#StrategicManagementTechnologyInnovationMCQ #MCQ #ExamPrep Master the essentials of Strategic Management of Technology and Innovation mcq set 2 with expertly crafted multiple-choice questions (MCQs) designed to excel in your exams. Explore key concepts, decision-making frameworks, and innovation strategies efficiently. Boost your knowledge and score with comprehensive practice.
Q41: Strategy implementation is often considered to be the most difficult stage in the strategic-management process because it requires personal discipline, commitment and sacrifice. Answer a. True
a. True
b. False
Answer
Q42: The final stage in strategic management is strategy implementation. Answer b. False
a. True
b. False
Answer
Q43: Buyers are powerful when: c. there are no switching costs.
a. there is not a threat of backward integration.
b. they are not a significant purchaser of the supplier’s output.
c. there are no switching costs.
d. the buyers’ industry is fragmented.
Answer
Q44: Strategists are usually found in higher levels of management and have considerable authority for decision-making in the firm. Answer a. True
a. True
b. False
Answer
Q45: The “advance work” in the strategic management process is comprised of A. strategy formulation.
A. strategy formulation.
B. strategy implementation.
C. strategic posturing.
D. strategy analysis.
Answer
Q46: As of 2004, Wal-Mart was the largest corporation in the world. Answer a. True
a. True
b. False
Answer
Q47: A cost leadership strategy provides goods or services with features that are: a. acceptable to customers.
a. acceptable to customers.
b. unique to the customer.
c. highly valued by the customer.
d. able to meet unique needs of the customer
Answer
Q48: Annual objectives are especially important in strategy formulation. Answer b. False
a. True
b. False
Answer
Q49: A clear mission statement describes the values and priorities of an organization. Answer a. True
a. True
b. False
Answer
Q50: Objectives should be measurable, quantitative, challenging, realistic, consistent and prioritized. Answer a. True
a. True
b. False
Answer
Q51: In a multidivisional firm, objectives should be established for the overall company and not for each division. Answer b. False
a. True
b. False
Answer
Q52: Top managers making many intuitive decisions that conflict with the formal plan is one pitfall managers should avoid in strategic planning. Answer a. True
a. True
b. False
Answer
Q53: Even though useful, strategic planning has been cast aside by corporate America since the early 1990s. Answer b. False
a. True
b. False
Answer
Q54: Crises and fires in an organization allows managers the training and time for effective strategic planning. Answer b. False
a. True
b. False
Answer
Q55: An industry is defined as: d. a group of firms producing products that are close substitutes.
a. a group of firms producing the same item.
b. firms producing items that sell through the same distribution channels.
c. firms that have the same seven digit standard industrial code.
d. a group of firms producing products that are close substitutes.
Answer
Q56: In order for a firm to achieve sustained competitive advantage, a firm must continually adapt to changes in external trends and events and effectively formulate, implement, and evaluate strategies that capitalize upon those factors. Answer a. True
a. True
b. False
Answer
Q57: Application of the strategic-management process is typically more formal in larger and well-established organizations. Answer a. True
a. True
b. False
Answer
Q58: Strategic decisions are based on what managers _____, rather than on what they _____. A. Forecast; know
A. Forecast; know
B. React to; anticipate
C. Know; forecast
D. Compromise with; analyze
Answer
Q59: In the case where an organization acquires its supplier, this is an example of: c. Backwards vertical integration
a. Horizontal integration
b. Forwards vertical integration
c. Backwards vertical integration
d. None of these
Answer
Q60: According to Greenley, strategic management provides a cooperative, integrated and enthusiastic approach to tackling problems and opportunities. Answer a. True
a. True
b. False
Answer
Q61: The competencies or skills that a firm employs to transform inputs into outputs are: C. organizational capabilities.
A. tangible resources.
B. intangible resources.
C. organizational capabilities.
D. reputational resources.
Answer
Q62: A vision statement answers the question, ?What is our business?,? whereas a mission statement answers, ?What do we want to become?? Answer b. False
a. True
b. False
Answer
Q63: An integral part of strategy implementation must be to evaluate the quality of the strategic-management process. Answer b. False
a. True
b. False
Answer
Q64: Broad, precedent-setting decisions that guide or substitute for repetitive or time-sensitive managerial decision making are called D. Policies
A. Goals
B. Strategies
C. Objectives
D. Policies
Answer
Q65: Whereas corporate and business-level managers center their attention on _____, managers at functional-level center their attention on ____. D. Doing the right things; doing things right
A. Operational issues; strategic issues
B. Doing things right; doing the right things
C. Entrepreneurial mode; adaptive mode
D. Doing the right things; doing things right
Answer
Q66: The terms strategic management and strategy implementation are synonymous. Answer b. False
a. True
b. False
Answer
Q67: Today, managers and employees can be found personally liable if they ignore, conceal, or disregard a pollution problem. Answer a. True
a. True
b. False
Answer
Q68: All strategists have similar attitudes, values, ethics and concerns for social responsibility. Answer b. False
a. True
b. False
Answer
Q69: Firms with planning systems more closely resembling strategic-management theory generally exhibit superior long-term financial performance relative to their industry. Answer a. True
a. True
b. False
Answer
Q70: The poor reward structure is one reason managers do not engage in strategic planning. Answer a. True
a. True
b. False
Answer
Q71: Switching costs refer to the: d. one-time costs customers incur when buying from a different supplier
a. cost to a producer to exchange equipment in a facility when new technologies emerge.
b. cost of changing the firm’s strategic group.
c. one-time costs suppliers incur when selling to a different customer.
d. one-time costs customers incur when buying from a different supplier
Answer
Q72: The bargaining power of the supplier is less than that of the buyer when B. the buyer’s profit margin is low.
A. volume of purchase is low.
B. the buyer’s profit margin is low.
C. cost savings from the supplier’s product are minimal.
D. threat of backward integration by buyers is low.
Answer
Q73: A vision statement is, in essence, a company’s game plan. a. True
a. True
b. False
Answer
Q74: In company’s environment, company’s customers are part of which of the following? b. Micro environment
a. Internal environment
b. Micro environment
c. Macro environment
Answer
Q75: Which one of these is NOT a __________ part of Porter’s competitive forces in industry analysis. c. Development of substitute products
a. Potential entry of new competitors
b. Bargaining power of suppliers
c. Development of substitute products
d. Development of substitute products
Answer
Q76: The development of the computer is an example of which of the following innovations? a. Autonomous
a. Autonomous
b. Market
c. Political
d. Environmental
Answer
Q77: Strategic management processes need which of the following to enhance future decision making? B. Feedback
A. Testing
B. Feedback
C. Discontinuity
D. Projecting
Answer
Q78: Beginning in the 1980s, an age of fragmentation in industrial R&D began to be evident. Of the four reasons listed below, which one led to further fragmentation of R&D in the U.S. d. Introduction of internal market concepts
a. Era of big science
b. Capital markets exertion of pressure
c. R&D labs began to be held accountable for resources consumed
d. Introduction of internal market concepts
Answer
Q79: The concept of project life cycle illustrates key ideas. Under the control mechanism section, four points can be made. At which point is the possibility of a project shutdown? d. Economic assessments
a. Feasibility assessment
b. Total life cycle cost
c. Checkpoints for periodic reviews
d. Economic assessments
Answer
Q80: The results that an organization seeks over a multiyear period are its D. Long-term objectives
A. Generic strategies
B. Grand strategies
C. Mission statements
D. Long-term objectives
Answer
