Practice+Final+Exam+with+Answers 2022
ECON 136 Business Strategy Final Exam
Name: ID#
(Each answer is worth 1 point)
1. Which of the following is NOT one of the managerial considerations in determining how to compete
successfully?
a. How can a company attract, keep, and please customers?
b. How can the company modify its entire product line to emphasize their internal service attributes?
c. How should the company respond to changing economic and market conditions?
d. How should the company be competitive against rivals?
e. How should the company position itself in the marketplace?
2. A company's strategy concerns:
a. the market focus and plans for offering a more appealing product than rivals.
b. how it plans to make money in its chosen business.
c. management's action plan for outperforming competitors and achieving superior profitability.
d. the long-term direction that management believes the company should pursue.
e. whether it is employing an aggressive offense to gain market share or a conservative defense to protect its
market position.
3. A company's strategy consists of the action plan management is taking to:
a. grow the business, stake out a market position, attract and please customers, compete successfully,
conduct operations, and achieve performance objectives.
b. compete against rivals and establish a sustainable competitive advantage.
c. make its product offering more distinctive and appealing to buyers.
d. develop a more appealing business model than rivals.
e. identify its strategic vision, its strategic objectives, and its strategic intent.
4. The objectives of a well-crafted strategy require management to strive to:
a. match rival businesses products and quality dimensions in the marketplace.
b. build profits for short-term success.
c. realign the market to provoke change in rival companies.
d. develop lasting success that can support growth and secure the company's future over the long term.
e. re-create their business models regularly.
5. Which of the following is NOT something a company's strategy is concerned with?
a. Management's choices about how to attract and please customers.
b. Management's choices about how quickly and closely to copy the strategies being used by successful
rival companies.
c. Management's choices about how to grow the business.
d. Management's choices about how to compete successfully.
e. Management's action plan for conducting operations and improving the company's financial and market
performance.
6. Which of the following is NOT a primary focus of a company's strategy?
a. How to attract and please customers.
b. How best to respond to changing economic and market conditions.
c. How to achieve above-average gains in the company's stock price and thereby meet or beat
shareholder expectations.
d. How to compete successfully.
e. How to grow the business.
7. A company's strategies stand a better chance of succeeding when:
a. it is developed through a collaborative process involving all managers and staff from all levels of the
organization.
b. managers employ conservative strategic moves based on past experience and form an underlying basis of
control.
c. it is predicated on competitive moves aimed at appealing to buyers in ways that set the company apart
from rivals.
d. managers copy the strategic moves of successful companies in its industry.
,Practice+Final+Exam+with+Answers 2022
e. managers focus on meeting or beating shareholder expectations.
,Practice+Final+Exam+with+Answers 2022
8. In crafting a company's strategy:
a. management's biggest challenge is how closely to mimic the strategies of successful companies in the
industry.
b. managers have comparatively little freedom in choosing the "hows" of strategy.
c. managers are wise not to decide on concrete courses of action in order to preserve maximum strategic
flexibility.
d. managers need to come up with a sustainable competitive advantage that draws in customers and
produces a competitive edge over rivals.
e. managers are well-advised to be risk-averse and develop a "conservative" strategy—"dare-to-be-different"
strategies rarely are successful.
9. The pattern of actions and business approaches that would NOT define a company's strategy include:
a. actions to strengthen market standing and competitiveness by acquiring or merging. with other companies.
b. actions to strengthen competitiveness via strategic coalitions and partnerships.
c. actions to upgrade competitively important resources and capabilities.
d. actions to gain sales and market share with lower prices despite increased costs.
e. actions to strengthen the bargaining position of suppliers and distributors with rivals.
10. A company's strategy and its quest for competitive advantage are tightly connected because:
a. without a competitive advantage a company cannot become the industry leader.
b. without a competitive advantage a company cannot have a profitable business model.
c. crafting a strategy that yields a competitive advantage over rivals is a company's most reliable means
of achieving above-average profitability and financial performance.
d. a competitive advantage is what enables a company to achieve its strategic objectives.
e. how a company goes about trying to please customers and outcompete rivals is what enables senior managers
to choose an appropriate strategic vision for the company.
11. Which of the following is NOT a frequently used strategic approach to setting a company apart from rivals
and achieving a sustainable competitive advantage?
a. Striving to be the industry's low-cost provider, thereby aiming for a cost-based competitive advantage.
b. Outcompeting rivals on the basis of such differentiating features as higher quality, wider product selection,
added performance, better service, more attractive styling, technological superiority, or unusually good value
for the money.
c. Striving to be more profitable than rivals and aiming for a competitive edge based on bigger profit
margins.
d. Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of
satisfying the needs and tastes of buyers comprising the niche.
e. Developing an advantage based on offering more value for the money.
12. One of the frequently used successful and dependable strategic approaches is:
a. to come up with a distinctive element that builds strong customer loyalty and yields a winning
competitive edge.
b. to aggressively pursue all of the growth opportunities the company can identify.
c. to develop a product/service with more innovative performance features than what rivals are offering and to
provide customers with better after-the-sale service.
d. to come up with a business model that enables a company to earn bigger profits per unit sold than rivals.
e. to charge a lower price than rivals and thereby win sales and market share away from rivals.
13. Changing circumstances and ongoing managerial efforts to improve the strategy:
a. account for why a company's strategy evolves over time.
b. explain why a company's strategic vision undergoes almost constant change.
c. make it very difficult for a company to have concrete strategic objectives.
d. make it very hard to know what a company's strategy really is.
e. All of these.
14. Strategy is about competing differently than rivals, thus strategy success is about:
a. the sources of sustained advantages and superior profitability.
b. those emergent, unplanned, reactive, and adaptive strategies that are more appropriate than deliberate or
intended ones that drive the realized strategy.
, Practice+Final+Exam+with+Answers 2022
c. matching internal resources and capabilities to the industry environment.
d. keeping the firm current with the rapid pace of change in the industry.
e. All of these.
ECON 136 Business Strategy Final Exam
Name: ID#
(Each answer is worth 1 point)
1. Which of the following is NOT one of the managerial considerations in determining how to compete
successfully?
a. How can a company attract, keep, and please customers?
b. How can the company modify its entire product line to emphasize their internal service attributes?
c. How should the company respond to changing economic and market conditions?
d. How should the company be competitive against rivals?
e. How should the company position itself in the marketplace?
2. A company's strategy concerns:
a. the market focus and plans for offering a more appealing product than rivals.
b. how it plans to make money in its chosen business.
c. management's action plan for outperforming competitors and achieving superior profitability.
d. the long-term direction that management believes the company should pursue.
e. whether it is employing an aggressive offense to gain market share or a conservative defense to protect its
market position.
3. A company's strategy consists of the action plan management is taking to:
a. grow the business, stake out a market position, attract and please customers, compete successfully,
conduct operations, and achieve performance objectives.
b. compete against rivals and establish a sustainable competitive advantage.
c. make its product offering more distinctive and appealing to buyers.
d. develop a more appealing business model than rivals.
e. identify its strategic vision, its strategic objectives, and its strategic intent.
4. The objectives of a well-crafted strategy require management to strive to:
a. match rival businesses products and quality dimensions in the marketplace.
b. build profits for short-term success.
c. realign the market to provoke change in rival companies.
d. develop lasting success that can support growth and secure the company's future over the long term.
e. re-create their business models regularly.
5. Which of the following is NOT something a company's strategy is concerned with?
a. Management's choices about how to attract and please customers.
b. Management's choices about how quickly and closely to copy the strategies being used by successful
rival companies.
c. Management's choices about how to grow the business.
d. Management's choices about how to compete successfully.
e. Management's action plan for conducting operations and improving the company's financial and market
performance.
6. Which of the following is NOT a primary focus of a company's strategy?
a. How to attract and please customers.
b. How best to respond to changing economic and market conditions.
c. How to achieve above-average gains in the company's stock price and thereby meet or beat
shareholder expectations.
d. How to compete successfully.
e. How to grow the business.
7. A company's strategies stand a better chance of succeeding when:
a. it is developed through a collaborative process involving all managers and staff from all levels of the
organization.
b. managers employ conservative strategic moves based on past experience and form an underlying basis of
control.
c. it is predicated on competitive moves aimed at appealing to buyers in ways that set the company apart
from rivals.
d. managers copy the strategic moves of successful companies in its industry.
,Practice+Final+Exam+with+Answers 2022
e. managers focus on meeting or beating shareholder expectations.
,Practice+Final+Exam+with+Answers 2022
8. In crafting a company's strategy:
a. management's biggest challenge is how closely to mimic the strategies of successful companies in the
industry.
b. managers have comparatively little freedom in choosing the "hows" of strategy.
c. managers are wise not to decide on concrete courses of action in order to preserve maximum strategic
flexibility.
d. managers need to come up with a sustainable competitive advantage that draws in customers and
produces a competitive edge over rivals.
e. managers are well-advised to be risk-averse and develop a "conservative" strategy—"dare-to-be-different"
strategies rarely are successful.
9. The pattern of actions and business approaches that would NOT define a company's strategy include:
a. actions to strengthen market standing and competitiveness by acquiring or merging. with other companies.
b. actions to strengthen competitiveness via strategic coalitions and partnerships.
c. actions to upgrade competitively important resources and capabilities.
d. actions to gain sales and market share with lower prices despite increased costs.
e. actions to strengthen the bargaining position of suppliers and distributors with rivals.
10. A company's strategy and its quest for competitive advantage are tightly connected because:
a. without a competitive advantage a company cannot become the industry leader.
b. without a competitive advantage a company cannot have a profitable business model.
c. crafting a strategy that yields a competitive advantage over rivals is a company's most reliable means
of achieving above-average profitability and financial performance.
d. a competitive advantage is what enables a company to achieve its strategic objectives.
e. how a company goes about trying to please customers and outcompete rivals is what enables senior managers
to choose an appropriate strategic vision for the company.
11. Which of the following is NOT a frequently used strategic approach to setting a company apart from rivals
and achieving a sustainable competitive advantage?
a. Striving to be the industry's low-cost provider, thereby aiming for a cost-based competitive advantage.
b. Outcompeting rivals on the basis of such differentiating features as higher quality, wider product selection,
added performance, better service, more attractive styling, technological superiority, or unusually good value
for the money.
c. Striving to be more profitable than rivals and aiming for a competitive edge based on bigger profit
margins.
d. Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of
satisfying the needs and tastes of buyers comprising the niche.
e. Developing an advantage based on offering more value for the money.
12. One of the frequently used successful and dependable strategic approaches is:
a. to come up with a distinctive element that builds strong customer loyalty and yields a winning
competitive edge.
b. to aggressively pursue all of the growth opportunities the company can identify.
c. to develop a product/service with more innovative performance features than what rivals are offering and to
provide customers with better after-the-sale service.
d. to come up with a business model that enables a company to earn bigger profits per unit sold than rivals.
e. to charge a lower price than rivals and thereby win sales and market share away from rivals.
13. Changing circumstances and ongoing managerial efforts to improve the strategy:
a. account for why a company's strategy evolves over time.
b. explain why a company's strategic vision undergoes almost constant change.
c. make it very difficult for a company to have concrete strategic objectives.
d. make it very hard to know what a company's strategy really is.
e. All of these.
14. Strategy is about competing differently than rivals, thus strategy success is about:
a. the sources of sustained advantages and superior profitability.
b. those emergent, unplanned, reactive, and adaptive strategies that are more appropriate than deliberate or
intended ones that drive the realized strategy.
, Practice+Final+Exam+with+Answers 2022
c. matching internal resources and capabilities to the industry environment.
d. keeping the firm current with the rapid pace of change in the industry.
e. All of these.
