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Test Bank For Strategic Management 5th Edition By Frank Rothaermel ( ) / 9781260261288 / Chapter 1-12 / Complete Questions and Answers A+$11.79
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Test Bank For Strategic Management
5th Edition By Frank Rothaermel ( ) /
9781260261288 / Chapter 1-12 /
Complete Questions and Answers A+
1. Award:
A good strategy is a set of actions that enables a firm to achieve its own internal goals without regard to
the external environment.
True
➜ False
The success of a strategy heavily depends on the external environment. A good strategy is a set of
actions that enables a firm to achieve superior performance relative to its competitors. In this light, a
strategy which produces only a minor loss of revenues while competitors suffer heavy losses can be
seen as successful.
Difficulty: 2 Medium Learning Objective: 01-01 Explain the role
of strategy in a firm's quest for competitive
advantage.
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2. Award:
The following statement by the chief executive of GoFlix movie studio is an effective strategy: “We will
produce the greatest films of the 21st century.”
True
➜ False
Grandiose statements are not strategy. Although GoFlix’s vision of producing the highest-quality films
among all studios may lay the foundation for an effective strategy, it must be backed up by a clear set
of actions that will allow the firm to address the competitive challenge with clear consideration of value
creation and costs.
Difficulty: 2 Medium Learning Objective: 01-02 Define
competitive advantage, sustainable
competitive advantage, competitive
disadvantage, and competitive parity.
3. Award:
The three tasks of the AFI strategy framework are to Assemble a prototype, Find a buyer, and
Incorporate feedback.
True
➜ False
The three tasks of the AFI strategy framework are to Analyze, Formulate, and Implement. This
framework (1) explains and predicts differences in firm performance, and (2) helps managers formulate
and implement a strategy grounded in internal and external analysis that can result in superior
performance.
Difficulty: 2 Medium Learning Objective: 01-05 Explain the
Analysis, Formulation, Implementation (AFI)
Strategy Framework.
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4. Award:
Questions asked during the strategy analysis stage of the AFI framework include “How does the firm
make money?” and “What effects do forces in the external environment have on the firm’s potential to
gain and sustain a competitive advantage?”
➜ True
False
Strategy analysis involves consideration of both the firm’s internal and external environments, and the
role that strategic managers play in establishing and maintaining a competitive advantage.
Difficulty: 3 Hard Learning Objective: 01-05 Explain the
Analysis, Formulation, Implementation (AFI)
Strategy Framework.
5. Award:
Once a strategy has been formulated and implemented, it is important that the firm sticks to it no matter
what happens.
True
➜ False
Strategic leaders make decisions under conditions of uncertainty and complexity. They must carefully
monitor and evaluate the progress toward key strategic objectives and make adjustments by fine-
tuning any strategy as necessary.
Difficulty: 2 Medium Learning Objective: 01-05 Explain the
Analysis, Formulation, Implementation (AFI)
Strategy Framework.
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