CHAPTER 1 TEST BANK - a. directors b. stakeholders c. employees d. co...

CHAPTER 1 TEST BANK

Multiple Choice

• Groups or individuals who can significantly affect an organization’s activities are called _____.
• directors
• stakeholders
• employees
• competitors
• customers

• Strategic management is a process where organizations analyze and learn from the _____.
• internal environment
• external environment
• internal and external environment
• international environment
• top management team

• Compared to the strategic management process strategic thinking is _____.
• rigid
• deliberate
• the same
• a stakeholder
• flexible

• Which strategic management perspective relies on an economic view of the firm?
• resource base
• stakeholder
• emergent
• traditional
• deliberate

• The perspective that the most successful organization will be the one that best adapts to existing forces

is called _____.

• environmental determinism
• situation analysis
• strategic management
• enactment
• strategic thinking

• The perspective that firms can influence their environments is called _____.
• environmental determinism
• strategic management
• situation analysis
• enactment
• SWOT

(Hospitality Strategic Management Concepts and Cases 2e Cathy Enz) (Test Bank, Answer at the end of each Chapter) 1 / 4

• Which approach to strategic management consists of analyzing the internal and external environments

of a company to arrive at organizational strengths, weaknesses, opportunities and threats?

• the traditional approach
• the resource-based approach
• the stakeholder approach
• the strategic approach
• the environmental determinism approach

• The resource-based approach to strategic management theorizes that firms can gain competitive

advantage by possessing _____.

• superior employees
• superior resources
• superior stakeholders
• superior strategies
• superior environment

• An emergent strategy is _____.
• one that takes place in emergent markets
• one that is intended
• one that is not planned or intended
• one that employs a resource based approach
• one that relies on a board of directors

• The resources of a firm include all of the following except _____.
• financial
• physical
• human resource
• organization knowledge
• industry

• Most of the resources that firms can acquire are directly linked to a company’s _____.
• stakeholders financial strength
• organizational structure
• access to raw materials
• industry structure

• What is typically the first step in the strategic management process?
• strategy implementation
• formulation of strategies
• establishment of direction
• situation analysis
• building the management team

• The approach to strategic management that envisions the firm at the center of a network of

constituencies is known as the _____.

• traditional approach
• stakeholder approach
• resource-based approach
• strategic approach
• industrial organization approach
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• Management theory in the United States historically has focused on _____.
• external stakeholders
• bank stakeholders
• shareholding stakeholders
• international stakeholders
• internal stakeholders

• What defines the purposed for which a company exists and operates?
• strategic vision
• strategic mission
• strategic direction
• strategic formulation
• strategic thinking

• Which of the following expresses what the organization wants to be in the future?
• the desire statement
• the mission statement
• the vision statement
• the strategic statement
• the plan of action

• How many different levels of strategy formulation are there?
• two
• four
• five
• one
• three

• Defining a company’s domain for activity by selecting business areas in which the company will

compete is called _____.

• corporate-level strategy formulation
• strategy formulation
• vision formulation
• business-level strategy formulation
• functional-level strategy formulation

• Determining how business should compete in the areas they have selected is called _____.
• vision formulation
• strategy formulation
• corporate-level strategy formulation
• business-level strategy formulation
• functional-level strategy formulation

• Developing the details of how resource areas should be used to implement competitive strategies and

achieve competitive advantage is _____.

• strategy formulation
• functional-level strategy formulation
• business-level strategy formulation
• corporate-level strategy formulation
• vision formulation
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• Managing stakeholder relationships and organizational resources in a manner that moves business

toward the successful execution of its strategies, consistent with its strategic direction is _____.

• strategy implementation
• strategic planning
• situation analysis
• strategy formulation
• vision formulation

• The four processes associated with strategic management include all of the following except _____.
• situation analysis
• strategy insight
• establishment of strategic direction
• strategy formulation
• strategy implementation

• The analytical process aimed at carrying out strategies that have already been identified is _____.
• strategic thinking
• strategic formulation
• strategic planning
• strategic analysis
• strategic decision making

• Industry revolutionaries are _____.
• individuals who seek radical change inside the firm
• firms that pursue re-engineering
• industries that emerge in new domains
• firms that emerge in former communist countries
• firms that invent new business concepts

• The intuitive, creative process that synthesizes stimuli from the environment to create “an integrated

perspective of the enterprise” is known as _____.

• strategic planning
• strategic analysis
• strategic formulation
• strategic thinking
• strategic decision making

• Strategic intent is similar to the concept of _____.
• strategic mission
• strategic vision
• strategic plan
• strategic formulation
• strategic thinking

• Elements of strategic thinking include all of the following except _____.
• comprehensive
• opportunistic
• long-term oriented
• hypothesis driven
• resource based view
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