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Strategic Management, 2nd Ed Test Bank Chapter 1

In: Business and Management

Submitted By JustinOsbo
Words 23148
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Chapter 01
What Is Strategy, and Why Is It Important?

Multiple Choice Questions 1. | Keeping in mind Apple's competitive advantage, which of the following products was introduced by Apple in 2007? A. | iPad | B. | iPhone | C. | iPod | D. | iTunes | | 2. | _____ is best described as an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage. A. | Supply chain management | B. | Integrated technology management | C. | Strategic management | D. | Inventory management | | 3. | _____ is best described as a set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors. A. | Behavior modification | B. | Strategy | C. | Credo | D. | Competency management | | 4. | Which of the following stages of the strategic management process involves an evaluation of a firm's external and internal environments? A. | Strategy analysis | B. | Strategy implementation | C. | Strategy formulation | D. | Strategy control | | 5. | In _____, a firm frames a guiding policy to address the competitive challenge. A. | strategy control | B. | strategy implementation | C. | strategy formulation | D. | strategy analysis | | 6. | Through _____, a firm puts its guiding policy into practice by employing a set of coherent actions. A. | strategy control | B. | strategy implementation | C. | strategy formulation | D. | strategy analysis | | 7. | A firm that achieves superior performance relative to other firms in the same industry or the industry average has a(n) _____. A. | competitive advantage | B. | balanced scorecard | C. | power position | D. | equity leverage | | 8. | Cadia Foods Inc. was the first company to start selling…...

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