Test Bank for Strategic Management A Competitive Advantage Approach, Concepts and Cases 17th Edition (Global Edition) By Fred David, Forest David, Meredith David (All Chapters, 100% Original Verified, A+ Grade)

1 Copyright © 2020 Pearson Education, Inc.Strategic Management: A Competitive Advantage Approach, 17e (David/David) Chapter 1 The Nature of Strategic Management 1) The goal of strategic management is to
A) achieve competitive advantage.
B) maintain competitive advantage.
C) achieve and maintain competitive advantage.
D) eliminate competitive advantage.
E) eliminate and abolish competitive advantage.
Answer: C
Diff: 2
LO: 1.1: Describe the strategic -management process.
AACSB: Analytical thinking
2) Strategic management focuses on integrating functional areas to achieve organizational
success. Which of the following is NOT one of the functional areas that is the focus of strategic
management?
A) marketing
B) finance and accounting
C) production and operations
D) research and development
E) orga nizational behavior
Answer: E
Diff: 2
LO: 1.1: Describe the strategic -management process.
AACSB: Reflective thinking
3) What can be defined as the art and science of formulating, implementing and evaluating cross -
functional decisions that enable an org anization to achieve its objectives?
A) Strategy formulation
B) Strategy evaluation
C) Strategy implementation
D) Strategic management
E) Strategic leading
Answer: D
Diff: 1
LO: 1.1: Describe the strategic -management process.
AACSB: Reflective thinkingStrategic Management A Competitive Advantage Approach, Concepts and Cases 17e (Global Edition) Fred David, Forest David, Meredith David (Test Bank All Chapters, 100% Original Verified, A+ Grade) 2 Copyright © 2020 Pearson Education, Inc. 4) To gain ________ firms need to provide unique products and services. A) a bank loan B) governmental legitimacy C) a sustainable competitive advantage D) competitors E) export orders Answer: C Diff: 2 LO: 1.1: Describe the strategic -management proces s. AACSB: Analytical thinking 5) The strategic -management process is becoming more widely used by A) small firms. B) nonprofit institutions. C) governmental organizations. D) multinational conglomerates. E) all types of organizations. Answer: E Diff: 2 LO: 1.1: Describe the strategic -management process. AACSB: Reflective thinking 6) An organization should take a(n) ________ approach in its industry. A) adversarial rather than a collegial B) collegial rather than an adversarial C) reactive rather than a proactive D) proactive rather than a reactive E) cooperative rather than a competitive Answer: D Diff: 2 LO: 1.1: Describe the strategic -management process. AACSB: Reflective thinking 7) The strategic -management process A) occurs once a year. B) is a semiannual process. C) is a continuous process. D) applies mostly to companies with sales greater than $100 million. E) applies mostly to small businesses. Answer: C Diff: 3 LO: 1.1: Describe the strategic -management process. AACSB: Analytical thinking 3 Copyright © 2020 Pearson Education, Inc. 8) Sometimes ________ is used to refer to strategic formulation, implementation and evaluation, with ________ referring only to strategic formulation. A) strategic planning; strategic management B) strategic planning; strategic processing C) strategic m anagement; strategic planning D) strategic management; strategic processing E) strategic implementation; strategic focus Answer: C Diff: 2 LO: 1.1: Describe the strategic -management process. AACSB: Reflective thinking 9) The terms "strategic management " and "strategic planning" are used synonymously in this text. Answer: TRUE Diff: 1 LO: 1.1: Describe the strategic -management process. AACSB: Reflective thinking 10) Strategic management focuses on integrating management, marketing, finance and accoun ting, production and operations, research and development, and information systems to achieve organizational success. Answer: TRUE Diff: 1 LO: 1.1: Describe the strategic -management process. AACSB: Reflective thinking 11) Optimizing for tomorrow the tr ends of today is the purpose of strategic management. Answer: FALSE Diff: 2 LO: 1.1: Describe the strategic -management process. AACSB: Reflective thinking 12) U.S. firms are not being aggressively challenged in the computer industry. Answer: FALSE Diff: 2 LO: 1.1: Describe the strategic -management process. AACSB: Analytical thinking 13) By occasionally monitoring external events, companies should be able to identify when change is required. Answer: FALSE Diff: 3 LO: 1.1: Describe the strategic -management process. AACSB: Analytical thinking 4 Copyright © 2020 Pearson Education, Inc. 14) Application of the strategic -management process is typically more formal in larger and well -
established organizations. Answer: TRUE Diff: 2 LO: 1.1: Describe the strategic -management process. AACSB: Ref lective thinking 15) To be effective, strategic -management must be a process that familiarizes managers and employees with the key strategic issues facing an organization and the feasible alternatives for resolving those issues. Answer: TRUE Diff: 3 LO: 1.1: Describe the strategic -management process. AACSB: Analytical thinking 16) The most effective strategic management is ritualistic, predictable, and formal. Answer: FALSE Diff: 3 LO: 1.1: Describe the strategic -management process. AACSB: Analytica l thinking 17) All firms have a strategy, even if it is informal, unstructured, and sporadic. Answer: TRUE Diff: 2 LO: 1.1: Describe the strategic -management process. AACSB: Reflective thinking 18) Despite its great popularity in the 1980s, strategic planning by corporate America is now a valuable though rare activity. Answer: FALSE Diff: 2 LO: 1.1: Describe the strategic -management process. AACSB: Analytical thinking 19) The strengths and weaknesses of an organization are determined relative to th e strengths and weaknesses of its competitors. Answer: TRUE Diff: 2 LO: 1.1: Describe the strategic -management process. AACSB: Reflective thinking