Test Bank Strategic Management 5th Edition by Frank
Rothaermel Chapter 1-12| 9781260261288 | All Chapters with
Answers and Rationals
The focus of strategic management is ______.
A. increasing return on investment
B. functional planning
C. the profits of the firm
D. separating all the functional areas of the business to achieve organizational success
E. the integration of all the functional areas of the business to achieve its organizational objectives -
ANSWER: E
The logical starting point for strategic management is to ______.
A. implement the plan
B. analyze metrics
C. perform a SWOT analysis
D. identify the existing vision, mission, objectives, and strategies
E. hold off-premises retreats - ANSWER: D
The strategic management process begins with______.
A. strategy implementation
B. strategic opportunity identification
C. strategy formulation
D. strategy evaluation
E. strategic planning - ANSWER: C
In which stage of the strategic management process is an organization likely to develop a mission
statement?
A. Strategic opportunity identification
B. Strategy evaluation
C. Strategy implementation
D. Strategy formulation
E. Strategic planning - ANSWER: D
,Analytical thinking and intuitive thinking ______.
A. are seldom used together
B. are typically at odds with each other
C. complement each other
D. guarantee strategic success
E. are not used in strategic planning - ANSWER: C
The strategic-management process can be described as an objective, logical, systematic approach for
making major decisions in an organization. However, it is generally recognized that ______ is essential
to making good strategic decisions.
A. ignoring intuition
B. intuition
C. ignorance
D. ignoring change
E. undisciplined intuition - ANSWER: B
Apple's financially lean position with regard to manufacturing facilities provides the firm with a
_______ over Sony, which invests heavily in manufacturing facilities.
A. competitive advantage
B. strategic advantage
C. comparative advantage
D. sustained competitive advantage
E. disadvantage - ANSWER: A
What element of strategic management answers the question "What do we want to become?"
A. A mission statement
B. A vision statement
C. Specific long-term objectives
D. Environmental scanning
E. A SWOT - ANSWER: B
One benefit of strategic planning is that it allows a firm to be _______ in shaping its own future.
A. proactive
B. passive
,C. successful
D. reactive
E. unconcerned - ANSWER: A
Three primary intrinsic benefits of strategic planning include ______.
A. less need for lower levels of planning, less need for communication, and greater commitment
B. increased return on investment, higher profits, and higher employee satisfaction
C. less need for communication, deeper understanding, and greater commitment
D. enhanced communication, greater commitment, and higher profits
E. enhanced communication, deeper understanding, and greater commitment - ANSWER: E
Some firms view planning as a waste of time because ______.
A. the process is never-ending
B. the return on investment is too low
C. no product or service is produced
D. the process is too long
E. it is not proven not be successful - ANSWER: C
Which of the following is a reason some firms do not engage in strategic planning?
A. They receive no formal training in strategic management.
B. They are being punished for not planning.
C. They know the effort of planning yields monetary rewards.
D. They understand the benefits of planning.
E. They are willing to invest time and effort. - ANSWER: A
Which of the following is a pitfall of strategic planning?
A. Involving key employees in all phases of the planning
B. Being so formal in planning that flexibility and creativity are stifled
C. Communicating the plan to employees
D. Using plans as standards for measuring performance
E. Obtaining support of the process by top managers - ANSWER: B
Which of the following is NOT a pitfall of strategic planning?
A. Not using plans as standards for measuring performance
, B. Viewing planning as unnecessary or unimportant
C. Using strategic planning to gain control over decisions and resources
D. Top managers making many intuitive decisions that conflict with the formal plan
E. Involving key employees in all phases of planning - ANSWER: E
Historically, where did strategic planning originate?
A. Game play
B. Non-profits
C. The military
D. Business
E. Greek mythology - ANSWER: C
Business strategy is based on the assumption of competition. Upon which assumption is military
strategy based?
A. Conflict
B. Collaboration
C. Comparison
D. Competition
E. Communication - ANSWER: A
One specific skill students can gain from this course is ________.
A. Formulating strategies using a SWOT analysis
B. Improving data literacy
C. Thinking officially
D. Understanding business ethics
E. Collaborating - ANSWER: A
One broad skill students can gain by taking this course is ______.
A. to develop and use value chain analysis, balance scorecards, and financial ratio analysis
B. to define and solve problems and make decisions about a particular situation
C. to develop a three-year strategic plan for any for-profit or nonprofit company or organization
D. to write and evaluate vision and mission statements
E. to use a popular corporate strategic planning Excel template - ANSWER: B
Rothaermel Chapter 1-12| 9781260261288 | All Chapters with
Answers and Rationals
The focus of strategic management is ______.
A. increasing return on investment
B. functional planning
C. the profits of the firm
D. separating all the functional areas of the business to achieve organizational success
E. the integration of all the functional areas of the business to achieve its organizational objectives -
ANSWER: E
The logical starting point for strategic management is to ______.
A. implement the plan
B. analyze metrics
C. perform a SWOT analysis
D. identify the existing vision, mission, objectives, and strategies
E. hold off-premises retreats - ANSWER: D
The strategic management process begins with______.
A. strategy implementation
B. strategic opportunity identification
C. strategy formulation
D. strategy evaluation
E. strategic planning - ANSWER: C
In which stage of the strategic management process is an organization likely to develop a mission
statement?
A. Strategic opportunity identification
B. Strategy evaluation
C. Strategy implementation
D. Strategy formulation
E. Strategic planning - ANSWER: D
,Analytical thinking and intuitive thinking ______.
A. are seldom used together
B. are typically at odds with each other
C. complement each other
D. guarantee strategic success
E. are not used in strategic planning - ANSWER: C
The strategic-management process can be described as an objective, logical, systematic approach for
making major decisions in an organization. However, it is generally recognized that ______ is essential
to making good strategic decisions.
A. ignoring intuition
B. intuition
C. ignorance
D. ignoring change
E. undisciplined intuition - ANSWER: B
Apple's financially lean position with regard to manufacturing facilities provides the firm with a
_______ over Sony, which invests heavily in manufacturing facilities.
A. competitive advantage
B. strategic advantage
C. comparative advantage
D. sustained competitive advantage
E. disadvantage - ANSWER: A
What element of strategic management answers the question "What do we want to become?"
A. A mission statement
B. A vision statement
C. Specific long-term objectives
D. Environmental scanning
E. A SWOT - ANSWER: B
One benefit of strategic planning is that it allows a firm to be _______ in shaping its own future.
A. proactive
B. passive
,C. successful
D. reactive
E. unconcerned - ANSWER: A
Three primary intrinsic benefits of strategic planning include ______.
A. less need for lower levels of planning, less need for communication, and greater commitment
B. increased return on investment, higher profits, and higher employee satisfaction
C. less need for communication, deeper understanding, and greater commitment
D. enhanced communication, greater commitment, and higher profits
E. enhanced communication, deeper understanding, and greater commitment - ANSWER: E
Some firms view planning as a waste of time because ______.
A. the process is never-ending
B. the return on investment is too low
C. no product or service is produced
D. the process is too long
E. it is not proven not be successful - ANSWER: C
Which of the following is a reason some firms do not engage in strategic planning?
A. They receive no formal training in strategic management.
B. They are being punished for not planning.
C. They know the effort of planning yields monetary rewards.
D. They understand the benefits of planning.
E. They are willing to invest time and effort. - ANSWER: A
Which of the following is a pitfall of strategic planning?
A. Involving key employees in all phases of the planning
B. Being so formal in planning that flexibility and creativity are stifled
C. Communicating the plan to employees
D. Using plans as standards for measuring performance
E. Obtaining support of the process by top managers - ANSWER: B
Which of the following is NOT a pitfall of strategic planning?
A. Not using plans as standards for measuring performance
, B. Viewing planning as unnecessary or unimportant
C. Using strategic planning to gain control over decisions and resources
D. Top managers making many intuitive decisions that conflict with the formal plan
E. Involving key employees in all phases of planning - ANSWER: E
Historically, where did strategic planning originate?
A. Game play
B. Non-profits
C. The military
D. Business
E. Greek mythology - ANSWER: C
Business strategy is based on the assumption of competition. Upon which assumption is military
strategy based?
A. Conflict
B. Collaboration
C. Comparison
D. Competition
E. Communication - ANSWER: A
One specific skill students can gain from this course is ________.
A. Formulating strategies using a SWOT analysis
B. Improving data literacy
C. Thinking officially
D. Understanding business ethics
E. Collaborating - ANSWER: A
One broad skill students can gain by taking this course is ______.
A. to develop and use value chain analysis, balance scorecards, and financial ratio analysis
B. to define and solve problems and make decisions about a particular situation
C. to develop a three-year strategic plan for any for-profit or nonprofit company or organization
D. to write and evaluate vision and mission statements
E. to use a popular corporate strategic planning Excel template - ANSWER: B
