Strategy and Policy Review Questions
Course Introduction
Strategy and Policy is a course designed to equip students with the analytical frameworks and practical tools required to understand, formulate, and implement effective strategies in complex organizational and policy contexts. The course explores the fundamental principles of strategic management, the influence of environmental and competitive dynamics, and the role of leadership in driving successful outcomes. Students will examine case studies from both the public and private sectors to understand how strategy is crafted and executed across different settings, and they will assess the impact of policies on organizational goals and societal needs. Emphasis is placed on critical thinking, ethical considerations, and the integration of strategy with policy to address contemporary challenges and achieve sustainable success.
Recommended Textbook
Strategic Management and Competitive Advantage Concepts and Cases 5th Edition by
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11 Chapters
1088 Verified Questions
1088 Flashcards
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Page 2
Jay B.
Chapter 1: What Is Strategy and the Strategic Management Process
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100 Verified Questions
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Sample Questions
Q1) Strategy implementation occurs when a firm adopts organizational policies and practices that are consistent with its strategy.
A)True
B)False
Answer: True
Q2) The greatest disadvantage of accounting measures of competitive performance is that they are relatively difficult to compute.
A)True
B)False
Answer: False
Q3) The two types of measures of competitive advantage include
A) accounting measures and strategic measures.
B) strategic measures and economic measures.
C) accounting measures and economic measures.
D) qualitative measures and quantitative measures.
Answer: C
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Chapter 2: Evaluating a Firms External Environment
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Sample Questions
Q1) A firm following a niche strategy in a declining industry reduces its scope of operations and focuses on narrow segments of the declining industry.
A)True
B)False
Answer: True
Q2) Firms in a declining industry that engage in a long, systematic phased withdrawal from the industry, extracting as much value as possible during the withdrawal period, are following a(n) ________ strategy.
A) niche
B) expansion
C) divestment
D) harvest
Answer: D
Q3) In general, technological change creates opportunities, but not threats.
A)True
B)False
Answer: False
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Chapter 3: Evaluating a Firms Internal Capabilities
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98 Verified Questions
98 Flashcards
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Sample Questions
Q1) Which of the following is an example of formal management controls?
A) a firm's culture
B) the willingness of employees to monitor each other
C) budgeting and reporting activities
D) managerial motivation
Answer: C
Q2) ESPN's development of an extensive offering of X-Games coverage that is unmatched by any other sports outlet is an example of which element of the VRIO framework?
A) organization
B) imitability
C) competitive parity
D) rarity
Answer: D
Q3) Tacit cooperation is only a viable strategy when an industry is perfectly competitive.
A)True
B)False
Answer: False
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Chapter 4: Cost Leadership
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99 Flashcards
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Sample Questions
Q1) Firms implementing cost-leadership strategies will have ________ layers in their reporting structure.
A) many
B) relatively simple
C) relatively few
D) relatively complex
Q2) If Lucy Sullivan were a Sematech manager who oversaw the finance operations in the company's functional structure, Lucy would be considered a
A) chief executive officer.
B) divisional manager.
C) chief operating officer.
D) functional manager.
Q3) The U in U-form structure stands for
A) "uniform."
B) "unitary."
C) "unilateral."
D) "unambiguous."
Q4) What are the responsibilities of the CEO in a functional organization?
Q5) Identify six reasons firms can differ in their costs.
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Chapter 5: Product Differentiation
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Sample Questions
Q1) Firms pursuing a differentiation strategy often use temporary cross-divisional and cross-functional teams to manage the development and implementation of new, innovative and highly differentiated products.
A)True
B)False
Q2) Firms able to successfully differentiate their products and services are likely to see a decrease in their volume of sales.
A)True
B)False
Q3) Which of the following bases of product differentiation attempts to create the perception that a firm's products or services are unusually valuable by focusing directly on the attributes of the products or services a firm sells?
A) Product complexity
B) Product customization
C) Consumer marketing
D) Reputation
Q4) What is the relationship between product differentiation and managerial creativity?
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Chapter 6: Vertical Integration
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Sample Questions
Q1) Research suggests that, in general, vertically integrating is more flexible than not vertically integrating.
A)True
B)False
Q2) Once a firm has vertically integrated it has committed its organizational structure, its management controls, and its compensation policies to a particular vertically integrated way of doing business and it has enhanced its flexibility.
A)True
B)False
Q3) Discuss the firm capabilities-based explanation of how vertical integration can create value. In your discussion identify the two broad implications of this approach and when, under this approach, firms should engage in vertical integration.
Q4) When companies staffed and operated their own call centers in the United States, they were engaging in backward vertical integration, but when they started using independent companies in India to staff and operate these centers, they were more vertically integrated.
A)True
B)False
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Chapter 7: Corporate Diversification
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Sample Questions
Q1) A firm that diversifies by exploiting its resources and capability advantages in its original business will have higher costs than firms that begin new business without these revenues and capability advantages or lower revenues than firms lacking these advantages, or both.
A)True
B)False
Q2) ________ is an example of a less costly-to-duplicate economies of scope.
A) Tax advantages
B) Core competencies
C) Internal capital allocation
D) Multipoint competition
Q3) ________ are complex sets of resources and capabilities that link different businesses in a diversified firm through managerial and technical know-how, experience and wisdom.
A) Managerial competencies
B) Core competencies
C) Competitive advantages
D) Core advantages
Q4) Explain how strategic alliances are a substitute for exploiting economies of scope in diversification.
Page 9
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Chapter 8: Organizing to Implement Corporate Diversification
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Sample Questions
Q1) Discuss the role of accounting measures of divisional performance, identify three different standards of comparison that can be used when evaluating the accounting performance of a division along with the strengths and weaknesses of each standard, and describe the potential weaknesses of accounting measures of divisional performance.
Q2) In an agency relationship, the party that delegates decision-making authority to another individual is known as the
A) stakeholder.
B) principal.
C) agent.
D) stockholder.
Q3) Divisions in an M-form organization should be large enough to represent identifiable business entities but small enough so that a division general manager can manage each one effectively.
A)True
B)False
Q4) Transfer prices should equal opportunity cost.
A)True
B)False
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Chapter 9: Strategic Alliances
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Sample Questions
Q1) Successful strategic alliances are often based on socially complex relations among alliance partners but virtually every firm in a given industry is likely to have the organizational and relationship-building skills required for alliance building making the possibility of direct duplication of strategic alliances very high.
A)True
B)False
Q2) Research indicates that the most common reason that alliances fail to meet the expectations of partner firms is
A) the lack of financial resources.
B) the necessity of transaction-specific investments.
C) the lack of transaction-specific investments.
D) the partners' inability to trust one another.
Q3) Two possible substitutes for strategic alliances include
A) going it alone and tacit collision.
B) going it alone and acquisitions.
C) acquisitions and explicit collusion.
D) explicit collusion and tacit collusion.
Q4) Define a strategic alliance and identify and differentiate between three broad categories of strategic alliances.
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Chapter 10: Mergers and Acquisitions
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Sample Questions
Q1) In an unrelated acquisition, if 5 firms are interested in acquiring a firm and each of the bidding firms had a current market value of $30,000 while the current market value of the target firm is $20,000, this acquisition is likely to generate economic profits of ________ for the acquiring firm.
A) $10,000
B) $20,000
C) $50,000
D) $0.00
Q2) Managerial hubris is the well-founded belief held by managers in bidding firms that they can manage the assets of a target firm more efficiently than the target firm's current management.
A)True
B)False
Q3) When a firm has not sold shares on the public stock market, it is known as A) closely held.
B) privately held.
C) publicly traded.
D) a small cap stock.
Q4) How are poison pills different from shark repellents?
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Chapter 11: International Strategies
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Sample Questions
Q1) Toyota is an example of a firm that uses the ________ structure.
A) centralized hub
B) transnational
C) decentralized federation
D) coordinated federation
Q2) Firms that seek to maximize international integration in their operations will typically opt for ________ structures.
A) transnational
B) decentralized federation
C) coordinated federation
D) centralized hub
Q3) Discuss the four structural options for firms pursuing international strategies.
Q4) ________ currencies are currencies that are traded, and thus have value, on international money markets.
A) Soft
B) Variable
C) Operational
D) Hard
Q5) Describe the relationship between international strategy and other corporate strategies.
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