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BUSA 4980 Strategic Management


Fall 2016

Practice Questions for Midterm Review

Instructor: Dr Elizabeth Lim




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Multiple Choice Questions

Answer ALL Questions

Strategic Management and Strategic Competitiveness


A firm has achieved ____ when it successfully formulates and im

plements a value-

creating strategy.

a. strategic competitiveness

b. a temporary competitive advantage

c. substantial returns

d. legal and ethical core values

2. All of the following are assu

mptions of the industrial org

anization (I/O) model


a. Organizational decision make

rs are rational and committed to

acting in the firm's

best interests.

b. Resources to implement strategies are firm-specific and atta

ched to firms over the


c. The external environment is a

ssumed to impose pressures and

constraints that

determine the strategies that

result in above-average returns.

d. Firms in given industries, or gi

ven industry segments, are a

ssumed to control

similar strategically relevant resources.

. 3. All of the following ar

e assumptions of the resource

-based model EXCEPT

a. Each firm is a unique collec

tion of resources and capabiliti


b. The industry’s structural cha

racteristics have little impact

on a firm’s performance

over time.

c. Capabilities are highl

y mobile across firms.

d. Differences in resources and capabilities are the basis of c

ompetitive advantage.



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4. All of the following are

resources of an organization EX


a. an hourly production employee’s ability to catch subtle qual

ity defects in products.

b. oil drilling rights

in a promising region.

c. weak competitors in the industry.

d. a charity’s endowment of $400 million.

5. The goal of the organiza

tion’s ____ is to capture the

hearts and minds of employees,

challenge them, and evoke t

heir emotions and dreams.

a. vision

b. mission

c. culture

d. strategy

The External Environment

6. An analysis of the economic segment of the extern

al environment would include all of

the following EXCEPT

a. interest rates.

b. international trade.

c. the strength of

the U.S. dollar.

d. the move toward a contingent workforce.

7. Product differentiation refers to the:

a. ability of the buyers of a produc

t to negotiate a lower pric


b. response of incumbent firms to new entrants.

c. belief by customers t

hat a product is unique.

d. fact that as more of a product

is produced the

cheaper it be

comes per unit.



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