Chapter 1: Introducing strategy and strategic management

Which of the following is not a recognized element of corporate strategy?
1. Competitive advantage
2. Closure
3. Acquisition
4. Divestment
5. All of the above
Which of the following statements is false? Formal strategic planning:
1. implies determined actions for achieving objectives
2. is a time consuming process
3. should develop clear and rigid plans for the organization to implement
4. is most applicable in stable environments
5. None of the above
Which of the following statements best describes the concept of ‘strategic awareness’?
1. Managers’ understanding of the organization’s history, competencies, and current strategy
2. Managers’ understanding of current strategy and its effectiveness
3. Managers’ understanding of the strategic options available to the organization
4. Managers’ understanding of the organization’s strategy, its effectiveness, and the potential avenues for change
5. None of the above
Which of the following is associated with successful strategies?
1. Creating superior value to customers
2. Exploitation of key success factors
3. Creating and maintaining strategic fit
4. Achieving specified strategic objectives
5. All of the above
Which type of strategies are of particular importance to global companies?
1. Corporate
2. Functional
3. Competitive
4. Corporate and competitive
5. Corporate, competitive, and functional
Which one of the following is of concern for not-for-profit organizations?
1. The markets to service
2. Identifying suppliers to deal with
3. Developing capabilities
4. Which customers to target
5. Building monopolies
Select the statement that best applies to emergent strategies. Emergent strategy...
1. implies an ability to react to events
2. implies deliberate evaluation and selection between different strategic options
3. implies ‘strategizing’
4. implies no deviation from plans
5. implies constant evaluation of the ‘bigger picture’
Select the most accurate statement. Value...
1. means value for money
2. is best described as the benefits that the business chooses to give to customers, through its product/service
3. is the benefits of a product/service, as perceived by the customer
4. does not offer competitive advantage
5. is not a key element of competitive strategy
Which of the following statements best describes ‘strategic management’?
1. A process consisting of determining objectives, and strategic actions to achieve those objectives
2. A process consisting of determining objectives, strategic actions to achieve those objectives, the implementation of desired strategy, and the monitoring of that strategy
3. A process consisting of the determination of direction, strategic actions to achieve objectives, the implementation of a desired strategy, and monitoring of that strategy
4. A process for determining direction, strategic actions to achieve objectives, and the implementation of a desired strategy
Which one of the following would not be considered a functional strategy?
1. Financial
2. Marketing
3. Product-market
4. Operations
5. None of the above
Which of the following best describes the concept of a ‘business model’?
1. Tactics for change management
2. The scale of competition in the market place
3. The recipe for a world class organization
4. It is the factors that, essentially, define the business
5. None of the above
Which of the following statements is the correct view?
1. Success, in business, is about putting your competition out of business
2. Success, in business, is about adding value of your own, not diminishing that of your competitors
3. Success, in business, is hard to define
4. Success, in business, is about having the right strategy
5. All of the above