,DOWNLOAD THE Test Bank for Essentials of Strategic Management The Quest for Co
k k k k k k k k k k k k
mpetitive Advantage 5th Edition Gamble
k k k k
Chapter 02 k k
Strategy Formulation, Execution, and Governance
k k k k
Multiplek Choicek Questions
1. Whichk onek of k thek following k is knotkonek ofkthek fivek stages kof kank ongoing,k continuous k strategic k
management k process?
A. f orming k ak strategic k visionk of k thek company's k f uturek directionk and k f ocus
B. setting k objectives k to k measurek progress k toward k achieving k thek strategic k vision
C. craf ting k ak strategy k to k achievek thek objectives k and k get k thek company k wherek itk wants k to k go
D. developing k ak prof itablek business k model
E. implementing kand k executing k thek chosenk strategy k ef f iciently k and k ef f ectively
2. Whichk of k thek following kis kank integralk part k of kthek managerialk process kofkcrafting k and k executing k
strategy?
A. developing k ak provenk business k model
B. setting k objectives kand kusing kthemk as kyardstickskforkmeasuring k thek company's kperf ormancek and k
progress
C. deciding k howk muchk of k thek company'sk resources kto kemploy kinkthek pursuit kofk sustainablek competitivek
advantage
D. communicating k thek company's k missionk and k purposek to k allk employees
E. deciding k onk thek compositionk of k thek company's k board k of k directors
2-1
Copyrightk©k 2017kMcGraw-HillkEducation.kAllkrights kreserved.kNo kreproductionk or kdistributionkwithoutkthekprior kwrittenkconsentk of k McGraw-
Hillk Education.
mynursytest.store
,DOWNLOAD THE Test Bank for Essentials of Strategic Management The Quest for Co
k k k k k k k k k k k k
mpetitive Advantage 5th Edition Gamble
k k k k
3. Whenk companies k adopt k thek strategy k making, k strategy k executionk process, k it k requires k they k start k by
A. developing k ak strategic k vision, k mission, k and k values.
B. developing k ak provenk business k model, kdeciding konk thek company's ktopk management k team, k and k
craf ting k ak strategy.
C. setting k objectives,k developing kak business k model, k craf ting kak strategy, kand k deciding khowk muchk ofk thek
company's k resources k to k employ k ink thek pursuit k of k sustainablek competitivek advantage.
D. coming k up k withk ak statement k of k thek company's kmissionkand k communicating k itkto kallkemployees, k
setting k objectives, kselecting kak business k model, kand k monitoring kdevelopments k and kinitiating kcor
rectivek adjustments k to k thek business k modelk whenk necessary.
E. deciding k onk thekcompany's kboard kof kdirectors, ksetting kfinancialk objectives, kcrafting kakstrategy,k and k
choosing k what k business k approaches k and k operating k practices k to k employ.
4. Thek strategic k management k process k is k shaped k by
A. management's kstrategic k vision, k strategic k and k f inancialk objectives, k and k strategy.
B. thek decisions k madek by k thek compensationk and k audit k committees k of k thek board k of k directors.
C. externalk f actors k suchk as kthek industry's keconomic kand kcompetitivekconditions kand k internalk factors k
suchk as k thek company's k collectionk of k resources k and k capabilities.
D. ak company's k customerk valuek propositionk and k prof it k f ormula.
E. actions k to k strengthenk competitivek capabilities k and kcorrect k weaknesses, k actions ktok strengthenk mar
ket k standing k and k competitiveness kby kacquiring k ork merging kwithk otherk companies, k and kactions k to k e
nterk newk geographic k ork product k markets.
5. Whenk ak company k is k confronted kwithk significant kindustry kchangek that kmandates k radicalk revisionk ofkits k
strategic k course, k thek company k is k said k to k havek encountered k a(n)
A. learning k and k growthk perspective.
B. strategic kinf lectionkpoint.
C. strategic kroadblock.
D. newk strategic k opportunity.
E. opportunity k f ork corporatek entrepreneurship.
2-2
Copyrightk©k 2017kMcGraw-HillkEducation.kAllkrights kreserved.kNo kreproductionk or kdistributionkwithoutkthekprior kwrittenkconsentk of k McGraw-
Hillk Education.
mynursytest.store
, DOWNLOAD THE Test Bank for Essentials of Strategic Management The Quest for Co
k k k k k k k k k k k k
mpetitive Advantage 5th Edition Gamble k k k k
6. Ak company's k strategic k plank consists k of
A. its k balanced k scorecard k and k its k business k model.
B. ak visionk of k wherek itk is k headed, k ak set k of k perf ormancek targets, k and k ak strategy k to k achievek them.
C. its k strategy k and k management's k specif ic, k detailed k plans k f ork implementing k it.
D. ak company's k plans k f ork improving k value-creating k internalk processes.
E. ak strategic k vision, k ak strategy, k and k ak business k model.
7. Thekstrategy-making, kstrategy-executing kprocess
A. is k usually kdelegatedk to k membersk of k ak company'skboardk of kdirectors ksok ask notk tok inf ringek onk thek timek
of k busy k executives.
B. includes k establishingk akcompany'sk mission, kdeveloping k ak businessk modelk aimed k atk makingk thek com
pany k ank industry k leader, k and k craf ting k ak strategy k to k implement k and k executek thek business k model.
C. embraces k thek taskskof k developingk akstrategick vision,k settingkobjectives,k craf tingk akstrategy,k i
mplementing k and k executingk thek strategy,k andk thenk monitoringk developmentsk and k initiatingk
correctivek adjustments k ink light k ofkexperience, k changing k conditions, k and k newk opportunities.
D. is k principally k concerned k withk sizing k up kank organization's k internalk and k externalk situation, k so kas ktok bek
prepared k f ork thek challengek of k developing k ak sound k business k model.
E. is k primarily k thek responsibility kof ktopkexecutives kand k thek board kof kdirectors;k very k f ewk managers k
belowk this k levelk arek involved.
8. Ak company's k strategic k visionk concerns
A. ak company's k directionalk pathk and k f uturekproduct-customer-market-technology k f ocus.
B. why k thek company k does k certaink things k ink trying k to k pleasek its k customers.
C. management's k story k linek of k howk itk intends k to k makek ak prof it k withk thek chosenk strategy.
D. "who k wek arek and k what k wek do."
E. what k f uturek actions k thek enterprisek willk likely kundertakek to k outmaneuverk rivals k and k achievek ak
sustainablek competitivek advantage.
2-3
Copyrightk©k 2017kMcGraw-HillkEducation.kAllkrights kreserved.kNo kreproductionk or kdistributionkwithoutkthekprior kwrittenkconsentk of k McGraw-
Hillk Education.
mynursytest.store
k k k k k k k k k k k k
mpetitive Advantage 5th Edition Gamble
k k k k
Chapter 02 k k
Strategy Formulation, Execution, and Governance
k k k k
Multiplek Choicek Questions
1. Whichk onek of k thek following k is knotkonek ofkthek fivek stages kof kank ongoing,k continuous k strategic k
management k process?
A. f orming k ak strategic k visionk of k thek company's k f uturek directionk and k f ocus
B. setting k objectives k to k measurek progress k toward k achieving k thek strategic k vision
C. craf ting k ak strategy k to k achievek thek objectives k and k get k thek company k wherek itk wants k to k go
D. developing k ak prof itablek business k model
E. implementing kand k executing k thek chosenk strategy k ef f iciently k and k ef f ectively
2. Whichk of k thek following kis kank integralk part k of kthek managerialk process kofkcrafting k and k executing k
strategy?
A. developing k ak provenk business k model
B. setting k objectives kand kusing kthemk as kyardstickskforkmeasuring k thek company's kperf ormancek and k
progress
C. deciding k howk muchk of k thek company'sk resources kto kemploy kinkthek pursuit kofk sustainablek competitivek
advantage
D. communicating k thek company's k missionk and k purposek to k allk employees
E. deciding k onk thek compositionk of k thek company's k board k of k directors
2-1
Copyrightk©k 2017kMcGraw-HillkEducation.kAllkrights kreserved.kNo kreproductionk or kdistributionkwithoutkthekprior kwrittenkconsentk of k McGraw-
Hillk Education.
mynursytest.store
,DOWNLOAD THE Test Bank for Essentials of Strategic Management The Quest for Co
k k k k k k k k k k k k
mpetitive Advantage 5th Edition Gamble
k k k k
3. Whenk companies k adopt k thek strategy k making, k strategy k executionk process, k it k requires k they k start k by
A. developing k ak strategic k vision, k mission, k and k values.
B. developing k ak provenk business k model, kdeciding konk thek company's ktopk management k team, k and k
craf ting k ak strategy.
C. setting k objectives,k developing kak business k model, k craf ting kak strategy, kand k deciding khowk muchk ofk thek
company's k resources k to k employ k ink thek pursuit k of k sustainablek competitivek advantage.
D. coming k up k withk ak statement k of k thek company's kmissionkand k communicating k itkto kallkemployees, k
setting k objectives, kselecting kak business k model, kand k monitoring kdevelopments k and kinitiating kcor
rectivek adjustments k to k thek business k modelk whenk necessary.
E. deciding k onk thekcompany's kboard kof kdirectors, ksetting kfinancialk objectives, kcrafting kakstrategy,k and k
choosing k what k business k approaches k and k operating k practices k to k employ.
4. Thek strategic k management k process k is k shaped k by
A. management's kstrategic k vision, k strategic k and k f inancialk objectives, k and k strategy.
B. thek decisions k madek by k thek compensationk and k audit k committees k of k thek board k of k directors.
C. externalk f actors k suchk as kthek industry's keconomic kand kcompetitivekconditions kand k internalk factors k
suchk as k thek company's k collectionk of k resources k and k capabilities.
D. ak company's k customerk valuek propositionk and k prof it k f ormula.
E. actions k to k strengthenk competitivek capabilities k and kcorrect k weaknesses, k actions ktok strengthenk mar
ket k standing k and k competitiveness kby kacquiring k ork merging kwithk otherk companies, k and kactions k to k e
nterk newk geographic k ork product k markets.
5. Whenk ak company k is k confronted kwithk significant kindustry kchangek that kmandates k radicalk revisionk ofkits k
strategic k course, k thek company k is k said k to k havek encountered k a(n)
A. learning k and k growthk perspective.
B. strategic kinf lectionkpoint.
C. strategic kroadblock.
D. newk strategic k opportunity.
E. opportunity k f ork corporatek entrepreneurship.
2-2
Copyrightk©k 2017kMcGraw-HillkEducation.kAllkrights kreserved.kNo kreproductionk or kdistributionkwithoutkthekprior kwrittenkconsentk of k McGraw-
Hillk Education.
mynursytest.store
, DOWNLOAD THE Test Bank for Essentials of Strategic Management The Quest for Co
k k k k k k k k k k k k
mpetitive Advantage 5th Edition Gamble k k k k
6. Ak company's k strategic k plank consists k of
A. its k balanced k scorecard k and k its k business k model.
B. ak visionk of k wherek itk is k headed, k ak set k of k perf ormancek targets, k and k ak strategy k to k achievek them.
C. its k strategy k and k management's k specif ic, k detailed k plans k f ork implementing k it.
D. ak company's k plans k f ork improving k value-creating k internalk processes.
E. ak strategic k vision, k ak strategy, k and k ak business k model.
7. Thekstrategy-making, kstrategy-executing kprocess
A. is k usually kdelegatedk to k membersk of k ak company'skboardk of kdirectors ksok ask notk tok inf ringek onk thek timek
of k busy k executives.
B. includes k establishingk akcompany'sk mission, kdeveloping k ak businessk modelk aimed k atk makingk thek com
pany k ank industry k leader, k and k craf ting k ak strategy k to k implement k and k executek thek business k model.
C. embraces k thek taskskof k developingk akstrategick vision,k settingkobjectives,k craf tingk akstrategy,k i
mplementing k and k executingk thek strategy,k andk thenk monitoringk developmentsk and k initiatingk
correctivek adjustments k ink light k ofkexperience, k changing k conditions, k and k newk opportunities.
D. is k principally k concerned k withk sizing k up kank organization's k internalk and k externalk situation, k so kas ktok bek
prepared k f ork thek challengek of k developing k ak sound k business k model.
E. is k primarily k thek responsibility kof ktopkexecutives kand k thek board kof kdirectors;k very k f ewk managers k
belowk this k levelk arek involved.
8. Ak company's k strategic k visionk concerns
A. ak company's k directionalk pathk and k f uturekproduct-customer-market-technology k f ocus.
B. why k thek company k does k certaink things k ink trying k to k pleasek its k customers.
C. management's k story k linek of k howk itk intends k to k makek ak prof it k withk thek chosenk strategy.
D. "who k wek arek and k what k wek do."
E. what k f uturek actions k thek enterprisek willk likely kundertakek to k outmaneuverk rivals k and k achievek ak
sustainablek competitivek advantage.
2-3
Copyrightk©k 2017kMcGraw-HillkEducation.kAllkrights kreserved.kNo kreproductionk or kdistributionkwithoutkthekprior kwrittenkconsentk of k McGraw-
Hillk Education.
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