MGMT 478 QUIZZES QUESTIONS & ANSWERS
Which of the following is not an advantage for first movers - Answer -below average
returns
Tactical action from a firm is less likely to draw an immediate response from its
competitor - Answer -false
Competitive action from a high reputation firm is more likely to draw a response from its
competitor - Answer -True
A firm is more likely to attack the rival with whom it has low market commonality than
the one with whom it competes in multiple markets - Answer -True
Accessing resource similarity is easy when resources are tangible in nature - Answer -
False
Which of the following characteristics IS NOT a key feature of strategic management -
Answer -static rather than dynamic
Strategic management process is - Answer -set of commitments, decisions, and
actions required for the firm to achieve above average returns and competitiveness
In order to achieve competitive advantage, firms must decide on only what to do and not
focus on what not to do - Answer -
In order to be successful, firms should never change their strategy - Answer -False
Which of the following groups is NOT considered a firm's stakeholders - Answer -
Competitors
Process of putting strategy into action is known as - Answer -Strategy implementation
Which is an example of SMART objectives - Answer -Increase market share by 2% in
Q3, 2017
The goal of the organization's _____ is to challenge employees and give shape to its
intended future - Answer -Vision
Company X is suffering from poor performance since past few years. The only way to fix
the financial problems is to create a new vision statement - Answer -False
Which of the following is the least specific in terms of time horizon it will take to
accomplish it - Answer -Vision statement
Which of the following is not an advantage for first movers - Answer -below average
returns
Tactical action from a firm is less likely to draw an immediate response from its
competitor - Answer -false
Competitive action from a high reputation firm is more likely to draw a response from its
competitor - Answer -True
A firm is more likely to attack the rival with whom it has low market commonality than
the one with whom it competes in multiple markets - Answer -True
Accessing resource similarity is easy when resources are tangible in nature - Answer -
False
Which of the following characteristics IS NOT a key feature of strategic management -
Answer -static rather than dynamic
Strategic management process is - Answer -set of commitments, decisions, and
actions required for the firm to achieve above average returns and competitiveness
In order to achieve competitive advantage, firms must decide on only what to do and not
focus on what not to do - Answer -
In order to be successful, firms should never change their strategy - Answer -False
Which of the following groups is NOT considered a firm's stakeholders - Answer -
Competitors
Process of putting strategy into action is known as - Answer -Strategy implementation
Which is an example of SMART objectives - Answer -Increase market share by 2% in
Q3, 2017
The goal of the organization's _____ is to challenge employees and give shape to its
intended future - Answer -Vision
Company X is suffering from poor performance since past few years. The only way to fix
the financial problems is to create a new vision statement - Answer -False
Which of the following is the least specific in terms of time horizon it will take to
accomplish it - Answer -Vision statement
