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This set of Advanced Strategic Management Multiple Choice Questions & Answers (MCQs) focuses on Advanced Strategic Management Set 6
Q1 | ETOP stands for .
- environmental threat & opportunity project
- environmental threat & opportunity profile
- environmental treaty & opportunity profile
- environmental threat & optimum profile
Q2 | The control process requires the following types of information
- Planned performance
- Variances
- Reasons
- All of the above
Q3 | It is designed to monitor a broad range of events inside and outside the companythat are likely to threaten a firm’s strategy
- Strategic surveillance
- Strategic planning
- both ‘A’ and ‘B’
- None of the above
Q4 | Harvest strategy is used for
- Dogs
- Question marks
- Cash cow
- both ‘A’ and ‘B’
Q5 | Attack strategies are
- Frontal attack
- Flank attack
- Encirclement attack
- all of the above
Q6 | Three C’s affecting today’s companies are
- Customer, Competition, Change
- Cost, Competition, Change
- Customer, Competition, Cost
- Customer, Cost, Change
Q7 | For strategic learning, the balanced scorecard supplies
- Two elements
- Three elements
- Four elements
- Five elements
Q8 | In strategic learning, an element defines the articulation of the company's
- Review process
- Operational goals
- Shared vision
- Business model
Q9 | Business strategy can be thought of a set of hypotheses about the relationship of
- Input and output
- Cause and effect
- Transformation processes
- Modeling and planning
Q10 | Scorecard facilitates the strategy review essential for
- Strategic learning
- Strategic plan
- Strategic domain
- Strategic model
Q11 | A business strategy should be viewed as a set of
- Domain
- Models
- Hypothesis
- Procedures
Q12 | A sustained or sustainable competitive advantage requires that:
- the value creating strategy be in a formulation stage.
- competitors implement the strategy.
- other companies not be able to duplicate the strategy.
- average returns be earned by the company.
Q13 | The strategic management process is:
- a set of activities that is guaranteed to prevent organizational failure.
- a process concerned with a firm's resources, capabilities, and competencies, but not the conditions in its external environment.
- a set of activities that to date have not been used successfully in the notfor-profit sector.
- a dynamic process involving the full set of commitments, decisions, and actions related to the firm.
Q14 | Which of the following is NOT an assumption of the Industrial Organization, or I/O,model?
- Organizational decision makers are rational and committed to acting in the firm's best interests.
- Resources to implement strategies are not highly mobile across firms.
- The external environment is assumed to impose pressures and constraints that determine the strategies that result in superior performance.
- Firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources.
Q15 | Which of the following is NOT an assumption of the resource-based model?
- Each firm is a unique collection of resources and capabilities.
- All firms possess the same strategically relevant resources.
- Resources are not highly mobile across firms.
- Firms acquire different resources and capabilities over time.
Q16 | In contrast to the industrial organization model, in a resource-based model, which of thefollowing factors would be considered a key to organizational success?
- unique market niche.
- weak competition.
- economies of scale.
- loyal employees.
Q17 | The resource-based model of the firm argues that:
- all resources have the potential to be the basis of sustained competitive advantage.
- resources are not a source of potential competitive advantage.
- the key to competitive success is the structure of the industry in which the firm competes.
- resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies.
Q18 | Strategic mission:
- is a statement of a firm's unique purpose and scope of operations.
- is an internally-focused affirmation of the organization's societal and ethical goals.
- does not limit the firm by specifying the industry in which the firm intends to compete.
- is developed by a firm before the firm develops its strategic intent.
Q19 | The environment is composed of elements in the broader society that can influence an industry and the firms within it.
- general
- competitor
- sociocultural
- industry
Q20 | The environmental segments that comprise the general environment typically will NOTinclude:
- demographic factors.
- sociocultural factors.
- substitute products or services.
- technological factors.
Q21 | The economic environment refers to:
- the nature and direction of the economy in which a firm competes or may compete.
- the economic outlook of the world provided by the World Bank.
- an analysis of how the environmental movement and world economy interact.
- an analysis of how new environmental regulations will affect our economy.
Q22 | An industry is defined as:
- a group of firms producing the same item.
- firms producing items that sell through the same distribution channels.
- firms that have the same seven-digit standard industrial code.
- a group of firms producing products that are close substitutes.
Q23 | An integrated and coordinated set of commitments and actions designed to exploitcore competencies and gain a competitive advantage in a specific product market is a definition of:
- business strategy.
- core competencies.
- sustained competitive advantage.
- strategic mission.
Q24 | Business-level strategies are concerned specifically with:
- creating differences between the firm's position and its rivals.
- the industries in which the firm will compete.
- how functional areas will be organized within the firm.
- how a business with multiple physical locations will operate one of those locations.
Q25 | A cost leadership strategy provides goods or services with features that are:
- acceptable to customers.
- unique to the customer.
- highly valued by the customer.
- able to meet unique needs of the customer