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TEST BANK FOR STRATEGIC MANAGEMENT 5TH EDITION BY FRANK ROTHAERMEL/LATEST UPDATE 2024/
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Solution Manual for Strategic Management 5th edition by Frank Rothaermel
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Test Bank for Strategic Managaement, 5th Edition by Rothaermel, 9781260261288, Covering Chapters 1-12 | Includes Rationales
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Test Bank For Strategic Management 5th Edition By Frank Rothaermel (2021-2022), 9781260261288, Chapter 1-12 All Chapters with Answers and Rationals
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Test Bank For Strategic Management 5th Edition By Frank Rothaermel | 9781260261288 | 2021-2022 | Chapter 1-12 | All Chapters with Answers and Rationals
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TEST BANK FOR STRATEGIC MANAGEMENT 5THEDITION.
Student:
• Teach For America has an inspiring mission but it also pays above-average salaries
to attract nearly 50,000 applicants each year.
True False
• The strategic management process describes the method by which managers conceive of
and implement a strategy that can lead to a sustainable competitive advantage.
True False
• Strategic intent is used by firms to help define their short-
term objectives.
True False
• A mission describes what an organization actually does, what its business is,
and why it does it.
True False
• A company's mission should be customer-oriented because this helps the firm
retain flexibility in changing environments.
True False
• Top-down strategic planning works best in more uncertain situations because the
firm hand of senior leadership is best at seeing the future.
True False
• In the implementation stage of scenario planning, managers will activate the
dominant strategic plan.
True False
• Organizational learning and flexibility are enhanced by the circular nature of
scenario planning.
True False
• Realized strategy is a top-down process by which executives design a rational and
structured strategic plan.
True False
, • Intended strategy is the combination of emergent and
realized strategies
. True False
• A situation when part or all of a firm's strategic plan falls by the wayside due to
unexpected events is called an unrealized strategy.
True False
• Managers may use a combination of intended and emergent strategy to create a
realized strategy.
True False
• Resource Allocation Process (RAP) describes the way in which resources are allocated,
and argues that it is critical in shaping a firm's realized strategy.
True False
• The Real Options approach was used by Microsoft in its decision to close
down the Keywords initiative.
True False
CHAPTER 02
• Teach For America (TFA) recruits recent college graduates and professionals to teach
for a two-year commitment in socially and economically disadvantaged communities.
What is a major component of their recruiting campaign for applicants?
• An extensive network to use for job openings at the end of two years of service.
• An inspiring mission to eliminate educational inequality.
• Significant supplemental income for the TFA workers while in the field.
• Scholarships for graduate programs at the end of the two years.
• Teach For America (TFA) has an inspiring mission, which is to eliminate educational
inequality in the
U.S. What is a major benefit discussed that TFA garnered by effectively using this mission?
• An extensive network to use for job openings at the end of two years of service.
• Significant supplemental income for the TFA workers while in the field.
• Scholarships for graduate programs at the end of the two years.
• A large number of applicants driving a highly selective group in the teaching jobs.
• The process that describes the method by which managers conceive of and implement a
strategy that can lead to a sustainable competitive advantage is called what?
• Strategic process
• Strategic technology
• Strategic management
• Strategic planning
,• When it comes to a firm's vision, mission, and values, it can be said that:
AOnce instituted in the organization, the vision, mission, and values of a firm should be left
alone,
. regardless of whether the company is successful or not.
BNew firms have to create these by using a driving vision to shape their mission and
values, and existing
. firms should fine-tune their mission and values and reaffirm their values periodically.
C New firms should modify their vision, mission, or values as they grow, but established
firms should
. stick to what has worked in the past.
D. Existing firms should regularly discard their vision and mission in a renewal process.
• The analogy about building a new home is relevant to strategy because you use vision,
mission, and values to begin with the end in mind. Strategic success must be created
twice. Once by creating a clear mental picture of what the firm wants to accomplish
and second .
• by formulating and implementing a strategy to make the vision a reality
• by holding department meetings to communicate the vision
• to create a strong value system that will bind the company together in tough times
• by creating a blueprint for the organization to use in creating new mission statements
• In order for managers to determine the vision, mission, and values for their organization,
they should:
• Begin by asking "What is our competitive advantage?"
• Determine what strategic group they belong to first.
• Begin with the "end in mind."
• Seek employee feedback.
• Visionary companies differ from their competition in that:
• Employees in visionary organizations find meaning in their work and are motivated.
• A visionary company focuses on scenario planning and future competitive threats.
• In a visionary company it is the CEO's managerial style that gives the company its
emergent strategy.
• Visionary companies typically emphasize measuring financial performance.
• Staking out a desired leadership position that far exceeds a company's current resources
and capabilities is called what?
• Strategic planning
• Strategic management
• Strategic intent
• Strategic process
, • Chinese companies such as BYD and Lenovo made global leadership their mission. One
of the tools they used to accomplish this position is what?
• Stretch goals
• Efficient goals
• Reach goals
• Enhanced goals
• Strategic intent is considered to be forward-looking and future-oriented. It is most
useful in situations where .
• large firms are close competitors with others
• all the firms competing in a market are very similar
• small firms are wanting to compete against bigger, more established firms
• the dominant plan from a scenario planning process is identified
• As noted in Strategy Highlight 2.1, the small Japanese company with the electric rice
cooker faced very long odds in getting a license from Bell Labs for using their
transistor. The end result of the effort to get the license was what?
• The Japanese firm got the license but was not able to produce the desired radio.
• The Japanese firm got the license and used it successfully in their rice cooker.
• The Japanese firm introduced the first pocket-sized radio, but the market was not
ready for it and sales were weak.
• The Japanese firm introduced the world's first pocket-sized radio to great market
success.
• As noted in Strategy Highlight 2.1, the small Japanese company with the electric rice
cooker became the highly successful firm Sony. However, more recently Sony has not
performed very well. To what can this be attributed?
• Large competitive pressures in their strategic group has cost Sony much market share
and thus revenue opportunity.
• A failure to set new stretch goals after accomplishing many of their older ones.
• The strategic planning process was highly flawed.
• The recent economic downturn was too much for the firm to adjust to.
• A mission describes .
• what a business will do in the future
• what a business actually does and why it does it
• what the norms are of the business
• what the business has done historically
• When an organization briefly describes what its business is about and why it does it, they
have articulated a .
• Values statement
• Mission statement
• Strategic plan
• Competitive advantage
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