Strategic Mgmt Exam Questions With Revised Correct Detailed Answers
|Guaranteed Pass> > BRAND NEW VERSION!!
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1. A company's business model: is management's storyline for how it will generate revenues ample to
cover costs and produce a profit—absent the ability to deliver good profitability, the strategy is not viable and the
survival of the business is in doubt.
2. Which one of the following does not account for why a company's strategy
evolves from one version to another?: A desire on the part of company managers to develop new
strategy elements on the fly
3. The difference between a company's strategy and a company's business
model is that: strategy relates broadly to a company's competitive moves and business approaches (which may
or may not lead to profitability) while its business model relates to whether the revenues and costs flowing from the
strategy demonstrate that the business is viable from the standpoint of being able to earn satisfactory profits and
returns on investment.
4. Which of the following statements about a company's strategy is true?: A
company's strategy is typically a blend of proactive and reactive strategy elements.
5. Crafting and executing strategy are top-priority managerial tasks because-
: good strategy coupled with good strategy execution greatly raises the chances that a company will be a standout
performer in the marketplace.
6. In crafting a strategy, management is in effect saying: "among all the many different
business approaches and ways of competing we could have chosen, we have decided to employ this particular
combination of competitive and operating approaches in moving the company in the intended direction, strengthening
its market position and competitiveness, and boosting performance."
7. One of the keys to successful strategy-making is: to come up with one or more strategy
elements that act as a magnet to draw customers and yield a lasting competitive edge.
8. It is normal for a company's strategy to end up being: a blend of proactive actions to im-
prove the company's competitiveness and financial performance and adaptive reactions to unanticipated developments
and fresh market conditions.
9. A winning strategy is one that: fits the company's internal and external situation, builds sustainable
competitive advantage, and improves company performance.
10. In crafting a company's strategy,: managers need to come up with some distinctive "aha" element
to the strategy that draws in customers and produces a competitive edge over rivals.
11. A company's overall strategy: is really a collection of strategic initiatives and actions devised by
managers and key employees up and down the whole organizational hierarchy.
1/5
, Strategic Mgmt Exam Questions With Revised Correct Detailed Answers
|Guaranteed Pass> > BRAND NEW VERSION!!
Study online at https://quizlet.com/_i5c5s1
12. A set of "stretch" financial and strategic objectives: is an effective tool for avoiding ho-hum
results.
13. One of the important benefits of a well-conceived and well-stated strategic
vision is to: clearly communicate management's aspirations for the company to stakeholders and help steer the
energies of company personnel in a common direction.
14. Management is obligated to monitor new external developments, evaluate
the company's progress, and make corrective adjustments in order to: decide
whether to continue or change the company's strategic vision, objectives, strategy and/or strategy execution methods.
15. A company's strategic plan consists of: a company's strategic vision, strategic objectives,
strategic intent, and strategy.
16. The difference between a company's mission statement and the concept of
a strategic vision is that: a mission statement typically concerns a company's present business scope and
purpose whereas a strategic vision sets forth "where we are going and why."
17. Strategic intent refers to a situation where a company: relentlessly pursues an ambitious
strategic objective, concentrating the full force of its resources and competitive actions on achieving that objective.
18. ?: a company's directional path and future product-market-customer-technology focus.
19. Perhaps the most reliable way for a company to improve its financial per-
formance over time is to: recognize that the achievement of strategic objectives fosters better long-term
financial performance.
20. In a diversified company, the strategy-making hierarchy consists of: corporate
strategy, business strategies, functional strategies, and operating strategies.
21. The payoff of good scouting reports on rivals is improved ability to: anticipate
what moves rivals are likely to make next, thereby providing a valuable assist in outmaneuvering them in the marketplace.
22. The "driving forces" in an industry: are major underlying causes of changing industry and
competitive conditions and have the biggest influences in reshaping the industry landscape and altering competitive
conditions.
23. The competitive force of rival firms' jockeying for better market positions,
higher sales and market shares, and competitive advantage: tends to intensify when
strong companies outside the industry acquire weak firms in the industry and launch aggressive, well-funded moves
to transform the acquired companies into strong market contenders.
2/5
|Guaranteed Pass> > BRAND NEW VERSION!!
Study online at https://quizlet.com/_i5c5s1
1. A company's business model: is management's storyline for how it will generate revenues ample to
cover costs and produce a profit—absent the ability to deliver good profitability, the strategy is not viable and the
survival of the business is in doubt.
2. Which one of the following does not account for why a company's strategy
evolves from one version to another?: A desire on the part of company managers to develop new
strategy elements on the fly
3. The difference between a company's strategy and a company's business
model is that: strategy relates broadly to a company's competitive moves and business approaches (which may
or may not lead to profitability) while its business model relates to whether the revenues and costs flowing from the
strategy demonstrate that the business is viable from the standpoint of being able to earn satisfactory profits and
returns on investment.
4. Which of the following statements about a company's strategy is true?: A
company's strategy is typically a blend of proactive and reactive strategy elements.
5. Crafting and executing strategy are top-priority managerial tasks because-
: good strategy coupled with good strategy execution greatly raises the chances that a company will be a standout
performer in the marketplace.
6. In crafting a strategy, management is in effect saying: "among all the many different
business approaches and ways of competing we could have chosen, we have decided to employ this particular
combination of competitive and operating approaches in moving the company in the intended direction, strengthening
its market position and competitiveness, and boosting performance."
7. One of the keys to successful strategy-making is: to come up with one or more strategy
elements that act as a magnet to draw customers and yield a lasting competitive edge.
8. It is normal for a company's strategy to end up being: a blend of proactive actions to im-
prove the company's competitiveness and financial performance and adaptive reactions to unanticipated developments
and fresh market conditions.
9. A winning strategy is one that: fits the company's internal and external situation, builds sustainable
competitive advantage, and improves company performance.
10. In crafting a company's strategy,: managers need to come up with some distinctive "aha" element
to the strategy that draws in customers and produces a competitive edge over rivals.
11. A company's overall strategy: is really a collection of strategic initiatives and actions devised by
managers and key employees up and down the whole organizational hierarchy.
1/5
, Strategic Mgmt Exam Questions With Revised Correct Detailed Answers
|Guaranteed Pass> > BRAND NEW VERSION!!
Study online at https://quizlet.com/_i5c5s1
12. A set of "stretch" financial and strategic objectives: is an effective tool for avoiding ho-hum
results.
13. One of the important benefits of a well-conceived and well-stated strategic
vision is to: clearly communicate management's aspirations for the company to stakeholders and help steer the
energies of company personnel in a common direction.
14. Management is obligated to monitor new external developments, evaluate
the company's progress, and make corrective adjustments in order to: decide
whether to continue or change the company's strategic vision, objectives, strategy and/or strategy execution methods.
15. A company's strategic plan consists of: a company's strategic vision, strategic objectives,
strategic intent, and strategy.
16. The difference between a company's mission statement and the concept of
a strategic vision is that: a mission statement typically concerns a company's present business scope and
purpose whereas a strategic vision sets forth "where we are going and why."
17. Strategic intent refers to a situation where a company: relentlessly pursues an ambitious
strategic objective, concentrating the full force of its resources and competitive actions on achieving that objective.
18. ?: a company's directional path and future product-market-customer-technology focus.
19. Perhaps the most reliable way for a company to improve its financial per-
formance over time is to: recognize that the achievement of strategic objectives fosters better long-term
financial performance.
20. In a diversified company, the strategy-making hierarchy consists of: corporate
strategy, business strategies, functional strategies, and operating strategies.
21. The payoff of good scouting reports on rivals is improved ability to: anticipate
what moves rivals are likely to make next, thereby providing a valuable assist in outmaneuvering them in the marketplace.
22. The "driving forces" in an industry: are major underlying causes of changing industry and
competitive conditions and have the biggest influences in reshaping the industry landscape and altering competitive
conditions.
23. The competitive force of rival firms' jockeying for better market positions,
higher sales and market shares, and competitive advantage: tends to intensify when
strong companies outside the industry acquire weak firms in the industry and launch aggressive, well-funded moves
to transform the acquired companies into strong market contenders.
2/5
