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The Founder of Teach for America, Wendy Kopp, wants to make teaching an attractive option for promising young professionals. Identify the phrase that represents the vision she developed for Teach for America.


A) to improve standardized test scores across the board
B) to cut wasteful spending from education budgets
C) to encourage parents to take a more active role in their children's education
D) to give all children in the United States the opportunity to attain an excellent education.

E) A) and B)
F) C) and D)

Correct Answer

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Which of the following stages of the strategic management process involves an evaluation of a firm's external and internal environments?


A) strategy analysis
B) strategy implementation
C) strategy formulation
D) strategy control

E) A) and B)
F) C) and D)

Correct Answer

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Which of the following statements should ideally reflect a firm's strategy for competitive advantage?


A) Our strategy is to win at any cost.
B) We will be number one in the industry.
C) Our aim is to create superior customer value while controlling costs.
D) We want to be the market leader by replicating our competitor's strategy.

E) C) and D)
F) B) and D)

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If Zephyr Electronics obtains an 18 percent return on invested capital, which of the following will help determine if it has a competitive advantage over other pharmaceutical companies?


A) comparing the return to the return on invested capital obtained by other firms in the industry
B) assessing the value based on the shareholders' expectations of return on their capital
C) evaluating the liquidity ratios for other pharmaceutical companies
D) comparing the value to the history of the firm's return of investment over a number of years

E) A) and B)
F) A) and C)

Correct Answer

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Marigold Servers, a web services firm, has experienced a 7% decline in revenues in consecutive quarters. In an effort to reduce operating costs, managers reduced the customer service staff from 12 employees to 6. Management also enlisted the remaining employees to help produce a new company vision: to give customers of all budgets a customizable, stress-free web hosting experience. What is wrong with this scenario?


A) Marigold's vision is not customer-oriented.
B) Internal stakeholders were not invested in defining the vision.
C) Marigold's organizational structures do not align with the vision.
D) Marigold's vision is not aspirational.

E) All of the above
F) None of the above

Correct Answer

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Which of the following statements about product-oriented visions is true?


A) They tend to force managers to take a myopic view of the competitive landscape.
B) They allow companies to effectively adapt to changing environments.
C) They define a business in terms of providing solutions to customers.
D) They allow firms to set goals that focus primarily on filling the organization's needs.

E) B) and C)
F) A) and D)

Correct Answer

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Bubble Buddy is a company that manufactures hot tubs. Which of the following best illustrates a product-oriented vision for Bubble Buddy?


A) to make people's lives simple and easy
B) to demonstrate to customers the health benefits of hot tubs
C) to help people improve the value of their homes
D) to be the pioneering manufacturer of hot tubs

E) C) and D)
F) A) and B)

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True Help is a nonprofit organization that works toward rehabilitating the homeless. The credo of the organization is "help us help you." For an organization like True Help, which of the following statements would make an appropriate mission?


A) Help us help you find a home.
B) One day, everyone in this nation will have a home to protect themselves.
C) We help the homeless gain and sustain financial independence by providing employment opportunities.
D) Our mission is to turn this not-for-profit organization into a for-profit organization so that the stakeholders benefit.

E) B) and C)
F) A) and B)

Correct Answer

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Strategic commitments are actions that are


A) inexpensive, long-term oriented, and difficult to reverse.
B) inexpensive, short-term oriented, and easy to reverse.
C) costly, long-term oriented, and difficult to reverse.
D) costly, short-term oriented, and easy to reverse.

E) C) and D)
F) All of the above

Correct Answer

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Noodles 2 Go and Sal's Trattoria are two restaurants serving Italian cuisine. While Noodles 2 Go focuses on providing quick, affordable pasta dishes for the lunch crowd, Sal's Trattoria focuses on serving home-style dishes in an upscale, romantic setting. Both companies have been able to gain a competitive advantage. This is most likely because the companies have


A) benefitted from economies of scale.
B) entered into a cartel arrangement.
C) pursued distinct strategic positions.
D) engaged in direct imitation and substitution.

E) B) and C)
F) C) and D)

Correct Answer

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The ________ is a model that links strategy analysis, strategy formulation, and strategy implementation, which together helps managers plan and implement a strategy that can improve performance and result in competitive advantage.


A) Ansoff's growth strategy matrix
B) AFI strategy framework
C) Sarbanes-Oxley Act
D) stakeholder impact analysis

E) A) and D)
F) A) and B)

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The following statement by the chief executive of SunStar movie studio is an effective strategy: "We will produce the greatest films of the 21st century."

A) True
B) False

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Mainline Ltd. is a landline telephone manufacturer whose average return on invested capital is approximately 2 percent. Because demand for landline telephones has declined significantly, the industry average return on invested capital has been negative (-5 percent) for the last few years. In this scenario, Mainline Ltd. has a


A) competitive advantage.
B) balanced scorecard.
C) competitive disadvantage.
D) power position.

E) B) and C)
F) None of the above

Correct Answer

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Green Jeans, Inc. had a mission to become the leading producer of environmentally friendly blue jeans, an emerging and in-demand category in the apparel industry. Its strategy involved leveraging a network of organic cotton farmers and suppliers of environmentally responsible synthetic materials to create a product that is durable, attractive, affordable, and 100% recyclable. However, because it did not upgrade its outdated production facilities, Green Jeans could not assemble its products at a low-enough cost to offer the jeans at a price that was attractive to customers. Green Jeans' strategy failed because


A) it failed to consider the competitive challenge.
B) it was not backed up with strategic commitments.
C) managers did not live by the company's core values.
D) the company did not stake out a unique strategy position.

E) None of the above
F) A) and B)

Correct Answer

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The first step to gain and sustain a competitive advantage is to


A) define a firm's vision, mission, and values.
B) understand the strategies of the competitors.
C) put the guiding policies of a firm into practice.
D) develop functional and business-level strategies.

E) A) and B)
F) All of the above

Correct Answer

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Fuentes Electronics is a major manufacturer of microwave ovens. Which of the following statements will best inspire the organization with a shared vision for Fuentes Electronics?


A) At Fuentes Electronics, employees know that they will make a competitive wage.
B) At Fuentes Electronics, employees at all levels are motivated to make the best microwave ovens on the market.
C) At Fuentes Electronics, employees want to create a cheaper microwave oven than our closest competitor does.
D) At Fuentes Electronics, employees can trust our managers to steer company.

E) B) and D)
F) A) and D)

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Define and elaborate on competitive advantage.

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Competitive advantage is superior perfor...

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________ are best described as the ethical standards and norms that govern the behavior of individuals within a firm.


A) Job descriptions
B) Customs duties
C) Corrective controls
D) Organizational core values

E) B) and D)
F) All of the above

Correct Answer

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The Founder of Teach for America, Wendy Kopp, established a mission by building on her vision, which is "One day, all children in this nation will have the opportunity to attain an excellent education." Considering this, how did Klopp implement the mission of Teach for America?


A) by enlisting talented young professionals as teachers
B) by offering funds to increase the salaries of low-income teachers
C) by starting her own line of private schools
D) by starting a fundraising campaign to improve school infrastructure

E) None of the above
F) A) and B)

Correct Answer

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What are the elements of a good strategy? Provide the elements and briefly explain how they are accomplished.

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A good strategy consists of three elemen...

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