Question 1

Strategic choices involve two basic questions: where and how to compete?

Accepted Answer

A) True 
 B)False

Question 2

During the 1990s,the focus of strategy analysis shifted:

Accepted Answer

A)  From corporate planning to strategic management
B)  To the role of resources and capabilities as a foundation for firm strategy.
C)  To the application of microeconomics to analyze the sources of firm profitability.
D)  To the analysis of value-added as the basis for strategic decisions

Question 3

A conceptualization the firm as an "activity system" is a means of depicting:

Accepted Answer

A)  The extent to which a management is motivated to implement a firm's strategy
B)  The extent to which a firm's resources and capabilities are aligned with its strategic goals
C)  The extent to which a firm's strategic goals are aligned with its industry environment
D)  Consistency among a firm's activities

Question 4

The balance between intended and emergent strategy depends primarily upon the stability and predictability of the organization's business environment.The more stable and predictable the environment,the greater the importance of emergent strategy.

Accepted Answer

A) True 
 B)False

Question 5

A key component of an effective strategy is clear,consistent,long-term goals.

Accepted Answer

A) True 
 B)False

Question 6

The two questions of "where" and "how" to compete define:

Accepted Answer

A)  a firm's corporate and business strategies
B)  a firm's strategic management process
C)  a firm's vision and mission
D)  a firm's values and culture

Question 7

The principal similarity between business and military strategy is that:

Accepted Answer

A)  They share the same objective: to annihilate rivals.
B)  They share common concepts and principles.
C)  The nature of leadership is much the same whether in a military or business context.
D)  They are both concerned with tactical maneuvers that can establish positions of advantage.

Question 8

"Strategic fit" related to the consistency between a firm's strategy and,on one hand,its external environment and,on the other,its internal resources and capabilities.

Accepted Answer

A) True 
 B)False

Question 9

Contingency theory postulates that a firm's strategy must to flexible in order to meet any possible contingency.

Accepted Answer

A) True 
 B)False

Question 10

Strategic goals should be:

Accepted Answer

A)  Simple
B)  Consistent
C)  Long term
D)  All of these

Question 11

The dynamic,future-oriented dimension of a firm's strategy is described by its mission and vision statements and its performance targets.

Accepted Answer

A) True 
 B)False

Question 12

Strategy is a unifying theme that gives coherence and direction to the actions and decisions of an organization.

Accepted Answer

A) True 
 B)False

Question 13

The primary purpose of strategy is:

Accepted Answer

A)  To maximize shareholder value
B)  To achieve success
C)  To create value for all stakeholders
D)  To be a responsible corporate citizen

Question 14

A major problem of using SWOT analyses in distinguishing strengths from weaknesses and opportunities from threats.

Accepted Answer

A) True 
 B)False

Question 15

Strategy is a detailed plan that programs the actions of an organization or an individual.

Accepted Answer

A) True 
 B)False

Question 16

When the environment becomes more turbulent and unpredictable:

Accepted Answer

A)  Strategy becomes less important than intuition
B)  Strategy becomes an increasingly important as a source of direction
C)  External consultants need to play a greater role in strategy making
D)  Strategy becomes an impossible exercise

Question 17

The successful careers of both Queen Elizabeth II and Lady Gaga may be attributed to the fact that both:

Accepted Answer

A)  Have used dressing up as a means of attracting attention and establishing identity.
B)  Have a knack for being in the right place at the right time.
C)  Have a consistency of direction based on clear goals.
D)  Have built a loyal fan base based on astute use of the media.

Question 18

The main problem of SWOT as a framework for strategy analysis is that:

Accepted Answer

A)  Distinguishing opportunities from threats and strengths from weaknesses is often difficult.
B)  It has now been superseded by more sophisticated analytical frameworks.
C)  It is focused on strategy formulation and fails to take account of strategy implementation.
D)  It is so widely used that it no longer has any novelty.

Question 19

Strategy has its origins in:

Accepted Answer

A)  Thought
B)  Discussion
C)  Analytical techniques
D)  Ethics

Question 20

The book that is considered as the first treatise on strategy is:

Accepted Answer

A)  Carl Von Clausewitz's "On War" ("Vom Kriege") 
B)  Sun Tzu's "The Art of War"
C)  The Bible
D)  Niccolo Machiavelli's "The Art of War" ("Dell'arte della Guerra")

Exam 1: The Concept of Strategy

Strategic goals should be:

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A key component of an effective strategy is clear,consistent,long-term goals.

Correct AnswerverifiedShow Answer

The primary purpose of strategy is:

Correct AnswerverifiedShow Answer

The principal similarity between business and military strategy is that:

Correct AnswerverifiedShow Answer

"Strategic fit" related to the consistency between a firm's strategy and,on one hand,its external environment and,on the other,its internal resources and capabilities.

Correct AnswerverifiedShow Answer

Strategy has its origins in:

Correct AnswerverifiedShow Answer

A major problem of using SWOT analyses in distinguishing strengths from weaknesses and opportunities from threats.

Correct AnswerverifiedShow Answer

The two questions of "where" and "how" to compete define:

Correct AnswerverifiedShow Answer

The successful careers of both Queen Elizabeth II and Lady Gaga may be attributed to the fact that both:

Correct AnswerverifiedShow Answer

When the environment becomes more turbulent and unpredictable:

Correct AnswerverifiedShow Answer

The dynamic,future-oriented dimension of a firm's strategy is described by its mission and vision statements and its performance targets.

Correct AnswerverifiedShow Answer

Strategy is a detailed plan that programs the actions of an organization or an individual.

Correct AnswerverifiedShow Answer

Strategy is a unifying theme that gives coherence and direction to the actions and decisions of an organization.

Correct AnswerverifiedShow Answer

The main problem of SWOT as a framework for strategy analysis is that:

Correct AnswerverifiedShow Answer

Contingency theory postulates that a firm's strategy must to flexible in order to meet any possible contingency.

Correct AnswerverifiedShow Answer

A conceptualization the firm as an "activity system" is a means of depicting:

Correct AnswerverifiedShow Answer

Strategic choices involve two basic questions: where and how to compete?

Correct AnswerverifiedShow Answer

The book that is considered as the first treatise on strategy is:

Correct AnswerverifiedShow Answer

During the 1990s,the focus of strategy analysis shifted:

Correct AnswerverifiedShow Answer

The balance between intended and emergent strategy depends primarily upon the stability and predictability of the organization's business environment.The more stable and predictable the environment,the greater the importance of emergent strategy.

Correct AnswerverifiedShow Answer

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