MGT 498: Strategic Management UPDATED
ACTUAL Exam Questions and CORRECT
Answers
In what way does the strategic alliance between GM and Lyft allow GM to hedge against
uncertainty? - CORRECT ANSWER -It gives GM access to the market of the future, in
which private car ownership model is likely to shift in favor of fleet ownership and management.
Strategists can grow their firms by growing organically through internal development or
externally through alliances and Blank______. - CORRECT ANSWER -acquisitions
A conceptual model that helps strategists choose between seeking internal development, entering
into an alliance, or acquiring new resources, capabilities, and competencies is called the
"Blank______ framework." - CORRECT ANSWER -Build-Borrow-Buy
A voluntary arrangement between firms to share knowledge, resources, and capabilities to
develop products, processes, or services is known as a Blank______. - CORRECT
ANSWER -strategic alliance
One reason why a firm might enter into a strategic alliance is to Blank______. - CORRECT
ANSWER -hedge against uncertainty
How does Lyft benefit from its strategic alliances with GM and Waymo? - CORRECT
ANSWER -It allows Lyft to more effectively compete against Uber.
Drag each definition to the alliance type it describes.
non-equity alliance
equity alliance
joint venture - CORRECT ANSWER -non-equity alliance: partnership based on contracts
between firms
, equity alliance: partnership in which at least one partner takes partial ownership in the other
joint venture: standalone organization created and owned by two or more parent companies
Select all that apply
What are three options used by executives to drive firm growth? - CORRECT ANSWER -
alliances
acquisitions
organic growth
The most common type of alliance is a(n) Blank______. - CORRECT ANSWER -non-
equity alliance
Select all that apply
Which of the following are the three choices in the Build-Borrow-Buy framework? - CORRECT
ANSWER -acquisition of new resources
strategic alliances
internal development
Select all that apply
Which statements correctly describe the advantages commonly possessed by firms in licensing
agreements? - CORRECT ANSWER -Established firms typically have an innovation
advantage.
Startups often possess an invention advantage.
ACTUAL Exam Questions and CORRECT
Answers
In what way does the strategic alliance between GM and Lyft allow GM to hedge against
uncertainty? - CORRECT ANSWER -It gives GM access to the market of the future, in
which private car ownership model is likely to shift in favor of fleet ownership and management.
Strategists can grow their firms by growing organically through internal development or
externally through alliances and Blank______. - CORRECT ANSWER -acquisitions
A conceptual model that helps strategists choose between seeking internal development, entering
into an alliance, or acquiring new resources, capabilities, and competencies is called the
"Blank______ framework." - CORRECT ANSWER -Build-Borrow-Buy
A voluntary arrangement between firms to share knowledge, resources, and capabilities to
develop products, processes, or services is known as a Blank______. - CORRECT
ANSWER -strategic alliance
One reason why a firm might enter into a strategic alliance is to Blank______. - CORRECT
ANSWER -hedge against uncertainty
How does Lyft benefit from its strategic alliances with GM and Waymo? - CORRECT
ANSWER -It allows Lyft to more effectively compete against Uber.
Drag each definition to the alliance type it describes.
non-equity alliance
equity alliance
joint venture - CORRECT ANSWER -non-equity alliance: partnership based on contracts
between firms
, equity alliance: partnership in which at least one partner takes partial ownership in the other
joint venture: standalone organization created and owned by two or more parent companies
Select all that apply
What are three options used by executives to drive firm growth? - CORRECT ANSWER -
alliances
acquisitions
organic growth
The most common type of alliance is a(n) Blank______. - CORRECT ANSWER -non-
equity alliance
Select all that apply
Which of the following are the three choices in the Build-Borrow-Buy framework? - CORRECT
ANSWER -acquisition of new resources
strategic alliances
internal development
Select all that apply
Which statements correctly describe the advantages commonly possessed by firms in licensing
agreements? - CORRECT ANSWER -Established firms typically have an innovation
advantage.
Startups often possess an invention advantage.
