,Chapter 01 - Strategic Management: Creating Competitive Advantages: An Overview
Chapter 01
Strategic Management: Creating Competitive Advantages: An Overview
Multiple Choice Questions
1. Which of the following is among the four key attributes of strategic management?
A. Strategy must be directed toward overall organizational goals and objectives.
B. Strategy must be focused on long-term objectives.
C. Strategy must be focused on one specific area of an organization.
D. Strategy must be focused on competitor strengths.
Difficulty: Medium
Accessibility: Keyboard Navigation
Learning Objective: 01-02 The four key attributes of strategic management and the three principal and interrelated activities of the strategic
management process.
Topic: 01-03 The Four Key Attributes of Strategic Management
2. The four key attributes of strategic management include all of the following, except
A. Strategic management should include multiple stakeholder interests in decision making.
B. Strategic management should incorporate both short-term and long-term perspectives.
C. Strategic management should recognize the trade-off between effectiveness and efficiency.
D. Strategic management should emphasize the attainment of short-term objectives.
Difficulty: Medium
Accessibility: Keyboard Navigation
Learning Objective: 01-02 The four key attributes of strategic management and the three principal and interrelated activities of the strategic
management process.
Topic: 01-03 The Four Key Attributes of Strategic Management
1-1
,Chapter 01 - Strategic Management: Creating Competitive Advantages: An Overview
3. Stakeholders are:
A. a new way to describe shareholders.
B. individuals, groups, and organizations who have a stake in the success of the organization.
C. creditors who hold a lien on the assets of the organization.
D. attorneys and their clients who sue the organization.
Difficulty: Easy
Accessibility: Keyboard Navigation
Learning Objective: 01-03 The vital role of corporate governance and stakeholder management in the strategic management process and the
long-term success of all organizations.
Topic: 01-08 The Role of Corporate Governance and Stakeholder Management
4. The strategic management of an organization entails which three ongoing processes?
A. Performance, motivation, and evaluation
B. Analysis, decisions, and actions
C. Vision, objectives, and goals
D. Evaluation, appraisal, and adjustment
Difficulty: Easy
Accessibility: Keyboard Navigation
Learning Objective: 01-01 The essence and definitions of strategy; strategic management; and competitive advantage.
Topic: 01-01 What is Strategic Management?
5. All of the following innovations are about operational effectiveness, except:
A. benchmarking.
B. strategic management.
C. business process re-engineering.
D. just-in-time.
Difficulty: Medium
Accessibility: Keyboard Navigation
Learning Objective: 01-01 The essence and definitions of strategy; strategic management; and competitive advantage.
Topic: 01-01 What is Strategic Management?
6. According to Henry Mintzberg, the realized strategies of a firm:
A. are a combination of deliberate and emergent strategies.
B. are a combination of deliberate and differentiation strategies.
C. must be based on a company's strategic plan.
D. must be kept confidential for competitive reasons.
Difficulty: Hard
Accessibility: Keyboard Navigation
Learning Objective: 01-02 The four key attributes of strategic management and the three principal and interrelated activities of the strategic
management process.
Topic: 01-03 The Four Key Attributes of Strategic Management
7. To increase their competitiveness, organizations must continually analyze their strategy and
their competitive environments. Strategy analysis includes:
A. assessing intellectual capital as well as analyzing the internal and external environment.
B. formulating Internet and international-level strategy.
C. strategic leadership and fostering entrepreneurship.
D. strategy implementation and strategic controls.
Difficulty: Medium
Accessibility: Keyboard Navigation
Learning Objective: 01-02 The four key attributes of strategic management and the three principal and interrelated activities of the strategic
management process.
Topic: 01-03 The Four Key Attributes of Strategic Management
8. Peter Senge referred to the need to incorporate both short-term and long-term perspectives
into strategic management as:
A. Creative destruction
B. Creative tension
C. Sustainable advantage
D. Competitive advantage
Difficulty: Medium
Accessibility: Keyboard Navigation
Learning Objective: 01-02 The four key attributes of strategic management and the three principal and interrelated activities of the strategic
management process.
Topic: 01-03 The Four Key Attributes of Strategic Management
1-3
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