REMEDIAL - STRATEGIC MANAGEMENT
Quiz by JOANA FELIZA GUEVARA
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- Q1
A competitive advantage
can be permanent if the firm has successfully implemented the strategic management process.
can be identified only if it has been unsuccessfully challenged by competitors.
exists when competing firms are unable to find investors.
entails reducing investors' risk to near zero.
45s - Q2
A firm has achieved ____ when it successfully formulates and implements a value-creating strategy.
legal and ethical core values
substantial returns
a permanently sustainable competitive advantage
strategic competitiveness
45s - Q3
The strategic management process is
the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness.
a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment.
a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm.
a process directed by top-management with input from other stakeholders that seeks to achieve above-average returns for investors through effective use of the organization's resources.
60s - Q4
All of the following are characteristic of the global economy EXCEPT
the increasing importance of developing countries as sources of revenue growth.
higher levels of opportunities and challenges.
the free movement of goods, services, people, skills, and ideas across geographic borders.
the increased use of tariffs to protect industries.
45s - Q5
A sequential set of analyses and choices that can increase the likelihood that a firm will choose a strategy that generates competitive advantages is the
strategic management process.
organizational change process.
goal setting process
mission statement process
45s - Q6
A firm's ________ is its long-term purpose that defines both what it aspires to be in the long run and what it wants to avoid in the meantime.
goal
objective
mission
vision
45s - Q7
The strategic management process begins when a firm
define its vison
defines its mission
makes a strategic choice.
implements its strategy
45s - Q8
________ are specific measurable targets a firm can use to evaluate the extent to which it is realizing its mission.
Objectives
Mission
Strategies
Vision
45s - Q9
High quality objectives are those that are
not quantitative
non-existent
difficult to measure and track over time
tightly connected to elements of a firm's mission and are relatively easy to measure and track over time.
60s - Q10
By conducting an ________, a firm identifies the critical threats and opportunities in its competitive environment.
Users re-arrange answers into correct orderJumble60s - Q11
________ helps a firm understand which of its resources and capabilities are likely to be sources of competitive advantage.
Users re-arrange answers into correct orderJumble60s - Q12
________ occurs when a firm adopts organizational policies and practices that are consistent with its strategy
Strategy implementation
Strategic objectives
Strategic formulation
Strategic control
45s - Q13
One of the central questions that all strategic managers must address, regardless of the industry they work in, is "How is the industry likely to evolve?
truefalseTrue or False30s - Q14
There is complete consensus among strategic managers and academic researchers about what a "strategy" is.
falsetrueTrue or False30s - Q15
A "good strategy" does not necessarily have to generate a competitive advantage
falsetrueTrue or False45s