Reference no: EM132192715

1. In order for the organization to thrive, the senior leadership team must look within the corporation itself to identify _______________ that are likely to determine whether a firm will be able to take advantage of opportunities while avoiding threats.

A. strategic threats

B. strategic strengths

C. strategic opportunities

D. internal strategic factors

E. Internal weakness

2. Which of the following statements correctly describes Jay Barney's VRIO framework? analysis?

A. VRIO framework of analysis is a type of analysis that proposes four questions to evaluate a? firm's competences:? Value, Resources,? Intensity, and Organization.

B. VRIO framework of analysis is a type of analysis that proposes four questions to evaluate a? firm's competences:? Value, Resources,? IFAS, and Organization.

C. VRIO framework of analysis is a type of analysis that proposes four questions to evaluate a? firm's competences:? Value, Rareness,? Industry, and Organization.

D. VRIO framework of analysis is a type of analysis that proposes four questions to evaluate a? firm's competences:? Value, Resources,? Imitability, and Organization.

E. VRIO framework of analysis is a type of analysis that proposes four questions to evaluate a? firm's competences:? Value, Rareness,? Imitability, and Organization.

3. A business model includes the key? __________________________ characteristics of a firm- how it earns revenue and makes a profit

A. strategic

B. structural and operational

C. tactical

D. sales and financial

E. structural and financial

4. A business model is usually composed of five elements. Of the? following, which is NOT among the five? elements?

A. who it serves

B. how it provides its product/service

C. what it provides'

D. how it is managed

E. how it differentiates and sustains competitive advantage

5. The simplest way to begin an analysis of a? corporation's value chain is by carefully examining its? ______________

A. traditional strategic areas for potential strengths and weaknesses.

B. non-traditional areas for potential strengths and weaknesses.

C. traditional functional areas for potential strengths and weaknesses.

D. traditional functional areas for potential opportunities and threats.

E. non-traditional functional areas for potential opportunities and threats.

6. If one of the basic structures does not easily support a strategy under? consideration, top management must decide whether the proposed strategy is feasible or whether the structure should be changed to a? __________

A. divisional structure that accommodates many product lines.

B. less complicated structure with SBUs.

C. simpler structure such as a functional structure

D. less complicated structure such as a simple structure.

E. more complicated structure such as a matrix or network.

7. Corporate culture fulfills several important functions in an organization. Of the? following, which is NOT one of those important? functions?

A. Conveys a sense of identity for employees.

B. Serves as a frame of reference for employees to use to make sense of organizational activities and to use as a guide for appropriate behavior.

C. Creates a business model that maximizes revenue potential.

D. Helps generate employee commitment to something greater than themselves.

E. Adds to the stability of the organization as a social system.

8. Once a company has crafted the elements that constitute their competitive? advantages, the implementation of that strategy begins with a? __________ grounded in those advantages that every individual in the company can use to make decisions.

A. useful, focused mission

B. useful focused tactical plan

C. focused competitive strategy

D. focused effective strategic plan

E. useful, focused value chain

9. A well-crafted mission statement has several common elements. Which of the following is NOT one of the common elements of a? well-crafted mission? statement?

A. actionable and tactical

B. measurable

C. short and memorable

D. simple and understandable

E. direction to employees

10. Which of the following statements best describes the core difference between competitive and cooperative business strategies?

A. Cooperative strategy is a temporary market opportunity; competitive strategies last over the length of the business' life.

B. Competitive strategy is developed as a part of the strategic plan; cooperative strategies are opportunistic in nature.

C. Competitive strategy is intentional and long-term; cooperative strategy is unintentional and more short-term.

D. In a competitive strategy, each entity works in its own interest; cooperative strategies can also be competitive and involve two or more entities working together to compete against others.

E. A cooperative business strategy has the ability to provide unique and superior value to the buyer in terms of product quality, special features, or after-sale services.

11. Companies or business units may form a strategic alliance for a number of reasons. Which of the following is NOT one of the primary reasons companies or business units form a strategic alliance?

A. to obtain or learn new capabilities

B. to obtain access to specific markets

C. to reduce financial risk

D. to share management and staff

E. to reduce political risk