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, 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
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