Question 1

A farsighted strategy for the ____ dimension involves heavy emphasis on developing new products and services and on innovations in production, marketing, and human resource management.

Accepted Answer

A)  competitive advantage 
B)  organizational structure 
C)  research and development 
D)  human resources 
E)  problem-solving

Question 2

Strategic management =

Accepted Answer

A)  operational planning + intermediate planning + strategic planning 
B)  strategic planning + implementation + control 
C)  top-management commitment + results 
D)  resources + opportunities + results 
E)  strategic planning

Question 3

____ are the two key variables in Porter's generic competitive strategies model.

Accepted Answer

A)  Resources and markets 
B)  Primary markets and secondary markets 
C)  Time and cost 
D)  Cost and volume 
E)  Competitive advantage and competitive scope

Question 4

What does synergy refer to?

Accepted Answer

A)  The 1 + 1 = 2 effect 
B)  Situational analysis 
C)  The additive effect 
D)  The 1 + 1 = 3 effect 
E)  Subjective forecasting

Question 5

Today, speed is considered an important strategic competitive advantage.

Accepted Answer

A) True 
 B)False

Question 6

Synergy has been called the "2 + 1 = 3 effect."

Accepted Answer

A) True 
 B)False

Question 7

Which one of these is a major limitation of off-the-shelf or "canned" surveys?

Accepted Answer

A)  Ask unnecessary questions 
B)  Almost impossible to score 
C)  Too hard to understand 
D)  Most expensive type of survey 
E)  Difficult to administer

Question 8

How does the ecosystem concept apply to business? What is its major contribution to modern strategic thinking?

Accepted Answer

The answer of How does the ecosystem concept apply to...

Question 9

Amazon.com's founder, Jeff Bezo's credits ___________ for his company's strength during the Great Recession.

Accepted Answer

A)  closing half their brick and mortar store locations 
B)  strategic farsightedness (long-term thinking) 
C)  strategic shortsightedness (short-term thinking) 
D)  selling to Google 
E)  borrowing money

Question 10

____ means that the Web site draws the same customer back again and again.

Accepted Answer

A)  Hits 
B)  Clicks 
C)  Stickiness 
D)  Glue 
E)  Cannibalism

Question 11

Managers pursuing the ____ strategy have an overriding concern for keeping costs and prices lower than those of competitors.

Accepted Answer

A)  differentiation 
B)  economies of scale 
C)  economies of scope 
D)  cost focus 
E)  cost leadership

Question 12

When Apple allowed developers of iPhone and iPad apps to write programs for both Apple and Android they demonstrated __________________.

Accepted Answer

A)  social media strategies 
B)  strategic cooperation within a business ecosystem 
C)  no regard for branding and customer loyalty 
D)  a grand strategy 
E)  shortsighted forecasting

Question 13

_______ is an excellent example of company that has been in business for nearly a century, yet they have changed with the times and leveraged the internet to remain competitive.

Accepted Answer

A)  Wal-Mart 
B)  Amazon.com 
C)  L.L. Bean 
D)  E-bay 
E)  Google

Question 14

Valerie is a strategist at Health One Credit Union, and she wants to know how events would unfold if the company merged with another credit union. Which type of scenario analysis should you recommend?

Accepted Answer

A)  Progressive 
B)  Evolutionary 
C)  Exponential 
D)  Longitudinal 
E)  Economic

Question 15

As a result of the fast-paced changes occurring in the external environment, forecasting techniques have become obsolete in helping managers cope with uncertainty about the future.

Accepted Answer

A) True 
 B)False

Question 16

There should be a clear distinction between those who plan and those who implement plans.

Accepted Answer

A) True 
 B)False

Question 17

All of these are basic Internet business models except

Accepted Answer

A)  commission-based. 
B)  fee-for-service-based. 
C)  mark-up-based. 
D)  advertising-based. 
E)  word-of-mouth-based.

Question 18

____________ helps explain why consumers are willing to pay more for branded products such as UnderArmour athletic gear, Apple iPhones, and Lexus motor vehicles.

Accepted Answer

A)  Cost leadership strategy 
B)  Synergy 
C)  Cost focus 
D)  Differentiation 
E)  e-business

Question 19

According to research evidence, what kind of impact does strategic planning have on business performance?

Accepted Answer

A)  Inconclusive 
B)  Neutral 
C)  Positive 
D)  Negative 
E)  Marginal

Question 20

Which of these refers to a general explanation of how the organization's mission is to be accomplished?

Accepted Answer

A)  Niche 
B)  Mission statement 
C)  Grand strategy 
D)  Stakeholder audit 
E)  Capability profile

Exam 7: Strategic Management: Planning for Long-Term Success

A farsighted strategy for the ____ dimension involves heavy emphasis on developing new products and services and on innovations in production, marketing, and human resource management.

Strategic management =

____ are the two key variables in Porter's generic competitive strategies model.

What does synergy refer to?

Today, speed is considered an important strategic competitive advantage.

Synergy has been called the "2 + 1 = 3 effect."

Which one of these is a major limitation of off-the-shelf or "canned" surveys?

How does the ecosystem concept apply to business? What is its major contribution to modern strategic thinking?

Amazon.com's founder, Jeff Bezo's credits ___________ for his company's strength during the Great Recession.

____ means that the Web site draws the same customer back again and again.

Managers pursuing the ____ strategy have an overriding concern for keeping costs and prices lower than those of competitors.

When Apple allowed developers of iPhone and iPad apps to write programs for both Apple and Android they demonstrated __________________.

_______ is an excellent example of company that has been in business for nearly a century, yet they have changed with the times and leveraged the internet to remain competitive.

Valerie is a strategist at Health One Credit Union, and she wants to know how events would unfold if the company merged with another credit union. Which type of scenario analysis should you recommend?

As a result of the fast-paced changes occurring in the external environment, forecasting techniques have become obsolete in helping managers cope with uncertainty about the future.

There should be a clear distinction between those who plan and those who implement plans.

All of these are basic Internet business models except

____________ helps explain why consumers are willing to pay more for branded products such as UnderArmour athletic gear, Apple iPhones, and Lexus motor vehicles.

According to research evidence, what kind of impact does strategic planning have on business performance?

Which of these refers to a general explanation of how the organization's mission is to be accomplished?