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TEST BANK for Essentials of Strategic Management: The Quest for Competitive Advantage 7th Edition by John E Gamble Updated A+ TABLE OF CONTENTS: Chapter 1 The Demand for Audit and Other Assurance Services Cha pter 2 The Public Accounting Profession and Audit Quality Chapter 3 Professional Ethics an...
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Essentials of Strategic Management: The Quest for Competitive Advantage 7th Edition by John E
Gamble
Essentials of Strategic Management: The
Quest for Competitive Advantage 7th
Edition by John E Gamble
A+ Page 1
, Essentials of Strategic Management: The Quest for Competitive Advantage 7th Edition by John E
Gamble
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
answers the question.
1) Managers in all types of businesses must develop a clear answer for which of the
following questions?
A) Where are we now?
B) Where do we want to go from here?
C) What is the set of actions that we need to take to outperform the company’s
competitors and achieve superior profitability?
D) When will we know we are there?
E) What moves and approaches do we need to gain advantage in the marketplace?
2) A company’s strategy consists of
A) actions to develop a more appealing business model than rivals.
B) plans involving alignment of organizational activities and strategic objectives.
C) offensive and defensive moves to generate revenues and increase profit margins.
D) competitive moves and approaches that managers have developed to grow the
business, attract and please customers, conduct operations, and achieve targeted objectives.
E) its strategic vision, its strategic objectives, and its strategic intent.
3) The competitive moves and business approaches a company’s management is using to
grow the business, compete successfully, attract and please customers, conduct operations,
respond to changing economic and market conditions, and achieve organizational objectives is
referred to as its
A) strategy.
B) moves to imitate key rivals.
C) strategic mission.
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, Essentials of Strategic Management: The Quest for Competitive Advantage 7th Edition by John E
Gamble
D) business model.
Version 1 1
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, Essentials of Strategic Management: The Quest for Competitive Advantage 7th Edition by John E
Gamble
E) strategic vision.
4) The essence of strategy is
A) developing lasting success that can support growth and secure the company’s future
over the long term.
B) re-creating a business model with regularity.
C) matching rival businesses’ products and quality dimensions in the marketplace.
D) building profits for short-term success.
E) realigning the market to provoke change in rival companies.
5) A company’s strategy has a chance of succeeding only when it is predicated on
A) building revenues, controlling costs, and generating an attractive profit.
B) actions, business approaches, and competitive moves aimed at appealing to buyers
and setting the company apart from rivals.
C) management’s concepts of “where we have been,” “where we are headed,” and
“where we need to go.”
D) the approval of a business model by a company’s board of directors that spells out
how to outcompete with rivals and make the company profitable.
E) educated choices that management has made regarding which financial and
operating plans to pursue.
6) Under Armour, a multinational sports apparel company, plans entry into a new
geographical location, Vietnam, considered an emerging market, with its established and best-
selling product line: women’s running shorts. How should Under Armour not craft a strategy to
enhance future profits in Vietnam?
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