Reference no: EM133425471
Questions
1. Which of the following statements best describes the objective of 'strategic management' for a business?
A. The objective is to be the #1 firm in your industry.
B. The objective is to grow revenue
C. The objective is to achieve and sustain competitive advantage (i.e. superior performance).
D. The primary aim is the have the most innovative business model and products
2. From our general model of strategic alignment, we know that firm performance is partly a function of...
A. The ability of a firm to innovate and align their processes with the most efficient and effective technologies
B. How well a firm aligns the satisfaction of their employees with activities that will satisfy their customers.
C. The intensity of competition among rivals employing similar business models
D. How well a firm's competitive strategy addresses the demands of their competitive market
3. Which of the following best describes how strategy is different than tactics?
A. Strategy decisions are more long-term focused than tactics
B. Tactics are easier to stop or adjust than are strategic choices
C. Strategic choices are more complex and typically require larger investment of time, effort, and money than do tactical actions
D. All of the above
4. Which statement best explains the value of using the '5 Why's' method in problem-solving?
A. Each answer to the WHY questions provides the criteria and analysis to determine the optimum way to solve a problem
B. The answers to each WHY question help explain the problem and the implementation steps to solve it
C. The WHY questions probe deeper about why the outcome and each intermediate explanation is occurring so that eventually you can identify the root cause of the problem
D. Using the Five Whys helps you make decisions and solve problems more quickly
5. Which statement best explains the value of using the '5 Why's' method in problem-solving?
A. Each answer to the WHY questions provides the criteria and analysis to determine the optimum way to solve a problem
B. The answers to each WHY question help explain the problem and the implementation steps to solve it
C. The WHY questions probe deeper about why the outcome and each intermediate explanation is occurring so that eventually you can identify the root cause of the problem
D. Using the Five Whys helps you make decisions and solve problems more quickly
6. Competitive strategy is best defined by which of the following options? Competitive strategy is.....
A. ... a set of tactical actions a firm enacts in order to grow and become the best in their industry
B. ... a description of the plans and decisions a firm has made related to how they allocate resources toward achieving their goals
C. ... the set of actions a firm takes to take market share from their competition
D. ... the set of choices a firm makes about how they intend to compete and achieve competitive advantage in a specific industry
7. The source of Carlsbad Company's competitive advantage is their capability to consistently increase their operating margin year after year. What, if anything, is the problem with this statement?
A. Nothing is wrong
B. You can't say profit growth is a source of competitive advantage because it may not be unique to the company.
C. an outcome, such a profit margin, is not a source of competitive advantage
D. the linkage between a source of competitive advantage and firm performance is inadequate
E. Operating profits are resources, not a capability
8. An industry Key Success Factor (KSF) is best defined by which of the following statements?
A. KSFs describe what the #1 firm in the industry is doing or what they have that enables them to achieve the top position.
B. KSFs are the things all producers in an industry must have or do to achieve competitive advantage and superior performance.
C. KSFs are the conclusions drawn from a SWOT analysis for the industry
D. KSFs are the competitive forces of an industry that are the strongest barriers to producers achieving superior performance.
9. Why is applying the Five Forces framework useful when analyzing the quality of a firm's strategic alignment?
A. The analysis of the five forces helps identify the things producers must overcome to be successful, and from this, one can assess if their strategic choices are aligned to the demands of the competitive environment.
B. The analysis highlights threats and opportunities that can affect the quality of strategic alignment and performance.
C. The framework helps you identify the aspects of competition in an industry that are weak and can be exploited.
D. The framework concludes with specification of which parts of an industry offer the greatest opportunity for profitability and thus one can assess if a firm's resources and capabilities are sufficient to achieve success.