30 Free Test Bank for Essentials of Contemporary Management 6th Edition by Jones

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Which of the following statements about a company's realized strategy is true?

•  A. A company's realized strategy is mostly hidden to outside view and is deliberately kept under wraps by top-level managers.
•  B. A company's realized strategy is typically planned well in advance and usually deviates little from the planned set of actions.
•  C. A company's realized strategy generally changes very little over time unless a newly appointed CEO decides to take the company in a new direction with a new strategy.
•  D. A company's realized strategy is typically a blend of deliberate/planned initiatives and emergent/unplanned reactive strategy elements.
•  E. A company's realized strategy is developed mostly on the fly because of the constant efforts of managers to keep rival companies at a disadvantage.

The elements of a company's business model are

•  A. its customer value proposition as well as the company's profit formula.
•  B. its business strategy, its collection of competitively valuable resources, and a strong management team.
•  C. its deliberate strategy, its emergent strategy, and its realized strategy.
•  D. its actions to capture emerging market opportunities and defend against threats to the company's business prospects, its actions to strengthen competitiveness via strategic alliances, and its actions to enter new geographic or product markets.
•  E. management's answers to "Where are we now?" "Where do we want to go?" and "How are we going to get there?".

A company's business model

•  A. details the manner in which the company will pass the three tests of a winning strategy .
•  B. indicates how the strategy will result in achieving the targeted strategic objectives.
•  C. clarifies (1) how the business will provide customers with value, and (2) why the business will generate revenues sufficient to cover costs and produce attractive profits.
•  D. explains how it intends to achieve high profit margins.
•  E. sets forth the actions and approaches that it will employ to achieve market leadership.

Which of the following questions ought to be used to distinguish a winning strategy from a so-so or flawed strategy?

•  A. Does the strategy contain a sufficient number of emergent/reactive elements?
•  B. Is the company putting too little emphasis on growth and profitability and too much emphasis on behaving in an ethical and socially responsible manner?
•  C. Is the strategy resulting in the development of additional competitive capabilities?
•  D. Is the strategy well-matched to the company's situation, helping the company achieve a sustainable competitive advantage, and resulting in better company performance?
•  E. Does the strategy strike a good balance between maximizing shareholder wealth and maximizing customer satisfaction?

Which of the following is an issue likely to be addressed by a company's business strategy?

•  A. Actions to respond to changing economic and market conditions.
•  B. Actions to supplement the company's resources and capabilities through alliances and joint ventures.
•  C. Reactions to offensive moves by rival sellers.
•  D. Actions and approaches used in managing the functional areas of the business.
•  E. All of these are pertinent in identifying a company's strategy.

A company's strategy is a "work in progress" and evolves over time because of

•  A. the ongoing need of company managers to react and respond to changing industry and competitive conditions.
•  B. the ongoing need to imitate the new strategic moves of the industry leaders.
•  C. the need to make regular adjustments in the company's strategic vision.
•  D. the importance of developing a fresh strategic plan every year.
•  E. the frequent need to modify key elements of the company's business model.

A company's strategy is most accurately defined as

•  A. management's approaches to building revenues, controlling costs, and generating an attractive profit.
•  B. management's game plan for growing the business, attracting and pleasing customers, conducting operations, and achieving financial and market performance objectives.
•  C. management's concept of "where we are headed."
•  D. the business model that a company's board of directors has approved for outcompeting rivals and making the company profitable.
•  E. the choices management has made regarding what financial plan to pursue.

A well-conceived strategy is value creating producing excellence in company performance and is best when the gains are achieved.

•  A. in profitability and financial strength.
•  B. in competitive strength and market standing.
•  C. in developing distinctive competencies and sustainability.
•  D. in developing a desirable competitive edge.
•  E. All of these

Which of the following is not something a company's strategy is concerned with?

•  A. Management's choices about how to attract and please customers
•  B. Management's choices about how quickly and closely to copy the strategies being used by successful rival companies
•  C. Management's choices about how to grow the business
•  D. Management's choices about how to outcompete rivals
•  E. Management's action plan for conducting operations and improving the company's strategic and financial performance

A company's realized strategy is made up of

•  A. deliberate/planned initiatives that have proven themselves in the marketplace and newly launched initiatives aimed at further boosting performance.
•  B. emergent/reactive adjustments to unanticipated strategic moves by rivals, unexpected changes in customer preferences, and new market opportunities.
•  C. tactical plans to imitate the key elements of the strategies employed by rivals.
•  D. Both deliberate/planned initiatives that have proven themselves in the marketplace and newly launched initiatives aimed at further boosting performance and emergent/reactive adjustments to unanticipated strategic moves by rivals, unexpected changes in customer preferences, and new market opportunities.
•  E. All of these.

In evaluating proposed or existing strategies managers should

•  A. initiate new initiatives even though they don't seem to match the company's internal and external situation.
•  B. scrutinize the company's existing strategies compatibility with desired outcomes on a regular basis.
•  C. evaluate the firm's business model at least every three years.
•  D. ensure core capabilities are incorporated for establishing a competitive advantage.
•  E. align existing strategies with new strategies to emphasize incremental gains.

Which of the following is a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

•  A. Striving to be the industry's low-cost provider, thereby aiming for a cost-based competitive advantage.
•  B. Outcompeting rivals on the basis of such differentiating features as higher quality, wider product selection, added performance, better service, more attractive styling, or technological superiority.
•  C. Developing competitively valuable resources and capabilities that rivals can't easily match, copy, or trump with capabilities of their own.
•  D. Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of serving the special needs and tastes of buyers comprising the niche.
•  E. All of these.

Managers in all types of businesses must address the central strategic question:

•  A. Where are we now?
•  B. Where do we want to go from here?
•  C. How are we going to get there?
•  D. When will we know we are there?
•  E. All of these