9/5/24, 5:54 Essentials of strategic management the quest for competitive
PM advantage 6th …
Essentials of Strategic Management The Quest for Competitive Advantage 6th Edition Gamble Test Bank
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Essentials of Strategic Management, 6e (Gamble)
Chapter 2 Strategy Formulation, Execution, and Governance
1) Which one of the following is not one of the five stages of an ongoing, continuous strategic
management process?
A) Developing a strategic vision of what the company's future direction and focus needs to be
B) Developing a sustainable business model
C) Crafting a strategy to advance the company along the path that management has charted and
achieve its performance objectives
D) Setting objectives to measure progress toward achieving the strategic vision
E) Executing the chosen strategy efficiently and effectively
2) Which of the following is an integral part of the managerial process of crafting and executing
strategy?
A) Developing a proven business model
B) Setting objectives and using them as yardsticks for measuring the company's performance and
progress
C) Deciding how much of the company's resources to employ in the pursuit of sustainable
competitive advantage
D) Communicating the company's mission and purpose to all employees
E) Deciding on the composition of the company's board of directors
3) Which of the following are integral parts of the managerial process of crafting and executing
strategy?
A) Deciding on the company's strategic intent, setting financial objectives, crafting a strategy,
and choosing what business approaches and operating practices to employ
B) Developing a proven business model, deciding on the company's strategic intent, and crafting
a strategy
C) Setting objectives, crafting a strategy, implementing and executing the chosen strategy, and
deciding how much of the company's resources to employ in the pursuit of a sustainable
competitive advantage
D) Coming up with a statement of the company's mission and purpose, setting objectives,
choosing what business approaches to employ, selecting a business model, and monitoring
developments
E) Developing a strategic vision, setting objectives, crafting a strategy, and initiating corrective
adjustments
4) When companies adopt the strategy formulation, strategy execution process, the first step is to
A) monitor internal and external developments and initiate corrective adjustments to the business
model when necessary.
B) adopt a proven business model, decide on the company's top management team, and craft a
strategy.
C) execute the company's chosen strategy efficiently and effectively.
D) set objectives and develop a profitable business model to meet those objectives.
E) develop a strategic vision, mission, and values.
1
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5) The strategic management process is shaped by
A) management's strategic vision, strategic and financial objectives, and strategy.
B) the decisions made by the compensation and audit committees of the board of directors.
C) external factors such as the industry's economic and competitive conditions and internal
factors such as the company's collection of resources and capabilities.
D) a company's customer value proposition and profit formula.
E) actions to strengthen competitive capabilities and correct weaknesses, actions to strengthen
market standing and competitiveness by acquiring or merging with other companies, and actions
to enter new geographic or product markets.
6) Which of the following questions is not pertinent to company managers in thinking
strategically about what directional path should be taken by the company and about developing a
strategic vision?
A) What business approaches and operating practices should we consider in trying to implement
and execute our business model?
B) Is the outlook for the company promising if it continues with its present product offerings?
C) What strategic course offers attractive opportunity for growth and profitability?
D) What, if any, new customer groups and/or geographic markets should the company get in
position to serve?
E) Are changing market and competitive conditions acting to enhance or weaken the company's
prospects?
7) The strategic management process is shaped by
A) management's strategic vision, strategic and financial objectives, and strategy.
B) the decisions made by the compensation and audit committees of the board of directors.
C) external factors such as the industry's economic and competitive conditions and internal
factors such as the company's collection of resources and capabilities.
D) a company's customer value proposition and profit formula.
E) actions to strengthen competitive capabilities and correct weaknesses, actions to strengthen
market standing and competitiveness by acquiring or merging with other companies, and actions
to enter new geographic or product markets.
8) When a company is confronted with significant industry change that mandates radical revision
of its strategic course, the company is said to have encountered a(n)
A) learning and growth perspective.
B) strategic inflection point.
C) strategic roadblock.
D) new strategic opportunity.
E) opportunity for corporate entrepreneurship.
9) A company's strategic plan consists of
A) its balanced scorecard and its business model.
B) a vision of where it is headed, a set of performance targets, and a strategy to achieve them.
C) its strategy and management's specific, detailed plans for implementing it.
D) a company's plans for improving value-creating internal processes.
E) a strategic vision, a strategy, and a business model.
2
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,9/5/24, 5:54 Essentials of strategic management the quest for competitive
PM advantage 6th …
10) The strategy formulation, strategy execution process
A) is usually delegated to members of a company's board of directors so as not to infringe on the
time of busy executives.
B) includes establishing a company's mission, developing a business model aimed at making the
company an industry leader, and crafting a strategy to implement and execute the business
model.
C) embraces the tasks of developing a strategic vision, setting objectives, crafting a strategy,
implementing and executing the strategy, and then monitoring developments and initiating
corrective adjustments in light of experience, changing conditions, and new opportunities.
D) is principally concerned with sizing up an organization's internal and external situation, so as
to be prepared for the challenge of developing a sound business model.
E) is primarily the responsibility of top executives and the board of directors; very few managers
below this level are involved.
11) A company's strategic vision concerns
A) a company's directional path and future product-customer-market-technology focus.
B) why the company does certain things in trying to please its customers.
C) management's story line of how it intends to make a profit with the chosen strategy.
D) "who we are and what we do."
E) what future actions the enterprise will likely undertake to outmaneuver rivals and achieve a
sustainable competitive advantage.
12) Management's strategic vision for an organization
A) charts a strategic course for the organization ("where we are going") and outlines the
company's future product-customer-market-technology focus.
B) describes in fairly specific terms the organization's business model, strategic objectives, and
strategy.
C) spells out how the company will become a big moneymaker and boost shareholder value.
D) addresses the critical issue of "why our business model needs to change and how we plan to
change it."
E) spells out the organization's strategic moves that will be undertaken to achieve competitive
advantage.
13) Top management's views about where the company is headed and what its future product-
customer-market-technology will be
A) indicates what kind of business model the company is going to have in the future.
B) constitutes the strategic vision for the company.
C) signals what the firm's strategy will be.
D) serves to define the company's mission.
E) indicates what the company's long-term strategic plan is.
14) Which one of the following is not an accurate attribute of an organization's strategic vision?
A) Providing a clearly articulated view of "where we are going"
B) Describing the company's future product-customer-market-technology focus
C) Pointing an organization in a particular direction and charting a strategic path for it to follow
D) Providing managers with a reference point for making strategic decisions
E) Specifying how the company intends to implement and execute its business model
3
Copyright © 2019 McGraw-Hill
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, 9/5/24, 5:54 Essentials of strategic management the quest for competitive
PM advantage 6th …
15) Well-conceived visions are
A) vague and indefinite, to allow room for a company to change its direction.
B) generic to many organizations.
C) primarily consists of feel-good statements about the company's past history.
D) innocuous one-sentence statements.
E) a reference point for managers in making strategic decisions.
16) Which of the following are characteristics of an effectively worded strategic vision
statement?
A) Graphic, directional, and focused
B) Challenging, competitive, and set in concrete
C) Balanced, responsible, and rational
D) Realistic, customer-focused, and market-driven
E) Achievable, profitable, and ethical
17) Which one of the following is not a characteristic of an effectively worded strategic vision
statement?
A) Directional (is forward-looking, describes the strategic course that management has charted
and the kinds of product-market-customer-technology changes that will help the company
prepare for the future)
B) Easy to communicate (is explainable in 10 to 15 minutes, can be reduced to a memorable
slogan)
C) Graphic (paints a picture of the kind of company management is trying to create and the
market position or positions the company is striving to stake out)
D) Consensus-driven (commits the company to a "mainstream" directional path that most
stakeholders will enthusiastically support)
E) Focused (is specific enough to provide guidance to managers in making decisions and
allocating resources)
18) Which of the following is not a common shortcoming of company vision statements?
A) Vague or incomplete4short on specifics
B) Focused and narrow4exclusive to a specific direction
C) Bland or uninspiring
D) Not distinctive4could apply to almost any company (or at least several others in the same
industry)
E) Too reliant on superlatives (best, most successful, recognized leader, global or worldwide
leader, first choice of customers)
19) Which of the following are common shortcomings of company vision statements?
A) Too broad, vague or incomplete, bland/uninspiring, not distinctive, and too reliant on
superlatives
B) Unrealistic, unconventional, and unprofessional
C) Too specific, too inflexible, and cannot be achieved in five years
D) Too broad, too narrow, and too risky
E) Not customer-driven, out-of-step with emerging technological trends, and too ambitious
4
Copyright © 2019 McGraw-Hill
about:bl 4/
PM advantage 6th …
Essentials of Strategic Management The Quest for Competitive Advantage 6th Edition Gamble Test Bank
Full Download: https://alibabadownload.com/product/essentials-of-strategic-management-the-quest-for-competitive-advantage-6th
Essentials of Strategic Management, 6e (Gamble)
Chapter 2 Strategy Formulation, Execution, and Governance
1) Which one of the following is not one of the five stages of an ongoing, continuous strategic
management process?
A) Developing a strategic vision of what the company's future direction and focus needs to be
B) Developing a sustainable business model
C) Crafting a strategy to advance the company along the path that management has charted and
achieve its performance objectives
D) Setting objectives to measure progress toward achieving the strategic vision
E) Executing the chosen strategy efficiently and effectively
2) Which of the following is an integral part of the managerial process of crafting and executing
strategy?
A) Developing a proven business model
B) Setting objectives and using them as yardsticks for measuring the company's performance and
progress
C) Deciding how much of the company's resources to employ in the pursuit of sustainable
competitive advantage
D) Communicating the company's mission and purpose to all employees
E) Deciding on the composition of the company's board of directors
3) Which of the following are integral parts of the managerial process of crafting and executing
strategy?
A) Deciding on the company's strategic intent, setting financial objectives, crafting a strategy,
and choosing what business approaches and operating practices to employ
B) Developing a proven business model, deciding on the company's strategic intent, and crafting
a strategy
C) Setting objectives, crafting a strategy, implementing and executing the chosen strategy, and
deciding how much of the company's resources to employ in the pursuit of a sustainable
competitive advantage
D) Coming up with a statement of the company's mission and purpose, setting objectives,
choosing what business approaches to employ, selecting a business model, and monitoring
developments
E) Developing a strategic vision, setting objectives, crafting a strategy, and initiating corrective
adjustments
4) When companies adopt the strategy formulation, strategy execution process, the first step is to
A) monitor internal and external developments and initiate corrective adjustments to the business
model when necessary.
B) adopt a proven business model, decide on the company's top management team, and craft a
strategy.
C) execute the company's chosen strategy efficiently and effectively.
D) set objectives and develop a profitable business model to meet those objectives.
E) develop a strategic vision, mission, and values.
1
Copyright © 2019 McGraw-Hill
This sample only, Download all chapters at: AlibabaDownload.com
about:bl 1/
,9/5/24, 5:54 Essentials of strategic management the quest for competitive
PM advantage 6th …
5) The strategic management process is shaped by
A) management's strategic vision, strategic and financial objectives, and strategy.
B) the decisions made by the compensation and audit committees of the board of directors.
C) external factors such as the industry's economic and competitive conditions and internal
factors such as the company's collection of resources and capabilities.
D) a company's customer value proposition and profit formula.
E) actions to strengthen competitive capabilities and correct weaknesses, actions to strengthen
market standing and competitiveness by acquiring or merging with other companies, and actions
to enter new geographic or product markets.
6) Which of the following questions is not pertinent to company managers in thinking
strategically about what directional path should be taken by the company and about developing a
strategic vision?
A) What business approaches and operating practices should we consider in trying to implement
and execute our business model?
B) Is the outlook for the company promising if it continues with its present product offerings?
C) What strategic course offers attractive opportunity for growth and profitability?
D) What, if any, new customer groups and/or geographic markets should the company get in
position to serve?
E) Are changing market and competitive conditions acting to enhance or weaken the company's
prospects?
7) The strategic management process is shaped by
A) management's strategic vision, strategic and financial objectives, and strategy.
B) the decisions made by the compensation and audit committees of the board of directors.
C) external factors such as the industry's economic and competitive conditions and internal
factors such as the company's collection of resources and capabilities.
D) a company's customer value proposition and profit formula.
E) actions to strengthen competitive capabilities and correct weaknesses, actions to strengthen
market standing and competitiveness by acquiring or merging with other companies, and actions
to enter new geographic or product markets.
8) When a company is confronted with significant industry change that mandates radical revision
of its strategic course, the company is said to have encountered a(n)
A) learning and growth perspective.
B) strategic inflection point.
C) strategic roadblock.
D) new strategic opportunity.
E) opportunity for corporate entrepreneurship.
9) A company's strategic plan consists of
A) its balanced scorecard and its business model.
B) a vision of where it is headed, a set of performance targets, and a strategy to achieve them.
C) its strategy and management's specific, detailed plans for implementing it.
D) a company's plans for improving value-creating internal processes.
E) a strategic vision, a strategy, and a business model.
2
Copyright © 2019 McGraw-Hill
about:bl 2/
,9/5/24, 5:54 Essentials of strategic management the quest for competitive
PM advantage 6th …
10) The strategy formulation, strategy execution process
A) is usually delegated to members of a company's board of directors so as not to infringe on the
time of busy executives.
B) includes establishing a company's mission, developing a business model aimed at making the
company an industry leader, and crafting a strategy to implement and execute the business
model.
C) embraces the tasks of developing a strategic vision, setting objectives, crafting a strategy,
implementing and executing the strategy, and then monitoring developments and initiating
corrective adjustments in light of experience, changing conditions, and new opportunities.
D) is principally concerned with sizing up an organization's internal and external situation, so as
to be prepared for the challenge of developing a sound business model.
E) is primarily the responsibility of top executives and the board of directors; very few managers
below this level are involved.
11) A company's strategic vision concerns
A) a company's directional path and future product-customer-market-technology focus.
B) why the company does certain things in trying to please its customers.
C) management's story line of how it intends to make a profit with the chosen strategy.
D) "who we are and what we do."
E) what future actions the enterprise will likely undertake to outmaneuver rivals and achieve a
sustainable competitive advantage.
12) Management's strategic vision for an organization
A) charts a strategic course for the organization ("where we are going") and outlines the
company's future product-customer-market-technology focus.
B) describes in fairly specific terms the organization's business model, strategic objectives, and
strategy.
C) spells out how the company will become a big moneymaker and boost shareholder value.
D) addresses the critical issue of "why our business model needs to change and how we plan to
change it."
E) spells out the organization's strategic moves that will be undertaken to achieve competitive
advantage.
13) Top management's views about where the company is headed and what its future product-
customer-market-technology will be
A) indicates what kind of business model the company is going to have in the future.
B) constitutes the strategic vision for the company.
C) signals what the firm's strategy will be.
D) serves to define the company's mission.
E) indicates what the company's long-term strategic plan is.
14) Which one of the following is not an accurate attribute of an organization's strategic vision?
A) Providing a clearly articulated view of "where we are going"
B) Describing the company's future product-customer-market-technology focus
C) Pointing an organization in a particular direction and charting a strategic path for it to follow
D) Providing managers with a reference point for making strategic decisions
E) Specifying how the company intends to implement and execute its business model
3
Copyright © 2019 McGraw-Hill
about:bl 3/
, 9/5/24, 5:54 Essentials of strategic management the quest for competitive
PM advantage 6th …
15) Well-conceived visions are
A) vague and indefinite, to allow room for a company to change its direction.
B) generic to many organizations.
C) primarily consists of feel-good statements about the company's past history.
D) innocuous one-sentence statements.
E) a reference point for managers in making strategic decisions.
16) Which of the following are characteristics of an effectively worded strategic vision
statement?
A) Graphic, directional, and focused
B) Challenging, competitive, and set in concrete
C) Balanced, responsible, and rational
D) Realistic, customer-focused, and market-driven
E) Achievable, profitable, and ethical
17) Which one of the following is not a characteristic of an effectively worded strategic vision
statement?
A) Directional (is forward-looking, describes the strategic course that management has charted
and the kinds of product-market-customer-technology changes that will help the company
prepare for the future)
B) Easy to communicate (is explainable in 10 to 15 minutes, can be reduced to a memorable
slogan)
C) Graphic (paints a picture of the kind of company management is trying to create and the
market position or positions the company is striving to stake out)
D) Consensus-driven (commits the company to a "mainstream" directional path that most
stakeholders will enthusiastically support)
E) Focused (is specific enough to provide guidance to managers in making decisions and
allocating resources)
18) Which of the following is not a common shortcoming of company vision statements?
A) Vague or incomplete4short on specifics
B) Focused and narrow4exclusive to a specific direction
C) Bland or uninspiring
D) Not distinctive4could apply to almost any company (or at least several others in the same
industry)
E) Too reliant on superlatives (best, most successful, recognized leader, global or worldwide
leader, first choice of customers)
19) Which of the following are common shortcomings of company vision statements?
A) Too broad, vague or incomplete, bland/uninspiring, not distinctive, and too reliant on
superlatives
B) Unrealistic, unconventional, and unprofessional
C) Too specific, too inflexible, and cannot be achieved in five years
D) Too broad, too narrow, and too risky
E) Not customer-driven, out-of-step with emerging technological trends, and too ambitious
4
Copyright © 2019 McGraw-Hill
about:bl 4/
