The four key attributes of strategic management include the idea that

strategy must be directed toward overall organizational goals and objectives.

strategy must be focused on long-term objectives.

strategy must be focused on one specific area of an organization.

. strategy must focus on competitor strengths.

The four key attributes of strategic management include all of the following except

emphasis on the attainment of short-term objectives .

. including multiple stakeholder interests in decision-making.

incorporating both short-term and long-term perspectives.

recognizing the trade-offs between effectiveness and efficiency.

In order to increase their competitiveness, organizations must continually analyze their strategy and their competitive environments. According to the text, strategy analysis includes

assessing intellectual capital as well as analyzing the internal and external environment.

formulating Internet and international-level strategy.

strategic leadership and fostering entrepreneurship.

strategy implementation and strategic controls.

Many organizations have a large number of functional areas with very diverse, and sometimes competing, interests. Such organizations will be most effective if

functional areas work together to attain overall goals.

each functional area focuses on achieving their own goals.

goals are defined at the bottom and implemented at the top.

management and employees have separate goals.

Gathering "competitive intelligence"

minimizes the need to obtain information in the public domain.

Two key inputs to developing forecasts discussed in the text are

environmental scanning and competitor intelligence .

. environmental scanning and stakeholder identification.

assessing internal strengths and environmental scanning.

environmental scanning and a SWOT analysis.

The threat of new entrants is high when there are

. high differentiation among competitors' products and services

Strategic groups consist of。

firms within an industry that follow similar strategies.

. top executives who make strategies for a company

executives drawn from different companies within an industry that makes decisions on industry standards.

firms within an industry that decide to collude rather than compete with each other so that they can increase their profits.

The three key types of resources that are central to the resource-based view of the firm are:

tangible resources, intangible resources, and organizational structure

culture, tangible resources, intangible resources

tangible resources, intangible resources, and organizational capabilities

tangible resources, intangible resources, and top management

For a resource to provide a firm with the potential for a sustainable competitive advantage, it must have the following four attributes:

rare, valuable, inimitable, non-substitutable

rare, valuable, mobile, nonsubstitutable

. rare, inimitable, physically unique, nonsubstitutable

rare, valuable, physically unique, causally ambiguous

A competitive advantage based on inimitability can be sustained for at least some time if it has the following characteristics:。

physical uniqueness, path dependency, causal ambiguity, and social complexity

psychographic uniqueness, path dependency, causal ambiguity, and substitutability

rarity, path dependency, causal ambiguity, and social substitutability

geographic uniqueness, cause dependency, social ambiguity, and path complexity

A resource is valuable and rare but neither difficult to imitate nor without substitutes. This should enable the firm to attain

a temporary competitive advantage

a sustainable competitive advantage.

As the competitive environment changes, strategic management must focus on different aspects of the organization. Recently strategic management has moved from focusing on

tangible resources to intangible resources.

. intangible resources to tangible resources.

working capital to fixed capital

fixed capital to working capital.

Human capital includes

an individual's capabilities, knowledge, and skills.

the relationships between people.

the output from assembly line employees

A firm can achieve differentiation through all of the following means except

offering lower prices to frequent customers.

adding additional product features.

. A firm following a focus strategy

must focus on a market segment or group of segments

. must focus on governmental regulations

. must focus on the rising cost of inputs

must avoid entering international markets.

Which of the following is considered an accurate statement for a product in the growth period of its life cycle?

It is easier to develop technology in the growth phase.

It is difficult to gain market share in growth markets.

There is more price pressure in growth markets

. Customers are brand loyal in the growth phase.

Which of the following is most often true of mature markets。

Advantages that cannot be duplicated by other competitors are difficult to achieve

Some competitors enjoy a significant operating advantage due to increasing experience effects.

The market supports premium pricing, which attracts additional competitors

The magnitude of pricing differences and product differentiation is larger than in the growth stage

Sharing core competencies is one of the primary potential advantages of diversification. In order for diversification to be most successful, it is important that

the similarity required for sharing core competencies must be in the value chain, not in the product

. the products use similar distribution channels

the target market is the same, even if the products are very different

. the methods of production are the same

It may be advantageous to vertically integrate The

lower transaction costs and improved coordination are vital and achievable through vertical integration

the minimum efficient scales of two corporations are different.

flexibility is reduced, providing a more stationary position in the competitive environment

various segregated specializations will be combined.

The downsides or limitations of mergers and acquisitions include all of the following except

it is a slow means to enter new markets and acquire skills and competences

. expensive premiums that are frequently paid to acquire a business.

difficulties in integrating the activities and resources of the acquired firm into a corporation's on-going operations.

there can be many cultural issues that can doom an otherwise promising acquisition.

Cooperative relationships such as _______ have potential advantages such as entering new markets, reducing manufacturing (or other) costs in the value chain, and developing and diffusing new technologies

. joint ventures and strategic alliances

Which of the following statements regarding internal development as a means of diversification is false?。

An advantage of internal development is that it is generally faster than other means of diversification and firms can benefit from speed in developing new products and services.

Many companies use internal development to extend their product lines or add to their service Offering

The firm is able to capture the wealth created without having to "share the wealth" with alliance partners.

Firms can often develop products or services at a lower cost if they rely on their own resources instead of external funding

A major trend in international developments includes

. greater international trade and operations

. a growing recognition of an international managerial perspective.

. a large increase in international investment

All of the following are risks associated with a global strategy except

. the pressures for local adaptation may elevate the firm's cost structure.

. a firm with only one manufacturing location must export its product—some of which may be a great distance from the operation

. the geographic concentration of any activity may also tend to isolate that activity from the targeted markets

concentrating an activity in a single location makes the rest of the firm dependent on that location.

All of the following are limitations of a global strategy except

. the ability to locate activities in optimal locations.

. limited ability to adapt to local markets.

. the concentration of activities may increase dependence on a single facility.

single locations may lead to higher tariffs and transportation costs.

Which of the following is not one of the central questions in evaluating a company’s business prospects?

What are the key product or service attributes demanded by consumers?

What is the company’s present situation?

Where does the company need to go from here?

All of the above are pertinent in evaluating a company’s business prospects

The heart and soul of a company's strategy-making effort

involves coming up with moves and actions that produce a durable competitive edge over rivals.

is figuring out how to become the industry’s low-cost provider.

is figuring out how to maximize the profits and shareholder value.

concerns how to improve the efficiency of its business model.

deals with how management plans to maximize profits while, at the same time, operating in a socially responsible manner that keeps the company’s prices as low as possible.

A company achieves sustainable competitive advantage when

an attractive number of buyers have a lasting preference for its products or services as compared to the offerings of competitors.

it has a profitable business model.

it is able to maximize shareholder wealth.

it is consistently able to achieve both its strategic and financial objectives.

its strategy and its business model are well-matched and in sync.

A creative, distinctive strategy that sets a company apart from rivals and that gives it a sustainable competitive advantage

A) is a company’s most reliable ticket to above-average profitability—indeed, the tight connection between competitive advantage and profitability means that the quest for sustainable competitive advantage always ranks center stage in crafting a strategy.

is a reliable indicator that the company has a profitable business model.

is every company’s strategic vision.

signals that the company has a bold, ambitious strategic intent that places the achievement of strategic objectives ahead of the achievement of financial objectives.

is the best indicator that the company’s strategy and business model are well-matched and properly synchronized.

What separates a powerful strategy from a run-of-the-mill or ineffective one is

management's ability to forge a series of moves, both in the marketplace and internally, that sets the company apart from rivals, tilts the playing field in the company’s favor, and produces sustainable competitive advantage over rivals.

the ability of the strategy to keep the company profitable.

the proven ability of the strategy to generate maximum profits.

the speed with which it helps the company achieve its strategic vision.

whether it allows the company to maximize shareholder value in the shortest possible time.

Which of the following is a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

A) Striving to be the industry's low-cost provider, thereby aiming for a cost-based competitive advantage

A) Outcompeting rivals on the basis of such differentiating features as higher quality, wider product selection, added performance, better service, more attractive styling, technological superiority, or unusually good value for the money

Developing expertise and resource strengths that give the company competitive capabilities that rivals can't easily imitate or trump with capabilities of their own

Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of serving the special needs and tastes of buyers comprising the niche

19. Which of the following is not something to look for in identifying a company's strategy?

Management actions to revise the company's financial and strategic performance targets

Actions to respond to changing market conditions or other external factors

Actions to strengthen competitive capabilities and correct competitive weaknesses

Actions to capture emerging market opportunities and defend against external threats to the company's business prospects

Actions to gain sales and market share via lower prices, more performance features, more appealing design, or other such actions.

Which of the following is something to look for in identifying a company's strategy?

All of above are pertinent in identifying a company’s strategy.

Actions to gain sales and market share

Actions to strengthen marketing standing and competitiveness by merging with or acquiring rival companies

Actions to enter new geographic or product markets or exit existing ones

Actions and approaches used in managing R&D, production, sales and marketing, finance, and other key activities

Changing circumstances and ongoing managerial efforts to improve the strategy

account for why a company’s strategy evolves over time.

explain why a company’s strategic vision undergoes almost constant change.

make it very difficult for a company to have concrete strategic objectives.

make it very hard to know what a company’s strategy really is.

Strategy Management for Enterprise Final Exam

Authored by celestin Bekolo

Professional Development

University

Used 17+ times

Strategy Management for Enterprise Final Exam

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50 questions

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MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages

True

False

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Strategic management includes strategy analysis, strategy formulation, and strategy implementation.

True

False

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

According to the text, formulating strategy includes taking into consideration strategy at the business, international, digital, and corporate levels.

True

False

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Shareholders in a company are the only individuals with an interest in the financial performance in the company.。

True

False

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Objectives in organizations should be clear, stated, and known by employees throughout the organization.

True

False

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Strategic management should only include short-term objectives. Long-term objectives are covered in the organization's vision statement.

True

False

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Organizational goals and objectives should be vague in order to allow for changes in strategy.

True

False

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Strategy Management for Enterprise Final Exam

Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages

Strategic management includes strategy analysis, strategy formulation, and strategy implementation.

According to the text, formulating strategy includes taking into consideration strategy at the business, international, digital, and corporate levels.

Shareholders in a company are the only individuals with an interest in the financial performance in the company.。

Objectives in organizations should be clear, stated, and known by employees throughout the organization.

Strategic management should only include short-term objectives. Long-term objectives are covered in the organization's vision statement.

Organizational goals and objectives should be vague in order to allow for changes in strategy.

Organizational vision statements are the beginning point for the hierarchy of goals throughout the organization. An organization's vision statement should be massively inspiring, overarching, and long-term.

Although vision statements vary from organization to organization, vision statements are intended to motivate and inspire employees to work toward a general goal.

Shareholders in a company are the only individuals with an interest in the financial performance in the company.。

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