Strategic Management: Concepts and Cases: Competitiveness and Globalization, 14th Edition — by Michael Hitt, R. Duane Ireland | Complete Test Bank (Ch. 1-13)

TEST BANK
Strategic Management: Concepts and Cases: Competitiveness and Globalization,
14th Edition

by Michael Hitt, R. Duane Ireland, Robert Hoskisson
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XE
LI
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, TABLE OF CONTENT

Part 1. Strategic Management Inputs

Chapter 1. Strategic Management and Strategic Competitiveness

Chapter 2. The External Environment: Opportunities, Threats, Industry Competition, and
Competitor Analysis

Chapter 3. The Internal Organization: Resources, Capabilities, Core Competencies, and
Competitive Advantages
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Part 2. Strategic Actions: Strategy Formulation

Chapter 4. Business-Level Strategy

Chapter 5. Competitive Rivalry and Competitive Dynamics

Chapter 6. Corporate-Level Strategy
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Chapter 7. Merger and Acquisition Strategies and Restructuring
Chapter 8. International Strategy

Chapter 9. Cooperative Strategy
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Part 3. Strategic Actions: Strategy Implementation

Chapter 10. Corporate Governance
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Chapter 11. Organizational Structure and Controls

Chapter 12. Strategic Leadership
Chapter 13. Strategic Entrepreneurship
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,Chapter 01 - Strategic Management and Strategic Competitiveness
True / False

1. The difference between average and above-average returns is that average returns are returns that an investor expects to
earn from an investment as compared to other investments with similar stock prices, while above-average returns are in
excess of expectations for similarly priced stocks.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
LU
REFERENCES: 1-1 An Overview of Strategy and Strategic Competitiveness
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SM.HITT.24.01.01 - Define strategic competitiveness, strategy, competitive advantage,
above-average returns, and the strategic management process.
XE
NATIONAL STANDARDS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
KEYWORDS: Bloom's: Analyze
DATE CREATED: 4/19/2023 5:02 PM
DATE MODIFIED: 4/19/2023 5:02 PM

2. Particularly when assessing investments in new venture firms, the most effective, and often the only, way to measure
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the performance of the firms and determine their viability as an investment option is to examine financial metrics such as
returns on assets, and sales.
a. True
b. False
BR
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-1 An Overview of Strategy and Strategic Competitiveness
QUESTION TYPE: True / False
HAS VARIABLES: False
AR
LEARNING OBJECTIVES: SM.HITT.24.01.01 - Define strategic competitiveness, strategy, competitive advantage,
above-average returns, and the strategic management process.
NATIONAL STANDARDS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
KEYWORDS: Bloom's: Analyze
DATE CREATED: 4/19/2023 5:02 PM
DATE MODIFIED: 4/19/2023 5:02 PM
Y
3. Examples of incremental innovations include iPads, Wi-Fi, and the web browser.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 The Competitive Landscape

, QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SM.HITT.24.01.02 - Describe the competitive landscape, and explain how globalization,
technological changes, and expectations of socially responsible behavior shape it.
NATIONAL STANDARDS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
KEYWORDS: Bloom's: Apply
DATE CREATED: 4/19/2023 5:02 PM
DATE MODIFIED: 4/19/2023 5:02 PM

4. The I/O and resource-based models contain many of the same steps. One clear difference between the two models is the
resource-based model starts by looking at the internal strengths and weaknesses of a firm, while the I/O model begins with
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an examination of the external environment. Another key difference is the resource-based model identifies an attractive
industry much earlier in the process than does the I/O model.
a. True
b. False
ANSWER: False
POINTS: 1
XE
DIFFICULTY: Moderate
REFERENCES: 1-4 The Resource-Based Model of Above-Average Returns
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SM.HITT.24.01.04 - Use the resource-based model to explain how firms can earn above-
average returns.
LI
NATIONAL STANDARDS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
KEYWORDS: Bloom's: Analyze
DATE CREATED: 4/19/2023 5:02 PM
BR
DATE MODIFIED: 4/19/2023 5:02 PM

Multiple Choice

5. What has a firm achieved when it successfully formulates and implements a value-creating strategy?
a. Strategic competitiveness
b. A permanently sustainable competitive advantage
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c. Substantial returns
d. Legal and ethical core values
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
Y
REFERENCES: 1-1 An Overview of Strategy and Strategic Competitiveness
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: SM.HITT.24.01.01 - Define strategic competitiveness, strategy, competitive advantage,
above-average returns, and the strategic management process.
NATIONAL STANDARDS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
KEYWORDS: Bloom's: Understand
DATE CREATED: 4/19/2023 5:02 PM