Chapter 1 Strategic Management Questions with complete solution 2024/2025
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Course
ABPD
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ABPD
Chapter 1 Strategic Management Questions with complete solution 2024/2025 Chapter 1 Strategic Management- UNF Dennis Stone
In the context of a firm, capabilities refers to ________.
Select answer from the options below
A. Assets that the firm accumulates over time, such as plants, equipment, a...
Chapter 1 Strategic Management- UNF
Dennis Stone
In the context of a firm, capabilities refers to ________.
Select answer from the options below
A. Assets that the firm accumulates over time, such as plants, equipment, and
people
B. A company's primary purpose that often specifies the business in which the
firm intends to compete
C. Processes the firm develops to coordinate human activity to achieve
specific goals
D. Its focus on offering features, quality, convenience, or image that
customers cannot get from competitors - correct answer ✔c. Processes the
firm develops to coordinate human activity to achieve specific goals
Summer Inc., a departmental store, wants to provide better service to its
customers. This includes providing expertise in each type of product and
brand. In order to accomplish this, the general manager of the store suggests
that they should begin by identifying the different types of customers. By
classifying customers, into various groups, such as mothers, athletes, tech-
savvy customers and so on, the store's customer care personnel can
specialize on detailed product information. With the help of this classification,
the store is able to provide better service to each customer by offering more
brands to choose from. This scenario best illustrates ________.
A. Division dynamics
B. Group dynamics
C. Group allocation
D. Segmentation analysis - correct answer ✔D. Segmentation analysis
, Corporate strategy focuses on which of the 4 strategic choices?
A. Where to compete
B. How to implement strategy
C. How to compete
D. How to develop a unique strategy for each business unit - correct answer
✔A. Where to compete
The managers at Marker Inc., a moving company, want to formulate a plan of
action to implement their mission, "We deliver what we promise. Always." To
achieve this, the company chooses the best markets to invest in, buys state-
of-the-art transportation vehicles, employs spill and damage proof style of
packaging equipment, and develops a service-oriented mentality. This method
of conducting business earns them a reputation. This scenario is an example
of ________.
A. Evolving strategy
B. Emergent strategy
C. Accidental strategy
D. Deliberate strategy - correct answer ✔D. Deliberate strategy
The final step in a strategic management process is to ________.
A. Formalize a company's mission statement
B. Analyze customer needs and preferences
C. Implement the strategy chosen during the strategy formulation process
D. Find strategy vehicles that help a firm enter attractive markets - correct
answer ✔C. Implement the strategy chosen during the strategy formulation
process
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