Strategic Management Exam One
Practice Questions 105 Complete
Solutions.
Strategic Management Exam One
Practice Questions 105 Complete
Solutions.
Which of the following is defined as theory about how to gain competitive advantage?
A. Mission Statement
B. Competitive advantage
C. Objectives
D. Vision
E. Strategy - ANSWER Strategy
Which of the following is NOT one of the criteria for making strategic choices?
A.
Choose a strategy that supports a firm's objectives.
B.
Choose a strategy that exploits a firm's strengths.
C.
Choose a strategy that is easy to implement.
D.
Choose a strategy that supports the firm's mission.
E.
Choose a strategy that neutralizes threats in the environment. - ANSWER C. Choose a strategy that is
easy to implement
,Strategic Management Exam One
Practice Questions 105 Complete
Solutions.
Which of the following is a set of analyses and choices to increase the likelihood that a firm will adopt a
strategy that creates competitive advantage?
A.
Strategic management process
B.
The firm's mission
C.
Mission statement
D.
Profit and loss statements
E.
The firm's vision - ANSWER A. Strategic management process
The ability of a firm to survive and prosper is generally dependent on ________.
A.
limited competition
B.
choosing and implementing a good strategy
C.
using social media to reach customers
D.
hiring the right people for the job
E.
having competitive prices - ANSWER B. Choosing and implementing a good strategy
Which of the following is based on assumptions about the way competition in the industry is likely to
evolve and how to exploit that evolution?
,Strategic Management Exam One
Practice Questions 105 Complete
Solutions.
A.
Visionary theory
B.
Management by objectives theory
C.
Mission theory
D.
Strategy theory
E.
Competitive advantage theory - ANSWER D. Strategy Theory
Why is a firm's corporate strategy almost always based on theory?
A.
It is difficult to predict the availability of raw material.
B.
It is difficult to predict how customers will respond.
C.
It is difficult to determine price point.
D.
It is difficult to predict how competition will evolve.
E.
It is difficult to predict how employees will respond. - ANSWER D. It is difficult to predict how
competition will evolve.
Which of the following represents a sequential set of analyses to increase the likelihood that a firm will
choose a strategy that generates competitive advantage?
A.
, Strategic Management Exam One
Practice Questions 105 Complete
Solutions.
The visionary mission process
B.
The strategic management process
C.
External analysis process
D.
Internal analysis process
E.
The mission statement process - ANSWER B.
The strategic management process
Which of the following identifies a firm's specific and measureable targets?
A.
Competitors
B.
Objectives
C.
Customers
D.
Product line
E.
Mission - ANSWER B.
Objectives
During which process does a firm identify the critical threats and opportunities in the competitive
environment?
Practice Questions 105 Complete
Solutions.
Strategic Management Exam One
Practice Questions 105 Complete
Solutions.
Which of the following is defined as theory about how to gain competitive advantage?
A. Mission Statement
B. Competitive advantage
C. Objectives
D. Vision
E. Strategy - ANSWER Strategy
Which of the following is NOT one of the criteria for making strategic choices?
A.
Choose a strategy that supports a firm's objectives.
B.
Choose a strategy that exploits a firm's strengths.
C.
Choose a strategy that is easy to implement.
D.
Choose a strategy that supports the firm's mission.
E.
Choose a strategy that neutralizes threats in the environment. - ANSWER C. Choose a strategy that is
easy to implement
,Strategic Management Exam One
Practice Questions 105 Complete
Solutions.
Which of the following is a set of analyses and choices to increase the likelihood that a firm will adopt a
strategy that creates competitive advantage?
A.
Strategic management process
B.
The firm's mission
C.
Mission statement
D.
Profit and loss statements
E.
The firm's vision - ANSWER A. Strategic management process
The ability of a firm to survive and prosper is generally dependent on ________.
A.
limited competition
B.
choosing and implementing a good strategy
C.
using social media to reach customers
D.
hiring the right people for the job
E.
having competitive prices - ANSWER B. Choosing and implementing a good strategy
Which of the following is based on assumptions about the way competition in the industry is likely to
evolve and how to exploit that evolution?
,Strategic Management Exam One
Practice Questions 105 Complete
Solutions.
A.
Visionary theory
B.
Management by objectives theory
C.
Mission theory
D.
Strategy theory
E.
Competitive advantage theory - ANSWER D. Strategy Theory
Why is a firm's corporate strategy almost always based on theory?
A.
It is difficult to predict the availability of raw material.
B.
It is difficult to predict how customers will respond.
C.
It is difficult to determine price point.
D.
It is difficult to predict how competition will evolve.
E.
It is difficult to predict how employees will respond. - ANSWER D. It is difficult to predict how
competition will evolve.
Which of the following represents a sequential set of analyses to increase the likelihood that a firm will
choose a strategy that generates competitive advantage?
A.
, Strategic Management Exam One
Practice Questions 105 Complete
Solutions.
The visionary mission process
B.
The strategic management process
C.
External analysis process
D.
Internal analysis process
E.
The mission statement process - ANSWER B.
The strategic management process
Which of the following identifies a firm's specific and measureable targets?
A.
Competitors
B.
Objectives
C.
Customers
D.
Product line
E.
Mission - ANSWER B.
Objectives
During which process does a firm identify the critical threats and opportunities in the competitive
environment?
