Multiple Choice Questions.doc

Chapter 1 The Concept of Strategy Multiple Choice Questions 21. The primary purpose of strategy is: @ Pages and References: p4 a. Being better than rivals b. Achieving success c. Satisfying all stakeholders d. Being an excellent “corporate citizen” 22. The successful careers of both Queen Elizabeth II and Lady Gaga may be attributed to the fact that both: @ Pages and References: pp4-5 a. Have used dressing up as a means of attracting attention and establishing identity b. Have a knack for being
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  Chapter 1The Concept of StrategyMultiple Choice Questions 21. The primary purpose of strategy is:@ Pages and References: p4 a. Being better than rivalsb. chieving successc. !atisfying all sta eholdersd. Being an e#cellent $corporate citi%en&22. The successful careers of both 'ueen (li%abeth )) and *ady +aga may be attributed to the fact that both:@ Pages and References: pp4,-a. ave used dressing up as a means of attracting attention and establishing identityb. ave a nac for being in the right place at the right timec. ave a consistency of direction based on clear goalsd. ave built a loyal fan base based on astute use of the media.2/. 0or both individuals and businesses successful strategies are characteri%ed by:@ Pages and References: pa. 3nrelenting commitment to ambitious goalsb. lear goals deep understanding the competitive environment careful resource appraisal and effective implementationc. 5eticulous planningd. The possession of superior abilities and resources 6hich are then deployed to build competitive advantage.24. !trategic goals should be:@ Pages and References: pp7,18a. !impleb. onsistentc. *ong termd. ll of the above2-. The main problem of !9T as a frame6or for strategy analysis is that:@ Pages and References: p11a. ;istinguishing opportunities from threats and strengths from 6ea nesses is often difficultb. )t has been around for five decades and has no6 been superseded by more sophisticated analytical frame6or sc. )t is focused on strategy formulation and fails to ta e account of strategy implementationd. )t is so 6idely used that it no longer has any novelty.2<. )f a firm ad=usts its strategy to ensure it is consistent 6ith its e#ternal environment it benefits from a:@ Pages and References: p18a. !trategic fitb. !trategic leadershipc. *ocation 6ithin an attractive industry d.  license to operate2>. !trategic fit refers to: @ Pages and References: pp18,11a. The need for a firm?s strategy to be consistent 6ith its vision mission and cultureb. The consistency of a firm?s strategy 6ith its e#ternal and internal environmentsc. The need for a firm?s strategy to be uniued. The need for a firm?s strategy to meet the needs of all its sta eholders not =ust shareholders © 2013 Robert M. Grantwww.contemporarystrategyanalysis.com1  2. Ryanair?s strategic position is as (urope?s lo6est,cost airline may be attributed to:@ Pages and References: pp11,12a. The 6illingness of its ( 5ichael ?*eary to challenge conventional notions of customer and employee satisfactionb. )ts use of secondary airports 6here costs are lo6er c. The high operating costs of ma=or airlines such as British ir6ays *ufthansa and ir 0rance,A*5 on short,haul routes d. n integrated consistent set of activities designed to ma#imi%e productivity and minimi%e operating costs.27. The principal similarity bet6een business and military strategy is that:@ Pages and References: p12a. They share the same ob=ective: to annihilate rivalsb. They share common concepts and principlesc. The nature of leadership is much the same 6hether in a military or business conte#td. They are both concerned 6ith tactical maneuvers that can establish positions of advantage./8. )n the military field 6e generally ma e the follo6ing distinction bet6een strategy and tactics:@ Pages and References: p12a. Tactics comprise the overall plan 6hereas strategy focuses on specific actionsb. Tactics relate to specific actions 6hereas strategy relates to the overall planc. Tactics encompass specific political actions 6ithin the firm 6hereas strategy is the overall plan for deploying resources to establish a favorable positiond. Tactics form the overall plan 6hereas strategy is concerned 6ith the maneuvers to 6in battles/1. The main reason for the transition from corporate planning to strategic management during the latter half of the 17>8s 6as:@ Pages and References: p1/a. The influence of 5ichael Porter b. ;isappointing returns of corporate diversificationc.  more turbulent business environment that became increasingly difficult to predictd. +ro6ing disillusionment 6ith central planning./2. The primary distinction bet6een corporate strategy and business strategy is:@ Pages and References: p17a. orporate strategy is the responsibility of the ( business strategy is formulated by the heads of business unitsb. orporate strategy is concerned 6ith 6here the firm competes business strategy 6ith ho6it competes c. orporate strategy is concerned 6ith establishing competitive advantage business strategy 6ith strategy implementation in individual businessesd. orporate strategy is concerned 6ith the long,term performance of the firm business strategy 6ith resource deployment.//. The notion of $strategic fit&:@ Pages and References: p18a. )s common in strategic literature but means different things to different e#pertsb. )mplies deep coherence across all functions 6ithin the organi%ationc. (#presses ho6 6ell a firm?s strategy fits its internal environmentd. ns6ers a and c/4. $!trategy& derives from a +ree 6ord meaning:@ Pages and References: p1/a. The art of arranging men in a battlefieldb. +eneralshipc. The art of maintaining a state?s securityd. 5aintaining ethical and spiritual purity © 2013 Robert M. Grantwww.contemporarystrategyanalysis.com2  /-. The boo that is considered as the first treatise on strategy is:@ Pages and References: p12a. arl Con lause6it%?s Com Ariege Dn 6arEb. !un T%u?s rt of 9ar c. The Bibled. Ficcolo 5achiavelli?s ;ell?arte della +uerra DThe art of 6arE/<. 5ilitary strategy and business strategy differ in that:@ Pages and References: p12a. There is no concept li e tactics in businessb. +ood military strategist must first be a good military tactician G practicing it in the field firstc. The ob=ective of military strategy is to defeat the enemy business strategy see s coe#istence rather than annihilationd. Fone , there is no conceptual difference/. )n the 178s 5ichael Porter pioneered:@ Pages and References: p1/a. The application of industrial organi%ation economics for analy%ing industry profitabilityb. The development of $P)5!& at the !trategic Planning )nstitutec. The first synthesis of the resource and capability approachd. The application of game theory to strategic management/7. ;uring the 1778s the focus of strategy analysis shifted:@ Pages and References: p14a. 0rom corporate planning to strategic managementb. To the role of resources and capabilities as a foundation for firm strategyc. To the application of microeconomics to analy%e the sources of firm profitabilityd. 0rom the structure,based approach to the value,added perspective48. The increasingly comple# business environment of the 21st century has resulted in: @ Pages and References: p14a. 0irms shifting their emphasis to6ards the gro6th mar ets of sia frica and *atin  merica. 0irms abandoning shareholder value ma#imi%ation in favor of ma#imi%ing sta eholder interestsc. 0irms increasingly depending upon other firms through outsourcing and strategic alliancesd. 0irms embracing digital technologies41. The e#pression $blue oceans& in strategic management is:@ Pages and References: p14a. only a figure of speechb. a concept that signifies the immensity of potential ne6 mar etsc. a concept employed in the 3! Favy?s strategic planning processd. an e#pression coined by business school professors to ma e their boo more appealing topracticing managers42. 9hen the environment becomes more turbulent unpredictable and full of ne6 opportunities:@ Pages and References: p1<a. strategy appears to not be very usefulb. strategy becomes a vital tool to navigate the firm through $stormy seas&c. strategy should be put into the hands of e#ternal consultantsd. strategy becomes an $impossible e#ercise&4/. The essence of strategy is:@ Pages and References: p12,1<a. 5a ing choicesb. ;oing things differentlyc. 9here and ho6 to competed. ll of the above © 2013 Robert M. Grantwww.contemporarystrategyanalysis.com3  44. The t6o uestions of $6here and ho6 to compete& define:@ Pages and References: p1a. a firm?s corporate and business strategiesb. a firm?s strategic management processc. a firm?s vision and missiond. a firm?s values and culture4-. o6 do corporate level strategy and business level strategy differH@ Pages and References: p1a. orporate strategy defines the scope of a firm?s activities 6hile business strategy focuses on ho6 to beat the competition in a specific product mar etb. orporate strategy defines the scope of a firm?s structure 6hile business strategy emphasi%es the relationship of each business 6ith its environment Dstate regulators etc.Ec. orporate strategy focuses on the overall strategic plan 6hile business strategy focuses on implementing strategic decisions in each product mar etd. orporate level strategy is concerned 6ith long term goals 6hile business level strategy focuses on short term sustainability4<. orporate strategy is concerned 6ith:@ Pages and References: p17a. the scope of the firm in terms of industries and mar ets and the allocation of its resourcesb. a firm?s relationships 6ith its principal sta eholdersc. the corporate governance of each individual businessd. Fone of the above4>. Business strategy defines:@ Pages and References: p17a. the 6ay a firm competes in a particular industry or mar etb. the 6ay a firm establishes a competitive advantage over its rivals 6ithin a specific industry or mar etc. Both of the aboved. Feither of the above4. Bet6een the t6o levels of strategy the division of responsibility is consistent 6ith the follo6ing principle:@ Pages and References: p17a. There is no principle but only limited rationality and trial,and,error processes to find the best allocation bet6een different levels of managementb. orporate level strategy is the domain of headuarters e#ecutives 6hile division managersare in charge of their business level strategiesc. orporate level strategy is the domain of the parent company business level strategy is handled by the functional department managersd. orporate and business level strategies are not any specific organi%ational level?s responsibility because of the principle of ma#imum delegation and decentrali%ation47. )n regard to strategy ma ing most firms are li ely to e#hibit:@ Pages and References: p2/a.  combination of design and emergenceb.  decentrali%ed bottom,up process c. n interaction bet6een strategic design through organi%ational processes and strategic enactment through decisions made by alld. *imited involvement by boards of directors-8. !trategy improves decision,ma ing by:@ Pages and References: pp1<,1>a. Reducing the number of choices being consideredb. )ntegrating and pooling the no6ledge of different members of the organi%ationc. 0acilitating the use of analytic toolsd. ll of the above © 2013 Robert M. Grantwww.contemporarystrategyanalysis.com4


Jul 23, 2017


Jul 23, 2017
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