STRATEGIC MANAGEMENT TEST BANK - CHAPTER 1: UNDERSTANDING STRATEGY

STRATEGIC MANAGEMENT TEST BANK - CHAPTER 1: UNDERSTANDING STRATEGY Strategic Management and Competitive Advantage, 6e (Barney) Chapter 1 What is Strategy and the Strategic Management Process? 1) A firm's is defined as its theory about how to gain competitive advantages. A) objective B) mission C) vision D) strategy Answer: D Diff: 1 Page Ref: 4 Learning Obj.: 1.1: Define Strategy and Describe the Strategic Management Process. AACSB: Analytical Thinking 2) A sequential set of analyses and choices that can increase the likelihood that a firm will choose a strategy that generates competitive advantages is the A) organizational change process. B) strategic management process. C) mission statement process. D) goal setting process. Answer: B Diff: 2 Page Ref: 5 Learning Obj.: 1.1: Define Strategy and Describe the Strategic Management Process. AACSB: Analytical Thinking 3) A firm's is its long-term purpose that defines both what it aspires to be in the long run and what it wants to avoid in the meantime. A) mission B) strategy C) objective D) goal Answer: A Diff: 1 Page Ref: 5 Learning Obj.: 1.1: Define Strategy and Describe the Strategic Management Process. AACSB: Analytical Thinking 4) The strategic management process begins when a firm A) determines its objectives. B) defines its mission. C) makes a strategic choice. D) implements its strategy. Answer: B