Question 1

The resource-based view of the firm:

Accepted Answer

A)   emphasizes that it is difficult to achieve and sustain a competitive advantage based on resources alone.
B)   argues that the industry environment has a stronger influence on firms' ability to implement strategies successfully than does the competitive environment.
C)   calls for firms to focus on their homogeneous capabilities to compete against their rivals.
D)   suggests that vision and mission are marketing messages not tied to strategic plans.

Question 2

Capital market stakeholders include:

Accepted Answer

A)   industry competitors.
B)   shareholders.
C)   employees.
D)   government regulators.

Question 3

The rate of technological diffusion has increased substantially over the past 15 to 20 years.Which of the following was fastest in penetrating 25 percent of homes in the United States?

Accepted Answer

A)   Mobile phones
B)   Television
C)   Personal computers
D)   Internet

Question 4

The Chambers of Commerce of cities and towns often implore citizens to buy from local businesses.This is because the organization's role as a taxpayer is MOST important to __________ as stakeholders.

Accepted Answer

A)   major suppliers of capital
B)   shareholders
C)   host communities
D)   unions

Question 5

All of the following are characteristics of the global economy EXCEPT:

Accepted Answer

A)   the increasing importance of emerging economies as sources of revenue growth.
B)   the free movement of goods, services, people, skills, and ideas across geographic borders.
C)   the increased use of tariffs to protect industries.
D)   higher levels of opportunities and challenges in new geographic markets.

Question 6

Successful strategic leaders are:

Accepted Answer

A)   committed to helping the firm create value for all stakeholder groups.
B)   committed to nurturing those around them.
C)   decisive.
D)   All of these are correct.

Question 7

Hypercompetition is a characteristic of the current competitive landscape.Define hypercompetition, and identify its primary drivers.How can organizations survive in a hypercompetitive environment?

Accepted Answer

Hypercompetition is a condition where co...

Question 8

Define globalization, and describe some of its consequences.

Accepted Answer

Globalization is the increasing economic...

Question 9

The uniqueness of a firm's resources and capabilities is the basis for a firm's strategy and its ability to earn above-average returns under the industrial organization (I/O) model.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following statements about organizational knowledge is true?

Accepted Answer

A)   Knowledge is an intangible resource.
B)   Firms with appropriate internal knowledge resources are likely to invest an appropriate amount of money in research and development.
C)   The value of knowledge as a proportion of total shareholder value is increasing.
D)   All of these are correct.

Question 11

The firm's __________ provide the foundation for choosing one or more __________ and deciding which one(s)  to implement.

Accepted Answer

A)   analyses; strengths
B)   abilities; strengths
C)   analyses; strategies
D)   abilities; strategies

Question 12

A __________ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage.

Accepted Answer

A)   goal
B)   strategy
C)   tactic
D)   mission

Question 13

The "liability of foreignness" is the:

Accepted Answer

A)   inability of most U.S.managers to truly comprehend foreign cultures.
B)   political disadvantage that U.S.firms have when doing business abroad.
C)   risk of participating outside a firm's domestic markets in the global economy.
D)   preference for "buying local," which always puts foreign firms at a disadvantage when competing in the U.S.market.

Question 14

__________ is an investor's uncertainty about the economic gains or losses that will result from a particular investment.

Accepted Answer

A)   Return
B)   Reward
C)   Risk
D)   Revenue

Question 15

The firm's mission is more concrete than its vision.

Accepted Answer

A) True 
 B)False

Question 16

Describe an organization's various stakeholders and their different interests.Under what condition can the firm most easily satisfy all stakeholders? If the firm cannot satisfy all stakeholders, which ones must it satisfy in order to survive?

Accepted Answer

Stakeholders are the individuals, groups...

Question 17

The difference between average and above-average returns is that average returns are returns that an investor expects to earn from an investment as compared to other investments with similar stock prices, while above-average returns are in excess of expectations for similarly priced stocks.

Accepted Answer

A) True 
 B)False

Question 18

Dissatisfied capital market stakeholders may:

Accepted Answer

A)   sell their stock.
B)   impose more flexible covenants on subsequent borrowing of capital.
C)   lobby for better working conditions for employees.
D)   All of these are correct.

Question 19

The rapid rate of technological diffusion has increased the competitive benefits of patents.

Accepted Answer

A) True 
 B)False

Question 20

__________ is the capacity for a set of resources to perform a task or an activity in an integrative manner.

Accepted Answer

A)   A capability
B)   A core competence
C)   Sustainable competitive advantage
D)   Organizational intelligence

Exam 1: Strategic Management and Strategic Competitiveness

The difference between average and above-average returns is that average returns are returns that an investor expects to earn from an investment as compared to other investments with similar stock prices, while above-average returns are in excess of expectations for similarly priced stocks.

Correct AnswerverifiedShow Answer

The resource-based view of the firm:

Correct AnswerverifiedShow Answer

The rapid rate of technological diffusion has increased the competitive benefits of patents.

Correct AnswerverifiedShow Answer

The Chambers of Commerce of cities and towns often implore citizens to buy from local businesses.This is because the organization's role as a taxpayer is MOST important to __________ as stakeholders.

Correct AnswerverifiedShow Answer

Successful strategic leaders are:

Correct AnswerverifiedShow Answer

Hypercompetition is a characteristic of the current competitive landscape.Define hypercompetition, and identify its primary drivers.How can organizations survive in a hypercompetitive environment?

Correct AnswerverifiedHypercompetition is a condition where co...View AnswerShow Answer

All of the following are characteristics of the global economy EXCEPT:

Correct AnswerverifiedShow Answer

The "liability of foreignness" is the:

Correct AnswerverifiedShow Answer

The rate of technological diffusion has increased substantially over the past 15 to 20 years.Which of the following was fastest in penetrating 25 percent of homes in the United States?

Correct AnswerverifiedShow Answer

__________ is the capacity for a set of resources to perform a task or an activity in an integrative manner.

Correct AnswerverifiedShow Answer

The uniqueness of a firm's resources and capabilities is the basis for a firm's strategy and its ability to earn above-average returns under the industrial organization (I/O) model.

Correct AnswerverifiedShow Answer

Capital market stakeholders include:

Correct AnswerverifiedShow Answer

The firm's __________ provide the foundation for choosing one or more __________ and deciding which one(s) to implement.

Correct AnswerverifiedShow Answer

__________ is an investor's uncertainty about the economic gains or losses that will result from a particular investment.

Correct AnswerverifiedShow Answer

Which of the following statements about organizational knowledge is true?

Correct AnswerverifiedShow Answer

A __________ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage.

Correct AnswerverifiedShow Answer

The firm's mission is more concrete than its vision.

Correct AnswerverifiedShow Answer

Describe an organization's various stakeholders and their different interests.Under what condition can the firm most easily satisfy all stakeholders? If the firm cannot satisfy all stakeholders, which ones must it satisfy in order to survive?

Correct AnswerverifiedStakeholders are the individuals, groups...View AnswerShow Answer

Dissatisfied capital market stakeholders may:

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Define globalization, and describe some of its consequences.

Correct AnswerverifiedGlobalization is the increasing economic...View AnswerShow Answer

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Hypercompetition is a condition where co...
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The firm's provide the foundation for choosing one or more and deciding which one(s) to implement.

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Stakeholders are the individuals, groups...
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Globalization is the increasing economic...
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