Strategic Planning Practice Exam
Course Introduction
Strategic Planning is a comprehensive course that introduces students to the concepts, processes, and tools necessary for formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. Through case studies, simulations, and practical exercises, students learn how to analyze internal and external environments, set long-term goals, and develop actionable strategies that provide a sustainable competitive advantage. The course emphasizes critical thinking, the alignment of resources, and adapting strategies in response to changing market conditions, preparing students to contribute to organizational success in various professional contexts.
Recommended Textbook
Strategic Management 5th Edition by Graham Hubbard
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14 Chapters
449 Verified Questions
449 Flashcards
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Page 2
Chapter 1: What is strategy?
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34 Verified Questions
34 Flashcards
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Sample Questions
Q1) The essential question in strategy is to maximise profitability.
A)True
B)False
Answer: False
Q2) What is 'strategy'? Is it relevant to all types of organisations?
Answer: Strategy is defined in many different ways. We define strategy as those decisions that have high medium-term to long-term impact on the activities of the organisation, including the analysis leading to the resourcing and implementation of those decisions, to create value for key stakeholders and to outperform competitors (page 4). The strategy is to assist an organisation to achieve its long-term aims. The essential question in strategy is to understand why some organisations perform better than others (page 5).
Strategy is relevant to all types of organisations regardless of their size (large and small), ownership structure (private and public) and aim (profit and not-for-profit). The development and focus of strategy will, however, vary according to organisation type. For businesses, profits and shareholders are more important than for other types of organisations, but stakeholders, performance and beating competitors (current or potential) are important for all organisations (page 4).
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Page 3
Chapter 2: Analysing business strategy: creating value
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35 Verified Questions
35 Flashcards
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Sample Questions
Q1) Tests for a good business strategy do NOT include the requirement that the strategy:
A) creates value for customers
B) will confuse competitors
C) is unique compared with competitors
D) is enduring
Answer: B
Q2) In the shareholder value/value-based management theory,management seeks to maximise:
A) market share
B) value for the shareholders
C) their retirement benefits
D) prices in the marketplace
Answer: B
Q3) According to Hubbard,Rice and Galvin,competitive advantage is:
A) profit maximisation
B) making profits similar to the competitors
C) making more profits than competitors for similar activities
D) achieving bigger market share than the competitors
Answer: C
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Page 4
Chapter 3: Analysing the external environment
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33 Verified Questions
33 Flashcards
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Sample Questions
Q1) A 'five forces' analysis will suggest that profitability should be high when:
A) all five forces are high
B) all five forces are low
C) the two 'powers' cancel out the two 'threats'
D) industry rivalry is intense
Answer: B
Q2) In Australia,if a product gains entry to the government's Pharmaceutical Benefits Scheme,the government does not subsidise its cost to users.
A)True
B)False
Answer: False
Q3) An industry is defined as:
A) all the productive capacity of the national economy
B) a reality based on geography and not a perception
C) a group of business units producing complementary goods and services
D) a group of organisations producing close substitutes
Answer: D
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5
Chapter 4: Analysing the organisations resources and capabilities
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33 Verified Questions
33 Flashcards
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Sample Questions
Q1) Hubbard,Rice and Galvin suggest three approaches in searching for strategic capabilities:
A) function analysis, resource analysis, process and system analysis
B) resource analysis, external analysis, internal analysis
C) pattern and process analysis, dysfunction analysis, resource analysis
D) implementation analysis, variance analysis, gap analysis
Q2) Capabilities exist only in the key departments of the organisation.
A)True
B)False
Q3) Teece argues that dynamic capabilities can be disaggregated into three aspects.Which of the following is NOT included in those aspects?
A) sensing and shaping opportunities and threats
B) seizing opportunities
C) sharing resources
D) maintaining and reconfiguring resources and capabilities
Q4) Dynamic capabilities include easy-to-replicate enterprise capabilities required to adapt to changing customer and technological opportunities.
A)True
B)False
6
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Chapter 5: Measuring strategic organisation performance
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33 Verified Questions
33 Flashcards
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Sample Questions
Q1) The triple bottom line process involves the measurement of profits,costs and environment.
A)True
B)False
Q2) The shareholder value approach sees the question of investing as a capital budgeting decision.
A)True
B)False
Q3) KPI is an acronym for:
A) Kaplan Production Indices
B) Key Performance Indicators
C) Kaplan Performance Indicators
D) Key Production Indicators
Q4) The set of dimensions of the 'performance cube' is:
A) power of buyers, power of suppliers, barriers to exit
B) industry recipe, organisation type, organisation position
C) industry recipe, organisation posture, organisation position
D) inbound logistics, marketing, financial strength
Q5) What conditions limit performance comparisons with the world's best practice? Explain.
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Chapter 6: Gap analysis and business-level strategic options
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32 Verified Questions
32 Flashcards
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Sample Questions
Q1) Which of the following is NOT a key element of 'blue ocean' strategy developed by Kim and Mauborgne?
A) creating or finding uncontested market space by seeking opportunities based on customer needs, and what competitors currently do
B) making the competition irrelevant by offering new and different products that cross industry boundaries
C) creating and capturing new demand
D) pursuing differentiation and low cost simultaneously
Q2) 'Not to grow' is an inappropriate organisational desire.
A)True
B)False
Q3) The leader strategy suggested by the TQM movement combines:
A) differentiation and high quality
B) differentiation and low cost
C) disaggregation and low quality
D) disaggregation and low cost
Q4) 'Gap analysis is useless because it only identifies yesterday's "gaps" and tells us nothing about where tomorrow's "gaps" will occur.' Is this a fair criticism? Provide reasons.
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Chapter 7: Strategic decision making
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31 Verified Questions
31 Flashcards
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Sample Questions
Q1) Valid approaches to understanding how decisions are made in the context of organisational conflict between decision makers include:
A) decision making as a power struggle
B) decision making as a result of coalition formation
C) both of the above
D) none of the above
Q2) Interpretation issues within behavioural economics include:
A) framing, anchoring, sunk costs, status quo, herding, representativeness, overconfidence
B) fixating, anchoring, sunk costs, status quo, herding, unrepresentativeness, overconfidence
C) feeding, anchoring, skunk works, status quo, herding, representativeness, underconfidence
D) framing, anchoring, sinking, statusing, herding, unrepresentativeness, underconfidence
Q3) 'If a critical decision has to be made,give me a strong leader over a senior management committee any day!' Do you agree or disagree? Discuss and give reasons for your answer.
Q4) The rational model of decision making is not always used by managers.Why?
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Chapter 8: Dynamic competitive strategy
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33 Flashcards
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Sample Questions
Q1) Tactics are best designed to have their own effect rather than affecting the perceptions.
A)True
B)False
Q2) D'Aveni has argued that the situation of hypercompetition is best addressed through short-term and temporary advantage.
A)True
B)False
Q3) In D'Aveni's model of stronghold competition,entry barriers can be built by:
A) customer restraint and local rules
B) customer loyalty and familiarity
C) customer protection and local rules
D) customer power and increased advertising
Q4) Hubbard,Rice and Galvin describe the prisoner's dilemma as a:
A) one-player, single payout objective, two-shot, simultaneous action game
B) sequential action, two-player, multiple payoffs, shotgun game
C) single playoff, multiple objectives, subjective action
D) one-shot, two-player, sequential action, single payoff objective game
Q5) Consider the relevance of game theory in understanding business strategy.
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Chapter 9: Corporate/multi-business strategy
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30 Verified Questions
30 Flashcards
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Sample Questions
Q1) The ways for the corporate centre to add value do NOT include:
A) value created by financial restructuring/engineering
B) increased value of new business options
C) increased motivation of employees from indirect ownership
D) improvements to individual business units' performance
Q2) Increasing market share for current products in current markets is:
A) related diversification
B) horizontal integration
C) product development
D) market penetration
Q3) The GE business strength-industry attractiveness matrix:
A) has 16 cells
B) has two axes with factors determined by General Electric's CEO Jack Welsh
C) incorporates the PIMS data gathered from a wide range of US businesses
D) allows weights to be applied to each factor to obtain an 'objective' assessment
Q4) The first golden rule of corporate strategy suggests that the corporate centre's value creation should be equal to the coordination costs.
A)True
B)False
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Chapter 10: Acquisitions and alliances
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32 Verified Questions
32 Flashcards
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Sample Questions
Q1) Explain the differences between absorption and preservation acquisitions.
Q2) Haspeslagh and Jemison argued that the four types of capabilities that create value for acquisitions are:
A) resource-splitting, functional skill transfer, operational skill transfer, combination transfer
B) translation, resource transfer, functional skill-sharing, general management skill-sharing
C) functional upskilling, general management upskilling, resource upskilling, outsourcing
D) general management skill transfer, resource-sharing, functional skill transfer, combination
Q3) It is essential to acquire 50.1% of the shares to acquire another organisation.
A)True
B)False
Q4) The reason for using M&A for most diversification is that it is a much faster process of growth and expansion.
A)True
B)False
Q5) Identify the reasons for creating joint ventures.
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Chapter 11: International strategy
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) How to share the profits between joint venture partners is often difficult.
A)True
B)False
Q2) A multi-domestic strategy:
A) thrives where markets operate under Free Trade Agreements
B) faces insignificant competition from companies that operate only in one country
C) focuses primarily on national differences to achieve most of its strategic objectives
D) is one in which the final products are fundamentally the same for each country
Q3) In segmenting markets in countries abroad,all of the following fundamental questions must be addressed except:
A) Is there a market segment in the potential export market that will value the product characteristics of the exporter's product?
B) Does the segment have various customers groups?
C) Is this market segment large enough to justify the costs of exporting?
D) Is this segment adequately served by existing domestic producers or other exporters?
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Chapter 12: Capabilities,systems and structure
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Sample Questions
Q1) Simons argued that control is necessary to balance the competing tensions in an organisation because of:
A) unlimited attention spans of managers/limited opportunities for the organisation
B) intended strategy/deliberate strategy
C) self-interest of individuals/the desire to contribute, achieve and create
D) none of the above
Q2) In a network organisation the nature of activities is not changed from performing the activities to coordinating activities carried out by other organisations.
A)True
B)False
Q3) Hubbard,Rice and Galvin assert that the aim of structure is to ___ in a(n)___ way so that the ___ of the organisation can be delivered:
A) deploy human resources, orderly and disciplined, ethical purpose
B) produce goods and services, efficient and effective, corporate mission
C) provide meaningful employment, respectful and self-actualising, symbolic promise
D) arrange the activities, efficient and effective, business strategy
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14
Chapter 13: Leadership,people and culture
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33 Flashcards
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Sample Questions
Q1) Sustainability is an element of implementation,but not a criterion for decision making about implementation choices.
A)True
B)False
Q2) Hubbard,Rice and Galvin argue that various issues agreed by boards regarding performance do not include:
A) boards should act only for the shareholders
B) performance, not conformance, is the key
C) boards should measure organisational performance over the long term, not the short term
D) board performance should be assessed
Q3) Hubbard et al.'s concept of 'captain-coach' is inconsistent with the idea of 'Management by Walking Around'.
A)True
B)False
Q4) Cognition theory assumes that cognition represents the world as the person sees it and that action is preceded by understanding.
A)True
B)False
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Chapter 14: Change management
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30 Verified Questions
30 Flashcards
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Sample Questions
Q1) The process of change management can be approached from three different theoretical perspectives:
A) ratio analysis approach, learning outcome, cognitive behaviour
B) cognitive therapy, rational perspective, learning by doing
C) learning perspective, cognitive perspective, rational approach
D) rationing perspective, cogwheel methodology, learning approach
Q2) The change capability that Turner and Crawford found to be essential for success was the ability to:
A) delegate the process of change effectively
B) coerce people into supporting the change effort through fear of consequences
C) develop the skills and resources needed to effect change
D) visualise the changed organisation before it existed
Q3) A learning perspective views change as:
A) occurring through a series of leaps of faith
B) using feedback to inform previous actions
C) achieving only small results from large steps, due to resistance to change
D) using feedback to alter the organisation's behaviour
Q4) Change always involves more rewards to match extra work.
A)True
B)False
Page 16
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