J370 Strategy Practice Midterm
J370 Fall 2013
Practice Questions for Exam #1
IMPORTANT NOTES:
1-These questions are only intended to illustrate the kind/type of questions that will be on your examination. They are not intended to tell you the topics covered, but only to give you practice with the kinds of questions you will encounter. To prepare for the examination you need to be familiar with the topics covered in lecture and those discussed in the textbook.
2-There are 50 multiple choice questions on Exam 1. Forty-five of them are shared between both J370 instructors. Five questions will be instructor-specific, relating to things emphasized in lecture by the individual professors. There are roughly the same number of questions from each assigned chapter (Chapters 1-5 are covered on the exam).
1) A firm's ________ is its long-term purpose that defines both what it aspires to be in the long run and what it wants to avoid in the meantime.
A) mission
B) vision
C) objective
D) goal
Answer: A
2) By conducting a(n) ________, a firm identifies the critical threats and opportunities in its competitive environment.
A) internal analysis
B) competitive analysis
C) external analysis
D) economic analysis
Answer: C
3) A competitive advantage that lasts a very short period of time is known as a ________ competitive advantage.
A) temporary
B) sustained
C) transient
D) perpetual
Answer: A
4) Theories of how to gain competitive advantage in an industry that emerge over time or that have been radically reshaped once they are initially implemented are known as
A) emergent strategies.
B) objective strategies.
C) planned strategies.
D) ad hoc strategies.
Answer: A
5) Green Frog is an environmentally friendly firm in the cosmetics industry. If Green Frog undertook an analysis to help it understand which of its resources and capabilities are likely to be sources of competitive advantage and which are less likely to sources of such advantages it would be performing
Practice Questions for Exam #1
IMPORTANT NOTES:
1-These questions are only intended to illustrate the kind/type of questions that will be on your examination. They are not intended to tell you the topics covered, but only to give you practice with the kinds of questions you will encounter. To prepare for the examination you need to be familiar with the topics covered in lecture and those discussed in the textbook.
2-There are 50 multiple choice questions on Exam 1. Forty-five of them are shared between both J370 instructors. Five questions will be instructor-specific, relating to things emphasized in lecture by the individual professors. There are roughly the same number of questions from each assigned chapter (Chapters 1-5 are covered on the exam).
1) A firm's ________ is its long-term purpose that defines both what it aspires to be in the long run and what it wants to avoid in the meantime.
A) mission
B) vision
C) objective
D) goal
Answer: A
2) By conducting a(n) ________, a firm identifies the critical threats and opportunities in its competitive environment.
A) internal analysis
B) competitive analysis
C) external analysis
D) economic analysis
Answer: C
3) A competitive advantage that lasts a very short period of time is known as a ________ competitive advantage.
A) temporary
B) sustained
C) transient
D) perpetual
Answer: A
4) Theories of how to gain competitive advantage in an industry that emerge over time or that have been radically reshaped once they are initially implemented are known as
A) emergent strategies.
B) objective strategies.
C) planned strategies.
D) ad hoc strategies.
Answer: A
5) Green Frog is an environmentally friendly firm in the cosmetics industry. If Green Frog undertook an analysis to help it understand which of its resources and capabilities are likely to be sources of competitive advantage and which are less likely to sources of such advantages it would be performing