SM FINAL EXAM REVIEW
(COMBINATION OF ALL
EXAMS TO REVIEW FOR
FINAL) QUESTIONS &
ANSWERS RATED 100%
CORRECT!!
SM
Evatee 8/22/24 SM
,SM FINAL EXAM REVIEW (COMBINATION OF
ALL EXAMS TO REVIEW FOR FINAL)
QUESTIONS & ANSWERS RATED 100%
CORRECT!!
What question does the study of strategic management answer?
A)
"How does the econon my affect businesses?"
B)
"Why do some firms out perform other firms?"
C)
"How do I make money with a business?'
D)
"What do my customers want?" Answer - Answer: B) "Why do some firms out
perform other firms"
Economies of ____________ refer to a cost advantage that is created when a
firm can produce a good or service at a lower per unit price due to producing
the good or service in large quantities.
A)demand
B)brand
C)scope
D)scale
E)integration Answer - Answer: D) Scale
,A(n) ___________ strategy is the strategy that an organization actually follows.
A)marked
B)arranged
C)realized
D)emergent
E)established Answer - Answer: C)Realized
Which of the following is NOT part of the Strategic Management Process?
A)
Strategy Concentration
B)
Strategy Evaluation
C)
Strategy Formulation
D)
Environmental Scanning
E)
Strategy Implementation Answer - Answer: a) strategy concentration
Strategic Management is important for nonprofit enterprises as well as
business seeking a profit.
A) True
B) False Answer - Answer: A) True
Which statement is NOT part of Abell's framework for defining a business?
A)
, What is being satisfied?
B)
Who is being satisfied?
C)
Where are customers being satisfied
D)
How are customer needs being satisfied? Answer - Answer: C) Where are
customers being satisfied
As a test of a winning strategy, the Goodness of Fit Test answers which
question?
A)
Does strategy boost firm performance based on the business model?
B)
Does the strategy lead to a sustainable competitive advantage?
C)
How well does strategy fit the firm's situation?
D)
How am I managing my cost structure? Answer - Answer: C) How well does
strategy fit the firm's situation?
A strategic decision is consequential if it:
A)
involves using intuition to make decisions.
B)
sets direction for decisions at lower levels in organization and future actions.
C)
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