Strategic Management: Concepts and Cases 3rd Edition by Jeffrey H. Dyer Test bank
Learning Objective 2: Summarize the information that the company’s mission and thorough external and internal analysis provide to guide strategy.
Bloomcode: Comprehension
Standard 1: AACSB || Analytic
47) Which of the following statements is true of the resource-based view of a firm?
a) It analyzes the factors that influence an organization’s appeal and environment.
b) It was developed to make an inventory of the resources available in a company.
c) It was developed to explain why some firms outperform other firms in the same industry.
d) It examines the efficiency of employees through standardized tests and group discussions.
Answer: c
Difficulty: Medium
Section Reference 2: What Information and Analysis Guides Strategy Formulation?
Learning Objective 2: Summarize the information that the company’s mission and thorough external and internal analysis provide to guide strategy.
Bloomcode: Comprehension
Standard 1: AACSB || Analytic
48) Identify a true statement about corporate strategy.
a) It refers to decisions made at the level of the strategic business unit about how to gain and sustain advantage.
b) It refers to decisions about how to effectively implement the business unit strategy within functional areas.
c) It refers to decisions about activities and strategic choices, such as make versus buy, acquisitions, and strategic alliances.
d) It refers to decisions that are made by senior executives about where to compete in terms of industries and markets.
Answer: d
Difficulty: Medium
Section Reference 3: How Are Strategies Formulated?
Learning Objective 3: Discuss how strategies are formulated and implemented in order to achieve objectives.
Bloomcode: Comprehension
Standard 1: AACSB || Analytic
49) Which of the following statements is true of business unit strategy?
a) It refers to decisions made at the level of the strategic business unit about how to gain and sustain advantage.
b) It refers to decisions about how to effectively implement the business unit strategy within functional areas.
c) It refers to decisions at the corporate level of organization about how to improve a firm's ability to recruit more resources.
d) It refers to decisions that are made by senior corporate executives about what markets to compete in.
Answer: a
Difficulty: Medium
Section Reference 3: How Are Strategies Formulated?
Learning Objective 3: Discuss how strategies are formulated and implemented in order to achieve objectives.
Bloomcode: Comprehension
Standard 1: AACSB || Analytic
50) Identify a true statement about a functional strategy.
a) It refers to decisions made at the level of the strategic business unit about how to gain and sustain advantage.
b) It refers to decisions about how to effectively implement the business unit strategy within functional areas.
c) It refers to decisions about functional activities and strategic choices such as make versus buy.
d) It refers to decisions that are made by senior corporate executives about what markets to compete in.
Answer: b
Difficulty: Medium
Section Reference 3: How Are Strategies Formulated?
Learning Objective 3: Discuss how strategies are formulated and implemented in order to achieve objectives.
Bloomcode: Comprehension
Standard 1: AACSB || Analytic
51) The final step in a strategic management process is to ________.
a) formalize a company's mission statement
b) analyze customer needs and preferences
c) find strategy vehicles that help a firm enter attractive markets
d) implement the strategy chosen during the strategy formulation process
Answer: d
Difficulty: Medium
Section Reference 3: How Are Strategies Formulated?
Learning Objective 3: Discuss how strategies are formulated and implemented in order to achieve objectives.
Bloomcode: Comprehension
Standard 1: AACSB || Analytic
52) Which of the following statements is true of strategic leaders?
a) They are responsible only for formulating a business strategy.
b) They are responsible for explaining strategy in a way that employees will understand.
c) They are usually the owners of a company.
d) They are involved in investing in stable firms with a long history of profitability.
Answer: b
Difficulty: Medium
Section Reference 4: Who Is Responsible for Business Strategy?
Learning Objective 4: Explain who is responsible for, and who benefits from, good business strategy.