Chapter 01
What Is Strategy and Why Is It Important?
Multiple Choice Questions
1. Managers in all types of businesses must address the central strategic
question
A. Where are we now?
B. Where do we want to go from here?
C. How are we going to get there?
D. When will we know we are there?
E. All of these
,2. A company's strategy consists of
A. actions to develop a more appealing business model than rivals.
B. plans involving alignment of organizational activities and strategic
objectives.
C. offensive and defensive moves to generate revenues and increase profit
margins.
D. competitive moves and approaches that managers have developed to
grow the business, attract and please customers, conduct operations, and
achieve targeted objectives.
E. its strategic vision, its strategic objectives, and its strategic intent.
3. The competitive moves and business approaches a company's management
is using to grow the business, compete successfully, attract and please
customers, conduct operations, respond to changing economic and market
conditions, and achieve organizational objectives is referred to as its
A. strategy.
B. mission statement.
C. strategic intent.
D. business model.
E. strategic vision.
,4. A company's strategy is most accurately defined as
A. management's approaches to building revenues, controlling costs, and
generating an attractive profit.
B. management's game plan for growing the business, attracting and pleasing
customers, conducting operations, and achieving financial and market
performance objectives.
C. management's concept of "where we are headed."
D. the business model that a company's board of directors has approved for
outcompeting rivals and making the company profitable.
E. the choices management has made regarding what financial plan to
pursue.
5. Which of the following is not something a company's strategy is concerned
with?
A. Management's choices about how to attract and please customers
B. Management's choices about how quickly and closely to copy the
strategies being used by successful rival companies
C. Management's choices about how to grow the business
D. Management's choices about how to outcompete rivals
E. Management's action plan for conducting operations and improving the
company's strategic and financial performance
, 6. Which of the following is not an element of a company's business strategy?
A. Actions to respond to changing market conditions or other external factors
B. Actions to strengthen competitiveness via strategic alliances and
collaborative partnerships
C. Actions to strengthen internal capabilities and competitively valuable
resources
D. Actions to manage the functional areas of the business
E. Management actions to revise the company's financial and strategic
performance targets
7. Which of the following is an issue likely to be addressed by a company's
business strategy?
A. Actions to respond to changing economic and market conditions.
B. Actions to supplement the company's resources and capabilities through
alliances and joint ventures.
C. Reactions to offensive moves by rival sellers.
D. Actions and approaches used in managing the functional areas of the
business.
E. All of these are pertinent in identifying a company's strategy.
What Is Strategy and Why Is It Important?
Multiple Choice Questions
1. Managers in all types of businesses must address the central strategic
question
A. Where are we now?
B. Where do we want to go from here?
C. How are we going to get there?
D. When will we know we are there?
E. All of these
,2. A company's strategy consists of
A. actions to develop a more appealing business model than rivals.
B. plans involving alignment of organizational activities and strategic
objectives.
C. offensive and defensive moves to generate revenues and increase profit
margins.
D. competitive moves and approaches that managers have developed to
grow the business, attract and please customers, conduct operations, and
achieve targeted objectives.
E. its strategic vision, its strategic objectives, and its strategic intent.
3. The competitive moves and business approaches a company's management
is using to grow the business, compete successfully, attract and please
customers, conduct operations, respond to changing economic and market
conditions, and achieve organizational objectives is referred to as its
A. strategy.
B. mission statement.
C. strategic intent.
D. business model.
E. strategic vision.
,4. A company's strategy is most accurately defined as
A. management's approaches to building revenues, controlling costs, and
generating an attractive profit.
B. management's game plan for growing the business, attracting and pleasing
customers, conducting operations, and achieving financial and market
performance objectives.
C. management's concept of "where we are headed."
D. the business model that a company's board of directors has approved for
outcompeting rivals and making the company profitable.
E. the choices management has made regarding what financial plan to
pursue.
5. Which of the following is not something a company's strategy is concerned
with?
A. Management's choices about how to attract and please customers
B. Management's choices about how quickly and closely to copy the
strategies being used by successful rival companies
C. Management's choices about how to grow the business
D. Management's choices about how to outcompete rivals
E. Management's action plan for conducting operations and improving the
company's strategic and financial performance
, 6. Which of the following is not an element of a company's business strategy?
A. Actions to respond to changing market conditions or other external factors
B. Actions to strengthen competitiveness via strategic alliances and
collaborative partnerships
C. Actions to strengthen internal capabilities and competitively valuable
resources
D. Actions to manage the functional areas of the business
E. Management actions to revise the company's financial and strategic
performance targets
7. Which of the following is an issue likely to be addressed by a company's
business strategy?
A. Actions to respond to changing economic and market conditions.
B. Actions to supplement the company's resources and capabilities through
alliances and joint ventures.
C. Reactions to offensive moves by rival sellers.
D. Actions and approaches used in managing the functional areas of the
business.
E. All of these are pertinent in identifying a company's strategy.
