Strategy and Policy Review Questions
Course Introduction
Strategy and Policy explores the formulation, implementation, and evaluation of organizational strategies and policies across various sectors, with a particular emphasis on achieving long-term objectives in complex and dynamic environments. The course examines key theoretical frameworks of strategic management, environmental analysis, and decision-making processes, integrating considerations of ethics, global context, and stakeholder interests. Through case studies, simulations, and critical discussion, students learn to apply strategic tools and develop effective policies that align with organizational goals and navigate challenges in competitive landscapes.
Recommended Textbook
Strategic Management Creating Competitive Advantages 7th Edition by Gregory Dess
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12 Chapters
1171 Verified Questions
1171 Flashcards
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Page 2
Chapter 1: Strategic Management: Creating Competitiveadvantages
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/57145
Sample Questions
Q1) Leadership is a necessary (but not sufficient)condition for organizational success.Leaders should emerge at which level(s)of an organization?
A) only at the top
B) in the middle
C) throughout the organization
D) only during times of change
Answer: C
Q2) According to the text,a mission statement is an overarching statement that is massively inspiring,long term,and only discusses the purpose of the company.
A)True
B)False
Answer: False
Q3) The vision of an organization is the top level of its hierarchy of organizational goals.The vision statement should be massively inspiring,overarching,and long term. A)True
B)False
Answer: True
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Page 3
Chapter 2: Analyzing the External Environment Ofthe Firm:
Creating Competitive Advantages
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99 Verified Questions
99 Flashcards
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Sample Questions
Q1) Even with all of the advances in recent years,forecasting is typically considered more of an art than a science and it is of little use in generating accurate predictions.
A)True
B)False
Answer: False
Q2) The value net is a game-theoretic approach that _____________.
A) extends the value chain analysis
B) is a way to analyze all the players in a game and analyze how their interactions affect the ability of a firm to generate and appropriate value
C) helps us to understand the evolution of the five forces over time
D) uses network analysis to understand the relationships among different companies
Answer: B
Q3) Buyer power tends to be higher if suppliers provide undifferentiated or standard products.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Assessing the Internal Environmentof the Firm
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) The resource-based view of the firm focuses solely on the internal analysis of the operations of the firm.
A)True
B)False
Answer: False
Q2) Support activities provide support for primary activities,but not each other.
A)True
B)False
Answer: False
Q3) When using industry norms as a standard of comparison,managers must be sure that the firms used in the comparisons are representative of all sizes and strategies within the industry.
A)True
B)False
Answer: False
Q4) Leverage ratios provide measures of the capacity of a firm to meet its long-term financial obligations.
A)True
B)False
Answer: True
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Chapter 4: Recognizing a Firms Intellectual Assets: Moving
Beyond a Firms Tangibleresources
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90 Verified Questions
90 Flashcards
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Sample Questions
Q1) Which of the following reasons explains why painter Vincent van Gogh died penniless,while painter Pablo Picasso left a $740 million estate upon this death?
A) Picasso had a wider range of social connections and bridging relationships.
B) Van Gogh had a wider range of social connections.
C) Picasso was a solitary node with few connections.
D) Van Gogh was a hub who embedded himself in a vast network that stretched across various social lines.
Q2) Firms such as Apple and Google will tend to have a higher ratio of market value to book value than industrial companies such as Nucor Steel.
A)True
B)False
Q3) One of the most important elements in a good employee is his or her attitude.Firms should follow the adage: hire for attitude,train for skill.
A)True
B)False
Q4) Millennials value hard work and will rarely use vacation time.
A)True
B)False
Page 6
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Chapter 5: Business-Level Strategy: Creating
Andsustaining Competitive Advantages
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) In technology intensive industries,the duration of competitive advantages is declining.
A)True
B)False
Q2) A differentiation strategy enables a business to address the five competitive forces by ______.
A) having brand-loyal customers become more sensitive to prices
B) lessening competitive rivalry by distinguishing itself
C) increasing economies of scale
D) serving a broader market segment
Q3) Mass customization enables manufacturers to be more responsive to customer demands for high quality products.
A)True
B)False
Q4) Discuss some of the effective turnaround strategies.
Q5) Which of the following is a risk (or potential pitfall)of cost leadership?
A) Cost cutting may lead to the loss of desirable features.
B) Attempts to stay ahead of the competition may lead to gold plating.
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C) Cost differences increase as the market matures.
D) Producers are more able to withstand increases in supplier costs.
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Chapter 6: Corporate-Level Strategy: Creatingvalue Through Diversification
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102 Verified Questions
102 Flashcards
Source URL: https://quizplus.com/quiz/57140
Sample Questions
Q1) The two principal means by which firms achieve synergy through market power are pooled negotiating power and corporate parenting.
A)True
B)False
Q2) Casio,a giant electronic products producer,synthesizes it abilities in miniaturization,microprocessor design,material science,and ultrathin precision castings to produce digital watches.It uses the same skills to produce card calculators,digital cameras,and other small electronics.These collective skills are known as
A) core competencies
B) strategic resources
C) shared activities
D) economies of scope
Q3) It is not necessary for a core competence to be difficult to imitate or to be nonsubstitutable.
A)True
B)False
Q4) What are some of the key issues to take into account when considering whether or not to vertically integrate?
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Chapter 7: International Strategy: Creating Valuein Global Markets
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Increasing international exchange in goods and services can run into the difficulty of having one offer that meets the needs of customers at differing income levels.
A)True
B)False
Q2) According to Theodore Levitt,what are the three assumptions that favor the pursuit of a pure global strategy? Briefly provide counterarguments to each assumption.
Q3) Which of the following types of international firms are most likely to benefit from a global strategy as opposed to a multidomestic strategy?
A) firms that compete in industries in which consumer preferences vary substantially in each country
B) firms in industries that are expanding very rapidly
C) firms in industries that have value added by sales and marketing departments
D) firms in industries that have much value added in research and design or manufacturing
Q4) Explain the difficulties a small company faces when making the decision to internalize.
Q5) What are the main benefits of offshoring and outsourcing?
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Chapter 8: Entrepreneurial Strategy and Competitive Dynamics
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100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/57138
Sample Questions
Q1) An entry wedge,according to the text,is a type of entrepreneurial strategy firms can use to enter into business.
A)True
B)False
Q2) A firm is considering a large price cut on its leading product as a way 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 end result is that everyone will make less money.These arguments are an example of
A) a strategy of forbearance
B) a strategy of co-opetition
C) a hardball strategy whereby competitive actions are not undertaken without a clear advantage
D) a weakness strategy that leads a company into constant decline
Q3) Opportunity recognition is the process of identifying,selecting,and developing entrepreneurial opportunities.
A)True
B)False
Page 10
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Chapter 9: Strategic Control and Corporategovernance
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Which of the following approaches to behavioral strategic control would be the least appropriate for an organization in which there is a great need for innovation and a high degree of autonomy?
A) culture
B) rewards
C) rules
D) incentives
Q2) The organizational reward system is typically a weak method for motivating employees.
A)True
B)False
Q3) CalPERS,the California Public Employees Retirement System,manages over 240 billion dollars in assets.As an example of shared activism,they review all short- and long-term performance figures for each of the firms in which they invest and request changes in the governance structure of those firms,when they feel the firm is not responsive to their concerns.
A)True
B)False
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11
Chapter 10: Creating Effective Organizational Designs
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100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/57136
Sample Questions
Q1) Virtual organizations ______________ whereas modular organizations _____________.
A) are usually permanent; are usually temporary
B) accept interdependent destinies; pursue collective strategies
C) pursue collective strategies; forfeit strategic control
D) give up part of their strategic control; retain full strategic control
Q2) How do organizational structures change as organizations grow and mature? What are the dominant patterns of growth?
Q3) Managing virtual structures requires new and difficult-to-acquire managerial skills. A)True
B)False
Q4) An organization such as ConAgra that has dozens of different divisions with similar products will probably have the greatest success with which form of organization structure?
A) functional structure
B) matrix structure
C) strategic business unit structure
D) holding company structure
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Chapter 11: Strategic Leadership: Creating a Learning
Organization and an Ethical Organization
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100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/57135
Sample Questions
Q1) Discuss the organizational and personal bases of leader power.
Q2) Visionary leadership is only the domain of the CEO,as suggested by the example of Joe Ling at 3M who developed the Pollution Prevention Pays (3P)program.
A)True
B)False
Q3) The example of Dennis Bakke,CEO of AES,in which he and his team took responsibility for employees who lied to the EPA about water quality at the plant,suggests that for an ethical organization,it is not necessary to do more than just take strong punitive action against those who act contrary to the company-established expected behavior.
A)True
B)False
Q4) Self-regulated people are unable to create an environment of trust and fairness,where political behavior and infighting are sharply reduced and productivity tends to be high.
A)True
B)False
Q5) Briefly discuss how organization reward and evaluation systems can be used to promote organizational ethics.
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Chapter 12: Managing Innovation and Fosteringcorporate Entrepreneurship
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100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/57134
Sample Questions
Q1) Common features of a dispersed approach to corporate entrepreneurship include all of the following except _____________.
A) semi-autonomous new venture groups
B) use of product champions
C) a top-down approach to supporting entrepreneurial behavior
D) an entrepreneurial culture
Q2) Risk taking can lead to competitive advantage,but it needs to be managed carefully.
A)True
B)False
Q3) On average,approximately what percentage of corporate ventures reaches profitability within six years?
A) 80 percent
B) 65 percent
C) 50 percent
D) 35 percent
Q4) Compare and contrast the concepts of focused versus dispersed approaches to corporate entrepreneurship.Provide examples of each approach.
Q5) What are some of the pitfalls of real options analysis (ROA)?
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