Question 1

In the 1980s and 1990s scholars focused on firms' competencies to explain strategy, leading to the emergence of the resource-based view of the firm.

Accepted Answer

Scholars did focus on firms' competencies to explain strategy in the 1980s and 1990s, leading to the emergence of the resource-based view of the firm.

Question 2

In the H&T field, strategic management emerged as a field of study in the mid to late 1980s.

Accepted Answer

Strategic management in the H&T field started to gain attention as a field of study in the 1980s.

Question 3

All schools of thought in the strategic management field emphasize the need for critical consideration of multiple issues and factors when developing and implementing strategies.

Accepted Answer

This is a widely accepted principle in the field of strategic management.

Question 4

H&T organizations do not need to constantly analyze the external and internal environments once they formulate and implement their strategies.

Accepted Answer

H&T organizations need to constantly analyze the external and internal environments to ensure their strategies are still relevant and effective in achieving their goals. Factors such as changes in customer preferences, new competitors, and technological advancements can all impact the success of a strategy, making ongoing analysis necessary.

Question 5

In the 1990's globalization led to strategic alliances as a means of addressing the challenges of operating in different cultures.

Accepted Answer

Strategic alliances were a popular way for companies to expand their operations globally in the 1990s, as they helped to overcome the challenges of different cultures and business practices. This was a direct result of the increased globalization and interconnectedness of the world economy during this period.

Question 6

There is a hierarchical and integrative relationship among the schools of thought in the strategic management field and they are rarely found in their pure form

Accepted Answer

The schools of thought in strategic management are often intertwined and overlap, creating a hierarchy of ideas and an integrative framework. It is rare to find any one school of thought in its pure form, as each school builds on and borrows from others.

Question 7

The premise of the "contingency school" is that once formed effective strategies will always promote competitive advantage.

Accepted Answer

The premise of the contingency school is that effective strategies will promote competitive advantage only under certain conditions and that these conditions are subject to change over time. This school emphasizes the importance of adapting strategies to the changing conditions of the environment in order to maintain a competitive advantage.

Question 8

In strategic management the context refers to description, selection and justification of a certain strategy (or strategies).

Accepted Answer

In strategic management, the context refers to the external and internal environment in which a company operates, including industry conditions, market trends, and organizational resources and capabilities, rather than the description, selection, and justification of a certain strategy.

Question 9

For H&T organizations the complexity and variability associated with creating and sustaining competitive advantage is high.

Accepted Answer

The hospitality and tourism (H&T) industry is highly competitive, with a lot of variability and complexity associated with creating and sustaining a competitive advantage. This is due to a range of factors, including changing consumer tastes, fluctuations in the global economy, and intense competition from other businesses in the industry. As a result, H&T organizations must be agile and innovative in their approach to business to remain competitive and meet the changing needs of customers.

Question 10

The configurational school claims there is ease in achieving a 'fit' between these contradictory tensions, and sustaining this coherence in dynamic and complex situations.

Accepted Answer

The configurational school does not claim that achieving a 'fit' between contradictory tensions is easy, rather it recognizes the difficulty in sustaining coherence in dynamic and complex situations.

Question 11

Resource development of H&T firms should complement their competitive strategies so that there is alignment between the former and the latter.

Accepted Answer

Resource development should support and enhance the competitiveness of firms, hence it should complement their competitive strategies. This alignment ensures that a firm's resources are used effectively and efficiently to achieve its strategic goals.

Question 12

Sustainable competitive advantage is the result of developing and combing several distinctive competencies that lead to superior financial performance.

Accepted Answer

Sustainable competitive advantage is achieved by developing and combining distinctive competencies that lead to long-term superior financial performance, giving the company a strong position in the market that is difficult for competitors to replicate.

Question 13

What results from the process of strategic management?

Accepted Answer

The process of strategic management results in the development of strategies for various levels in the organization, which can lead to a competitive advantage. Additionally, it involves the formulation of the mission, vision, goals and objectives of an organization. Therefore, all of the above options are the results of the process of strategic management.

Question 14

The four main elements of strategic management include all of the following EXCEPT.

Accepted Answer

The four main elements of strategic management are formulation, implementation, evaluation, and control. "Extermination" is not a valid element and therefore is not included in the list.

Question 15

According to which view/school of thought does strategic planning consists of four separate elements: (1) analysis, (2) strategy formulation, (3) strategy implementation and (4) control/ monitoring?

Accepted Answer

The four separate elements of strategic planning (analysis, strategy formulation, strategy implementation, and control/monitoring) are part of the Planning School of thought in strategic management. This approach emphasizes the importance of a systematic, analytical approach to planning, with a focus on developing and implementing formal strategies.

Question 16

Which of the following statements is NOT true?

Accepted Answer

Competitive advantage cannot be attained without core capabilities and distinctive competencies. These are the foundation of an organization's competitive advantage.

Question 17

The Resource Based View (RBV) suggests that:

Accepted Answer

The Resource Based View (RBV) suggests that in order for a resource to provide a company with a competitive advantage, it must be valuable, rare, inimitable, and non-substitutable. This framework emphasizes that tangible and intangible resources and capabilities can shape a firm's advantage over its competitors. Therefore, choice A, which suggests that competitive advantage comes only from a firm's tangible assets, is not accurate. Choice C, which suggests that the firm must have a global presence, is not necessarily true according to RBV.

Question 18

How far the industry characteristics influence development and implementation of business practices?

Accepted Answer

The answer of How far the industry characteristics influence development...

Question 19

How can we define "core capabilities" for a H&T organization? Give examples.

Accepted Answer

The answer of How can we define "core capabilities" for...

Question 20

How can we define "distinctive competencies: for a H&T organization? Give examples.

Accepted Answer

The answer of How can we define "distinctive competencies: for...

Quiz 13: Conclusions: Relating Content, Context, and Process