FREE Master of Engineering Management Strategic Management Questions and Answers

Question 1

How a company will meet its goals today, when others may be fighting for the same customers, and how it will compete in the future are the two most important concerns a strategy must answer.

Accepted Answer

Operational

Answer

Corporate

Answer

Business

Answer

Functional

Question 2

Technologies, vehicles, differentiators, staging, and economic logic comprise the strategy diamond.

Accepted Answer

FALSE

Answer

TRUE

Question 3

Which is not part of international strategy lifecycle?

Accepted Answer

Diversification Strategy

Answer

Product Demand Develops and Firm Exports Products

Answer

Firm Introduces Innovation in Domestic Market

Answer

Production Becomes Standardized and is Relocated to Low-Cost Countries

Question 4

Which strategy formulation/implementation statement is most accurate?

Accepted Answer

Neither strategy formulation nor strategy implementation can succeed without the other

Answer

Strategy formulation is more important than strategy implementation.

Answer

Neither strategy formulation nor strategy implantation can have a significant impact on firm performance.

Answer

Strategy implementation is more important than strategy formulation.

Question 5

International operations disadvantage:

Accepted Answer

Language, culture, and value systems differ among countries, causing communication barriers and problems in managing people.

Answer

Foreign operations can allow firms to establish low-cost production facilities in locations close to raw materials and/or cheap labor.

Answer

Competitors in foreign markets may not exist.

Answer

Economies of scale can be achieved from operation in global rather than solely domestic markets.

Question 6

Strategy formulation excludes which?

Accepted Answer

Corporate governance

Answer

Business level strategy

Answer

Competitive dynamics

Answer

Corporate level strategy

Question 7

How can corporate parents offer value to their business lines?

Accepted Answer

How can we best position our operations to compete against present and future rivals within a particular business?

Answer

In what business will we compete?

Answer

How can we, as a corporate parent, add value to our various lines of business?

Answer

How will diversification or our entry into a new industry help us to compete in our other industries?

Question 8

Except for

Accepted Answer

Advantages

Answer

Vehicles

Answer

Staging

Answer

Arenas

Question 9

Strategy formulation is strategic management action.

Accepted Answer

FALSE

Answer

TRUE

Question 10

Researching and assimilation are called:

Accepted Answer

Industry analysis

Answer

Mission development

Answer

Lobbying

Answer

Long-range planning