Corporation used the BCG matrix to evaluate its carbon black manufacturing business,the model led them to move away from ________ and to diversify into unrelated businesses listed as stars by the model.This resulted in a decline on return on assets.They eventually returned to carbon black manufacturing and divested the unrelated businesses; their 2016 revenue was 2.4 billion USD.
A) the dog quadrant
B) its core market
C) the question mark quadrant
D) semiconductor manufacturing
Q3) Portfolio models are used to assist a firm in
A) achieving a portfolio of businesses.
B) unbalancing its portfolio of businesses.
C) achieving a balanced portfolio of businesses.
D) generating excess cash.
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Chapter 7: International Strategy: Creating Value in Global Markets
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Sample Questions
Q1) Statistics indicate that over half of the world output now comes from emerging markets.This is leading to a(n)________ of living standards across the globe and is changing the face of business.
A) divergence
B) convergence
C) expansion
D) contraction
Q2) Trends that might lead managers of multinational corporations (MNCs)to adopt a more decentralized strategy for their operations would include all of the following except A) customer needs, interests, and tastes becoming increasingly homogenized.
B) consumers around the world increasingly willing to trade preferences in product features for lower price.
C) manufacturing trends allowing a decline in the minimum volume required to reach acceptable levels of production efficiency.
D) fluctuating exchange rates.
Q3) In the Kulshrestha article "Learning from Mistakes" that is presented at the beginning of the textbook chapter,only a few Indian malls built after 1990 have been successful over the long term.Why?
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Chapter 8: Entrepreneurial Strategy and Competitive Dynamics
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Sample Questions
Q1) A firm is considering a large price cut on its leading product to gain market share.One executive strongly disagrees with the price cut.He observes that they are in the same marketplace as their rivals and do not have any competitive advantages in their cost structure.If they cut prices,their competitors will likely do the same.The result is that everyone will make less money.These arguments are an example of a
A) strategy of co-opetition.
B) strategy of forbearance.
C) hardball strategy.
D) weakness strategy.
Q2) Telecommunication equipment providers,Huawei and Nokia,have a high degree of ________ because they have patent rights to similar technologies,high-quality engineering staffs,and global sales forces.
A) dynamic capabilities
B) resource similarity
C) market commonality
D) equity funding
Q3) Forbearance is a particularly aggressive type of competitive attack.
A)True
B)False
Page 10
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Chapter 9: Strategic Control and Corporate Governance
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Sample Questions
Q1) Discuss several actions that can have a positive influence on board of director dynamics as the board works to both oversee and advise management.
Q2) Explain why control systems are necessary for strategy implementation.
Q3) In choosing sides concerning CEO duality,two schools of thought exist.Which of the following would not be a consideration for the agency theory school of thought?
A) CEO duality complicates the issue of CEO succession.
B) CEO duality reinforces popular doubts about the legitimacy of the system as a whole.
C) CEO duality can create conflicts of interest that can negatively affect the interests of the shareholders.
D) Firm performance typically improves under CEO duality.
Q4) Expropriation of minority shareholders means that minority shareholders
A) must sell their shares upon demand.
B) cannot own shares in foreign firms.
C) do not receive dividends.
D) are adversely affected by the actions of controlling shareholders.
Q5) Discuss the differences between informational control and behavioural control and when each is appropriate.
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Chapter 10: Creating Effective Organizational Designs
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Sample Questions
Q1) Which of the following is a disadvantage of a functional type of organizational structure?
A) Differences in functional orientation may impede communication and coordination.
B) Use of managerial and technical talent is inefficient due to pooling of expertise in functional areas.
C) Decision making is centralized at the top of the organization.
D) Managers tend to be overly concerned with long-term strategies that minimize the importance of functional area strengths.
Q2) The phrase that best defines a virtual organization is a(n)
A) dot.com company.
B) type of modular structure.
C) organization that uses information technology to integrate different functions.
D) continually evolving network of independent companies.
Q3) A strategy of related diversification requires a need to reorganize only around product lines.This leads to a divisional structure.
A)True
B)False
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Chapter 11: Strategic Leadership: Creating a Learning
Organization and an Ethical Organization
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Sample Questions
Q1) When Target offered online purchasing of groceries for in-store pick up and then store delivery to customer locations it realized that their supply chain logistics no longer matched with the demands of this new offer.This is an example of what kind of barrier to change?
A) vested interests in the status quo
B) personal time constraints
C) behavioral barrier
D) systemic barrier
Q2) Former GVO marketing director,David Lieberman,tells a story about a new product idea proposed by a creative person.The idea was loved by everyone except a high-ranking manufacturing representative who rejected the idea because the new proposal involved a color change which he implied would create a spare-parts problem.Because his experience in manufacturing involved cost cutting,lean inventories and focus,he could not conceive of how this new product proposal would be good for innovation.This is an example of what kind of organizational barrier?
A) vested interests in the status quo
B) personal time constraints
C) behavioral barrier
D) systemic barrier
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Chapter 12: Managing Innovation and Fostering Corporate
Entrepreneurship
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Sample Questions
Q1) Founders Larry Page and Sergey Brin provide time and resources for Google employees to experiment.Some,such as the Android cell phone platform,have been big winners.Others,such as the Orkut and Buzz social networking systems,have failed.But Google will continue to experiment with new products and services.This is an example of which innovator DNA trait?
A) experimenting
B) associating
C) observing
D) networking
Q2) One of the pitfalls of real options analysis is that managers may have an incentive and know-how to game the system and back-solve a formula to get a proposal approved.This can give rise to
A) managerial conceit.
B) the illusion of control.
C) escalation of commitment.
D) agency problems.
Q3) What are new venture groups? What purpose do they serve? Are they more than a typical R&D department? Explain.
Q4) Explain why the seeds versus weeds dilemma is important.
Page 14
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