BUSA 4980 FINAL EXAM SET UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. How does the stakeholder model differ from the I/O and
resource-based models in terms of strategic
management?
Answer:
It emphasizes the importance of managing relationships with various groups that
can influence and are influenced by the firm.
3 multiple choice options
Question:
2. How does the Industrial Organization (I/O) model explain
the primary driver of above-average returns?
Answer:
It emphasizes the importance of external environmental factors and industry
structure.
3 multiple choice options
Question:
3. One of the following is the assumption of the resource-
based model:
Answer:
unique resources and capabilities drive a firm's strategy and above-average
returns.
3 multiple choice options
Question:
4. Which of the following is a key limitation of the I/O model
of strategy?
Answer:
It assumes that all firms have equal access to resources, ignoring firm-specific
differences.
3 multiple choice options
,Question:
5. What role does "hypercompetition" play in shaping a
firm's strategic approach?
Answer:
It creates an environment where firms must constantly innovate and adapt to
survive.
3 multiple choice options
Question:
6. A key purpose of a vision and mission statement is to
define what a firm is, what it seeks to accomplish, and
who it seeks to serve. Who is this statement meant to
inform?
Answer:
Stakeholders
3 multiple choice options
Question:
7. Why is the concept of "above-average returns" critical in
the context of strategic management?
Answer:
It signals that a firm is achieving a level of performance that exceeds investor
expectations relative to risk.
3 multiple choice options
Question:
8. Which of the following is not well-suited for mission,
vision, or value statements?
Answer:
Ikea's vision: to create a better everyday life for the many people.
3 multiple choice options
Question:
9. The increasing economic interdependence among
countries and their organizations as reflected in the flow
of products, financial capital, and knowledge across
country borders is defined as
Answer:
globalization.
3 multiple choice options
, Question:
10. The primary drivers of hypercompetition are __________ and
__________.
Answer:
the emergence of a global economy; rapid technological change
3 multiple choice options
Question:
11. All of the following are examples of efforts by firms to
address the physical segment of the general environment
EXCEPT the
Answer:
increase in hiring of women and minorities at Microsoft.
3 multiple choice options
Question:
12. The competition between firms within a strategic group is
Answer:
greater than the competition a member of a strategic group and companies
outside that strategic group.
3 multiple choice options
Question:
13. After Amazon lowered the price on its tablets, Samsung
eventually lowered the price on its tablets. Samsung
needed to do this because
Answer:
it is in the same strategic group.
3 multiple choice options
Question:
14. Which of the following would be an example of the
application of the next major technological opportunity
for organizations?
Answer:
SpaceX's reusable space vehicle
3 multiple choice options
QUESTIONS AND CORRECT ANSWERS
Question:
1. How does the stakeholder model differ from the I/O and
resource-based models in terms of strategic
management?
Answer:
It emphasizes the importance of managing relationships with various groups that
can influence and are influenced by the firm.
3 multiple choice options
Question:
2. How does the Industrial Organization (I/O) model explain
the primary driver of above-average returns?
Answer:
It emphasizes the importance of external environmental factors and industry
structure.
3 multiple choice options
Question:
3. One of the following is the assumption of the resource-
based model:
Answer:
unique resources and capabilities drive a firm's strategy and above-average
returns.
3 multiple choice options
Question:
4. Which of the following is a key limitation of the I/O model
of strategy?
Answer:
It assumes that all firms have equal access to resources, ignoring firm-specific
differences.
3 multiple choice options
,Question:
5. What role does "hypercompetition" play in shaping a
firm's strategic approach?
Answer:
It creates an environment where firms must constantly innovate and adapt to
survive.
3 multiple choice options
Question:
6. A key purpose of a vision and mission statement is to
define what a firm is, what it seeks to accomplish, and
who it seeks to serve. Who is this statement meant to
inform?
Answer:
Stakeholders
3 multiple choice options
Question:
7. Why is the concept of "above-average returns" critical in
the context of strategic management?
Answer:
It signals that a firm is achieving a level of performance that exceeds investor
expectations relative to risk.
3 multiple choice options
Question:
8. Which of the following is not well-suited for mission,
vision, or value statements?
Answer:
Ikea's vision: to create a better everyday life for the many people.
3 multiple choice options
Question:
9. The increasing economic interdependence among
countries and their organizations as reflected in the flow
of products, financial capital, and knowledge across
country borders is defined as
Answer:
globalization.
3 multiple choice options
, Question:
10. The primary drivers of hypercompetition are __________ and
__________.
Answer:
the emergence of a global economy; rapid technological change
3 multiple choice options
Question:
11. All of the following are examples of efforts by firms to
address the physical segment of the general environment
EXCEPT the
Answer:
increase in hiring of women and minorities at Microsoft.
3 multiple choice options
Question:
12. The competition between firms within a strategic group is
Answer:
greater than the competition a member of a strategic group and companies
outside that strategic group.
3 multiple choice options
Question:
13. After Amazon lowered the price on its tablets, Samsung
eventually lowered the price on its tablets. Samsung
needed to do this because
Answer:
it is in the same strategic group.
3 multiple choice options
Question:
14. Which of the following would be an example of the
application of the next major technological opportunity
for organizations?
Answer:
SpaceX's reusable space vehicle
3 multiple choice options
