Question 1

All of the following are assumptions of the resource-based model EXCEPT:

Accepted Answer

A)  firms acquire different resources and develop unique capabilities based on how they combine and use resources. 
B)  firms' performances across time are due primarily to their unique resources and capabilities rather than the industry's structural characteristics. 
C)  resources and capabilities are highly mobile across firms. 
D)  differences in resources and capabilities are the basis of competitive advantage. 
A)  firms acquire different resources and develop unique capabilities based on how they combine and use resources. 
B)  firms' performances across time are due primarily to their unique resources and capabilities rather than the industry's structural characteristics. 
C)  resources and capabilities are highly mobile across firms. 
D)  differences in resources and capabilities are the basis of competitive advantage.

Question 2

The local government with whom a firm interacts, the people who buy its products, and the contractors who supply raw materials are all part of a firm's capital market stakeholders.

Accepted Answer

A) True 
 B)False

Question 3

In the resource-based model, which of the following factors would be considered a key to organizational success?

Accepted Answer

A)  Unique market niche 
B)  Weak competition 
C)  Economies of scale 
D)  Skilled employees 
A)  Unique market niche 
B)  Weak competition 
C)  Economies of scale 
D)  Skilled employees

Question 4

Strategy formulation and implementation must be simultaneously integrated for a successful strategic management process.

Accepted Answer

A) True 
 B)False

Question 5

GlenOak Corp.is conducting an analysis to determine which strategies would best enable the firm to achieve above-average returns.How might the firm best make use of the different models available to select strategies and determine how to implement them?

Accepted Answer

A)  The firm should first focus on internal factors, using a resource-based model to acquire necessary assets and skills. 
B)  The firm should first focus on external factors, using an I/O model to identify the firm's competitive advantage. 
C)  If the firm should write a vision and mission, and then use the I/O or resource-based model that best aligns with those statements. 
D)  The firm should use both the I/O model and the resource-based model to focus on factors outside and inside the firm at the same time. 
A)  The firm should first focus on internal factors, using a resource-based model to acquire necessary assets and skills. 
B)  The firm should first focus on external factors, using an I/O model to identify the firm's competitive advantage. 
C)  If the firm should write a vision and mission, and then use the I/O or resource-based model that best aligns with those statements. 
D)  The firm should use both the I/O model and the resource-based model to focus on factors outside and inside the firm at the same time.

Question 6

A firm's mission is:

Accepted Answer

A)  a statement of a firm's businesses in which it intends to compete and the customers it intends to serve. 
B)  an internally-focused affirmation of the organization's financial, social, and ethical goals. 
C)  mainly intended to emotionally inspire employees and other stakeholders. 
D)  the foundation for the firm's vision. 
A)  a statement of a firm's businesses in which it intends to compete and the customers it intends to serve. 
B)  an internally-focused affirmation of the organization's financial, social, and ethical goals. 
C)  mainly intended to emotionally inspire employees and other stakeholders. 
D)  the foundation for the firm's vision.

Question 7

Since the 1980s, the basis for competition has shifted from intangible resources to hard assets.

Accepted Answer

A) True 
 B)False

Question 8

The primary drivers of hypercompetition are __________ and __________.

Accepted Answer

A)  rising global socio-economic instability; increased inflation 
B)  the emergence of a global economy; rapid technological change 
C)  increased global competition; decreased tariffs 
D)  increased availability of capital; increased competition 
A)  rising global socio-economic instability; increased inflation 
B)  the emergence of a global economy; rapid technological change 
C)  increased global competition; decreased tariffs 
D)  increased availability of capital; increased competition

Question 9

Managers must adopt a new mind-set that values __________ and the challenges that evolve from constantly changing conditions.

Accepted Answer

A)  flexibility 
B)  innovation 
C)  speed 
D)  All of these are correct. 
A)  flexibility 
B)  innovation 
C)  speed 
D)  All of these are correct.

Question 10

The new CEO of Opacity Enterprises is determined to make the long-established firm strategically flexible.The CEO should understand that the task is not easy, largely because of inertia that can build up over time.

Accepted Answer

A) True 
 B)False

Question 11

Todd works at EnergyOne and also owns shares of stock in the company and is a member in the union there.Todd himself is a(n) __________ stakeholder; the union is a(n) __________ stakeholder.

Accepted Answer

A)  product market and organizational; organizational 
B)  capital market; capital market 
C)  capital market and organizational; product market 
D)  organizational; organizational and product market 
A)  product market and organizational; organizational 
B)  capital market; capital market 
C)  capital market and organizational; product market 
D)  organizational; organizational and product market

Question 12

Before liquidating during a bankruptcy, a company will take several actions to try to satisfy its __________ stakeholders.

Accepted Answer

A)  capital market 
B)  product market 
C)  organizational 
D)  governmental 
A)  capital market 
B)  product market 
C)  organizational 
D)  governmental

All of the following are assumptions of the resource-based model EXCEPT:

The local government with whom a firm interacts, the people who buy its products, and the contractors who supply raw materials are all part of a firm's capital market stakeholders.

In the resource-based model, which of the following factors would be considered a key to organizational success?

Strategy formulation and implementation must be simultaneously integrated for a successful strategic management process.

GlenOak Corp.is conducting an analysis to determine which strategies would best enable the firm to achieve above-average returns.How might the firm best make use of the different models available to select strategies and determine how to implement them?

A firm's mission is:

Since the 1980s, the basis for competition has shifted from intangible resources to hard assets.

The primary drivers of hypercompetition are and .

Managers must adopt a new mind-set that values __________ and the challenges that evolve from constantly changing conditions.

The new CEO of Opacity Enterprises is determined to make the long-established firm strategically flexible.The CEO should understand that the task is not easy, largely because of inertia that can build up over time.

Todd works at EnergyOne and also owns shares of stock in the company and is a member in the union there.Todd himself is a(n) stakeholder; the union is a(n) stakeholder.

Before liquidating during a bankruptcy, a company will take several actions to try to satisfy its __________ stakeholders.

The External Environment: Opportunities, Threats, Industry Competition, and Competitor Analysis

The Internal Organization: Resources, Capabilities, Core Competencies, and Competitive Advantages

Business-Level Strategy

Competitive Rivalry and Competitive Dynamics

Corporate-Level Strategy

Merger and Acquisition Strategies

International Strategy

Cooperative Strategy

Corporate Governance

Organizational Structure and Controls

Strategic Leadership

Strategic Entrepreneurship

Filters

Exam 1: Strategic Management and Strategic Competitiveness

All of the following are assumptions of the resource-based model EXCEPT:

The local government with whom a firm interacts, the people who buy its products, and the contractors who supply raw materials are all part of a firm's capital market stakeholders.

In the resource-based model, which of the following factors would be considered a key to organizational success?

Strategy formulation and implementation must be simultaneously integrated for a successful strategic management process.

GlenOak Corp.is conducting an analysis to determine which strategies would best enable the firm to achieve above-average returns.How might the firm best make use of the different models available to select strategies and determine how to implement them?

A firm's mission is:

Since the 1980s, the basis for competition has shifted from intangible resources to hard assets.

The primary drivers of hypercompetition are __________ and __________.

Managers must adopt a new mind-set that values __________ and the challenges that evolve from constantly changing conditions.

The new CEO of Opacity Enterprises is determined to make the long-established firm strategically flexible.The CEO should understand that the task is not easy, largely because of inertia that can build up over time.

Todd works at EnergyOne and also owns shares of stock in the company and is a member in the union there.Todd himself is a(n) __________ stakeholder; the union is a(n) __________ stakeholder.

Before liquidating during a bankruptcy, a company will take several actions to try to satisfy its __________ stakeholders.

The External Environment: Opportunities, Threats, Industry Competition, and Competitor Analysis

The Internal Organization: Resources, Capabilities, Core Competencies, and Competitive Advantages

Business-Level Strategy

Competitive Rivalry and Competitive Dynamics

Corporate-Level Strategy

Merger and Acquisition Strategies

International Strategy

Cooperative Strategy

Corporate Governance

Organizational Structure and Controls

Strategic Leadership

Strategic Entrepreneurship

Filters

The primary drivers of hypercompetition are and .

Todd works at EnergyOne and also owns shares of stock in the company and is a member in the union there.Todd himself is a(n) stakeholder; the union is a(n) stakeholder.