Test Bank For Theory of Strategic Management International Edition 10th Edition by Gareth Jones

Test Bank For Theory of Strategic Management International Edition 10th Edition by Gareth Jones

Chapter 3—Internal Analysis: Distinctive Competencies, Competitive Advantage, and Profitability

TRUE/FALSE

1.Internal analysis is concerned with identifying a company’s opportunities and weaknesses.

ANS:FPTS:1DIF:Easy

OBJ: 1 – Discuss the source of competitive advantage NAT: AACSB Analytic | Stategy

KEY: Knowledge

2.Together with an analysis of the company’s external environment, internal analysis gives managers the information they need to choose the business model and strategies that will enable their company to attain a sustained competitive advantage.

ANS:TPTS:1DIF:Easy

OBJ: 1 – Discuss the source of competitive advantage NAT: AACSB Analytic | Strategy

KEY: Knowledge

3.If a company’s profitability is higher than the industry average, it has a competitive advantage.

ANS:TPTS:1DIF:Easy

OBJ: 1 – Discuss the source of competitive advantage NAT: AACSB Analytic | Strategy

KEY: Knowledge

4.Distinctive competencies are firm-specific strengths that allow a company to differentiate its products and/or achieve substantially lower costs than its rivals.

ANS:TPTS:1DIF:Moderate

OBJ: 1 – Discuss the source of competitive advantage NAT: AACSB Analytic | Strategy

KEY: Knowledge

5.Toyota’s lean production system is the basis of its competitive advantage.

ANS:TPTS:1DIF:Difficult

OBJ:1 – Discuss the source of competitive advantage

NAT: AACSB Reflective Thinking | Strategy KEY: Application

6.All resources are tangible; there is no such thing as intangible resources.

ANS:FPTS:1DIF:Easy

OBJ: 1 – Discuss the source of competitive advantage NAT: AACSB Analytic | Strategy

KEY: Knowledge

7.The more a resource is firm-specific and difficult to imitate, the more likely a company holding that resource is said to have a distinctive competency.

ANS:TPTS:1DIF:Moderate

OBJ: 1 – Discuss the source of competitive advantage NAT: AACSB Analytic | Strategy

KEY:Comprehension

8.According to Rose Marie Bravo of Burberry, creative ideas may come from a number of sources, but not from the accounting department, for good reasons.

ANS:FPTS:1DIF:Moderate

OBJ: 1 – Discuss the source of competitive advantage NAT: AACSB Analytic | Strategy

KEY: Knowledge

9.The price a company charges for a good or service is typically more than the utility placed on that good or service by the customer.

ANS:FPTS:1DIF:Moderate

OBJ:1 – Discuss the source of competitive advantage

NAT: AACSB Analytic | Creation of Value KEY: Comprehension

10.The more utility a company creates for its customers, the more flexibility it has in determining prices.

ANS:TPTS:1DIF:Moderate

OBJ:1 – Discuss the source of competitive advantage

NAT: AACSB Analytic | Creation of Value KEY: Comprehension

11.At the heart of any company’s business model is the combination of congruent strategies aimed at creating distinctive competencies that differentiate its products and result in a lower cost structure.

ANS:TPTS:1DIF:Moderate

OBJ: 1 – Discuss the source of competitive advantage NAT: AACSB Analytic | Strategy

TOP: Knowledge

12.When a company has differentiated products, they have less pricing options.

ANS:FPTS:1DIF:Moderate

OBJ: 1 – Discuss the source of competitive advantage NAT: AACSB Analytic | Strategy

KEY:Comprehension

13.A value chain is a sequence of activities for transforming inputs into outputs that are valued by customers.

ANS:TPTS:1DIF:Easy

OBJ:3 – Explain the concept of the value chain

NAT: AACSB Analytic | Creation of Value KEY: Knowledge

14.At Adam’s bicycle repair shop, the primary value chain activity of production occurs each time a customer’s bicycle is repaired.

ANS:TPTS:1DIF:Moderate

OBJ:3 – Explain the concept of the value chain

NAT: AACSB Reflective Thinking | Creation of Value KEY: Application

15.Walmart pursues a low cost operator policy.

ANS:TPTS:1DIF:Moderate

OBJ:3 – Explain the concept of the value chain

NAT: AACSB Reflective Thinking | Creation of Value KEY: Application

Topic: Test Bank for Theory of Strategic Management, International Edition, 10th Edition by Gareth Jones

The Test Bank for “Theory of Strategic Management, International Edition, 10th Edition” by Gareth Jones is an essential academic resource designed to complement the textbook, which is widely recognized for its thorough exploration of strategic management principles. The test bank is specifically tailored to help instructors assess students’ comprehension and application of strategic management concepts, theories, and practices as presented in the textbook.

Key Features:

1. Comprehensive Coverage of Strategic Management Concepts:
   • The test bank provides extensive coverage of the core topics in strategic management, including strategy formulation, implementation, and evaluation. It aligns closely with the textbook to ensure that students understand key concepts such as competitive advantage, strategic analysis, corporate strategy, business-level strategy, and global strategy.
2. Diverse Question Formats:
   • The test bank includes a variety of question types, such as multiple-choice questions, true/false questions, short answer questions, and essay-type questions. This variety allows instructors to assess students’ knowledge, critical thinking, and ability to apply strategic management theories to real-world scenarios.
3. Scenario-Based and Case Study Questions:
   • Many questions are based on real-world scenarios and case studies, requiring students to apply strategic management concepts to analyze situations, make decisions, and solve problems. This approach helps students develop practical skills in strategic thinking and decision-making.
4. Focus on Strategic Analysis Tools:
   • The test bank emphasizes the use of strategic analysis tools such as SWOT analysis, PESTEL analysis, Porter’s Five Forces, and the VRIO framework. Questions are designed to test students’ ability to use these tools to assess an organization’s internal and external environments and make strategic recommendations.
5. Global and International Perspectives:
   • Given the international edition’s focus, the test bank includes questions that address global strategic management issues, such as international expansion, cross-cultural management, and global competition. This ensures that students are prepared to understand and address the complexities of operating in a globalized business environment.
6. Ethical and Social Responsibility Considerations:
   • The test bank includes questions that explore the ethical dimensions of strategic management, including corporate social responsibility (CSR), sustainability, and ethical decision-making in business strategy. This helps students understand the importance of integrating ethical considerations into strategic decision-making processes.
7. Customizable for Different Learning Levels:
   • The test bank is adaptable to different levels of study, from undergraduate courses to graduate-level programs. Instructors can select questions that match the learning objectives of their course and the proficiency level of their students.

Content Areas Covered:

• Strategic Management Process:
  • Questions cover the strategic management process, including the steps involved in strategy formulation, implementation, and evaluation. Students are tested on their understanding of how organizations develop and execute strategies to achieve their goals.
• Competitive Advantage and Industry Analysis:
  • The test bank includes questions on identifying sources of competitive advantage, analyzing industry structures, and understanding the dynamics of competition within industries. Students are assessed on their ability to use analytical tools to evaluate a company’s competitive position.
• Corporate-Level Strategy:
  • Questions focus on corporate-level strategies such as diversification, mergers and acquisitions, and strategic alliances. Students are tested on their understanding of how companies create value through corporate strategy and manage their business portfolios.
• Business-Level Strategy:
  • The test bank assesses students’ knowledge of business-level strategies, including cost leadership, differentiation, and focus strategies. Students are challenged to apply these concepts to different types of businesses and industries.
• Global Strategy:
  • Given the international focus of the textbook, the test bank includes questions related to global strategy, including market entry strategies, global competitive dynamics, and managing multinational operations. This prepares students to think strategically in a global context.
• Ethics and Corporate Social Responsibility:
  • Students are tested on their understanding of the role of ethics and CSR in strategic management. Questions explore how companies can align their strategies with ethical standards and contribute to social and environmental sustainability.
• Innovation and Strategic Change:
  • The test bank includes questions on innovation and strategic change, assessing students’ ability to understand the role of innovation in maintaining competitive advantage and how organizations can successfully manage strategic change.

Conclusion:

The Test Bank for “Theory of Strategic Management, International Edition, 10th Edition” by Gareth Jones is an invaluable tool for educators in business and management courses. It provides a rigorous and comprehensive means of evaluating students’ mastery of strategic management concepts and their ability to apply these concepts in practical, real-world situations. With its wide range of question types and focus on both theoretical and practical aspects of strategic management, the test bank ensures that students are well-prepared to tackle the challenges of strategic decision-making in today’s dynamic and global business environment.