TEST BANK Verified Chapters 1 - 12, Complete Newest Version For Strategic Management, 6th Edition 2024 By Rothaermel Frank, Verified Chapters 1 - 12, Complete Newest Version

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Strategic Management 6th Edition Rothaermel Frank
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ISBN 9781265954574
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Chapter 1-12 ss Answers are at the End of Each Chapter bb bb bb bb bb bb bb




Chapter 1 ss




Student name: ss ss




1) A good strategy allows a firm to achieve superior performance and sustainable
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ss competitiveadvantage without regard to the external environment.
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⊚ true
⊚ false


2) The following statement by the chief executive of MegaFilms movie studio should not
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beused as a strategy: “We will produce the greatest films of the 21st century.”
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⊚ true
⊚ false


3) The three tasks of the AFI strategy framework are to Assemble a prototype, Find a buyer,
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ss and Incorporate feedback.
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⊚ true
⊚ false


4) Questions asked during the strategy analysis stage of the AFI framework should include
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ss “What effects do forces in the external environment have on the firm’s potential to gain
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ss and sustain a competitive advantage?”
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⊚ true s s s s s s




⊚ false s s s s s s

,5) Once a strategy has been formulated and implemented, it is important that the firm sticks to
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ss it no matter what happens.
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⊚ true
⊚ false



6) Because they are a crucial component of a firm’s success, customers are considered
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ss internalstakeholders.
⊚ true
⊚ false


7) A firm is required by society and its shareholders to meet its ethical and
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ss philanthropicresponsibilities. b




⊚ true
⊚ false


8) Stakeholder impact analysis provides a decision tool that helps strategic leaders recognize
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ss theneeds of different stakeholders. ss ss ss




⊚ true
⊚ false



9) Juan wants to open his own hot dog restaurant but doesn’t know anything about business.
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ss Heneeds help determining who his competition is, how he should craft his strategy to
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ss compete and how he’ll implement his strategy to achieve a competitive advantage. He’s
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ss hired you to help him get started. As a result, you will probably use which of the
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ss following?
A) AFI strategy framework ss ss




B) Red Queen effect ss ss



C) competitive benchmarking ss




D) Stakeholder Impact analysis ss ss

, 10) Roberta is interested in the concept of strategy and decides to create her own. As a
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ss result,Roberta says that her strategy is to focus on competitive benchmarking to
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ss achieve competitive advantage. Which is the best evaluation of Roberta’s statement?
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A) Roberta’s strategy is clear, but she should provide more detail. ss ss ss ss ss ss ss ss ss




B) Roberta’s strategy reveals a clear strategic position and tradeoff, so she ss ss ss ss ss ss ss ss ss ss




shouldproceed.
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C) Roberta should reevaluate her statement because it fails to mention more than
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onestrategy.
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D) Roberta should reevaluate her statement because it fails to meet the principles of
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what a strategy should be.
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11) Tony’s Pizza Shop is able to net $10,000 a week; this makes the shop profitable. Its
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ss numberone competitor, Leo’s Pies, is also profitable, netting $12,000 a week. Lil
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ss Anthony’s Pizza Palace nets $13,000 a week. Since Tony’s Pizza Shop is profitable, we
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ss can conclude that it has a competitive advantage in its industry.
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A) True—competitive advantage is achieved through profitability alone. ss ss ss ss ss ss




B) True—competitive advantage is achieved since Tony has a positive net income. ss ss ss ss ss ss s s ss ss ss




C) False—competitive advantage is only achieved by generating above average ss ss ss ss ss ss ss ss




returns,relative to competition.
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D) False—Tony more than likely has a sustained competitive advantage since he’s ss ss ss ss ss ss ss ss ss ss




been in business longer.
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12) Bill’s Auto & Airplane Repair shop is able to generate a positive net income of
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$10,000 aweek, which is about the same as the income of a close competitor. As a
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result, we can conclude that the two businesses also have a competitive parity in the
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industry.
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A) Correct—competitive advantage is achieved through profitability alone. ss ss ss ss ss ss




B) Correct—competitive advantage is achieved since Bill’s Auto & Airplane Repair ss ss ss ss ss ss ss ss ss




shop has a positive net income.
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C) Correct—competitive parity is a performance of two or more firms at the same level. ss ss ss ss ss ss ss ss ss ss ss ss ss




D) Incorrect—Bill’s Auto & Airplane Repair shop more than likely has a ss ss ss ss ss ss ss ss ss ss




sustainedcompetitive advantage because the business is diversified.
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