Essentials of Strategic Management: The Quest for Competitive Advantage – 5th Edition | Complete Test Bank | Exam and Quiz Preparation

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Chapterm0


2mStrategymFormulation,mExecution,mandmGov


ernance



MultiplemChoicemQuestions



1. Whichmonemofmthemfollowingmismnotmonemofmthemfivemstagesmofmanmongoing,mc
ontinuousmstrategicmmanagementmprocess?



A. formingmamstrategicmvisionmofmthemcompany'smfuturemdirectionmandmfocus
B. settingmobjectivesmtommeasuremprogressmtowardmachievingmthemstrategicmvision
C. craftingmamstrategymtomachievemthemobjectivesmandmgetmthemcompanymwheremitmwantsmt
omgo
D. developingmamprofitablembusinessmmodel
E. implementingmandmexecutingmthemchosenmstrategymefficientlymandmeffectively


2. Whichmofmthemfollowingmismanmintegralmpartmofmthemmanagerialmprocessmofmcraftin
gmandmexecutingmstrategy?



A. developingmamprovenmbusinessmmodel
B. settingmobjectivesmandmusingmthemmasmyardsticksmformmeasuringmthemcompany'smper
formancemandmprogress
C. decidingmhowmmuchmofmthemcompany'smresourcesmtomemployminmthempursuitmofmsustain
ablemcompetitivemadvantage
D. communicatingmthemcompany'smmissionmandmpurposemtomallmemployees
E. decidingmonmthemcompositionmofmthemcompany'smboardmofmdirectors




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3. Whenmcompaniesmadoptmthemstrategymmaking,mstrategymexecutionmprocess,mitmrequiresmthey
mstartmby



A. developingmamstrategicmvision,mmission,mandmvalues.
B. developingmamprovenmbusinessmmodel,mdecidingmonmthemcompany'smtopmmanageme
ntmteam,mandmcraftingmamstrategy.
C. settingmobjectives,mdevelopingmambusinessmmodel,mcraftingmamstrategy,mandmdecidingmho
wmmuchmofmthemcompany'smresourcesmtomemployminmthempursuitmofmsustainablemcompe
titivemadvantage.
D. comingmupmwithmamstatementmofmthemcompany'smmissionmandmcommunicatingmitmto
mallmemployees,msettingmobjectives,mselectingmambusinessmmodel,mandmmonitoringm
developmentsmandminitiatingmcorrectivemadjustmentsmtomthembusinessmmodelmwhenm
necessary.
E. decidingmonmthemcompany'smboardmofmdirectors,msettingmfinancialmobjectives,mcraftingma
mstrategy,mandmchoosingmwhatmbusinessmapproachesmandmoperatingmpracticesmtomempl
oy.


4. Themstrategicmmanagementmprocessmismshapedmby



A. management'smstrategicmvision,mstrategicmandmfinancialmobjectives,mandmstrategy.
B. themdecisionsmmadembymthemcompensationmandmauditmcommitteesmofmthemboardmofmdire
ctors.
C. externalmfactorsmsuchmasmthemindustry'smeconomicmandmcompetitivemconditionsmandmi
nternalmfactorsmsuchmasmthemcompany'smcollectionmofmresourcesmandmcapabilities.
D. amcompany'smcustomermvaluempropositionmandmprofitmformula.
E. actionsmtomstrengthenmcompetitivemcapabilitiesmandmcorrectmweaknesses,mactionsmtomst
rengthenmmarketmstandingmandmcompetitivenessmbymacquiringmormmergingmwithmotherm
companies,mandmactionsmtomentermnewmgeographicmormproductmmarkets.


5. Whenmamcompanymismconfrontedmwithmsignificantmindustrymchangemthatmmandatesmradical
mrevisionmofmitsmstrategicmcourse,mthemcompanymismsaidmtomhavemencounteredma(n)



A. learningmandmgrowthmperspective.
B. strategicminflectionmpoint.
C. strategicmroadblock.

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Education.
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D. newmstrategicmopportunity.
E. opportunitymformcorporatementrepreneurship.




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Education.
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