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Exam 1: Strategic Leadership: Managing the Strategy-Making Process for Competitive Advantage

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Question 21

Multiple Choice

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Which of the following statements about competitive advantage is true?

A) It is unaffected by the strategies taken by the company.
B) Sustainability is achieved when it lasts for three months.
C) It exists only when the company's profitability is greater than the 10 highest grossing firms in the world.
D) It exists only when the company's profitability is greater than the average profitability and profit growth of its rivals.
E) It is seldom affected by the business model of the company.

F) A) and E)
G) C) and E)

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Question 22

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Which of the following dimensions is encompassed by a company's business model?

A) Configuring resources
B) Avoiding focus on acquiring new customers
C) Reducing emphasis on product quality
D) Maintaining high costs
E) Restricting growth

F) D) and E)
G) C) and E)

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Question 23

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Which of the following cognitive biases occurs when decision makers commit even more resources to a project after they receive feedback that the project is failing?

Determining the technological and legal factors surrounding a company's possible international expansion into India is an example of an internal analysis.

More people seem to fear a snake bite than a dog bite, and yet statistically one is more likely to be bitten by a dog than by a snake. This is because people tend to estimate the probability of an outcome based on how easy the outcome is to imagine. This represents which of the following cognitive biases?

Select three of the cognitive biases that individual decision makers experience and describe each bias. Choose a real or hypothetical situation for each of them, explaining how the bias is evident in the situation.

Which of the following is NOT a characteristic of well-constructed goals?

Systematic errors in the decision-making process are most often caused by:

General managers bear responsibility for the overall performance of the company or for one of its major self-contained subunits or divisions.

Mintzberg maintains that emergent strategies are often successful and may be more appropriate than intended strategies.

Which of the following is a benefit of dialectic inquiry?

Research finds that leaders who exhibit a high degree of emotional intelligence tend to be significantly less effective than those who lack these attributes.

Emergent strategies arise from within the organization as a direct result of prior planning.

Which of the following is a difference between a general manger and a functional manager?

Which of the following cognitive biases refers to the fact that decision makers who have strong prior beliefs about the relationship between two variables tend to make decisions based on these beliefs, even when presented with evidence that their beliefs are incorrect?

Which of the following principal factors helps increase shareholder value?

Which of the following refers to the investment that shareholders make in a company that cannot be recovered if the company fails and goes bankrupt?

Between 2010 and 2016, Blue Drinks, a multinational beverage corporation, increased its return on invested capital (ROIC) from $5 million to $25 million. The company was able to do this by expanding its product line to include a wider variety of flavors. The $20 million increase in its ROIC between 2010 and 2016 can be referred to as which of the following?

The vision of the company and the mission statement can be used interchangeably.

Describe the differences between a mission statement, a vision statement and a values statement. You have been charged with crafting an example of each of these statements for a new company that is breaking into the denim market with made-to-order jeans. The company was created to meet the need of customers who desired comfortable jeans for their body type rather than trying to fit their body in jeans made for everyone. Customers can enter their measurements on the business's website, choose their wash and type of fit. Each pair of jeans is cut and handsewn onsite with locally sourced materials and comes with a tag with each customer's name on it. Using this information, craft a possible mission statement, vision statement and values statement for this company.