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Test Bank for Concepts Strategic Management and Competitive Advantage 3rd Edition Barney
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Full file at http://testbankscafe.eu/Test-Bank-for-Concepts-Strategic-Management-and-Competitive-Advantage-3rd-Edition-BarneyTest Bank for Concepts Strategic Management and Competitive Advantage 3rd Edition
Barney
TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false.
1)
One of the central questions that all strategic managers must address, regardless of the industry they
work in, is "What is our competition going to do next?"
1)
2)
There is complete consensus among strategic managers and academic researchers about what a
"strategy" is.
2)
3)
For the purposes of this book, a firm's strategy is defined as its theory about how to gain competitive
advantages.
3)
4)
A "good strategy" does not necessarily have to create a competitive advantage.
4)
5)
The greater the extent to which a firm's assumptions and hypotheses accurately describe how the
competition in the industry is likely to evolve, and how that evolution can be exploited to earn a profit,
the more likely it is that a firm will gain a competitive advantage from implementing its strategies.
5)
6)
It is usually possible to know for sure that a firm is choosing the right strategy.
6)
7)
The strategic management process is a sequential set of analyses and choices that can increase the
likelihood that a firm will choose a good strategy that generates competitive advantages.
7)
, Full file at http://testbankscafe.eu/Test-Bank-for-Concepts-Strategic-Management-and-Competitive-Advantage-3rd-Edition-Barney
Test Bank for Concepts Strategic Management and Competitive Advantage 3rd Edition
Barney
8)
The second step in the strategic management process is the definition of a firm's mission.
, Full file at http://testbankscafe.eu/Test-Bank-for-Concepts-Strategic-Management-and-Competitive-Advantage-3rd-Edition-Barney
Test Bank for Concepts Strategic Management and Competitive Advantage 3rd Edition
Barney
8)
9)
A firm's mission defines both what it wants to be in the long run and what it wants to avoid in the
meantime.
9)
10)
Mission statements often contain so many common elements that even if a firm's mission statement does
not influence behavior throughout an organization, it is likely to have a significant impact on a firm's
actions.
10)
11)
Firms whose mission statement is central to all they do are known as missionary firms.
11)
12)
Visionary firms earn substantially higher returns than average firms because they acknowledge that
profit maximizing is their primary reason for existence.
12)
13)
Mission statements that are very inwardly focused and are defined only with reference to the personal
values and priorities of its founders and top managers can hurt a firm's performance.
13)
14)
Objectives are the specific measurable targets a firm can use to evaluate the extent to which it is
realizing its mission.
14)
15)
High quality objectives are tightly connected to the elements of a firm's mission but tend to be relatively
difficulty to measure and track over time.
15)
, Full file at http://testbankscafe.eu/Test-Bank-for-Concepts-Strategic-Management-and-Competitive-Advantage-3rd-Edition-Barney
Test Bank for Concepts Strategic Management and Competitive Advantage 3rd Edition
Barney
16)
By conducting an external analysis, a firm identifies the critical threats and opportunities in the
industry's competitive environment.
16)
17)
Corporate level strategies are actions firms take to gain competitive advantages in a single market or
industry.
17)
18)
Business level strategies are actions firms take to gain competitive advantages by operating in multiple
markets or industries simultaneously.
18)
19)
Strategy implementation occurs when a firm adopts organizational policies and practices that are
consistent with its strategy.
19)
20)
In general, a firm has a competitive advantage when it is able to create more economic value than rival
firms.
20)
21)
The size of a firm's competitive advantage is the sum of the economic value a firm is able to create and
the economic value rivals are able to create.
21)
22)
A sustained competitive advantage is virtually permanent.
22)
23)
Firms that create the same economic value as their rivals experience competitive parity.
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