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Descripción
Test por Strategy IO, actualizado hace más de 1 año
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Creado por Strategy IO
hace más de 7 años
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Pregunta 1
Pregunta
A firm's _____ is defined as its theory about how to gain competitive advantages.
Respuesta
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objective
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mission
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vision
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strategy
Pregunta 2
Pregunta
A sequential set of analyses and choices that can increase the likelihood that a firm will choose a strategy that generates competitive advantages is the
Respuesta
-
organizational change process
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strategic management process.
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mission statement process.
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goal setting process
Pregunta 3
Pregunta
A firm's ________ is its long-term purpose that defines both what it aspires to be in the long run and what it wants to avoid in the meantime
Respuesta
-
mission
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strategy
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objective
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goal
Pregunta 4
Pregunta
The strategic management process begins when a firm
Respuesta
-
determines its objectives
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defines its mission.
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makes a strategic choice.
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implements its strategy
Pregunta 5
Pregunta
Firms whose mission is central to all they do are known as ________ firms.
Respuesta
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missionary
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emergent
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parity
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visionary
Pregunta 6
Pregunta
From 1926 to 1995, visionary firms earned ________ returns compared to firms that were not visionary firms
Respuesta
-
substantially lower
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substantially higher
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marginally lower
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equivalent
Pregunta 7
Pregunta
The mission statements of visionary firms
Respuesta
-
suggest that profit maximizing, while an important corporate objective, is not their primary reason for existence
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suggest that profit maximizing is neither an important corporate objective nor their primary reason for existence
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suggest that profit maximizing is their primary reason for existence.
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suggest that value maximizing is their primary reason of existence.
Pregunta 8
Pregunta
Which of the following statements regarding firm mission is accurate
Respuesta
-
While some firms have used their missions to develop strategies that create significant competitive advantages, firm missions can hurt a firm's performance as well
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Virtually all firms have used missions to develop strategies that create significant competitive advantages, while very few firms have used missions that can hurt their performance
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It is very rare for firms to be able to use their missions to develop strategies that create significant competitive advantages, and most firm missions actually hurt their performance
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Missions tend to have very little impact on a firm's ability to create significant competitive advantages
Pregunta 9
Pregunta
________ are specific measurable targets a firm can use to evaluate the extent to which it is realizing its mission
Respuesta
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Strategies
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Missions
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Competitive advantages
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Objectives
Pregunta 10
Pregunta
High quality objectives are those that are
Respuesta
-
tightly connected to elements of a firm's mission and are relatively easy to measure and track over time.
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difficult to measure and track over time.
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non-existent.
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not quantitative.
Pregunta 11
Pregunta
By conducting a(n) ________, a firm identifies the critical threats and opportunities in its competitive environment.
Respuesta
-
internal analysis
-
competitive analysis
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external analysis
-
strategic choice
Pregunta 12
Pregunta
________ helps a firm understand which of its resources and capabilities are likely to be sources of competitive advantage.
Respuesta
-
Competitive analysis
-
Internal analysis
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Strategic choice
-
External analysis
Pregunta 13
Pregunta
Actions firms take to gain competitive advantages in a single market or industry are known as
Respuesta
-
business level strategies.
-
corporate level strategies.
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diversification strategies.
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strategy implementation.
Pregunta 14
Pregunta
Actions firms take to gain competitive advantages by operating in multiple markets or industries simultaneously are known as
Respuesta
-
corporate level strategies.
-
diversification strategies.
-
business level strategies.
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strategic alliance strategies.
Pregunta 15
Pregunta
________ occurs when a firm adopts organizational policies and practices that are consistent with its strategy.
Respuesta
-
Strategy formulation
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Strategic choice
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Strategy implementation
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Strategic control
Pregunta 16
Pregunta
When a firm is able to create more economic value than rival firms it is said to have a(n)
Respuesta
-
comparative advantage
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competitive advantage
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residual advantage.
-
economic advantage.
Pregunta 17
Pregunta
The difference between the perceived benefits gained by a customer who purchases a firm's products or services and the full economic cost of these products or services is the
Respuesta
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value proposition.
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cost advantage.
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economic value.
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competitive advantage.
Pregunta 18
Pregunta
If TechnoGeek and VarsityBlue compete in the same market for the same customer and TechnoGeek generates $900 of economic value each time it sells a product or service while VarsityBlue generates $400 of economic value each time it sells a product or service, TechnoGeek has a(n) ________ of $500.
Respuesta
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perceived benefit
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economic value
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cost advantage
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competitive advantage
Pregunta 19
Pregunta
A competitive advantage that lasts a very short period of time is known as a ________ competitive advantage.
Respuesta
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temporary
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sustained
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transient
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perpetual
Pregunta 20
Pregunta
The center of Osterwalder and Pigneur's business model canvas is the
Respuesta
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parity point.
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value proposition.
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competitive advantage.
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strategy box.
Pregunta 21
Pregunta
Firms that generate less economic value than their rivals experience a competitive
Respuesta
-
advantage
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parity
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disadvantage
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perceived benefit
Pregunta 22
Pregunta
In many ways, the difference between traditional economics research and strategic management research is that the former attempts to explain why ________, while the latter attempts to explain ________.
Respuesta
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competitive advantages should not persist; when they can
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competitive advantages should persist; when they can
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competitive advantages should persist; why they should not
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competitive parity should not persist; why they should
Pregunta 23
Pregunta
The two types of measures of competitive advantage include
Respuesta
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accounting measures and strategic measures.
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strategic measures and economic measures.
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accounting measures and economic measures.
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qualitative measures and quantitative measures.
Pregunta 24
Pregunta
A firm's ________ is a measure of its competitive advantage calculated using information from a firm's published profit and loss and balance sheet statements.
Respuesta
-
economic performance
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accounting performance
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strategic performance
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sustainable performance
Pregunta 25
Pregunta
________ are ratios with some measure of profit in the numerator and some measure of firms' size or assets in the denominator.
Respuesta
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Liquidity ratios
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Leverage ratios
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Activity ratios
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Profitability ratios
Pregunta 26
Pregunta
Ratios that focus on the level of a firm's financial flexibility, including its ability to obtain more debt, are known as
Respuesta
-
leverage ratios.
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liquidity ratios.
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activity ratios.
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profitability ratios.
Pregunta 27
Pregunta
Using ratio analysis, a firm earns ________ when its performance is greater than the industry average.
Respuesta
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above average economic performance
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below average accounting performance
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above average accounting performance
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below average economic performance
Pregunta 28
Pregunta
The ________ is the rate of return that a firm promises to pay its suppliers of capital to induce them to invest in the firm.
Respuesta
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cost of debt
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cost of advantage
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cost of parity
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cost of capital
Pregunta 29
Pregunta
________ measures of competitive advantage compare a firm's level of return to its cost of capital instead of to the average level of return in the industry.
Respuesta
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Economic
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Accounting
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Strategic
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Sustainable
Pregunta 30
Pregunta
The percentage of a firm's total capital that is debt times the cost of debt plus the percentage of a firm's total capital; or equity times the cost of equity is the
Respuesta
-
weighted cost of capital.
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weighted average cost of capital.
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cost of capital.
-
average cost of capital.
Pregunta 31
Pregunta
A firm that is able to attract additional capital because debt holders and equity holders will scramble to make additional funds available for it is likely earning
Respuesta
-
normal economic performance.
-
average accounting performance.
-
temporary advantage.
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above normal economic performance.
Pregunta 32
Pregunta
An important limitation of comparing a firm's performance to its cost of capital occurs when a firm is
Respuesta
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privately held.
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an IPO.
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an entrepreneurial venture.
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experiencing below normal economic performance.
Pregunta 33
Pregunta
A firm that earns its cost of capital is said to be earning
Respuesta
-
above normal economic performance.
-
normal economic performance.
-
below normal economic performance.
-
normal accounting performance.
Pregunta 34
Pregunta
The view that equity holders only receive payment on their investment in a firm after all legitimate claims by a firm's other stakeholders are satisfied is known as the ________ view of equity holders.
Respuesta
-
stakeholder
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residual claimants
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legitimate claimants
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extraordinary claims
Pregunta 35
Pregunta
Theories of how to gain competitive advantage in an industry that emerge over time or that have been radically reshaped once they are initially implemented are known as
Respuesta
-
emergent strategies.
-
objective strategies.
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planned strategies.
-
ad hoc strategies.
Pregunta 36
Pregunta
The realized strategy of most firms tends to be
Respuesta
-
almost exclusively a reflection of their intended strategy.
-
almost exclusively a reflection of their emergent strategy.
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a combination of both intended and emergent strategies.
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reflective of neither the firms' intended nor emergent strategy.
Pregunta 37
Pregunta
Which of the following is a reason why it is important for students to study strategy and the strategic management process?
Respuesta
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Studying strategy and the strategic management process can give students tools to evaluate the strategies of firms that may employ them.
-
It can be very important to a new hire's career success to understand the strategies of the firm that hired them and their place in implementing these strategies.
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While strategic choices are generally limited to very experienced senior managers in large organizations, in smaller and entrepreneurial firms many employees end up being involved in the strategic management process.
-
All of the above
Pregunta 38
Pregunta
Fed Ex entered their market with a well-defined mission and objectives, making strategic choices and implementing those strategies. This is an example of which type of strategy?
Respuesta
-
intended
-
economic
-
emergent
-
visionary
Pregunta 39
Pregunta
Which type of ratios focus on the ability of a firm to meet its short-term financial obligations?
Respuesta
-
activity ratios
-
liquidity ratios
-
leverageratios
-
profitability ratios
Pregunta 40
Pregunta
One of the first scholars to examine the longevity of competitive advantage was
Respuesta
-
Dennis Mueller.
-
Geoffrey Waring.
-
Peter Roberts.
-
Rich Houston.
Pregunta 41
Pregunta
Which ratio signals a greater risk of bankruptcy as it increases?
Respuesta
-
debt to equity
-
quick ratio
-
debt to assets
-
cash flow per share
Pregunta 42
Pregunta
Accounts receivable turnover is an example of which type of ratio?
Respuesta
-
profitability
-
activity
-
liquidity
-
leverage
Pregunta 43
Pregunta
Thermacorp's weighted average cost of capital is 13.5. If the average WACC in the heating and cooling industry is 19, Thermacorp can be said to be earning
Respuesta
-
above normal economic performance.
-
above normal accounting performance.
-
below normal economic performance.
-
below normal accounting performance.
Pregunta 44
Pregunta
Thermacorp's 17.3% ROE is an example of a(n) ________ ratio.
Respuesta
-
liquidity
-
profitability
-
activity
-
leverage
Pregunta 45
Pregunta
If the average ROE in the heating and cooling industry is 10.1%, and Thermacorp's ROE is 17.3%, Thermacorp is said to have
Respuesta
-
below average accounting performance.
-
above average economic performance.
-
above average accounting performance.
-
below average economic performance.
Pregunta 46
Pregunta
Green Frog is an environmentally friendly firm in the cosmetics industry that has decided to undertake a strategic planning project. It wants to ensure that it performs the process correctly and so intends to start the process with the first step of the strategic planning process, which is
Respuesta
-
defining its mission.
-
setting objectives.
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measuring performance.
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defining its business level strategy.
Pregunta 47
Pregunta
Green Frog is an environmentally friendly firm in the cosmetics industry. Even though Green Frog is environmentally friendly, the strategic planning team had decided that financial performance is one of the company's top priorities. Which of the following is the best example of an objective the company might use to help it achieve its goal of superior financial performance?
Respuesta
-
increasing profitability
-
growing market share annually
-
improving product quality every quarter
-
growth in earnings per share averaging 15% or better annually for the next five years
Pregunta 48
Pregunta
Green Frog is an environmentally friendly firm in the cosmetics industry. If during the strategic planning process Green Frog tried to determine the critical threats and opportunities in its competitive environment, it would be performing a(n)
Respuesta
-
internal analysis.
-
external analysis.
-
WACC analysis.
-
economic analysis.
Pregunta 49
Pregunta
Green Frog is an environmentally friendly firm in the cosmetics industry. If Green Frog undertook an analysis to help it understand which of its resources and capabilities are likely to be sources of competitive advantage and which are less likely to sources of such advantages it would be performing a(n)
Respuesta
-
internal analysis.
-
external analysis.
-
WACC analysis
-
economic analysis
Pregunta 50
Pregunta
Green Frog is an environmentally friendly firm in the cosmetics industry. If Green Frog were considering expanding beyond the cosmetics industry into pharmaceuticals in order to gain competitive advantages by operating in multiple markets and industries, this would be an example of which type of strategy?
Respuesta
-
business level strategy
-
cost leadership strategy
-
product differentiation strategy
-
corporate level strategy
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