Exam (elaborations)
Foundations of Strategy By Robert M.Grant - Test Bank
- Module
- Foundations of Strategy
- Institution
- Foundations Of Strategy
Complete Test Bank (with Questions Answers)
[Show more]
Content preview
, Chapter 1The Concept of Strategy
1. Strategy today is essentially a detailed plan which every member of the organization must follow
to ensure success.
@Pages and References: Page 2
a. T
*b. F
2. Strategy is in essence a long-term plan for an organisation to achieve its long-term objectives.
@Pages and References: Page 2
*a. T
b. F
3. For most firms, although good luck may play a part, success is more likely to be a result of a
soundly grounded and well executed strategy.
@Pages and References: Pages 10-12
*a. T
b. F
4. Sound strategy and implementation largely determine the probability and extent of the success of
a firm.
@Pages and References: Pages 10-12
*a. T
b. F
5. A sound strategy relies on four factors: simple and consistent goals; sound understanding of the
competitive environment; objective appraisal of resources; and effective implementation of strategic
decisions.
@Pages and References: Pages 10-12
a. T
*b. F
6. Usually, business success has been proved to rely in the end on superior resources.
@Pages and References: Pages 10-12
a. T
*b. F
7. From the military arena, tactics are about actions and techniques for winning battles, whereas
strategy is about winning the war.
@Pages and References: Pages 12-16
*a. T
b. F
8. Strategic decisions are likely to significantly affect the organisation as a whole and involve major
resource commitment.
@Pages and References: Pages 12-16
*a. T
b. F
9. Business strategy has largely evolved from the theories put forward by academics.
© 2012 John Wiley & Sons Ltd.
www.foundationsofstrategy.com
,@Pages and References: Pages 13-16
a. T
*b. F
10. Strategy in the 1950's and 1960's was dominated by top-down corporate planning and so-called
scientific management.
@Pages and References: Pages 13-16
*a. T
b. F
11. In the 1970's and 1980's, strategy evolved to be viewed more in terms of competition,
competitive advantage, market share and profit.
@Pages and References: Pages 13-16
*a. T
b. F
12. Strategy today has been forced to evolve to cope with an increasingly fast-paced and volatile
environment, making inflexible long-term plans redundant.
@Pages and References: Pages 13-16
*a. T
b. F
13. In summary, strategy has evolved from "strategy as a detailed plan" to become "strategy as
direction" in the early 21st century.
@Pages and References: Page 17
*a. T
b. F
14. Corporate strategy is also called business strategy, or competitive strategy.
@Pages and References: Page 17
a. T
*b. F
15. To determine a large firm's strategy, it's sufficient to read the annual corporate report.
@Pages and References: Pages 17-19
a. T
*b. F
16. Much can be learned about a firm's actual strategy by looking at where it invests most money,
and what products, services and technologies it is working on.
@Pages and References: Pages 17-19
*a. T
b. F
17. Some observers have noticed that there's only a weak link between a firm's intended or stated
strategy, and its actual or realised strategy.
@Pages and References: Pages 22-24
*a. T
b. F
© 2012 John Wiley & Sons Ltd.
www.foundationsofstrategy.com
, 18. The essential purpose of a commercial firm can be seen as creating value for customers – and
then to appropriate a portion of this value for the firm.
@Pages and References: Pages 26-28
*a. T
b. F
19. Company law throughout the developed, industrialised world obliges firms to primarily focus on
profit for shareholders.
@Pages and References: Pages 26-28
a. T
*b. F
20. Paradoxically, the most consistently profitable companies are those whose primary goals are not
stated in terms of profits.
@Pages and References: Pages 31-33
*a. T
b. F
21. Strategy is fundamentally about:
@Pages and References: Page 2
a. Being better than rivals
*b. Success in achieving long-term goals
c. Satisfying all stakeholders
d. Being an excellent “corporate citizen”
22. Success is fundamentally linked to:
@Pages and References: Pages 10-12
a. A soundly formulated strategy and luck
b. An effectively formulated strategy and a strong awareness of the rivals’ strengths
c. A clear understanding of the environment and strong political skills
*d. A soundly formulated and effectively implemented strategy
23. From the three stories describing key attributes of strategy at the beginning of the chapter, four
factors stand out:
@Pages and References: Pages 10-12
a. Goals, environment, appraisal of resources, and social and cultural implications
b. Goals, internal and external analysis of the environment, effective implementation, and
awareness of rivals’ strengths
*c. Consistent goals, understanding the environment, objective appraisal of resources, and effective
implementation
d. Goals, environment, irreversibility of decision, and effective implementation
24. Strategic goals should be:
@Pages and References: Pages 10-12
a. Simple
b. Consistent
c. Long term
*d. All of the above
25. Appraising a firm’s resources consists of:
@Pages and References: Pages 10-12
© 2012 John Wiley & Sons Ltd.
www.foundationsofstrategy.com
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller premiumbiz379. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £19.69. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now
