Strategic Business Approaches Exam Questions with Answers
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Course
Business commerce
Institution
Business Commerce
Chapter 1 - Answers ....
The field of management that focuses on attaining competitive advantage by combining analysis, formulation, and implementation is known as ______.
Multiple choice question.
-management of foundational behavior
-management of stakeholder impact
-strategic management
...
-the set of actions a firm takes to achieve a competitive advantage
-a decision based on internal situational analysis
-a sustainable and dominant market share
-a decision based on external situational analysis - Answers the set of actions a firm takes to achieve a
competitive advantage
A competitive advantage _____.
Multiple choice question.
-places a firm at a disadvantage in regards to its ROI
-is assessed relative to other competitors in the industry
-is based on the return of invested capital over a 15-year period
-takes into consideration globalization and rival factor - Answers is assessed relative to other
competitors in the industry
The overall purpose of a firm's strategy is to ______.
,Multiple choice question.
-determine demand for new product ideas
-perform better than other companies in the same industry
-sell all existing inventory of a given product
-generate significant interest from foreign investors - Answers perform better than other companies in
the same industry (have competitive advantage)
Sustainable competitive advantage exists when a firm ______.
Multiple choice question.
-formulates and implements strategy
-is self-regulated and self-motivated
-maintains superior performance relative to its industry over a long period of time
-starts up and competes for existing market share in the industry - Answers maintains superior
performance relative to its industry over a long period of time
Which of the following elements comprise strategic management? (Check all that apply.)
Burger Bomb is a new hamburger restaurant. In order to compete successfully against its many
competitors, Burger Bomb has decided to focus on quality and an interesting, unique menu that uses
locally sourced, organic ingredients. This is known as Burger Bomb's ______.
Multiple choice question.
-strategy
-core values statement
-vision
-competitive parity - Answers strategy
Competitive parity occurs when ______.
Multiple choice question.
-the performance of two or more firms is superior to the industry average
-two or more firms achieve the same performance results
-two or more firms enter into a strategic alliance
-two or more firms rely on international outsourcing to remain competitive - Answers two or more firms
achieve the same performance results
In order to determine if Home Depot has a competitive advantage, we must compare Home Depot's
performance to ______.
Multiple choice question.
-the performance of other firms in its industry
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