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

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Chapter 02 m




m Strategy Formulation, Execution, and Governance
m m m m




Multiplem Choicem Questions



1. Whichmonemofmthemfollowingmismnotmonemofmthemfivemstagesmofmanmongoing,mcontinuousmstra
tegicmmanagementmprocess?



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


2. Whichmofmthemfollowingmismanmintegralmpartmofmthemmanagerialmprocessmofmcraftingmandmexec
utingmstrategy?



A. developingmamprovenmbusinessmmodel
B. settingmobjectivesmandmusingmthemmasmyardsticksmformmeasuringmthemcompany'smperformancem
andmprogress
C. decidingmhowmmuchmofmthemcompany'smresourcesmtomemployminmthempursuitmofmsustainablemcompet
itivemadvantage
D. communicatingmthemcompany'smmissionmandmpurposemtomallmemployees
E. decidingmonmthemcompositionmofmthemcompany'smboardmofmdirectors




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3. Whenmcompaniesmadoptmthemstrategymmaking,mstrategymexecutionmprocess,mitmrequiresmtheymstartmby



A. developingmamstrategicmvision,mmission,mandmvalues.
B. developingmamprovenmbusinessmmodel,mdecidingmonmthemcompany'smtopmmanagementmteam,m
andmcraftingmamstrategy.
C. settingmobjectives,mdevelopingmambusinessmmodel,mcraftingmamstrategy,mandmdecidingmhowmmuchmof
mthemcompany'smresourcesmtomemployminmthempursuitmofmsustainablemcompetitivemadvantage.
D. comingmupmwithmamstatementmofmthemcompany'smmissionmandmcommunicatingmitmtomallmemploy
ees,msettingmobjectives,mselectingmambusinessmmodel,mandmmonitoringmdevelopmentsmandminit
iatingmcorrectivemadjustmentsmtomthembusinessmmodelmwhenmnecessary.
E. decidingmonmthemcompany'smboardmofmdirectors,msettingmfinancialmobjectives,mcraftingmamstrategy,m
andmchoosingmwhatmbusinessmapproachesmandmoperatingmpracticesmtomemploy.


4. Themstrategicmmanagementmprocessmismshapedmby



A. management'smstrategicmvision,mstrategicmandmfinancialmobjectives,mandmstrategy.
B. themdecisionsmmadembymthemcompensationmandmauditmcommitteesmofmthemboardmofmdirectors.
C. externalmfactorsmsuchmasmthemindustry'smeconomicmandmcompetitivemconditionsmandminternalmfac
torsmsuchmasmthemcompany'smcollectionmofmresourcesmandmcapabilities.
D. amcompany'smcustomermvaluempropositionmandmprofitmformula.
E. actionsmtomstrengthenmcompetitivemcapabilitiesmandmcorrectmweaknesses,mactionsmtomstrengthenm
marketmstandingmandmcompetitivenessmbymacquiringmormmergingmwithmothermcompanies,mandmacti
onsmtomentermnewmgeographicmormproductmmarkets.


5. Whenmamcompanymismconfrontedmwithmsignificantmindustrymchangemthatmmandatesmradicalmrevisionm
ofmitsmstrategicmcourse,mthemcompanymismsaidmtomhavemencounteredma(n)



A. learningmandmgrowthmperspective.
B. strategicminflectionmpoint.
C. strategicmroadblock.
D. newmstrategicmopportunity.
E. opportunitymformcorporatementrepreneurship.




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6. Amcompany'smstrategicmplanmconsistsmof



A. itsmbalancedmscorecardmandmitsmbusinessmmodel.
B. amvisionmofmwheremitmismheaded,mamsetmofmperformancemtargets,mandmamstrategymtomachievemthem.
C. itsmstrategymandmmanagement'smspecific,mdetailedmplansmformimplementingmit.
D. amcompany'smplansmformimprovingmvalue-creatingminternalmprocesses.
E. amstrategicmvision,mamstrategy,mandmambusinessmmodel.


7. Themstrategy-making,mstrategy-executingmprocess



A. ismusuallymdelegatedmtommembersmofmamcompany'smboardmofmdirectorsmsomasmnotmtominfringemonmthe
m timemofmbusymexecutives.
B. includesmestablishingmamcompany'smmission,mdevelopingmambusinessmmodelmaimedmatmmakingmthem
companymanmindustrymleader,mandmcraftingmamstrategymtomimplementmandmexecutemthembusinessmm
odel.
C. embracesmthemtasksmofmdevelopingmamstrategicmvision,msettingmobjectives,mcraftingmamstrat
egy,mimplementingmandmexecutingmthemstrategy,mandmthenmmonitoringmdevelopmentsmandm
initiatingmcorrectivemadjustmentsminmlightmofmexperience,mchangingmconditions,mandmnewmo
pportunities.
D. ismprincipallymconcernedmwithmsizingmupmanmorganization'sminternalmandmexternalmsituation,msomasmt
ombempreparedmformthemchallengemofmdevelopingmamsoundmbusinessmmodel.
E. ismprimarilymthemresponsibilitymofmtopmexecutivesmandmthemboardmofmdirectors;mverymfewmmana
gersmbelowmthismlevelmareminvolved.


8. Amcompany'smstrategicmvisionmconcerns



A. amcompany'smdirectionalmpathmandmfuturemproduct-customer-market-technologymfocus.
B. whymthemcompanymdoesmcertainmthingsminmtryingmtompleasemitsmcustomers.
C. management'smstorymlinemofmhowmitmintendsmtommakemamprofitmwithmthemchosenmstrategy.
D. "whomwemaremandmwhatmwemdo."
E. whatmfuturemactionsmthementerprisemwillmlikelymundertakemtomoutmaneuvermrivalsmandmachie
vemamsustainablemcompetitivemadvantage.




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