战略管理期末考试资料整理

战略管理期末考试资料整理专业词汇：（30选8）1.Strategic competitiveness 战略竞争力2.Above-average returns 超额利润3.Strategic management process 战略管理过程4.The industrial organization model 行业组织模型5.The resource-based Model 资源基础模型6.Vision and Mission 愿景与使命7.Stake holders 利益相关者8.Industry environment 行业环境9.Integration forward 前向整合petitor analysis 竞争者分析11.distribution 配送12.Marketing 市场营销13.Outsourcing 外包petitive rivalry 竞争性对抗15.Tactical action 战术性行为16.Business-level strategy 业务层战略17.Cost leadership strategy 成本领先战略18.Differention strategy 差异化战略19.Total quality management 全面质量管理20.Corporate-level strategy 公司层战略21.Levels of diversification 多元化水平22.Vertical integration 纵向一体化23.Restructuring of Assets 资产重组24.Merger 合并25.Acquisition 收购26.Takeover 接管27.International strategy 国际化战略28.Global strategy 全球化战略29.Transnational strategy 跨国化战略30.Cooperative strategy 合作战略简答题：1.According to the I/O model,what should a firm do to earn above-aveagereturns?(P15)Answer:1)Study the external environment,especially the industry environment.2)Locate an industry with high potential for above-avevage returns.3)Identify the strategy called for by the attractive industry to earnabove-average returns.4)Develop or acquire assets and skills needed to implement the stragery5)Use the firm’s strengths (its developed or acquired assets and skills) toimplement the strategy.2.What is the external environmental analysis process(four steps)（P30）?Answer:1)Scanning :Identifying early signals of environmental changes andtrends.2)Monitoring:Detecting meaning through ongoing observations ofenvironmental changes and trends.3)Forecasting:Developing projection of anticipated outcomes based onmonitored changes and trends.4)Assessing:Determining the timing and importance of environmentalchanges and trends for firm’s strategies and their management.3.What is value chain analysis?what does the firm gain when it successfullyuses this tool?(P70,P76)Answer:1)Value chain analysis is used to identify and evaluate the competitivepotential of resources and capabilities.2)By studying their skills relative to those associated with primary andsupport activitives,firms can understand their cost structure andidentify the activities through which they can create value.4.What is market commonality?what is resource similarity?(P85) Answer:1)Market commonality is concerned with the number of markets withwhich the firm and a competitor are jointly involved and the degree ofimportance of the individual markets to each.2)Resource similarity is the extent to which the firm’stangible andintangible resources are comparable to a competitor’s in terms of bothtype and amount.5.What are the differences among the cost leadership,differentiation?(P111-116)Answer:1)Firm using the cost leadership strategy commonly sell standavdizedgoods or services to the industry’s most typical customers.Lost leadersconcentrate on finding ways to lower their costs relative to those oftheir competitors by constantly rethinkly how to complete their primaryand support activities to reduce costs still further while maintainingcompetitive levels of differentiation.Research suggests that having acompetitive advantage in terms of logistics creates more value whenusing the cost leadership strategy than when using the differentiationstrategy.2)Differentiators target customers for whom value is created by themanner in which the firm’s products differ from those produced andmarketed by competitors.The firm produces nonstandardized productsfor custmosers who value differentiated features more than theyvalue low cost.Rather than costs,a firm using the differentiationstrategy always concentrates on investing in and developing featuresthat differentiate a good or service in ways that customers value.6.What are three reasons firms choose to diversify their operations?(P133) Answer:①Value-Creating Diversification⑴Economies of scope(related diversification)a)Sharing aactivitiesb)Transferring core competencies⑵Market power(related diversification)a)Blocking competitors through multipoint competitionb)Vertical intrgration⑶Financial econmies(unrelated diversification)Efficient internal capital allocationBusiness restructuring②Value-Newtral Diversification⑴Antitrust regulation ⑵Tax laws ⑶Law performance⑷Uncertain future cash flows ⑸Risk reduction for firm⑹Tangible resources ⑺Intangible resources③Value-Reducing Diversification⑴Diversifying managerial employment risk⑵Increasing managerial compensation7.What are the seven primary problems that affect a fir m’s efforts tosuccessfully use an acquisition strategy?(P172)Answer:1)The difficulty of effectively integrating the firms involved2)Incorrectly evaluating the target firm’s value3)Creating debt loans that preclude adequate long-terminvestments(eg.R&D)4)Overestimating the potential for synergy5)Creating a firm that is too diversified6)Creating an internal environment in which managers devoteincreasing7)Amounts of their time and energy to analyzing and completingthe acquisition8)Developing a combined firm that is toolarge,necessitatingextensive use of bureaucratic,rather thanstrategic,control.8.What are the four primary benefits of an international strategy?(P198)Answer:Four benefits:①increased market size ②earning a return on largeinvestments ③economies of scale and learning ④advantages of locationChapter 1—What is Strategic Management?TRUE/FALSE1.The goal of strategic management is to develop a competitive advantage that ispermanently sustainable.ANS: F PTS: 1 DIF: Medium REF: 52.Average returns are returns in excess of what an investor expects to earn from otherinvestments with a similar amount of risk.ANS: F PTS: 1 DIF: Medium REF: 63.If a firm can earn at least average returns it will be able to survive.ANS: T PTS: 1 DIF: Medium REF: 64.Tangible assets, such as land and capital equipment, are losing their value as sources ofcompetitive advantage in comparison to intangible assets.ANS: T PTS: 1 DIF: Medium REF: 125.Core competencies can be formed only around production or service-provision activitiesof the firm rather than in support activities such as accounting and marketing.ANS: F PTS: 1 DIF: Medium REF: 17Choice1.Above-average returns area. higher profits than the firm earned last year.b. higher profits than the industry averaged over the last 10 years.c. profits in excess of what an investor expects to earn from other investments with a similarlevel of risk.d. profits in excess of what an investor expects to earn from a historical pattern ofperformance of the firm.ANS: C PTS: 1 DIF: Easy REF: 52.Investors in an established firm judge the adequacy of the returns on their investment inrelation to:a. the returns on other investments of similar risk.b. the stock market’s overall performance.c. the industry’s profit pool.d. the prime interest rate.ANS: A PTS: 1 DIF: Easy REF: 53.Apple has reemerged as a significant player in the computer industry. This regenerationhas been attributed mainly to what capability?a. Cost controlb. Innovationc. Economies of scaled. Monopoly powerANS: B PTS: 1 DIF: Easy REF: 7 | 10 | 114.The five forces model suggests that an industry’s profitability is a function of all thefollowing factors EXCEPTa. buyers.b. competitive rivalry.c. suppliers.d. the economic environment.ANS: D PTS: 1 DIF: Medium REF: 135.When resources and capabilities serve as a source of competitive advantage for a firm, thefirm has created a(n)a. strategic mission.b. inspiring vision.c. sustainable market niche.d. core competence.ANS: D PTS: 1 DIF: Easy REF: 176.To have the potential to become sources of competitive advantage, resources andcapabilities must be non-substitutable, valuable, ____, and ____.a. unique, easy to imitate.b. easy to imitate, difficult to implement.c. rare, costly to imitate.d. easy to implement, unique.ANS: C PTS: 1 DIF: Easy REF: 187.The development of a firm’s mission typically involves which of the following?a. Only the CEO.b. The CEO and top managers.c. Only top managers.d. None of the above.ANS: B PTS: 1 DIF: Easy REF: 198.Product market stakeholders includea. suppliers.b. shareholders.c. employees.d. the firm’s chief executive officer.ANS: A PTS: 1 DIF: Easy REF: 22OBJ: 01-06 TYPE: knowledgeNOT: AACSB: Business Knowledge & Analytical Skills | Management: EnvironmentalInfluence | Dierdorff & Rubin: Managing decision-making processesChapter 2—Exploring the External Environment: Competition andopportunities TRUE/FALSE6.The final result of successful strategic competitiveness is above-average returns.ANS: T PTS: 1 DIF: Medium REF: 347.Firms can directly control the elements of the six segments of the general environment.ANS: F PTS: 1 DIF: Easy REF: 358.Monitoring involves the development of a forecast of what might happen at a future pointin time.ANS: F PTS: 1 DIF: Easy REF: 389.In recent years, industry boundaries have become more sharply defined.ANS: F PTS: 1 DIF: Easy REF: 4810.Generally, the stronger the competitive forces, the higher the profit potential of anindustry.ANS: F PTS: 1 DIF: Medium REF: 55MULTIPLE CHOICE1.The ____ environment is composed of elements in the broader society that can influencean industry and the firms within it.a. competitorb. generalc. socioculturald. industryANS: B PTS: 1 DIF: Medium REF: 352.Which of the following is NOT an activity used in the external environmental analysisprocess?a. Scanningb. Monitoringc. Decryptingd. AssessingANS: C PTS: 1 DIF: Medium REF: 37 (Table 2.2) |38-393. A general environmental analysis can be expected to produce all of the followingEXCEPTa. objective answers.b. recognition of environmental changes.c. identification of organizational opportunities.d. identification of organizational threats.ANS: A PTS: 1 DIF: Medium REF: 39-404.An analysis of the economic segment of the external environment would include all of thefollowing EXCEPTa. interest rates.b. international trade.c. the strength of the U.S. dollar.d. the move toward a contingent workforce.ANS: D PTS: 1 DIF: Medium REF: 425.The economic environment refers toa. the economic outlook of the world provided by the World Bank.b. the nature and direction of the economy in which a firm competes or may compete.c. an analysis of how the environmental movement and world economy interact.d. an analysis of how new environmental regulations will affect the U.S. economy.ANS: B PTS: 1 DIF: Medium REF: 426.Which of the five forces of competition is MOST threatening to Google?a. rivalry among competing search enginesb. threat of substitutesc. bargaining power of suppliersd. threat of new entrantsANS: A PTS: 1 DIF: Medium REF: 467.An industry is defined asa. a group of firms producing the same products or services.b. firms producing items that sell through the same distribution channels.c. a group of firms producing products that are close substitutes.d. firms that sell the same products or services to the same customer base.ANS: C PTS: 1 DIF: Easy REF: 48OBJ: 02-02 TYPE: knowledgeNOT: AACSB: Business Knowledge & Analytical Skills | Management: EnvironmentalInfluence | Dierdorff & Rubin: Managing the task environment8.New entrants to an industry are more likely whena. it is difficult to gain access to distribution channels.b. economies of scale in the industry are high.c. product differentiation in the industry is low.d. capital requirements in the industry are high.ANS: C PTS: 1 DIF: Medium REF: 49-519.Suppliers are powerful whena. satisfactory substitutes are available.b. they sell a commodity product.c. they are in a highly fragmented industry.d. they offer a credible threat of forward integration.ANS: D PTS: 1 DIF: Hard REF: 52petitor analysis focuses ona. firms with which the company competes directly.b. firms that produce products that are substitutes.c. all firms in the industry.d. companies that might enter the industry.ANS: A PTS: 1 DIF: Medium REF: 58Chapter 3—Examining the Internal Organization: Resources, Capabilities TRUE/FALSE11.Firms should seek to continually develop new core competencies because all corecompetencies have limited life spans.ANS: T PTS: 1 DIF: Easy REF: 7012.Creating customer value is the source of the firm’s potential to earn above-averagereturns.ANS: T PTS: 1 DIF: Easy REF: 72-7313.In the long run, if an organization does not change it will fail.ANS: T PTS: 1 DIF: Easy REF: 7414.23. Trademarks and copyrights are examples of a firm’s tangible resources.ANS: T PTS: 1 DIF: Easy REF: 76 | 77 (Table 3.1)15.The foundation of all competitive advantages is technology.ANS: F PTS: 1 DIF: Medium REF: 8116.Capabilities may be costly to imitate if they are causally ambiguous or socially complex.ANS: T PTS: 1 DIF: Medium REF: 82MULTIPLE CHOICE1.Which of the following is NOT a factor affecting sustainability of a competitiveadvantage?a. The availability of substitutes for a firm’s core competence.b. The rate at which obsolescence of the core competence occurs because of environmentalchanges.c. The length of time the core competence has existed.d. The limitability of a core competence.ANS: C PTS: 1 DIF: Medium REF: 70-712.Internal analysis enables a firm to determine what the firma. should do.b. can do.c. will do.d. might do.ANS: B PTS: 1 DIF: Medium REF: 713.The most numerous of the following organizational characteristics area. resources.b. capacities.c. capabilities.d. core competencies.ANS: A PTS: 1 DIF: Easy REF: 754.All of the following are tangible resources EXCEPTa. production equipment.b. distribution centers.c. formal reporting structures.d. firm’s reputation.ANS: D PTS: 1 DIF: Medium REF: 77 (Table 3.1)pared to tangible resources, intangible resources area. of less strategic value to the firm.b. not the focus of strategic analysis.c. a more potent source of competitive advantage.d. more likely to be reflected on the firm’s balance sheet.ANS: C PTS: 1 DIF: Medium REF: 786.Which of the following is NOT a reputational resource?a. Customer opinion that the firm’s product are high quality.b. Suppliers’ opinion that the firm pays its bills in a timely manner.c. Employees viewing the firm as a terrible place to work.d. Customer opinion that using the firm’s product makes them attractive.ANS: C PTS: 1 DIF: Hard REF: 787.Capabilities that other firms cannot develop easily are classified asa. costly to imitate.b. rare.c. valuable.d. nonsubstitutable.ANS: A PTS: 1 DIF: Easy REF: 828.Firms that achieve competitive parity can expect toa. earn average returns.b. earn below-average returns.c. earn above-average returns.d. initially earn above-average returns, declining to average returns.ANS: A PTS: 1 DIF: Easy REF: 84 (Table 3.5) 9.Value chain analysis is a tool used toa. analyze a firm’s exte rnal environment for value-creating opportunities.b. analyze a firm’s primary and support activity in isolation from influences of the externalenvironment.c. understand the parts of the firm’s operation that create value and those that do not.d. ide ntify the firm’s core competencies in each of the primary activities of the firm.ANS: C PTS: 1 DIF: Hard REF: 8510.Outsourcing is thea. spinning off of a value-creating activity to create a new firm.b. purchase of a value-creating activity from an external supplier.c. selling of a value-creating activity to other firms.d. use of computers to obtain value-creating data from the Internet.ANS: B PTS: 1 DIF: Medium REF: 87Chapter 4—Building and Sustaining Competitive AdvantageTRUE/FALSE17.Firms operating in the same market, offering similar products and targeting similarcustomers are competitors.ANS: T PTS: 1 DIF: Easy REF: 12818.“Competitive dynamics” indicates that firms and their strategic actions are independent.ANS: F PTS: 1 DIF: Medium REF: 12819.Intensified rivalry within an industry results in decreased average profitability for thefirms within it.ANS: T PTS: 1 DIF: Medium REF: 13020.Under the framework of competitive action and response, “ability” refers to an attackingor responding firm’s know ledge of the competitive market characteristics.ANS: F PTS: 1 DIF: Easy REF: 13321.Product quality is a universal theme and is a necessary, but not a sufficient, condition forcompetitive success.ANS: T PTS: 1 DIF: Medium REF: 14022.The more dependent a firm is on its market, the more aggressively it will defend it fromanother competitor.ANS: T PTS: 1 DIF: Medium REF: 143MULTIPLE CHOICEpetitive rivalry has the most effect on the firm’s ____ strategies than the firm’s otherstrategies.a. business-levelb. corporate-levelc. acquisitiond. internationalANS: A PTS: 1 DIF: Easy REF: 1282.Which pair of firms has the greatest market commonality?a. Microsoft and Lenovob. HP and Microsoftc. Dell and Microsoftd. HP and DellANS: D PTS: 1 DIF: Medium REF: 133 | 127-1283.11. In general, firms are more aware of competitors who have similar resources and whoa. have low market dependence.b. compete against the firm in multiple markets.c. have low market commonality.d. are late movers.ANS: B PTS: 1 DIF: Medium REF: 133petitive action can be one of two types, either ____ or ____.a. aggressive, defensiveb. strategic, tacticalc. quality-based, cost-basedd. market-based, resource-basedANS: B PTS: 1 DIF: Easy REF: 1365. A second movera. is typically ineffective in its response to the first mover.b. attempts to provide a product with greater customer value than the first mover’s product.c. usually incurs higher expenses than the first mover since it must engage in reverseengineering.d. typically has a higher survival rate than first movers which typically take greater risks.ANS: B PTS: 1 DIF: Medium REF: 138-1396.Without quality, the firm’s productsa. can compete effectively on the basis of low price.b. must be exported to developing countries, because they are not competitive in the U.S. ordeveloped countries.c. lack credibility among customers.d. are associated with predatory competition.ANS: C PTS: 1 DIF: Easy REF: 140-1417. A firm is likely to respond to an attack by a competitor in all of the following situationsEXCEPTa. the attack is by a price predator.b. the attack makes the firm’s market position less defensible.c. the attack damages the firm’s ability to use its capabilities.d. the attack improves the competitor’s market position.ANS: A PTS: 1 DIF: Medium REF: 142-1438.Sustained competitive advantage is most achievable in a ____ market.a. slow-cycleb. medium-cyclec. standard-cycled. fast-cycleANS: A PTS: 1 DIF: Medium REF: 143Chapter5—Business-Level StrategyTRUE/FALSE23.The goal of business-level strategy is to earn above-average returns.ANS: T PTS: 1 DIF: Medium REF: 9824.A business-level strategy is an integrated and coordinated set of commitments and actionsdesigned to exploit core competencies and gain a competitive advantage in specificproduct markets.ANS: T PTS: 1 DIF: Medium REF: 9825.A low-cost position in the industry is not a valuable defense against rivals whencompeting on the basis of price.ANS: F PTS: 1 DIF: Medium REF: 106-10926.A risk of the differentiation strategy is that the firm’s means of differentiation mayeventually not provide value to the customer.ANS: T PTS: 1 DIF: Easy REF: 110-11327.A flexible manufacturing system is a computer-controlled process used to produce avariety of products in moderate, flexible quantities with minimal manual intervention.ANS: T PTS: 1 DIF: Medium REF: 11928.A customer relationship management system will allow firms to identify the trade-offsthat customers are willing to make between differentiated features and low cost.ANS: T PTS: 1 DIF: Easy REF: 119-120 MULTIPLE CHOICE1. A firm’s core strategy is its ____ strategy.a. corporateb. pricingc. businessd. internationalANS: C PTS: 1 DIF: Easy REF: 982.When selecting a business level strategy, the firm must determine all of the followingEXCEPTa. How will the customer’s needs be satisfied?b. Who is the customer?c. What are the customers’ needs?d. Why should these customers’ needs be satisfied?ANS: D PTS: 1 DIF: Medium REF: 993.Before the firm decides what products to offer and what benefits and features they willhave, the firm must decide all the following questions EXCEPTa. who the firm should serve.b. what core competencies are needed to satisfy customer needs.c. what needs the firm should satisfy.d. when the customer’s needs should be satisfied.ANS: D PTS: 1 DIF: Medium REF: 101-1034.Business-level strategies are concerned specifically witha. creating differences between the firm’s position and its rivals.b. selecting the industries in which the firm will compete.c. how functional areas will be organized within the firm.d. how a business with multiple physical locations will operate one of those locations.ANS: A PTS: 1 DIF: Medium REF: 1035.Which value creating strategies best satisfy customer needs?a. Firm resourcesb. Capabilitiesc. None of the above.d. Core competenciesANS: D PTS: 1 DIF: Medium REF: 103-1046. A cost leadership strategy provides goods or services with features that area. acceptable.b. unique.c. substandard.d. mediocre.ANS: A PTS: 1 DIF: Easy REF: 1067. A company pursuing the differentiation or focused differentiation strategy would tend toa. have highly efficient systems linking suppliers’ products with the firm’s productionprocesses.b. have strong capabilities in basic research.c. use economies of scale.d. make investments in easy-to-use manufacturing technologies.ANS: B PTS: 1 DIF: Medium8.When a product’s unique attributes provide value to customers, the firm is implementinga. a differentiation strategy.b. a cost leadership strategy.c. an integrated cost leadership/differentiation strategy.d. a single-product strategy.ANS: A PTS: 1 DIF: Medium REF: 1109.54. The focused differentiation strategy differs from the differentiation strategy in thata. the focused differentiators have a broader competitive scope.b. the value-creating activities of focused differentiators are more constrained.c. there are fewer risks with the focused differentiation strategy.d. focused differentiators target a narrower customer market.ANS: D PTS: 1 DIF: Medium REF: 116-11710.The integration of a cost leadership and a differentiation strategya. is challenging because of the inherent difficulties in balancing primary and supportactivities.b. forces a firm to adapt more slowly to changes in its environment.c. allows the firm to avoid being “stuck in the middle.”d. requires such a large customer base that it is most practical for firms in the globalmarketplace.ANS: A PTS: 1 DIF: Hard REF: 117 | 119 Chapter 6—Corporate-Level StrategyTRUE/FALSE29.A business-level strategy indicates product markets and businesses in which the firmshould compete.ANS: F PTS: 1 DIF: Medium REF: 15430.Successful product diversification is expected to increase the variabil ity in the firm’sprofitability, since the earnings are generated from several different business units.ANS: F PTS: 1 DIF: Easy REF: 15531.Corporate level core competencies are resources and capabilities held within specificbusiness units within the corporate portfolio.ANS: F PTS: 1 DIF: Medium REF: 16032.As product markets become worldwide, we can expect that multipoint competition willdecrease.ANS: F PTS: 1 DIF: Medium REF: 16133.When implementing a restructuring strategy a company would do best by focusing onmature, low-technology businesses.ANS: T PTS: 1 DIF: Medium REF: 166MULTIPLE CHOICE1.On the most basic level, corporate-level strategy is concerned with ____ and how tomanage these businesses.a. whether the firm should invest in global or domestic businessesb. what product markets and businesses the firm should be inc. whether the portfolio of businesses should generate immediate above-average returns orshould be troubled businesses which will create above-average returns only afterrestructuringd. whether to integrate backward or forward.ANS: B PTS: 1 DIF: Medium REF: 154ually a company is classified as a single business firm when revenues generated by thedominant business are greater than ____ percent.a. 99b. 90c. 95d. 70ANS: C PTS: 1 DIF: Medium REF: 155 | 158 (Figure 6.1)3.GE has recently reorganized from eleven businesses down to six core businesses. Thepurpose of this reorganization is to transfer core competencies in different types oftechnologies among GE’s businesse s. This is an example ofa. increasing market power through vertical integration.b. efficient internal capital allocation.c. a focus on financial economies.d. increasing corporate relatedness.ANS: D PTS: 1 DIF: Medium REF: 156-1574.Firms seek to create value from economies of scope through all of the following EXCEPTa. de-integration.b. skill transfers.c. transfers of corporate core competencies.d. activity sharing.ANS: A PTS: 1 DIF: Easy REF: 1595.The basic types of operational economies through which firms seek value from economiesof scope area. synergies between internal and external capital markets.b. the leveraging of individual tangible resources.c. joint ventures and outsourcing.d. the sharing of primary and support activities.ANS: D PTS: 1 DIF: Medium REF: 1596.The purchasing of firms in the same industry is called:a. unrelated diversification.b. vertical integration.c. networking the organization.d. horizontal acquisition.ANS: D PTS: 1 DIF: Easy REF: 1607.Acquisitions to increase market power require that the firm have a ____ diversificationstrategy.a. relatedb. unrelatedc. dominant-businessd. single businessANS: A PTS: 1 DIF: Hard REF: 1618.Backward integration occurs when a companya. produces its own inputs.b. owns its own source of distribution of outputs.c. is concentrated in a single industry.d. is divesting unrelated businesses.ANS: A PTS: 1 DIF: Medium REF: 1629.Successful unrelated diversification through restructuring is typically accomplished bya. a “random walk” of good luck in picking firms to buy.b. focusing on mature, low-technology businesses.c. seeking out high technology firms in high growth industries.d. a top management team that is not constrained by pre-established ideas of how the firm’sportfolio should be developed.ANS: A PTS: 1 DIF: Easy REF: 16610.External incentives to diversify includea. the fact that other firms in an industry are diversifying.b. pressure from stockholders who are demanding that the firm diversify.c. changes in antitrust regulations and tax laws.d. a firm’s low performance.ANS: C PTS: 1 DIF: Easy REF: 168pared with diversification based on intangible resources, diversification based onfinancial resources isa. less imitable and less likely to create value on a long-term basis.b. more imitable and more likely to create value on a long-term basisc. less imitable and more likely to create value on a long-term basis。