Understanding Business Strategy Concepts Plus 3rd Edition by R. Duane Ireland – Test Bank

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Understanding Business Strategy Concepts Plus 3rd Edition by R. Duane Ireland – Test Bank

Chapter 3 – Analyzing the External Environment

TRUE/FALSE

1.Between 2000-2020 the percentage of Americans over age 65 will decrease by approximately seven percent.

ANS: F PTS: 1 REF: Page 49 OBJ: Learning Objective 2

KEY:Knowledge

MSC: AACSB: Diversity | Management: Environmental Influence | Dierdorff & Rubin: Strategic & Systems Skills

2.Home Depot and Lowes’ installation service businesses are expected to grow as the population ages.

ANS: T PTS: 1 REF: Page 49 OBJ: Learning Objective 2

KEY:Application

MSC: AACSB: Analytic | Management: Analytic | Dierdorff & Rubin: Strategic & Systems Skills

3.When companies like Home Depot and Lowes analyze the external environment they are trying to understand how demographic trends might impact future profitability.

ANS: T PTS: 1 REF: Page 49 OBJ: Learning Objective 1

KEY:Application

MSC:AACSB: Reflective Thinking | Management: Environmental Influence | Dierdorff & Rubin: Strategic & Systems Skills

4.Personal opinions and casual observations about the external environment provide exactly the kind of information that managers should use when formulating strategies.

ANS: F PTS: 1 REF: Page 51 OBJ: Learning Objective 1

KEY:Comprehension

MSC: AACSB: Analytic | Management: Environmental Influence | Dierdorff & Rubin: Strategic & Systems Skills

5.Firms can exercise a moderate amount of direct control over the demographic and economic trends in the general environment.

ANS: F PTS: 1 REF: Page 49 OBJ: Learning Objective 2

KEY:Comprehension

MSC: AACSB: Analytic | Management: Environmental Influence | Dierdorff & Rubin: Strategic & Systems Skills

6.Changes in lifestyles, population size, society’s attitudes, educational status and marital status are all examples of demographic trends in the general environment.

ANS: F PTS: 1 REF: Page 49 OBJ: Learning Objective 2

KEY:Comprehension

MSC: AACSB: Analytic | Management: Environmental Influence | Dierdorff & Rubin: Strategic & Systems Skills

7.IN the United States there has been a geographic shift in the population as people have migrated from the south and west to the northern and eastern parts of the country.

ANS: F PTS: 1 REF: Page 49 OBJ: Learning Objective 2

KEY:Knowledge

MSC: AACSB: Diversity | Management: Environmental Influence | Dierdorff & Rubin: Strategic & Systems Skills

8.Income growth or decline, savings rates, and currency exchange rates are examples of economic trends.

ANS: T PTS: 1 REF: Page 50 OBJ: Learning Objective 2

KEY:Comprehension

MSC: AACSB: Analytic | Management: Environmental Influence | Dierdorff & Rubin: Strategic & Systems Skills

9.Economic trends affect customers’ purchasing decisions and how firm’s allocate their resources.

ANS: T PTS: 1 REF: Page 50 OBJ: Learning Objective 2

KEY:Comprehension

MSC: AACSB: Analytic | Management: Environmental Influence | Dierdorff & Rubin: Strategic & Systems Skills

10.The process of transforming state-owned firms to privately owned companies is known as deregulation.

ANS: F PTS: 1 REF: Page 50 OBJ: Learning Objective 2

KEY:Knowledge

MSC: AACSB: Analytic | Management: Environmental Influence | Dierdorff & Rubin: Strategic & Systems Skills

11.One reason that managers analyze conditions in the external environment is to help them select a strategy to implement.

ANS: T PTS: 1 REF: Page 48 OBJ: Learning Objective 1

KEY:Knowledge

MSC: AACSB: Analytic | Management: Environmental Influence | Dierdorff & Rubin: Strategic & Systems Skills

12.Changes in a society’s attitudes and cultural values reflect demographic trends.

ANS: F PTS: 1 REF: Page 51 OBJ: Learning Objective 2

KEY:Comprehension

MSC: AACSB: Analytic | Management: Environmental Influence | Dierdorff & Rubin: Strategic & Systems Skills

13.By keeping up with technological trends a company may be able to identify and incorporate cutting edge technology developed in other industries into its own products.

ANS: T PTS: 1 REF: Page 51 OBJ: Learning Objective 2

KEY:Comprehension

MSC:AACSB: Technology | Management: Environmental Influence | Dierdorff & Rubin: Knowledge of Technology, Design, & Production

14.Economies of scale and capital requirements are two of the barriers to entry that companies might try to establish in order to reduce the chances that a new competitor might enter the industry.

ANS: T PTS: 1 REF: Page 56 OBJ: Learning Objective 3

KEY:Comprehension

MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills

15.Imagine that you are in your final semester of college and you decide to transfer to a different school. This decision probably involves few, if any switching costs.

ANS: F PTS: 1 REF: Page 57 OBJ: Learning Objective 3

KEY:Comprehension

MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills

16.Licensing and permit requirements in liquor retailing and banking are examples of barriers to entry that are based on government policy.

ANS: T PTS: 1 REF: Page 57 OBJ: Learning Objective 3

KEY:Comprehension

MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills

17.Substitute products pose a strong threat when they are more effective and priced lower than your existing products.

ANS: T PTS: 1 REF: Page 58 OBJ: Learning Objective 3

KEY:Comprehension

MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills

18.Powerful suppliers can either increase the price of their product or reduce the quality while selling it at the same price.

ANS: T PTS: 1 REF: Page 58 OBJ: Learning Objective 3

KEY:Comprehension

MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills

19.Electronic Arts (EA) is a powerful supplier in the electronic game industry. As a result, EA’s actions can reduce the profit potential of companies that make electronic game boxes, such as Sony, Microsoft and Nintendo.

ANS: T PTS: 1 REF: Page 47 OBJ: Learning Objective 3

KEY:Application

MSC: AACSB: Reflective Thinking | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills

20.Subprime mortgages are the leading cause of the 2007-2008 financial crisis in the US.

ANS: T PTS: 1 REF: Page 52 OBJ: Learning Objective 2

KEY:Knowledge

MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills

21.As switching costs and the industry growth rate decline, competitive rivalry will also decline.

ANS: F PTS: 1 REF: Page 57 OBJ: Learning Objective 3

KEY:Comprehension

MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills

22.In the airline industry, specialized assets create significant exit barriers and intensify the rivalry among competitors.

ANS: T PTS: 1 REF: Page 61 OBJ: Learning Objective 3

KEY:Application

MSC: AACSB: Reflective Thinking | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills

23.A company’s motivation to leverage its resources and capabilities to reach its vision is known as market dependence.

ANS: F PTS: 1 REF: Page 62 OBJ: Learning Objective 4

KEY:Comprehension

MSC: AACSB: Analytic | Management: Creation of Value | Dierdorff & Rubin: Strategic & Systems Skills

24.A high degree of differentiation between competitors’ products decreases competitive rivalry.

ANS: T PTS: 1 REF: Page 54 OBJ: Learning Objective 3

KEY:Comprehension

MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills

25.Companies with high market dependence are likely to respond strongly when competitors attack their market position.

ANS: T PTS: 1 REF: Page 64 OBJ: Learning Objective 5

KEY:Comprehension

MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills

Understanding Business Strategy: Concepts Plus, 3rd Edition by R. Duane Ireland – Test Bank

Overview:

The 3rd Edition of “Understanding Business Strategy: Concepts Plus” by R. Duane Ireland provides a comprehensive exploration of business strategy concepts and applications. The Test Bank for this edition is designed to support students and educators by offering a diverse range of questions that assess understanding of key strategic principles and their real-world applications.


Key Features of the Test Bank:

  1. Comprehensive Coverage:
    • Broad Topics: Encompasses a wide range of business strategy topics, including strategic analysis, formulation, implementation, and evaluation.
    • Conceptual and Practical: Covers both theoretical concepts and practical applications, aligning with the content presented in the textbook.
  2. Variety of Question Types:
    • Multiple-Choice Questions: Includes numerous multiple-choice questions that test knowledge of fundamental business strategy concepts, frameworks, and models.
    • True/False Questions: Features true/false questions to assess understanding of key statements and principles related to business strategy.
    • Short Answer Questions: Provides short answer questions that require concise responses and demonstrate a deeper grasp of strategic concepts.
  3. Detailed Answer Rationales:
    • Explanatory Responses: Each question is accompanied by a detailed explanation of the correct answer, helping users understand the rationale behind it.
    • Textbook References: Includes references to specific chapters and sections of the 3rd Edition textbook, allowing users to link questions with textbook content for thorough review.
  4. Strategic Application:
    • Real-World Scenarios: Features case-based questions and scenarios that reflect real-world business situations, enhancing the application of theoretical knowledge.
    • Decision-Making Skills: Challenges users to apply strategic concepts to practical problems, developing their analytical and decision-making skills.
  5. Exam Preparation:
    • Practice Tests: Offers full-length practice tests that simulate the format and difficulty of actual exams, helping users assess their readiness and identify areas for improvement.
    • Study Strategies: Provides tips and strategies for effective exam preparation, including time management and question analysis.
  6. Updated Content:
    • Current Trends: Reflects the latest developments and trends in business strategy, ensuring that content is relevant and up-to-date.
    • Recent Case Studies: Incorporates recent case studies and examples to illustrate contemporary strategic issues and practices.
  7. Educational Utility:
    • For Students: Essential for exam preparation and reinforcing knowledge of business strategy concepts. Provides a comprehensive review of material covered in the textbook.
    • For Educators: A valuable resource for teaching and evaluating students’ understanding of business strategy principles. Can be used to design quizzes, tests, and assignments.
    • For Professionals: Useful for reviewing key concepts and staying updated on best practices in business strategy. Supports ongoing professional development.
  8. Comprehensive Review:
    • Strengths and Weaknesses: Helps users identify their strengths and areas needing improvement, allowing for targeted review and reinforcement of key concepts.
    • Progress Tracking: Tools for monitoring progress and measuring improvement, supporting effective study planning and exam readiness.

Applications:

  • For Business Students:
    • In-Depth Review: Ideal for preparing for exams and assignments, offering practice questions and detailed rationales to reinforce learning.
    • Enhanced Understanding: Supports a deeper understanding of business strategy concepts and improves retention through practice and review.
  • For Business Educators:
    • Teaching Resource: Acts as a supplemental tool for teaching business strategy, providing practice questions and scenarios for classroom use.
    • Assessment Tool: Helps evaluate students’ knowledge and readiness for real-world application of business strategy principles.
  • For Business Professionals:
    • Strategic Review: Useful for refreshing knowledge and staying current with best practices in business strategy. Supports ongoing education and skill development.
  • For Study Groups:
    • Collaborative Learning: Facilitates group study sessions, allowing members to discuss questions, rationales, and case scenarios, enhancing collective understanding.

Conclusion:

The Test Bank for “Understanding Business Strategy: Concepts Plus, 3rd Edition” is a vital resource for anyone studying or teaching business strategy. It provides a comprehensive range of practice questions, detailed explanations, and practical scenarios to aid in exam preparation and deepen understanding of strategic concepts. By utilizing this test bank, users can enhance their grasp of business strategy, improve their critical thinking skills, and better prepare for exams and professional practice.

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