Fundamentals of Strategic Management and External Environment Analysis

Apuntes

PRACTICE EXAM – CHAPTER 1 Strategic Management: Creating Competitive Advantage SECTION A: Multiple Choice Questions 1. Strategic management is best defined as: A. The process of improving operational efficiency B. A set of actions focused only on short-term profits C. The analysis, decisions, and actions to create and sustain competitive advantage D. A planning tool used only by top executives ✅ Answer: C 2. Which of the following is NOT sufficient to sustain competitive advantage? A. Unique resources B. Difficult-to-imitate capabilities C. Operational effectiveness D. Strategic positioning ✅ Answer: C 3. The “romantic view” of leadership suggests that: A. External forces determine firm performance B. Leaders have minimal impact on outcomes C. Leaders are the primary drivers of organizational success D. Strategy emerges randomly ✅ Answer: C 4. Which activity comes FIRST in the strategic management process? A. Strategy formulation B. Strategy implementation C. Strategy analysis D. Strategy evaluation ✅ Answer: C 5. Which of the following best describes a firm’s vision? A. Its current business activities B. Its reason for existence C. What the organization aspires to become D. Its qu...