Strategic MGMT Exam Rated A+ Brand New!!
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1. What question does the study of Strategic Management answer?: "Why do some
firms outperform other firms?"
2. Economies of _____ refer to a cost advantage that is created when a firm can
produce a good or service at a lower per unit price due to producing the good
or service in large quantities.: scale
3. A(n) ___________ strategy is the strategy that an organization actually follows.-
: realized
4. Which of the following is NOT part of the Strategic Management Process?: -
Strategy Concentration
5. Strategic Management is important for nonprofit enterprises as well as busi-
ness seeking a profit.: True
6. Which statement is NOT part of Abell's framework for defining a business?: -
Where are customers being satisfied
7. As a test of a winning strategy, the Goodness of Fit Test answers which
question?: How well does strategy fit the firm's situation?
8. A strategic decision is consequential if it:: involves significant resources and commitment which
is not easily changed.
9. Strategy is a complex concept that involves many different processes and
activities within an organization.: True
10. A viable business model requires that a firm:: sell goods or services for more than it costs
the firm to create and distribute those goods.
11. Which of the following would be considered internal stakeholders?: Employees
12. Skyway manufactures fighter jets. It aims to be the top aircraft manufactur-
ing company in the world. This is an example of the __________ of the company.-
: Vision
13. A mission ignores the key elements of the organization's past and present
and looks mostly towards the future.: False
14. A charitable organization provides education to poor children. It aims at
providing education to every child who cannot afford to pay for his or her own
education. This is an example of the ___________ of the organization.: mission
15. An organization is more effective to the extent that its vision and its mission
target employees' effort in the same direction.: True
, Strategic MGMT Exam Rated A+ Brand New!!
Study online at https://quizlet.com/_i5c9nc
16. An automobile manufacturing company wants to be the first company in
the world to launch a car that would require no human intervention to run on
the road. It wants to do so by year 2020. The progress of the project can be
easily calculated and assessed. The fact that this project can be easily assessed
reflects the _____________ dimension of a goal.: measureable
17. ___________ refers to an approach to assessing performance that targets man-
agers' attention on four areas: financial, customer, internal business process,
and learning and growth.: The balanced scorecard
18. Which of the following statements describes the term "risk-taking" as a
dimension of entrepreneurial orientation?: It refers to the tendency to engage in bold rather
than cautious actions.
19. A well-formulated vision that is embraced by employees can give an organi-
zation an edge over its rivals.: True
20. An automobile manufacturing company wants to be the first company in
the world to launch a car that would require no human intervention to run
on the road. It wants to do so by year 2020. The fact that the company has a
set target date to complete the task reflects the _____________ dimension of a
goal.: Time-bound
21. The general environment, a component of the environment of an organiza-
tion, is also called the:: macro-environment
22. Which of the following segments of PESTEL analysis includes elements such
as tax policies and changes in trade restrictions and tariffs?: Political
23. When unemployment rises, discretionary income plummets. That hurts busi-
nesses selling costly but non-essential goods. This example represents the
___________ segment of PESTEL analysis.: Economic
24. The Industrial Organization (I/O) View states that external factors are more
important that internal factors in determining the performance of a business.-
: True
25. Which stage in the industry life cycle is characterized by stable demand and
interdependence between competitors.: Mature
26. Michael Porter's five forces analysis is an important tool:: for analyzing how much
profit potential exists in an industry.
Study online at https://quizlet.com/_i5c9nc
1. What question does the study of Strategic Management answer?: "Why do some
firms outperform other firms?"
2. Economies of _____ refer to a cost advantage that is created when a firm can
produce a good or service at a lower per unit price due to producing the good
or service in large quantities.: scale
3. A(n) ___________ strategy is the strategy that an organization actually follows.-
: realized
4. Which of the following is NOT part of the Strategic Management Process?: -
Strategy Concentration
5. Strategic Management is important for nonprofit enterprises as well as busi-
ness seeking a profit.: True
6. Which statement is NOT part of Abell's framework for defining a business?: -
Where are customers being satisfied
7. As a test of a winning strategy, the Goodness of Fit Test answers which
question?: How well does strategy fit the firm's situation?
8. A strategic decision is consequential if it:: involves significant resources and commitment which
is not easily changed.
9. Strategy is a complex concept that involves many different processes and
activities within an organization.: True
10. A viable business model requires that a firm:: sell goods or services for more than it costs
the firm to create and distribute those goods.
11. Which of the following would be considered internal stakeholders?: Employees
12. Skyway manufactures fighter jets. It aims to be the top aircraft manufactur-
ing company in the world. This is an example of the __________ of the company.-
: Vision
13. A mission ignores the key elements of the organization's past and present
and looks mostly towards the future.: False
14. A charitable organization provides education to poor children. It aims at
providing education to every child who cannot afford to pay for his or her own
education. This is an example of the ___________ of the organization.: mission
15. An organization is more effective to the extent that its vision and its mission
target employees' effort in the same direction.: True
, Strategic MGMT Exam Rated A+ Brand New!!
Study online at https://quizlet.com/_i5c9nc
16. An automobile manufacturing company wants to be the first company in
the world to launch a car that would require no human intervention to run on
the road. It wants to do so by year 2020. The progress of the project can be
easily calculated and assessed. The fact that this project can be easily assessed
reflects the _____________ dimension of a goal.: measureable
17. ___________ refers to an approach to assessing performance that targets man-
agers' attention on four areas: financial, customer, internal business process,
and learning and growth.: The balanced scorecard
18. Which of the following statements describes the term "risk-taking" as a
dimension of entrepreneurial orientation?: It refers to the tendency to engage in bold rather
than cautious actions.
19. A well-formulated vision that is embraced by employees can give an organi-
zation an edge over its rivals.: True
20. An automobile manufacturing company wants to be the first company in
the world to launch a car that would require no human intervention to run
on the road. It wants to do so by year 2020. The fact that the company has a
set target date to complete the task reflects the _____________ dimension of a
goal.: Time-bound
21. The general environment, a component of the environment of an organiza-
tion, is also called the:: macro-environment
22. Which of the following segments of PESTEL analysis includes elements such
as tax policies and changes in trade restrictions and tariffs?: Political
23. When unemployment rises, discretionary income plummets. That hurts busi-
nesses selling costly but non-essential goods. This example represents the
___________ segment of PESTEL analysis.: Economic
24. The Industrial Organization (I/O) View states that external factors are more
important that internal factors in determining the performance of a business.-
: True
25. Which stage in the industry life cycle is characterized by stable demand and
interdependence between competitors.: Mature
26. Michael Porter's five forces analysis is an important tool:: for analyzing how much
profit potential exists in an industry.
