What Is Strategy

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What Is Strategy
Strategic Leadership: Managing the Strategy Process
External Analysis: Industry Structure, Competitive Forces, and Strategic Groups
Internal Analysis: Resources, Capabilities, and Core Competencies
Competitive Advantage, Firm Performance, and Business Models
Business Strategy: Differentiation, Cost Leadership, and Blue Oceans
Business Strategy: Innovation, Entrepreneurship, and Platforms
Corporate Strategy: Vertical Integration and Diversification
Corporate Strategy: Strategic Alliances, Mergers, and Acquisitions
Global Strategy: Competing Around the World
Organizational Design: Structure, Culture, and Control
Corporate Governance and Business Ethics

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Question 1

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True/False

A good strategy is a set of actions that enables a firm to achieve its own internal goals without regard to the external environment.

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Question 2

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True/False

The following statement by the chief executive of SunStar movie studio is an effective strategy: "We will produce the greatest films of the 21st century."

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Question 3

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True/False

A vision describes in broad, inspirational terms what an organization hopes to accomplish in the future.

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Question 4

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True/False

A mission describes how a firm will accomplish the broad goals set out in a vision statement.

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Question 5

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True/False

Product-oriented vision statements are better suited than customer-oriented vision statements for helping companies to adapt to changes in the external environment.

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Question 6

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Core values provide ethical guidelines for how individual employees will behave.

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Question 7

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Managers should create two sets of core values, one for employees and one for themselves.

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Question 8

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The three tasks of the AFI strategy framework are to Assemble a prototype, Find a buyer, and Incorporate feedback.

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Question 9

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Questions asked during the strategy analysis stage of the AFI framework include "How does the firm make money?" and "What effects do forces in the external environment have on the firm's potential to gain and sustain a competitive advantage?"

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Question 10

True/False

Once a strategy has been formulated and implemented, it is important that the firm sticks to it no matter what happens.

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Question 11

Multiple Choice

Which of the following strategies does Tesla need to implement or achieve to gain a competitive advantage?

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imitate the features of the most popular SUVs on the market

reinvest profits to build successively better electric automobiles

sell advertising space on their cars' digital displays

substitute less-expensive components to keep costs low

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Question 12

Multiple Choice

________ is best described as an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage.

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Supply chain management

Integrated technology management

Strategic management

Inventory management

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Question 13

Multiple Choice

________ is best described as a set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors.

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Behavior modification

Strategy

Credo

Competency management

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Question 14

Multiple Choice

Which of the following stages of the strategic management process involves an evaluation of a firm's external and internal environments?

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strategy analysis

strategy implementation

strategy formulation

strategy control

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Question 15

Multiple Choice

In ________ , a firm frames a guiding policy to address the competitive challenge.

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strategy control

strategy implementation

strategy formulation

strategy analysis

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Question 16

Multiple Choice

Through ________ , a firm puts its guiding policy into practice by employing a set of coherent actions.

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strategy control

strategy implementation

strategy formulation

strategy analysis

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Question 17

Multiple Choice

Which of the following is an element of good strategy?

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a summary of the firm's history within its industry

a guiding policy to address employee satisfaction

a set of coherent actions to implement the firm's guiding policy

an approach that underestimates the competition

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Question 18

Multiple Choice

Green Jeans, Inc. had a mission to become the leading producer of environmentally friendly blue jeans, an emerging and in-demand category in the apparel industry. Its strategy involved leveraging a network of organic cotton farmers and suppliers of environmentally responsible synthetic materials to create a product that is durable, attractive, affordable, and 100% recyclable. However, because it did not upgrade its outdated production facilities, Green Jeans could not assemble its products at a low-enough cost to offer the jeans at a price that was attractive to customers. Green Jeans' strategy failed because

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it failed to consider the competitive challenge.

it was not backed up with strategic commitments.

managers did not live by the company's core values.

the company did not stake out a unique strategy position.

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Question 19

Multiple Choice

Which of the following is an example of competitive parity?

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A firm manufactures higher-quality wall clocks than its competitors.

A firm provides wall clocks that its consumers value more than other wall clocks.

A firm sells wall clocks at a lower price than its competitors.

A firm produces a similar number of wall clocks at a similar cost as its competitors.

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Question 20

Multiple Choice

A firm that achieves superior performance relative to other firms in the same industry or the industry average has a(n)

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competitive advantage.

balanced scorecard.

power position.

equity leverage.

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