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- Test bank with practice exam questions and their answers
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Chapter 1
MASTERING STRATEGY: ART AND SCIENCE
True/False Questions
1.Strategy is a complex concept that involves many different processes and activities within an organization.
True; Easy
2.Developing a viable business model requires that a firm sell goods or services for more than it costs the firm to create and distribute those goods.
True; Easy
3.One important aspect of a business model is providing customers with a good or service
more cheaply than they can create it themselves. True; Easy
4.Strategic plans are irrelevant for individuals.
False; Easy
5.A firm is bound to fail if it maintains flexibility in formulating strategies.
False; Easy
6.Unexpected twists and turns in the external as well as the internal environment place limits on the value of strategic planning.
True; Easy
7.Strategy is more about a plan and less about making adjustments to a shifting situation. False; Easy
8.Strategic ploys can be especially beneficial when facing much stronger opponents.
True; Easy
9.Most strategic ploys are illegal.
False; Easy
10.Viewing strategy as position involves only the actions of a single firm.
False; Easy
11.Strategy as plan considers the actions of the firm as well as its competitors.
False; Easy
12.Intended strategies are usually described in detail within an organization’s strategic plan.
True; Easy
13.Realized strategies are a product of a firm’s intended strategy, the firm’s deliberate strategy, and its emergent strategy.
True; Easy
14.The demands of strategic management are simple enough to be handled alone by the chief executive officer.
False; Easy
15.The idea of “stratego,” from which the word strategy is derived, refers to the idea of defeating an enemy by effectively using resources. True; Easy
16.Sometimes good strategies simply cannot overcome a stronger adversary.
True; Easy
17.Executives who make assumptions about what an adversary can and cannot do put their
organizations’ performance in jeopardy.
True; Easy
18.The history of strategic management can be traced back several thousand years.
True; Easy
19.The book, “The Principles of Scientific Management,” was a response to Taylor’s observation that most tasks within organizations were organized in a haphazard way. True; Easy
20.Strategic management is a process that involves building a careful understanding of how changes in the world might affect a particular firm.
True; Easy 21.Strategic management is neither an art nor a science.
False; Easy
22.Strategic management involves a single conceptualization of the concept of strategy drawn from recent history.
False; Easy
23.Trends and events of the external environment seldom affect the overall state of an organization. False; Easy
24.Firms must evaluate their own resources to understand how they might react to changes in the environment.
True; Easy
25.Strategy formulation involves developing specific strategies and actions.
True; Easy
26.Strategy implementation entails crafting an effective organizational structure and corporate culture.
True; Easy
27.There is only one single established method of conceptualizing the concept of strategy.
False; Easy
28.The study of strategic management involves knowing how and when to apply creative thinking.
True; Easy
Multiple-choice Questions 29._____ examines how actions and events involving top executives, firms, and industries influence a firm’s success or failure.
a.Developmental counseling
b.Disparate impact
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