MAN 4720 – STRATEGIC MANAGEMENT – FLORIDA
STATE UNIVERSITY – EXAM 2025|180 QUESTIONS AND
ANSWERS
1. A firm controls a resource that is valuable and rare but the potential exists
for competitors to either build a capability that imitates it or to develop
viable substitutes. This provides a firm with ___
Correct answer
2. Describe the role of employees as stakeholders in a firm's competitive
advantage.
Employees have no impact on customer satisfaction.
Employees are only responsible for operational tasks and do not
influence strategy.
Employees contribute to a firm's competitive advantage through
their skills and engagement.
Employees are solely focused on their personal interests.
3. Describe the role of resources in achieving competitive advantage for
firms.
Resources have no impact on competitive advantage.
Resources are essential for firms to develop capabilities and
,strategies that differentiate them from competitors.
Resources are only important for financial management.
Resources are solely related to human capital.
,4. Which of the following is NOT a characteristic of the global economy?
The rise of multinational corporations.
The increased use of tariffs to protect industries.
Increased international trade and investment.
Greater interdependence among nations.
5. What are the two main components that define value in a product
according to the text?
Cost and availability
Performance characteristics and attributes
Customer service and warranty
Brand reputation and marketing
6. What model do firms use to assess the attractiveness of an industry?
SWOT analysis
Value chain analysis
five forces model of competition
PEST analysis
7. Describe the role of shareholders as capital market stakeholders in a
firm's competitive advantage.
Shareholders provide capital and expect returns, influencing
management decisions and strategic direction.
Shareholders only focus on product quality and customer
satisfaction.
Shareholders have no influence on the firm's strategic direction.
, Shareholders are primarily concerned with employee welfare and
company culture.
8. How does the economic environment influence a firm's strategic
decisions?
The economic environment has no significant impact on strategic
decisions.
The economic environment only affects pricing strategies.
The economic environment is solely about government
regulations.
The economic environment shapes a firm's strategic decisions
by determining market conditions and consumer purchasing
power.
9. Delta Air Lines offering frequent flyer miles is primarily an example of an
offer:
Correct answer
10. According to harvard professor Michael Porter, five industry forces
determine an industry's overall attractiveness and its ___________
potential for long term change
level of risk
potential for short term growth
potential for long term profitability
STATE UNIVERSITY – EXAM 2025|180 QUESTIONS AND
ANSWERS
1. A firm controls a resource that is valuable and rare but the potential exists
for competitors to either build a capability that imitates it or to develop
viable substitutes. This provides a firm with ___
Correct answer
2. Describe the role of employees as stakeholders in a firm's competitive
advantage.
Employees have no impact on customer satisfaction.
Employees are only responsible for operational tasks and do not
influence strategy.
Employees contribute to a firm's competitive advantage through
their skills and engagement.
Employees are solely focused on their personal interests.
3. Describe the role of resources in achieving competitive advantage for
firms.
Resources have no impact on competitive advantage.
Resources are essential for firms to develop capabilities and
,strategies that differentiate them from competitors.
Resources are only important for financial management.
Resources are solely related to human capital.
,4. Which of the following is NOT a characteristic of the global economy?
The rise of multinational corporations.
The increased use of tariffs to protect industries.
Increased international trade and investment.
Greater interdependence among nations.
5. What are the two main components that define value in a product
according to the text?
Cost and availability
Performance characteristics and attributes
Customer service and warranty
Brand reputation and marketing
6. What model do firms use to assess the attractiveness of an industry?
SWOT analysis
Value chain analysis
five forces model of competition
PEST analysis
7. Describe the role of shareholders as capital market stakeholders in a
firm's competitive advantage.
Shareholders provide capital and expect returns, influencing
management decisions and strategic direction.
Shareholders only focus on product quality and customer
satisfaction.
Shareholders have no influence on the firm's strategic direction.
, Shareholders are primarily concerned with employee welfare and
company culture.
8. How does the economic environment influence a firm's strategic
decisions?
The economic environment has no significant impact on strategic
decisions.
The economic environment only affects pricing strategies.
The economic environment is solely about government
regulations.
The economic environment shapes a firm's strategic decisions
by determining market conditions and consumer purchasing
power.
9. Delta Air Lines offering frequent flyer miles is primarily an example of an
offer:
Correct answer
10. According to harvard professor Michael Porter, five industry forces
determine an industry's overall attractiveness and its ___________
potential for long term change
level of risk
potential for short term growth
potential for long term profitability
