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Test Bank for Strategic Management A Competitive Advantage, Concept and Cases, 18e Fred David, Forest David, Meredith David (All Chapters) 1 / 4
1 Copyright © 2024 Pearson Education, Inc.Strategic Management: A Competitive Advantage Approach, Concepts and Cases, 18e (David) Chapter 1 The Nature of Strategic Management
1) The goal of strategic management is to
- achieve competitive advantage
- maintain the status quo
- achieve and maintain competitive advantage
- eliminate competitive advantage
- minimize competitive advantage
Answer: C
Diff: 2
LO: 1.1: Describe the strategic management process.
AACSB: Analytical thinking
2) Strategic management focuses on integrating functional areas to achieve organizational success. Which of the following is NOT one of the functional areas that is the focus of strategic management?
- marketing
- finance
- production
- management
- culture
Answer: E
Diff: 2
LO: 1.1: Describe the strategic management process.
AACSB: Reflective thinking
3) The art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives is defined as
- strategy formulation
- strategy evaluation
- strategy implementation
- strategic management
- strategic leadership
Answer: D
Diff: 1
LO: 1.1: Describe the strategic management process.
AACSB: Reflective thinking
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2 Copyright © 2024 Pearson Education, Inc.4) To gain ________ firms need to provide unique products and services.
- a bank loan
- governmental legitimacy
- a sustainable competitive advantage
- tactical-level efficiency
- organizational effectiveness
Answer: C
Diff: 2
LO: 1.1: Describe the strategic management process.
AACSB: Analytical thinking
5) The strategic management process is
- a requirement for small firms
- not appropriate in nonprofit institutions
- not needed in governmental organizations
- not used in multinational conglomerates
- becoming more widely used by all types of organizations
Answer: E
Diff: 2
LO: 1.1: Describe the strategic management process.
AACSB: Reflective thinking
6) The strategic planning process should be driven by a firm's
- mission
- culture
- environment
- products
- values
Answer: A
Diff: 1
LO: 1.1: Describe the strategic management process.
AACSB: Reflective thinking
7) The strategic management process
- occurs once a year
- is a semiannual process
- is a continuous process
- applies mostly to companies with sales greater than $100 million
- applies mostly to small businesses
Answer: C
Diff: 3
LO: 1.1: Describe the strategic management process.
AACSB: Analytical thinking
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3 Copyright © 2024 Pearson Education, Inc.8) Optimizing the trends of today for tomorrow is the purpose of
- long-range planning
- strategic evaluation
- competitive evaluation
- competitive advantage
- strategic implementation
Answer: A
Diff: 2
LO: 1.1: Describe the strategic management process.
AACSB: Reflective thinking
9) The terms "strategic management" and "strategic planning" are used synonymously in this text.
Answer: TRUE
Diff: 1
LO: 1.1: Describe the strategic management process.
AACSB: Reflective thinking
10) Strategic management focuses on integrating management, marketing, finance, production, and information systems to achieve organizational success.
Answer: TRUE
Diff: 1
LO: 1.1: Describe the strategic management process.
AACSB: Reflective thinking
11) The strategic plan is a firm's game plan.
Answer: TRUE
Diff: 1
LO: 1.1: Describe the strategic management process.
AACSB: Reflective thinking
12) Changes in an organization's mission seldom impact other activities of the organization.
Answer: FALSE
Diff: 2
LO: 1.1: Describe the strategic management process.
AACSB: Analytical thinking
13) By occasionally monitoring external events, companies should be able to identify when change is required.
Answer: FALSE
Diff: 3
LO: 1.1: Describe the strategic management process.
AACSB: Analytical thinking
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