Some examples from this set of practice questions
1.
________ is best described as an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage. A) Supply chain management B) Integrated technology management C) Strategic management D) Inventory management
Answer: Answer: C Explanation: Strategic management is the integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage. Mastery of strategic management enables an individual to view a firm in its entirety. It also enables an individual to think like a general manager to help position his or her firm for superior performance.
2.
A firm is said to gain a competitive advantage when it can A) exceed its own previous performances. B) provide products similar to its competitors, but at lower prices. C) perform at the same level as that of its competitors. D) minimize the difference between value creation and cost
Answer: Answer: B Explanation: To gain a competitive advantage, a firm needs to provide either goods or services consumers value more highly than those of its competitors, or goods or services similar to the competitors\' at a lower price.
3.
A firm always has a competitive disadvantage when its return on invested capital is A) below the industry average. B) 2 percent or lower in a declining industry. C) about the same as its closest competitor. D) declining steadily over two or more years
Answer: Answer: A Explanation: A firm always has a competitive disadvantage when its return on invested capital is below the industry average.
4.
What functions do strong ethical values serve?
Answer: Answer: Strong ethical values have two important functions. First, they form a solid foundation on which a firm can build its vision and mission, and thus lay the groundwork for long-term success. Second, values serve as the guardrails put in place to keep the company on track when pursuing its vision and mission in its quest for competitive advantage.
5.
How does a mission statement differ from a firm\'s vision?
Answer: Answer: Vision is a statement about what an organization ultimately wants to accomplish; it captures the company\'s aspiration. Building on the vision, organizations establish a mission, which describes what an organization actually does—that is, the products and services it plans to provide, and the markets in which it will compete. Although the terms vision and mission are often used interchangeably, they are different: Vision defines what an organization wants to accomplish ultimately, and thus the goal can be described by the verb \"to.\" In contrast, mission describes what an organization does; it defines the means \"by\" which vision is accomplished.
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