BUSINESS STRATEGY EXAM 3 QUESTIONS
WITH 100% CORRECT ANSWERS!!
Chapter 1
....
The field of management that focuses on attaining competitive advantage by combining
analysis, formulation, and implementation is known as ______.
Multiple choice question.
-management of foundational behavior
-management of stakeholder impact
-strategic management
-human resources management
strategic management
Strategy is ______.
Multiple choice question.
-the set of actions a firm takes to achieve a competitive advantage
-a decision based on internal situational analysis
-a sustainable and dominant market share
-a decision based on external situational analysis
the set of actions a firm takes to achieve a competitive advantage
A competitive advantage _____.
Multiple choice question.
-places a firm at a disadvantage in regards to its ROI
-is assessed relative to other competitors in the industry
-is based on the return of invested capital over a 15-year period
-takes into consideration globalization and rival factor
,is assessed relative to other competitors in the industry
The overall purpose of a firm's strategy is to ______.
Multiple choice question.
-determine demand for new product ideas
-perform better than other companies in the same industry
-sell all existing inventory of a given product
-generate significant interest from foreign investors
perform better than other companies in the same industry (have competitive advantage)
Sustainable competitive advantage exists when a firm ______.
Multiple choice question.
-formulates and implements strategy
-is self-regulated and self-motivated
-maintains superior performance relative to its industry over a long period of time
-starts up and competes for existing market share in the industry
maintains superior performance relative to its industry over a long period of time
Which of the following elements comprise strategic management? (Check all that apply.)
Multiple select question.
-definition
-implementation
-realization
-formulation
-analysis
implementation, formulation, analysis
A(n) ______ occurs when a firm performs below the industry average or is outperformed
by its competitors.
, Multiple choice question.
-competitive parity
-purchasing parity
-competitive disadvantage
-underperforming norm
-negative advantage
competitive disadvantage
Burger Bomb is a new hamburger restaurant. In order to compete successfully against its
many competitors, Burger Bomb has decided to focus on quality and an interesting, unique
menu that uses locally sourced, organic ingredients. This is known as Burger Bomb's
______.
Multiple choice question.
-strategy
-core values statement
-vision
-competitive parity
strategy
Competitive parity occurs when ______.
Multiple choice question.
-the performance of two or more firms is superior to the industry average
-two or more firms achieve the same performance results
-two or more firms enter into a strategic alliance
-two or more firms rely on international outsourcing to remain competitive
two or more firms achieve the same performance results
In order to determine if Home Depot has a competitive advantage, we must compare Home
Depot's performance to ______.
WITH 100% CORRECT ANSWERS!!
Chapter 1
....
The field of management that focuses on attaining competitive advantage by combining
analysis, formulation, and implementation is known as ______.
Multiple choice question.
-management of foundational behavior
-management of stakeholder impact
-strategic management
-human resources management
strategic management
Strategy is ______.
Multiple choice question.
-the set of actions a firm takes to achieve a competitive advantage
-a decision based on internal situational analysis
-a sustainable and dominant market share
-a decision based on external situational analysis
the set of actions a firm takes to achieve a competitive advantage
A competitive advantage _____.
Multiple choice question.
-places a firm at a disadvantage in regards to its ROI
-is assessed relative to other competitors in the industry
-is based on the return of invested capital over a 15-year period
-takes into consideration globalization and rival factor
,is assessed relative to other competitors in the industry
The overall purpose of a firm's strategy is to ______.
Multiple choice question.
-determine demand for new product ideas
-perform better than other companies in the same industry
-sell all existing inventory of a given product
-generate significant interest from foreign investors
perform better than other companies in the same industry (have competitive advantage)
Sustainable competitive advantage exists when a firm ______.
Multiple choice question.
-formulates and implements strategy
-is self-regulated and self-motivated
-maintains superior performance relative to its industry over a long period of time
-starts up and competes for existing market share in the industry
maintains superior performance relative to its industry over a long period of time
Which of the following elements comprise strategic management? (Check all that apply.)
Multiple select question.
-definition
-implementation
-realization
-formulation
-analysis
implementation, formulation, analysis
A(n) ______ occurs when a firm performs below the industry average or is outperformed
by its competitors.
, Multiple choice question.
-competitive parity
-purchasing parity
-competitive disadvantage
-underperforming norm
-negative advantage
competitive disadvantage
Burger Bomb is a new hamburger restaurant. In order to compete successfully against its
many competitors, Burger Bomb has decided to focus on quality and an interesting, unique
menu that uses locally sourced, organic ingredients. This is known as Burger Bomb's
______.
Multiple choice question.
-strategy
-core values statement
-vision
-competitive parity
strategy
Competitive parity occurs when ______.
Multiple choice question.
-the performance of two or more firms is superior to the industry average
-two or more firms achieve the same performance results
-two or more firms enter into a strategic alliance
-two or more firms rely on international outsourcing to remain competitive
two or more firms achieve the same performance results
In order to determine if Home Depot has a competitive advantage, we must compare Home
Depot's performance to ______.
