WorksheetsSM (1-30)
Total questions: 30
Worksheet time: 6mins
According to the text, one reason environmental uncertainty is a threat to strategic managers is because?
It is a costly and time-consuming process.
It hampers their ability to develop long-range plans and make strategic decisions.
It forces the strategic manager to be more stable.
It creates a new playing field in which creativity and innovation can play a major part in strategic decisions
Which of the following is not a support activity of the value chain?
Strategic planning
Human resources management
Technology development
Marketing & Sales
What is a set of business units or firms that "pursue similar strategies with similar resources"?
Integral association
Strategic group
Collective collaboration
Cooperative
Which barrier to entry do corporations such as P&G use to force new entrants to spend heavily to overcome existing customer loyalty?
Switching costs
Capital requirements
Product differentiation
Access to distribution channels
Which of the following is a function of corporate culture?
It conveys a sense of identity for employees.
It generates creative approaches to new situations.
It encourages flexibility and thus constant change.
It encourages a laissez faire set of attitudes.
Which of the following is not one of the eight current sociocultural trends mentioned in the text?
Wage/price controls
Increasing environmental awareness
Growth of the seniors market
Decline of the mass market
Which societal force includes demographic trends?
Technology forces
Sociocultural forces
Labors forces
Economic forces
The technique recommended by the text to organize an analysis of external strategic factors is called?
SWOT
IFAS
SFAS
EFAS
In the EFAS Table, the indicator of how well a particular company is responding to current and expected factors in its external environment is characterized by the?
Industry matrix
Total weighted score
IFAS score
SWOT score
Which of the following is not an element of a company's business strategy?
Actions to strengthen competitiveness via strategic alliances and collaborative partnerships
Actions to respond to changing market conditions or other external factors
Actions to strengthen internal capabilities and competitively valuable resources
Management actions to revise the company's financial and strategic performance targets
A creative, distinctive strategy that delivers a sustainable competitive advantage is important because?
Without a proven strategy a company is likely to fall into bankruptcy
A strategy that yields a competitive advantage over rivals is a company's most reliable means of achieving above-average profitability and financial performance
Without a competitive advantage a company cannot have a profitable business model
A competitive advantage is what enables a company to achieve its strategic objectives
The strategic management process is shaped by?
The decisions made by the compensation and audit committees of the board of directors.
A company's customer value proposition and profit formula.
Management's strategic vision, strategic and financial objectives, and strategy
External factors such as the industry's economic and competitive conditions and internal factors such as the company's collection of resources and capabilities.
One of the benefits of globalization is?
Increased union negotiations.
Decreased outsourcing.
Economies of scale
Increased taxes.
A company may develop an emergent strategy due to?
All of the above.
Fast-changing technological developments.
Strategic moves by rival firms.
Unexpected shifts in customer preferences
According to Porter's model, a strong or high force is likely to reduce profits and can be regarded as a(n)?
Risk
Advantage
Opportunity
Threat
Industry analysis is primarily concerned with a corporation's?
Sociocultural environment.
Economic environment.
Societal environment.
Task environment.
The Strategic Management Model presents the following process for strategy formulation?
Mission – Policies – Strategies – Objectives.
Policies – Strategies – Objectives – Mission.
Mission – Objectives – Strategies – Policies
Policies – Mission – Strategies – Objectives.
Which barrier to entry uses cost advantages associated with large size?
Switching costs
Economic of scale
Cost disadvantages independent of size
Capital requirements
A company's strategy is most accurately defined as?
Management's game plan for growing the business, attracting and pleasing customers, conducting operations, and achieving financial and market performance objectives.
Management's approaches to building revenues, controlling costs, and generating an attractive profit.
Management's concept of "where we are headed”
The business model that a company's board of directors has approved for outcompeting rivals and making the company profitable
When a company's core competencies are superior to those of competitors, these are known as?
Critical success factors.
Resources
Core competencies
Distinctive competencies
An example of the promotion variable of the marketing mix is?
Services.
Discounts
Location
Advertising
In the final phase of strategic management, strategic information is available to?
The top management responsible for decision-making
Operational personnel
People throughout the organization
Middle management
An industry dominated by a few large firms, all of which struggle with product differentiation, is known as?
Indigenous
Global
Multi-domestic
Consolidated
Which environment was generally perceived by business people to be something to exploit, not conserve, until the twentieth century?
The natural environment
The internal environment
The Societal environment
The task environment
A company with significant assets and activities in multiple countries is known as a?
Transferable corporation.
Duplicate corporation
Repatriated corporation
Multi-national corporation.
The most important aspect(s) of a company's business strategy?
Concerns how to improve the efficiency of its business model
Are the actions and moves in the marketplace that managers take to gain a sustainable competitive advantage.
Deals with how management plans to maximize profits while, at the same time, operating in a socially responsible manner.
Is figuring out how to maximize profits and shareholder value
The combination of the degree of complexity and the degree of change existing in an organization's external environment is/are called?
Strategic fit
Strategic factors
Environmental uncertainty
Strategic issues
A corporation's ability to exploit its resources is referred to as its?
Critical success factors
Core competencies
Capabilities
Business expertise
Which of the following was normally one of the top benefits of strategic management?
Higher levels of job satisfaction
Improved productivity
Clearer sense of strategic vision for the firm
Higher levels of employee motivation
The emphasis of strategic management is on?
The short-run performance of the corporation
An examination of the organization's internal environment
Long term performance
First line managers
