Test Bank for Essentials of Strategic Management The Quest for Competitive Advantage 5th Edition

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Chapter 02 J J




Strategy Formulation, Execution, and Governance
J J J J




MultipleJ ChoiceJ Questions



1. WhichJoneJofJtheJfollowingJisJnotJoneJofJtheJfiveJstagesJofJanJongoing,JcontinuousJstrategicJ
managementJprocess?



A. formingJaJstrategicJvisionJofJtheJcompany'sJfutureJdirectionJandJfocus
B. settingJobjectivesJtoJmeasureJprogressJtowardJachievingJtheJstrategicJvision
C. craftingJaJstrategyJtoJachieveJtheJobjectivesJandJgetJtheJcompanyJwhereJitJwantsJtoJgo
D. developingJaJprofitableJbusinessJmodel
E. implementingJandJexecutingJtheJchosenJstrategyJefficientlyJandJeffectively


2. WhichJofJtheJfollowingJisJanJintegralJpartJofJtheJmanagerialJprocessJofJcraftingJandJexecutingJ
strategy?



A. developingJaJprovenJbusinessJmodel
B. settingJobjectivesJandJusingJthemJasJyardsticksJforJmeasuringJtheJcompany'sJperformanceJandJ
progress
C. decidingJhowJmuchJofJtheJcompany'sJresourcesJtoJemployJinJtheJpursuitJofJsustainableJcompetitiveJ
advantage
D. communicatingJtheJcompany'sJmissionJandJpurposeJtoJallJemployees
E. decidingJonJtheJcompositionJofJtheJcompany'sJboardJofJdirectors




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3. WhenJcompaniesJadoptJtheJstrategyJmaking,JstrategyJexecutionJprocess,JitJrequiresJtheyJstartJby



A. developingJaJstrategicJvision,Jmission,JandJvalues.
B. developingJaJprovenJbusinessJmodel,JdecidingJonJtheJcompany'sJtopJmanagementJteam,JandJ
craftingJaJstrategy.
C. settingJobjectives,JdevelopingJaJbusinessJmodel,JcraftingJaJstrategy,JandJdecidingJhowJmuchJofJtheJ
company'sJresourcesJtoJemployJinJtheJpursuitJofJsustainableJcompetitiveJadvantage.
D. comingJupJwithJaJstatementJofJtheJcompany'sJmissionJandJcommunicatingJitJtoJallJemployees,J
settingJobjectives,JselectingJaJbusinessJmodel,JandJmonitoringJdevelopmentsJandJinitiatingJcor
rectiveJadjustmentsJtoJtheJbusinessJmodelJwhenJnecessary.
E. decidingJonJtheJcompany'sJboardJofJdirectors,JsettingJfinancialJobjectives,JcraftingJaJstrategy,JandJ
choosingJwhatJbusinessJapproachesJandJoperatingJpracticesJtoJemploy.


4. TheJstrategicJmanagementJprocessJisJshapedJby



A. management'sJstrategicJvision,JstrategicJandJfinancialJobjectives,JandJstrategy.
B. theJdecisionsJmadeJbyJtheJcompensationJandJauditJcommitteesJofJtheJboardJofJdirectors.
C. externalJfactorsJsuchJasJtheJindustry'sJeconomicJandJcompetitiveJconditionsJandJinternalJfactorsJ
suchJasJtheJcompany'sJcollectionJofJresourcesJandJcapabilities.
D. aJcompany'sJcustomerJvalueJpropositionJandJprofitJformula.
E. actionsJtoJstrengthenJcompetitiveJcapabilitiesJandJcorrectJweaknesses,JactionsJtoJstrengthenJmar
ketJstandingJandJcompetitivenessJbyJacquiringJorJmergingJwithJotherJcompanies,JandJactionsJtoJe
nterJnewJgeographicJorJproductJmarkets.


5. WhenJaJcompanyJisJconfrontedJwithJsignificantJindustryJchangeJthatJmandatesJradicalJrevisionJofJitsJ
strategicJcourse,JtheJcompanyJisJsaidJtoJhaveJencounteredJa(n)



A. learningJandJgrowthJperspective.
B. strategicJinflectionJpoint.
C. strategicJroadblock.
D. newJstrategicJopportunity.
E. opportunityJforJcorporateJentrepreneurship.




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6. AJcompany'sJstrategicJplanJconsistsJof



A. itsJbalancedJscorecardJandJitsJbusinessJmodel.
B. aJvisionJofJwhereJitJisJheaded,JaJsetJofJperformanceJtargets,JandJaJstrategyJtoJachieveJthem.
C. itsJstrategyJandJmanagement'sJspecific,JdetailedJplansJforJimplementingJit.
D. aJcompany'sJplansJforJimprovingJvalue-creatingJinternalJprocesses.
E. aJstrategicJvision,JaJstrategy,JandJaJbusinessJmodel.


7. TheJstrategy-making,Jstrategy-executingJprocess



A. isJusuallyJdelegatedJtoJmembersJofJaJcompany'sJboardJofJdirectorsJsoJasJnotJtoJinfringeJonJtheJtimeJ
ofJbusyJexecutives.
B. includesJestablishingJaJcompany'sJmission,JdevelopingJaJbusinessJmodelJaimedJatJmakingJtheJcom
panyJanJindustryJleader,JandJcraftingJaJstrategyJtoJimplementJandJexecuteJtheJbusinessJmodel.
C. embracesJtheJtasksJofJdevelopingJaJstrategicJvision,JsettingJobjectives,JcraftingJaJstrategy,Ji
mplementingJandJexecutingJtheJstrategy,JandJthenJmonitoringJdevelopmentsJandJinitiatingJ
correctiveJadjustmentsJinJlightJofJexperience,JchangingJconditions,JandJnewJopportunities.
D. isJprincipallyJconcernedJwithJsizingJupJanJorganization'sJinternalJandJexternalJsituation,JsoJasJtoJbeJ
preparedJforJtheJchallengeJofJdevelopingJaJsoundJbusinessJmodel.
E. isJprimarilyJtheJresponsibilityJofJtopJexecutivesJandJtheJboardJofJdirectors;JveryJfewJmanagersJ
belowJthisJlevelJareJinvolved.


8. AJcompany'sJstrategicJvisionJconcerns



A. aJcompany'sJdirectionalJpathJandJfutureJproduct-customer-market-technologyJfocus.
B. whyJtheJcompanyJdoesJcertainJthingsJinJtryingJtoJpleaseJitsJcustomers.
C. management'sJstoryJlineJofJhowJitJintendsJtoJmakeJaJprofitJwithJtheJchosenJstrategy.
D. "whoJweJareJandJwhatJweJdo."
E. whatJfutureJactionsJtheJenterpriseJwillJlikelyJundertakeJtoJoutmaneuverJrivalsJandJachieveJaJ
sustainableJcompetitiveJadvantage.




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HillJ Education.
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