Test Bank Strategic Management 6th Edition by Frank Rothaermel | 2024 Release
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Course
Strategic Management
Institution
Strategic Management
Test Bank for Strategic Management 6e 6th Edition by Frank Rothaermel. Complete chapters (Chapter 1 to 12) are included with all answers - Complete guide 2024 Release. Latest Edition
PART ONE: ANALYSIS
CHAPTER 1: What Is Strategy?
CHAPTER 2: Strategic Leadership: Managing the Strategy ...
A good strategy allows a firm to achieve superior performance and sustainable competitive
advantage without regard to the external environment.
True
False
A good strategy enables a firm to achieve superior performance and sustainable competitive
advantage relative to its external environment, namely its competitors in any competitive situation.
References
True / False Difficulty: 2 Medium Learning Objective: 01-01 Explain the role
of strategy in a firm's quest for
competitive advantage.
2. Award: 10.00 points
The following statement by the chief executive of MegaFilms movie studio should not be used as a
strategy: “We will produce the greatest films of the 21st century.”
True
False
Grandiose statements, such as the one made by the MegaFilms CEO, are not a strategy and should
not be used as such. Rather, they are statements of desire. They provide little managerial guidance
and often lead to goal conflict and confusion.
References
True / False Difficulty: 2 Medium Learning Objective: 01-02 Define
competitive advantage, sustainable
competitive advantage, competitive
disadvantage, and competitive parity.
,3. Award: 10.00 points
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 Analysis, Formulation, and Implementation. This
framework (1) explains and predicts differences in firm performance, and (2) helps managers
formulate and implement a strategy that can result in superior performance.
References
True / False Difficulty: 2 Medium Learning Objective: 01-05 Apply the
Analysis, Formulation, Implementation
(AFI) Strategy Framework.
4. Award: 10.00 points
Questions asked during the strategy analysis stage of the AFI framework should include “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.
References
True / False Difficulty: 3 Hard Learning Objective: 01-05 Apply the
Analysis, Formulation, Implementation
(AFI) Strategy Framework.
,5. Award: 10.00 points
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.
References
True / False Difficulty: 2 Medium Learning Objective: 01-05 Apply the
Analysis, Formulation, Implementation
(AFI) Strategy Framework.
6. Award: 10.00 points
Because they are a crucial component of a firm’s success, customers are considered internal
stakeholders.
True
False
Internal stakeholders include employees (including executives, managers, and workers),
stockholders, and board members. External stakeholders include customers, suppliers, alliance
partners, creditors, unions, communities, governments at various levels, and the media.
References
True / False Difficulty: 2 Medium Learning Objective: 01-03 Assess the
relationship between stakeholder
strategy and sustainable competitive
advantage.
, 7. Award: 10.00 points
A firm is required by society and its shareholders to meet its ethical and philanthropic
responsibilities.
True
False
Ethical and philanthropic responsibilities are expected by society, but not required. Society and
shareholders require economic and legal responsibilities.
References
True / False Difficulty: 2 Medium Learning Objective: 01-03 Assess the
relationship between stakeholder
strategy and sustainable competitive
advantage.
8. Award: 10.00 points
Stakeholder impact analysis provides a decision tool that helps strategic leaders recognize the
needs of different stakeholders.
True
False
Stakeholder impact analysis provides a decision tool that helps strategic leaders recognize,
prioritize, and address the needs of different stakeholders.
References
True / False Difficulty: 2 Medium Learning Objective: 01-04 Conduct a
stakeholder impact analysis.
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