Introduction To Strategy

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Question 1

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Multiple Choice

The first step to create competitive advantage through a strategy is to

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generate better information than the rivals.

make choices based on the available information.

convert strategic choices into decisive actions.

analyze the information that is available.

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Question 2

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According to military leaders, tactics differed from strategy in that

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tactics were usually aimed at creating a military advantage.

tactics represented the specific moves their armies would perform on the battlefield.

tactics represented the grand plan for the war.

tactics referred to an individual leader's ability to marshal a large set of resources.

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Question 3

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Multiple Choice

According to the Roman military strategists, strategy was considered as

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the manager's "game plan" to attain personal gain.

represented by the specific moves or actions their armies performed.

a plan of action designed to achieve a specific goal.

a plan not usually aimed at creating a military advantage.

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Question 4

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Multiple Choice

Which of the following questions is most important to the development of a firm's strategy?

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What is the purpose of the business?

How will environmental forces impact the firm's business?

What stakeholders are important?

How will the firm distinguish itself from its competitors?

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Question 5

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Multiple Choice

According to Milton Friedman, the primary goal of a business is to

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satisfy customers.

expand globally.

make profits.

provide employment.

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Question 6

Multiple Choice

Which of the following refers to a network of unique activities that strategically fit together and are difficult to replicate?

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Conglomeration

Core competencies

Virtue ethics

Global strategies

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Question 7

Multiple Choice

Which of the following statements best describes the vision of an organization?

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The activities a firm performs for its customers

An illustration of how a firm can align its resources to get a position in the marketplace

A concept that defines a firm's reason for existence

A concept or picture of what a firm wants to achieve

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Question 8

Multiple Choice

Identify a benefit provided by an effective mission statement.

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It outlines the history of the organization.

It communicates the firm's rules and regulations.

It states the different levels of authority within the firm.

It defines a firm's reason for existence.

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Question 9

Multiple Choice

"Within five years, we will be the top-rated boat tour company in Central Florida, doubling the size of our fleet and achieving 100% seating capacity with every excursion." This is an example of

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strategy.

mission.

vision.

tactic.

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Question 10

Multiple Choice

The process of identifying how a firm can best align its resources to carve out a defensible position in the marketplace is known as

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scenario building.

strategy formulation.

contingency planning.

stakeholder mapping.

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Question 11

Multiple Choice

"To make bikes that allow riders of all ages and abilities to experience the joy of riding" is an example of

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strategy.

mission.

vision.

tactic.

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Question 12

Multiple Choice

Which of the following statements is true about strategy formulation?

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The strategy development process typically flows in a linear fashion.

Managers should engage in environmental scanning on an ongoing basis.

All aspects of a firm's strategy are more susceptible to frequent changes.

The formulation of strategy is the last step toward achieving profitability.

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Question 13

Multiple Choice

In the formulation of strategy, managers must create a solid fit among the activities to

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make a competitive strategy that is different from others.

offer a service that cannot be easily copied by competitors.

decide what the company will not be doing.

operate more effectively than its competitors.

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Question 14

Multiple Choice

Foodies, a food manufacturing company, made plans to either open a new outlet in Berylia, a country where the majority are low-income families, or Erbia, a country where the majority of the people belong to high-income families. It finally decides to open a new outlet in Berylia by offering products with reduced cost as the demand for its product is greater in Berylia. This scenario is an example of _____ in defining a strategy.

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making trade-offs

creating fit among activities

choosing a set of activities

developing objectives

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Question 15

Multiple Choice

Z-coffiz charges much higher prices for a cup of coffee than its competitors. Z-coffiz is able to do this because it positions itself to be selling an experience, rather than merely a cup of coffee. Which aspect of a firm's strategy does this describe?

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External fit

Internal fit

Differentiation

Implementable

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Question 16

Multiple Choice

Scott determines that his firm's strategy leverages its key resources. Which of the following criteria for evaluating the quality of a firm's strategy is Scott assessing?

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External fit

Internal fit

Differentiation

Implementable

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Question 17

Multiple Choice

Which of the following statements best describes a business-level strategy?

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The determination of how a company will compete in a given business and position itself among its competitors

The way a company seeks to create value through the configuration and coordination of multimarket business activities

The process of identifying how a firm can best align its resources in a business to carve out a defensible position in the marketplace

The way a strategy is formed with a focus on developing global efficiency instead of catering to local tastes

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Question 18

Multiple Choice

TechPark, a manufacturing company, was in the process of formulating a strategy in an attempt to improve the firm's competitive advantage. The managers began by evaluating the resources available within the organization to better understand how the firm should compete. Eventually, they decided to offer their products at a lower cost compared to that of their competitors. Identify the strategy used by the managers of TechPark.

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Corporate-level strategy

Transnational strategy

Business-level strategy

Global strategy

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Question 19

Multiple Choice

Strategies that combine elements of multinational and global strategies by using foreign subsidiaries to produce and distribute products are known as

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business-level strategies.

international strategies.

corporate-level strategies.

transnational strategies.

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Question 20

Multiple Choice

The transnational strategy focuses on

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efficiency, local responsiveness, and organizational learning.

how a company will compete in a given business.

being responsive and sensitive to local needs and tastes.

providing a standardized product to all markets.

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