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Strategic Management
Quiz 4
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Q.1
What must the strategic visionary leader avoid in order to ensure the prolonged success of a strategy?
Becoming blinkered by the success of one strategy to the detriment of others
Depending too heavily on colleagues
Becoming too ambitious
Being adaptable
Q.2
Which of the following best relates to market share? Market share is:
the best indicator of performance
not important
indicative of competitive advantage
subjective
Q.3
The goal of the cost leader is to:
start a price war
minimize wages
charge the lowest price
make high margins
Q.4
_________ begins with identifying the industry's dominant economic features and forming a picture of the industry landscape
Organizational analysis
Industry analysis
Environmental analysis
Competitive analysis
Q.5
Strategy creation involves three strands. Which of the following is not one of the three stands?
Planning
Vision
Entrepreneurship
Emergent strategies
Q.6
Turnaround strategies involve changes at what level of strategy?
Corporate
Functional
Competitive
All levels
Q.7
Which component of a mission statement addresses the firms distinctive competence or major competitive advantage?
Technology
Philosophy
Concern for public image
Self-concept
Q.8
Which of these characteristics best describes a customer-driven organization?
Unresponsiveness
Cost reduction
Responsiveness
Innovation
Q.9
What form of strategy formation would be expected to be found in Defender organizations?
Formal planning
Visionary
Adaptive
Incremental
Q.10
__________ is identifying opportunities and threats affecting their business
Organizational analysis
Environmental analysis
Industry analysis
Competitive analysis
Q.11
According to Press (1990), what are the four discrete philosophies upon which an organization's culture can be based?
The resource focus, the product focus, the shareholder focus and the people focus
The product focus, the shareholder focus, the people focus and the market focus
The resource focus, the shareholder focus, the people focus and the market focus
The shareholder focus, the people focus, the product focus and the market focus
Q.12
The mission statement answers which question?
What is our business?
How can we improve ourselves?
What do we want to become?
Who are our stakeholders?
Q.13
Which of the following is not one of the four key strategic elements linked to corporate objectives?
Competitive environment
Stakeholder expectations
Research and development
Organization structure
Q.14
In order for a culture to generate success, what does it need to be?
Stable and secure
Flexible and adaptive
Innovative and resourceful
Flexible and resourceful
Q.15
Explosive growth cannot be maintained indefinitely. Sooner or later, the rate of growth slow and the industry enters the
Embroynic stage
Growth stage
Shakeout stage
Maturity stage
Q.16
Who is most responsible for developing, communicating, and enforcing the code of business ethics for a firm?
Strategists
Line managers
Staff managers
All managers
Q.17
The five forces model developed by ________ has been the most commonly used analytical tool for examining competitive environment
Michnal E Porter
Lewis Charter
Barrywell
Schwiz
Q.18
What is an incremental strategy?
One that is formalized from the beginning and adhered to along the way exactly
One that evolves according to past experiences and changing circumstances
One that is formalized, but is slightly flexible if necessary
One that has the potential to open up new opportunities along the way which can be incorporated into the long term strategy
Q.19
Which of the following is a means to develop a customer commitment focus in the organization?
Introducing quality control
Activity mapping
Enhancing customer service
Image building
Q.20
The means by which long term objectives will be achieved are
mission statements
strategies
vision statements
long term goals
Q.21
By what means should an organization measure its performance?
Efficiency
Effectiveness
Economy, efficiency, and effectiveness
Efficiency and effectiveness
Q.22
In business, __________ generally refers to the fight for market share which serves the same basic customer needs
Competition
Composition
Rivalry
None of the above
Q.23
Which of the following is not one of the three elements of strategy creation?
Sales
Innovation
Planning
Leadership
Q.24
A young industry that is beginning to form is considered to be in __________ stage
Introduction
Growth
Shakeout
Maturity
Q.25
Which of the following is a source of differentiation?
Relationships with customers
Distribution
Low costs
Unreliability
Q.26
Which component of a mission statement addresses the basic beliefs, values, aspirations, and ethical priorities of the firm?
Technology
Philosophy
Concern for public image
Customers
Q.27
Effective mission statements
are usually changed every few months
are usually changed every few years
never require revision
stand the test of time and require little revision
Q.28
The vision statement answers which question?
What is our business?
How can we improve ourselves?
What do we want to become?
Who are our stakeholders?
Q.29
In the process of developing a mission statement, it is important to involve
as few managers as possible
as many managers as possible
upper-level management only
lower-level management only
Q.30
What are focus strategies?
Where a company focuses on achieving lower costs than its rivals so as to compete across a broad range of market segments
Where a company chooses to concentrate on only one market segment or a limited range of segments
When a company conducts market research through focus groups to determine how their strategy should be shaped
When a company focuses on supplying differentiated products which appeal to different market segments
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