Ch. 5 Quiz Answers

question

strategy formulation answers the question:
answer

what should be our strategy?
question

a firms strategy includes which of the following?
answer

captures how vision and mission will be achieved
question

Characteristics of MBO include
answer

systematic and organized approach
question

examples of business strategy includes all of the following EXCEPT
answer

looking at the organization as a portfolio
question

goals and objectives serve to accomplish all of the following EXCEPT:
answer

align goals with objectives
question

This is essentially about understanding choices organizations make in order to achieve specific goals and objectives to fulfill a firm’s mission and vision:
answer

strategic management
question

superiority in competitive advantage refers to all of the following factors EXCEPT:
answer

Low cost
question

for a differentiation strategy to be effective, the product difference should NOT be based on:
answer

Price
question

Straddling strategies as an approach to strategic management is not recommended for which reason:
answer

it is an indication that the firm’s managers have not made necessary choices about the business and its strategy.
question

Using Porter’s analysis, firms are likely to generate higher profits if the industry includes which of the following?
answer

Difficult to enter
question

Strategic Management process is the coordinated means by which an organization chooses its mission and vision
answer

FALSE
question

Not all organizations need to survive and thrive
answer

FALSE
question

One approach to focusing is to service either industrial buyers or consumers, but not both
answer

TRUE
question

A cost-focus strategy is a low-cost, narrowly focused market strategy.
answer

TRUE
question

A firm that possesses a valuable and rare resource will not gain a competitive advantage unless it can actually put that resource to effective use
answer

TRUE

Get instant access to
all materials

Become a Member