Question 1

Pisano et al. (2017) identified two main approaches to corporate strategy, namely:&#10;A) prescriptive and predictive.&#10;B) prescriptive and emergent.&#10;C) nascent and emergent.&#10;D) none of these.

Accepted Answer

Pisano et al. (2017) discuss prescriptive and emergent as the two main approaches to corporate strategy, where prescriptive strategy involves planning and foresight, while emergent strategy evolves in response to unforeseen circumstances and opportunities.

Question 2

Which of the following was identified by Grant (2008) as the common element of a successful strategy?&#10;A) having a clear vision&#10;B) having a clear mission&#10;C) having a profound understanding of the competitive environment&#10;D) having conducted a thorough stakeholder analysis

Accepted Answer

Grant (2008) emphasized the importance of having a profound understanding of the competitive environment as a common element of a successful strategy, highlighting how crucial it is for businesses to analyze and adapt to the dynamics of their industry and competitors.

Question 3

Pisano et al. (2017) identified three core areas of corporate strategy, namely:&#10;A) strategic formation, strategic analysis and strategic implementation.&#10;B) corporate scanning, strategic analysis and strategic implementation.&#10;C) corporate scanning, environmental analysis and strategic implementation.&#10;D) strategic formulation, strategic analysis and strategic implementation.

Accepted Answer

Pisano et al. (2017) discuss corporate strategy in terms of strategic formulation (planning the strategy), strategic analysis (analyzing the internal and external environment), and strategic implementation (executing the planned strategy). These three core areas encompass the comprehensive process of developing and executing corporate strategies.

Question 4

Which of the following IS NOT included within the analysis of the external environment?&#10;A) understanding stakeholder views&#10;B) surveying participants regarding the purpose and performance of the organization&#10;C) understanding the factors affecting the industry, the economy communities and the environment.&#10;D) understanding the maturity of the organization in terms of deriving and supporting strategy

Accepted Answer

Understanding the maturity of the organization in terms of deriving and supporting strategy is more related to an internal analysis rather than an external environment analysis. The external environment analysis focuses on factors outside the organization such as industry trends, economic conditions, and stakeholder views.

Question 5

Which of the following IS NOT included within the process of strategic analysis?&#10;A) SWOT&#10;B) internal analysis&#10;C) external analysis&#10;D) stakeholder analysis

Accepted Answer

Stakeholder analysis is not typically considered a direct component of strategic analysis. Strategic analysis focuses on evaluating the internal and external environments of an organization through methods like SWOT (Strengths, Weaknesses, Opportunities, Threats), internal analysis (examining internal resources and capabilities), and external analysis (evaluating the industry and market conditions). Stakeholder analysis, while important in strategic planning, is more about understanding the interests and influences of various stakeholders on the organization rather than analyzing the organization's strategic position itself.

Question 6

Porter's forces of competition framework consists of how many forces?&#10;A) three&#10;B) four&#10;C) five&#10;D) six

Accepted Answer

Porter's forces of competition framework, also known as Porter's Five Forces, consists of five forces: threat of new entrants, threat of substitutes, bargaining power of buyers, bargaining power of suppliers, and competitive rivalry within an industry.

Question 7

Who defined a business model whereby the union of four blocks that create and deliver value - customer value proposition, profit formula, key resources and processes?&#10;A) Porter (1999)&#10;B) Johnson (2008)&#10;C) Miles and Snow (2011)&#10;D) Kotler (2000)

Accepted Answer

Johnson (2008) defined a business model involving the integration of four components: customer value proposition, profit formula, key resources, and processes, which collectively work to create and deliver value.

Question 8

Which of the following IS NOT part of a red ocean strategy?&#10;A) beating the competition&#10;B) exploiting existing demand&#10;C) creating uncontested market space&#10;D) making the value/cost trade-off

Accepted Answer

A red ocean strategy focuses on competing in existing market spaces, beating the competition, exploiting existing demand, and making the value/cost trade-off. In contrast, creating uncontested market space is a hallmark of the blue ocean strategy, which seeks to make the competition irrelevant by finding new demand and creating new markets.

Question 9

When considering the content, context and process framework, which of the following three questions are directly related to these three areas in sequence?&#10;A) what, why and when&#10;B) what, when and why&#10;C) why, what and when&#10;D) None of these

Accepted Answer

The content, context, and process framework relates to "what" is happening or needs to happen (content), "why" it is happening or needs to happen (context), and "when" or how it will happen (process).

Question 10

In a world of uncertainty where investments once made are irreversible, flexibility is:&#10;A) irrelevant.&#10;B) valuable.&#10;C) invaluable.&#10;D) risky.

Accepted Answer

Flexibility is valuable in a world of uncertainty because it allows investors to adjust their portfolios in response to changing market conditions.

Question 11

Whose work stressed the importance of product and market selection in strategy?&#10;A) Ohmae (1982)&#10;B) Kim and Mauborgne (2004 and 2005)&#10;C) Mintzberg (2005)&#10;D) Ohmae (1982) and Kim and Mauborgne (2004 and 2005)

Accepted Answer

The answer of Whose work stressed the importance of product...

Question 12

Substantial change to the range of offerings or to the markets served, or both, is known as ______&#10;A) intensification.&#10;B) diversification.&#10;C) differentiation.&#10;D) none of these.

Accepted Answer

The answer of Substantial change to the range of offerings...

Question 13

Which of the following is the blueprint that defines how the company creates value for itself while providing value to the customer?&#10;A) customer value proposition&#10;B) profit formula&#10;C) net present value&#10;D) none of these

Accepted Answer

The answer of Which of the following is the blueprint...

Deck 2: Strategic Approaches