QUIZ 1

Question 1

Groups or individuals who can significantly affect an organization’s activities are called

Answer 1

Stakeholders

Question 2

Strategic management is a process where organizations analyze and learn from the

Answer 2

Internal and external environment

Question 3

Compared to the strategic management process strategic thinking is

Answer 3

Flexible

Question 4

Which strategic management perspective relies on an economic view of the firm

Answer 4

Traditional

Question 5

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

Answer 5

Environmental determinism

Question 6

The perspective that firms can influence their environments is called

Answer 6

Enactment

Question 7

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?

Answer 7

the traditional approach

Question 8

The resource based approach to strategic management theorizes that firms can gain competitive advantage by possessing

Answer 8

Superior resources

Question 9

An emergent strategy is

Answer 9

One that is not planned or intended

Question 10

The resources of a firm include all of the following except

Answer 10

Industry

Question 11

Most of the resources that firms can acquire are directly linked to a company’s

Answer 11

Stakeholders financial strength

Question 12

What is typically the first step in the strategic management process

Answer 12

Situation analysis

Question 13

The approach to strategic management that envisions the firm at the center of a network of constituencies is known as the

Answer 13

Stakeholder approach

Question 14

Management theory in the United States historically has focused on

Answer 14

Internal stakeholders

Question 15

What defines the purposes for which a company exists and operates

Answer 15

Strategic direction

Question 16

Which of the following expresses what the organization wants to be in the future

Answer 16

The vision statement

Question 17

How many different levels of strategy formulation are there

Answer 17

Three

Question 18

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

Answer 18

Corporate level strategy formulation

Question 19

Determining how business should compete in the areas they have selected is called

Answer 19

Business level strategy formulation

Question 20

Developing the details of how resource areas should be used to implement competitive strategies and achieve competitive advantage is

Answer 20

Functional level strategy formulation

Question 21

Managing stakeholder relationships and organizational resources in a manner that movies business toward the successful execution of its strategies, consistent with its strategic direction is

Answer 21

Strategy implementation

Question 22

The four processes associated with strategic management include all of the following except

Answer 22

Strategy insight

Question 23

The analytical process aimed at carrying out strategies that have already been identified is

Answer 23

Strategic planning

Question 24

Industry revolutionaries are

Answer 24

Firms that invent new business concepts

Question 25

The intuitive, creative process that synthesizes stimuli from the environment to create “an integrated perspective of the enterprise” is known as

Answer 25

Strategic thinking

Question 26

Strategic intent is similar to the concept of

Answer 26

Strategic vision

Question 27

Elements of strategic thinking include all of the following except

Answer 27

Resource based view

Question 28

One’s view of how the world works ifs often referred to as

Answer 28

A mental model

Question 29

A mental model should include

Answer 29

An understanding of both the internal and external organization

Question 30

Thinking in time refers to

Answer 30

Recognizing that the past, present, and future are relevant to making good strategic decisions

Question 31

The means to encourage strategic thinking include all of the following except

Answer 31

Demoting or firing those employees who do not demonstrate strategic thinking

Question 32

The travel and tourism industry is composed of

Answer 32

Traditional hospitality businesses and a broad range of businesses