Management ch 12

According to Resource-Based viewpoint of a firm, the competitive advantage for an organization that is derived from a mix of what two elements? A Strategic Resources and Dynamic Capabilities. B Strategic Assets and Dynamic Abilities. C Strategic Skills and Dynamic Know-how. D Strategic Proficiencies and Dynamic Wealth

A Strategic Resources and Dynamic Capabilities.

___________ are those advantages that allow for an organization to stay ahead of competitors over the long term, while ___________ are the favorable positions an organization seeks in order to attain leverage over its competitors. A Sustainable Advantages and Competitive Advantages. B Economic Advantages and Competitive Advantages. C Competitive Advantage and Sustainable Advantages. D Sustainable Advantages and Economic Advantages.

A Sustainable Advantages and Competitive Advantages.

The term "resources" is meant to include both _______and _______resources. A Tangible and Intangible B Substantial and Irrelevant C Concrete and Actual D Noticeable and Definite

A Tangible and Intangible

A firm must stay focused on its customers in order to create and sustain competitive advantage. A True B False

A true

According to the text, one of the most basic techniques for analyzing a firm and its environment is which one of the following? A SWOT Analysis. B Porter's 5-Force Model. C Strategic Process Framework. D Mintzberg's Strategic Framework.

A SWOT Analysis

According to the Resource-Based viewpoint of a firm, resources and capabilities combine to give a firm advantages over their competitors. A True B False

A true

Some theorists view strategic management as an evolving process of analysis, decision-making and action that leads to long-term competitive advantage. A True B False

A true

Strategy requires a tradeoff between effectiveness and efficiency. What is the difference between the two according to Peter Drucker? A "Efficiency is always doing the best thing, and Effectiveness is trying to be efficient." B "Effectiveness is doing the right thing, and Efficiency is doing things right." C "Efficiency is doing the right thing, and Effectiveness is doing things right." D None of the above.

B "Effectiveness is doing the right thing, and Efficiency is doing things right."

According to the BCG Matrix, ___________ have both a low market share and low growth rate. A Cash Cows B Dogs C Stars D Question Marks

B Dogs

According to Michael Porter, his Value Chain Analysis provides a quick way to identify value in organizations excluding competitors. A True B False

B False

What is the first step in the Strategic Management Process? A Strategic Statement B Mission Statement C Mission Vision D Strategic Vision

B Mission Statement

According to Henry Mintzberg, which strategy is developed due to changing external and internal circumstances? A Intended B Emergent C Realized D Developing

B emergent

Which description best describes what Geographic Diversification is? A A business expands into activities that have no clear connection to its current offerings. B A business expands its activities into product lines that are similar to its current offerings. C A business expands its activities into different regions. D The process of expanding core operations and entering into new businesses.

C A business expands its activities into different regions.

___________ is a short statement that signifies an organization's purpose and reason for being, while ___________ is a statement of the organization's long term goals and ultimate image. A Strategic Insight and Mission Statement. B Mission Statement and Strategic Statement. C Mission Statement and Strategic Vision D Strategic Statement and Mission Statement.

C Mission Statement and Strategic Vision

Which of the following is not part of the generic strategies for an organization? A Focus Strategy B Differentiation Strategy C Verification Strategy D Cost-Leadership Strategy

C Verification Strategy

Which answer best describes the process of an organization expanding their core operations and entering into new businesses? A Related Diversification B Unrelated Diversification C Diversification D Geographic Diversification

C diversification

Which category is not a quadrant in the BCG Matrix? A Question Marks B Stars C Cash Cows D Cats

D Cats

___________ are those activities intended to aid the primary functions, while ___________ are the major activities done by an organization to provide competitive advantage in its industry. A Chief Activities and Support Activities. B Prime Activities and Proof Activities. C Major Activities and Verification Activities. D Support Activities and Primary Activities.

D Support Activities and Primary Activities.

Michael Porter developed the Five-Forces Model to analyze the ___________ of a particular industry. A feasibility B weaknesses C construction D attractiveness

D Attractiveness

What is a method or plan designed to achieve a goal or objective? A Policy B Scheme C Tactic D Strategy

D strategy