BUS 498 Exam 1 Review Questions and
Answers| Latest Update
Which of the following is not considered an isolating mechanism?
Multiple choice question.
causal ambiguity
social complexity
path dependency
better expectations of future resource value
uncertainty about future resource value uncertainty about future resource value
The Blank______ describes the internal activities a firm engages in when transforming inputs
into outputs.
Multiple choice question.
supply chain
value chain
complementary chain
primary chain value chain
Marketing, sales, and distribution are Blank______ activities in a firm's value chain.
Multiple choice question.
primary
secondary
ambiguous
support primary
,While the ___________clarifies a firm's core competencies, the____________ helps leaders
understand how competitive advantage arises from the firm's unique activities.
Multiple choice question.
resource-based view; value chain perspective
value chain perspective; resource-based view
upper-echelons theory; value chain perspective
resource-based view; upper-echelons theory resource-based view; value chain
perspective
In performing a SWOT analysis to generate insights from external and internal analysis, internal
strengths and weaknesses can be determined by applying __________ and external strengths
can be evaluated in part by applying __________.
Multiple choice question.
PESTEL; the VRIO framework
the VRIO framework; PESTEL
Porter's five forces; PESTEL
Porter's five forces: the VRIO framework the VRIO framework; PESTEL
One of the most popular tools used by firms to evaluate their current situation and future
prospects is the Blank______.
Multiple choice question.
dynamic capabilities perspective
SWOT analysis
VRIO framework
value chain analysis SWOT analysis
Which of the following elements comprise strategic management? analysis
implementation
formulation
, A good strategy consists of three elements. The first element is accomplished through analysis
of the firm's external and internal environments. We also call this Blank______. a
diagnosis of the competitive advantage
Which of the following indicates that investors expect future growth for Tesla?
Multiple choice question.
the lack of a defined competitive challenge
the firm's philanthropic efforts
the increasing value of the company's stock
the large upfront investment Tesla had to make the increasing value of the company's
stock
What is the overall purpose of strategic management?
Calculate parity performance measures
Respond to globalization
Gain competitive advantage
Create competitive transparency
Perform risk analysis Gain competitive advantage
What is strategy?
The set of actions a firm takes to achieve a competitive advantage
a sustainable and dominant market share
Answers| Latest Update
Which of the following is not considered an isolating mechanism?
Multiple choice question.
causal ambiguity
social complexity
path dependency
better expectations of future resource value
uncertainty about future resource value uncertainty about future resource value
The Blank______ describes the internal activities a firm engages in when transforming inputs
into outputs.
Multiple choice question.
supply chain
value chain
complementary chain
primary chain value chain
Marketing, sales, and distribution are Blank______ activities in a firm's value chain.
Multiple choice question.
primary
secondary
ambiguous
support primary
,While the ___________clarifies a firm's core competencies, the____________ helps leaders
understand how competitive advantage arises from the firm's unique activities.
Multiple choice question.
resource-based view; value chain perspective
value chain perspective; resource-based view
upper-echelons theory; value chain perspective
resource-based view; upper-echelons theory resource-based view; value chain
perspective
In performing a SWOT analysis to generate insights from external and internal analysis, internal
strengths and weaknesses can be determined by applying __________ and external strengths
can be evaluated in part by applying __________.
Multiple choice question.
PESTEL; the VRIO framework
the VRIO framework; PESTEL
Porter's five forces; PESTEL
Porter's five forces: the VRIO framework the VRIO framework; PESTEL
One of the most popular tools used by firms to evaluate their current situation and future
prospects is the Blank______.
Multiple choice question.
dynamic capabilities perspective
SWOT analysis
VRIO framework
value chain analysis SWOT analysis
Which of the following elements comprise strategic management? analysis
implementation
formulation
, A good strategy consists of three elements. The first element is accomplished through analysis
of the firm's external and internal environments. We also call this Blank______. a
diagnosis of the competitive advantage
Which of the following indicates that investors expect future growth for Tesla?
Multiple choice question.
the lack of a defined competitive challenge
the firm's philanthropic efforts
the increasing value of the company's stock
the large upfront investment Tesla had to make the increasing value of the company's
stock
What is the overall purpose of strategic management?
Calculate parity performance measures
Respond to globalization
Gain competitive advantage
Create competitive transparency
Perform risk analysis Gain competitive advantage
What is strategy?
The set of actions a firm takes to achieve a competitive advantage
a sustainable and dominant market share
