The Test Bank for Essentials of Strategic Management: The Quest for Competitive Advantage, 5th Edition (By Gamble, Peteraf, and Thompson

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Chapter 02


Strategy Formulation, Execution, and Governance



MultipleA ChoiceAQuestions



1. WhichAoneAofAtheAfollowingAisAnotAoneAofAtheAfiveAstagesAofAanAongoing,AcontinuousAstrateg
icAmanagementAprocess?



A. formingAaAstrategicAvisionAofAtheAcompany'sAfutureAdirectionAandAfocus
B. settingAobjectivesAtoAmeasureAprogressAtowardAachievingAtheAstrategicAvision
C. craftingAaAstrategyAtoAachieveAtheAobjectivesAandAgetAtheAcompanyAwhereAitAwantsAtoAgo
D. developingAaAprofitableAbusinessAmodel
E. implementingAandAexecutingAtheAchosenAstrategyAefficientlyAandAeffectively


2. WhichAofAtheAfollowingAisAanAintegralApartAofAtheAmanagerialAprocessAofAcraftingAandAexecuti
ngAstrategy?



A. developingAaAprovenAbusinessAmodel
B. settingAobjectivesAandAusingAthemAasAyardsticksAforAmeasuringAtheAcompany'sAperformanceAan
dAprogress
C. decidingAhowAmuchAofAtheAcompany'sAresourcesAtoAemployAinAtheApursuitAofAsustainableAcompetiti
veAadvantage
D. communicatingAtheAcompany'sAmissionAandApurposeAtoAallAemployees
E. decidingAonAtheAcompositionAofAtheAcompany'sAboardAofAdirectors




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3. WhenAcompaniesAadoptAtheAstrategyAmaking,AstrategyAexecutionAprocess,AitArequiresAtheyAstartAby



A. developingAaAstrategicAvision,Amission,AandAvalues.
B. developingAaAprovenAbusinessAmodel,AdecidingAonAtheAcompany'sAtopAmanagementAteam,Aan
dAcraftingAaAstrategy.
C. settingAobjectives,AdevelopingAaAbusinessAmodel,AcraftingAaAstrategy,AandAdecidingAhowAmuchAofAth
eAcompany'sAresourcesAtoAemployAinAtheApursuitAofAsustainableAcompetitiveAadvantage.
D. comingAupAwithAaAstatementAofAtheAcompany'sAmissionAandAcommunicatingAitAtoAallAemployee
s,AsettingAobjectives,AselectingAaAbusinessAmodel,AandAmonitoringAdevelopmentsAandAinitiatin
gAcorrectiveAadjustmentsAtoAtheAbusinessAmodelAwhenAnecessary.
E. decidingAonAtheAcompany'sAboardAofAdirectors,AsettingAfinancialAobjectives,AcraftingAaAstrategy,Aan
dAchoosingAwhatAbusinessAapproachesAandAoperatingApracticesAtoAemploy.


4. TheAstrategicAmanagementAprocessAisAshapedAby



A. management'sAstrategicAvision,AstrategicAandAfinancialAobjectives,AandAstrategy.
B. theAdecisionsAmadeAbyAtheAcompensationAandAauditAcommitteesAofAtheAboardAofAdirectors.
C. externalAfactorsAsuchAasAtheAindustry'sAeconomicAandAcompetitiveAconditionsAandAinternalAfactor
sAsuchAasAtheAcompany'sAcollectionAofAresourcesAandAcapabilities.
D. aAcompany'sAcustomerAvalueApropositionAandAprofitAformula.
E. actionsAtoAstrengthenAcompetitiveAcapabilitiesAandAcorrectAweaknesses,AactionsAtoAstrengthenAm
arketAstandingAandAcompetitivenessAbyAacquiringAorAmergingAwithAotherAcompanies,AandAactionsA
toAenterAnewAgeographicAorAproductAmarkets.


5. WhenAaAcompanyAisAconfrontedAwithAsignificantAindustryAchangeAthatAmandatesAradicalArevisionAofAi
tsAstrategicAcourse,AtheAcompanyAisAsaidAtoAhaveAencounteredAa(n)



A. learningAandAgrowthAperspective.
B. strategicAinflectionApoint.
C. strategicAroadblock.
D. newAstrategicAopportunity.
E. opportunityAforAcorporateAentrepreneurship.




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6. AAcompany'sAstrategicAplanAconsistsAof



A. itsAbalancedAscorecardAandAitsAbusinessAmodel.
B. aAvisionAofAwhereAitAisAheaded,AaAsetAofAperformanceAtargets,AandAaAstrategyAtoAachieveAthem.
C. itsAstrategyAandAmanagement'sAspecific,AdetailedAplansAforAimplementingAit.
D. aAcompany'sAplansAforAimprovingAvalue-creatingAinternalAprocesses.
E. aAstrategicAvision,AaAstrategy,AandAaAbusinessAmodel.


7. TheAstrategy-making,Astrategy-executingAprocess



A. isAusuallyAdelegatedAtoAmembersAofAaAcompany'sAboardAofAdirectorsAsoAasAnotAtoAinfringeAonAtheAti
meAofAbusyAexecutives.
B. includesAestablishingAaAcompany'sAmission,AdevelopingAaAbusinessAmodelAaimedAatAmakingAtheAco
mpanyAanAindustryAleader,AandAcraftingAaAstrategyAtoAimplementAandAexecuteAtheAbusinessAmodel.
C. embracesAtheAtasksAofAdevelopingAaAstrategicAvision,AsettingAobjectives,AcraftingAaAstrateg
y,AimplementingAandAexecutingAtheAstrategy,AandAthenAmonitoringAdevelopmentsAandAinitia
tingAcorrectiveAadjustmentsAinAlightAofAexperience,AchangingAconditions,AandAnewAopportu
nities.
D. isAprincipallyAconcernedAwithAsizingAupAanAorganization'sAinternalAandAexternalAsituation,AsoAasAtoA
beApreparedAforAtheAchallengeAofAdevelopingAaAsoundAbusinessAmodel.
E. isAprimarilyAtheAresponsibilityAofAtopAexecutivesAandAtheAboardAofAdirectors;AveryAfewAmanage
rsAbelowAthisAlevelAareAinvolved.


8. AAcompany'sAstrategicAvisionAconcerns



A. aAcompany'sAdirectionalApathAandAfutureAproduct-customer-market-technologyAfocus.
B. whyAtheAcompanyAdoesAcertainAthingsAinAtryingAtoApleaseAitsAcustomers.
C. management'sAstoryAlineAofAhowAitAintendsAtoAmakeAaAprofitAwithAtheAchosenAstrategy.
D. "whoAweAareAandAwhatAweAdo."
E. whatAfutureAactionsAtheAenterpriseAwillAlikelyAundertakeAtoAoutmaneuverArivalsAandAachieveA
aAsustainableAcompetitiveAadvantage.




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