MNGT 681 Exam 1 well answered
already passed
T/F: A firm's realized strategy is the strategy it actually follows, regardless of whether the
strategy was intended or emergent - correct answer ✔✔True
According to the textbook, the strategic management process occurs in which order? - correct
answer ✔✔Understanding strategy and performance, environmental and internal scanning,
strategy formulation, strategy implementation
________ focuses on the extent that a firm's actions over time are consistent. - correct answer
✔✔Strategy as pattern
T/F: According to Michael Porter, viewing an organization's activities as system and ensuring fit
across that system is more likely to lead to sustainable competitive advantage than focusing on
only a few key success factors. - correct answer ✔✔True
T/F: According to Michael Porter, companies should focus on growth, even when added
activities are inconsistent with the company's unique strategic position. - correct answer
✔✔False
T/F: According to Michael Porter, "fit" is a concept that can be applied to the system of an
organization's activities and has three types or orders, which are consistency between each
activity and the strategy, reinforcing activities, and optimization of effort. - correct answer
✔✔True
The textbook describes strategy as five P's, what are they? - correct answer ✔✔Plan, Ploy,
Pattern, Position, & Perspective
, T/F: According to Michael Porter, trade-offs necessitate making choices, and because of this, a
strategy is needed to add coherence to those choices. - correct answer ✔✔True
In light of the Porter reading, which of the following statements about trade-offs is NOT true? -
correct answer ✔✔In an era of increasing economic production, trade-offs are no longer
necessary.
T/F: External analysis supplies the opportunities (O) and threats (T) for SWOT analysis. - correct
answer ✔✔True
T/F: A formal strategic plan typically describes a company's emergent strategies. - correct
answer ✔✔False
According to Michael Porter, companies have essentially three sources or bases of strategic
positioning, which include: - correct answer ✔✔Variety-based positioning, needs-based
positioning, and access-based positioning.
T/F: According to Michael Porter, a company can outperform rivals only if it can establish a
difference it can preserve. - correct answer ✔✔True
T/F: Mike Tyson's statement that "Everyone has a plan until I punch them in the face" captures
the limitations of the "Strategy as Perspective" definition of strategy. - correct answer ✔✔False
T/F: According to Michael Porter, operational effectiveness is a sound strategy for reaching
superior performance. - correct answer ✔✔False
A linked set of value-creating activities beginning with basic materials provided by suppliers and
ending with distributors getting the final product into the hands of the ultimate consumer is
called a - correct answer ✔✔Value Chain
already passed
T/F: A firm's realized strategy is the strategy it actually follows, regardless of whether the
strategy was intended or emergent - correct answer ✔✔True
According to the textbook, the strategic management process occurs in which order? - correct
answer ✔✔Understanding strategy and performance, environmental and internal scanning,
strategy formulation, strategy implementation
________ focuses on the extent that a firm's actions over time are consistent. - correct answer
✔✔Strategy as pattern
T/F: According to Michael Porter, viewing an organization's activities as system and ensuring fit
across that system is more likely to lead to sustainable competitive advantage than focusing on
only a few key success factors. - correct answer ✔✔True
T/F: According to Michael Porter, companies should focus on growth, even when added
activities are inconsistent with the company's unique strategic position. - correct answer
✔✔False
T/F: According to Michael Porter, "fit" is a concept that can be applied to the system of an
organization's activities and has three types or orders, which are consistency between each
activity and the strategy, reinforcing activities, and optimization of effort. - correct answer
✔✔True
The textbook describes strategy as five P's, what are they? - correct answer ✔✔Plan, Ploy,
Pattern, Position, & Perspective
, T/F: According to Michael Porter, trade-offs necessitate making choices, and because of this, a
strategy is needed to add coherence to those choices. - correct answer ✔✔True
In light of the Porter reading, which of the following statements about trade-offs is NOT true? -
correct answer ✔✔In an era of increasing economic production, trade-offs are no longer
necessary.
T/F: External analysis supplies the opportunities (O) and threats (T) for SWOT analysis. - correct
answer ✔✔True
T/F: A formal strategic plan typically describes a company's emergent strategies. - correct
answer ✔✔False
According to Michael Porter, companies have essentially three sources or bases of strategic
positioning, which include: - correct answer ✔✔Variety-based positioning, needs-based
positioning, and access-based positioning.
T/F: According to Michael Porter, a company can outperform rivals only if it can establish a
difference it can preserve. - correct answer ✔✔True
T/F: Mike Tyson's statement that "Everyone has a plan until I punch them in the face" captures
the limitations of the "Strategy as Perspective" definition of strategy. - correct answer ✔✔False
T/F: According to Michael Porter, operational effectiveness is a sound strategy for reaching
superior performance. - correct answer ✔✔False
A linked set of value-creating activities beginning with basic materials provided by suppliers and
ending with distributors getting the final product into the hands of the ultimate consumer is
called a - correct answer ✔✔Value Chain
