som true or false

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A firm's business-level strategy answers the question "Where should we compete?"

false

A high degree of formalization streamlines the decision-making process.

false

A merger describes the purchase or takeover of one company by another.

false

An acquisition describes the joining of two independent companies to form a combined entity.

false

Assumptions have no major role in the development of strategies for an organization.

false

Competitive advantage is an absolute measure of superior firm performance.

false

Globalization has led to increased entry barriers.

false

In general, product innovation is more strategically important than process innovation while a firm is in the growth stage of the industry life cycle.

false

In order for a firm to perform well in each stage of an industry life cycle, it should consistently use the same competencies.

false

Investment in specialized assets is a huge risk of vertical integration.

false

It is unwise to initiate strategic moves such as R&D spending during an economic downturn.

false

Organizational inertia often prompts top management to initiate structural change when organizational performance levels drop.

false

Performance differences that exist between rivals within the same industry are based primarily on the external environment.

false

Stakeholders impact analysis is a tool used to quantify which specific stakeholders have the largest financial impact on the firm.

false

Strategic intent is used by firms to help define their short-term objectives

false

Strategic leadership is irrelevant when a firm pursues its goals.

false

The essential core of strategy is doing the same thing as your rivals but being more effective at it.

false

Top-down strategic planning works best in more uncertain situations because the firm hand of senior leadership is best at seeing the future.

false

Under the VRIO framework, direct imitation is a bigger threat to a firm's competitive advantage than the threat of substitution.

false

When measuring competitive advantage under the economic value creation approach, it can be easy to determine what the consumer's maximum willingness to pay will be.

false

When using accounting profitability data to assess competitive advantage, it is important to make comparisons across different industries.

false

A company's mission should be customer-oriented because this helps the firm retain flexibility in changing environments.

true

A firm must choose an appropriate international entry strategy to go global.

true

A firm that formulates and implements a strategy that leads to superior performance has competitive advantage.

true

A key component to formulating corporate-level strategy is the "make" or "buy" decisions.

true

A mission describes what an organization actually does, what its business is, and why it does it.

true

Acquisitions, alliances, and networks help firms pursue common interests, enhance competitiveness, and increase revenues.

true

An effective governance mechanism is needed to direct and control the enterprise.

true

An important question to ask when looking at differences in firm performance and competitive advantage is how to best measure these differences.

true

Corporate social responsibility (CSR) includes economic, legal, ethical, and philanthropic responsibilities.

true

Corporate-level strategy involves the decisions made and actions taken while deciding which industries and markets to pursue simultaneously.

true

Decisions about strategy and structure are interrelated.

true

Globalization has led to significant increases in corporate earnings.

true

Horizontal integration can help firms enhance differentiation.

true

Industry value chains are also called vertical value chains.

true

Intangible resources are more likely than tangible resources to help a firm create and sustain competitive advantage(s).

true

It is important to measure competitive advantage at the firm level by looking at the economic value created for all products and services offered by the firm.

true

Knowledge diffusion can make a resource less rare.

true

One assumption made under the resource-based model is that resources do not move easily from firm to firm.

true

Scientific improvements and innovations are examples of technological forces.

true

The goal of a strategic position is to create the largest gap possible between the value that a firm creates through its offerings and the cost required to create these offerings.

true

The key elements of organizational structure are specialization, centralization, formalization, and hierarchy.

true

The strategic management process describes the method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage.

true

The term strategy is meant to describe the firm's overall quest for competitive advantage.

true

Under the PESTEL framework, external economic factors that are important to a firm's strategy include deflation and levels of employment.

true

When a disruptive innovation is first introduced to the market, it is generally inferior in performance relative to what currently exists.

true

When pursuing a differentiation strategy, the focus of competition is to add unique features in order to create a level of value creation that competitors cannot easily imitate.

true

One of the benefits gained by a firm entering the international market is competitive advantage through location.

true (?)

One of the dimensions of corporate strategy is how to compete effectively in the global marketplace.

true (?)


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