STRATEGIC MANAGEMENT I

SURNAME, NAME……................................................................................................................................

PART ONE: TEST QUESTIONS. Please, choose one (and just one) right answer for each question, marking it in the table

attached at the end of page 2. Right answer: +0,5. Wrong answer: -0,25; No answer: 0

1.!The!competitive!strategy!of!a!firm…!

a. ...!is!conditioned!by!the!corporate!strategy!of!the!firm!

b. …!is!not!affected!by!the!corporate!strategy!of!the!firm!

c. …!determines!the!corporate!strategy!of!the!firm!

d. …!includes!the!corporate!strategy!of!the!firm!

2.!Strategic!control!means…!

a. ...!watching!over!the!managers!who!decide!the!strategy!of!the!firm!

b. …!the!formulation!of!the!strategy!of!the!firm!

c. …!comparing!the!results!achieved!by!the!strategy!with!the!ones!expected!

d. None!of!the!previous!is!true!

3.!Which!of!the!following!is!NOT!an!obstacle!to!value!creation!!

a. The!possible!opportunistic!behaviors!of!the!executives!of!the!company!

b. The!colliding!goals!of!the!different!stakeholders!

c. The!ethic!code!of!the!firm!

d. All!of!them!are!obstacles!to!value!creation!

4.!Which!of!the!following!can!be!considered!a!limit!or!barrier!to!the!rationality!of!the!strategic!process?!

a. The!presence!of!different!stakeholders!with!different!goals!

b. The!use!of!emerging!strategies!

c. The!bounded!rationality!of!people!

d. All!of!them!are!true!

5.!A!primary!stakeholder…!

a. …!is!always!critical!in!any!strategic!choice!or!implementation!

b. …!holds!a!contractual!relationship!with!the!firm!

c. ...!develops!his!activity!inside!the!firm!

d. …!plays!a!major!role!in!the!strategic!analysis!

6.!Amongst!the!incentive!schemes!to!control!the!executive!team,!we!can!consider…!

a. …!the!market!of!executives!

b. …!the!stock!options!

c. …!the!corporate!governance!

d. …!the!punishment!systems!

7.!An!independent!director…!

a. …!theoretically!represents!the!interests!of!the!small!shareholders!of!the!firm!

b. …!theoretically!represents!the!interests!of!the!big!shareholders!of!the!firm!

c. ...!becomes,!at!the!same!time,!a!part!of!the!top!management!of!the!firm!

d. …!is!a!kind!of!internal!director!

8.!The!control!of!the!value!creation!task!of!a!top!manager!of!a!company!can!be!carried!out!by!…!

a. ...!the!board!of!directors!

b. …!external!audit!companies!

c. …!other!top!manager!

d. All!of!them!are!true!

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STRATEGIC MANAGEMENT I SURNAME, NAME……................................................................................................................................ PART ONE: TEST QUESTIONS. Please, choose one (and just one) right answer for each question, marking it in the table attached at the end of page 2. Right answer: +0, 5. Wrong answer: - 0, 25 ; No answer: 0

The competitive strategy of a firm… a. ... is conditioned by the corporate strategy of the firm b. … is not affected by the corporate strategy of the firm c. … determines the corporate strategy of the firm d. … includes the corporate strategy of the firm
Strategic control means… a. ... watching over the managers who decide the strategy of the firm b. … the formulation of the strategy of the firm c. … comparing the results achieved by the strategy with the ones expected d. None of the previous is true
Which of the following is NOT an obstacle to value creation a. The possible opportunistic behaviors of the executives of the company b. The colliding goals of the different stakeholders c. The ethic code of the firm d. All of them are obstacles to value creation
Which of the following can be considered a limit or barrier to the rationality of the strategic process? a. The presence of different stakeholders with different goals b. The use of emerging strategies c. The bounded rationality of people d. All of them are true
A primary stakeholder… a. … is always critical in any strategic choice or implementation b. … holds a contractual relationship with the firm c. ... develops his activity inside the firm d. … plays a major role in the strategic analysis
Amongst the incentive schemes to control the executive team, we can consider… a. … the market of executives b. … the stock options c. … the corporate governance d. … the punishment systems
An independent director… a. … theoretically represents the interests of the small shareholders of the firm b. … theoretically represents the interests of the big shareholders of the firm c. ... becomes, at the same time, a part of the top management of the firm d. … is a kind of internal director
The control of the value creation task of a top manager of a company can be carried out by … a. ... the board of directors b. … external audit companies c. … other top manager d. All of them are true

Which of the following groups has got no relationship with the strategic decision making process of a firm? a. The top management team b. The board of directors c. External consultants d. All these groups have frequently relation with the strategic process of the firm
When we talk about “decision maker bounded rationality”, we mean, amongst other issues… a. … that the process is frequently based on the intuition of the decision maker b. … that the goals of the stakeholders will normally condition the decision making process c. ... that the firm will learn from its previous mistakes d. … that the information available for the decision is normally incomplete
A stakeholder which holds power and urgency, but lacks legitimacy, is called… a. ... external b. … secondary c. … critical d. None of the previous is true
In the Spanish Unified Code of Good Governance, we can find principles and recommendations about… a. ... the total number of directors in the board b. … the salaries that should be paid to the employees c. … how to deal with a tender offer d. … the ethic code of a firm
A takeover bid is also called (PRECISELY)… a. ... a purchase offer b. … a tender offer c. … an acquisition offer d. … an integration offer
Logical incrementalism is directly associated with… a. ... synergies b. … legitimacy c. … learning d. None of the previous is true
When the ROE of the firm is higher than the profitability required by the shareholders… a. ... the firm is creating value b. … the firm is destroying value c. … the firm is developing d. All of the previous can be true
Which of the following stakeholders is secondary and internal? a. The workers b. The top managers c. The shareholders d. None of the previous is true
Which of the following concepts is directly related with the coordination of the 4Ps of marketing? a. Synergy b. Horizontal link c. Vertical link d. Mission

The PESTEL ANALYSIS is related with…. a. ... the functional level of the strategy b. … external analysis c. … internal analysis d. … strategic formulation
The design of a new engine which reduces fuel consumption is related with… a. … the economic area of CSR b. … the life quality area of CSR c. ... the social investment area of CSR d. … the ethic code of a firm
An ethical code or conduct code, talking about business ethics, normally includes… a. …behaviors expressly forbidden for employees b. …positive values that should be promoted c. ...procedural guidelines about ethically conflicting situations d. …all of the previous content can be part of an ethical code
The definition of the vision of a firm… a. … reflects the main values of the company b. … states the commitment of a company to ethic conducts c. ... should not be addressed just in terms of value creation d. … should be measurable, tangible, appropriate and challenging
Which of the following factors does NOT belong to the general environment of a car manufacturer? a. The ageing of the population in a country b. A strike in the major suppliers of clutch pedals c. An increase in the interest rates of the country d. A national act intended to avoid children work
The creation of new jobs is related in the internal processes of a firm is related with… a. ...the economic area of the CSR of a firm b. … the life-‐quality area of the CSR of a firm c. … the social investment area of the CSR of a firm d. … the ethic code of a firm
Some of the key issues in order to define an industrial district are… a. ... the economic activity which connects the firms and institutions included b. … the geographic area where the companies and institutions are located c. … the existence of a competitive and cooperative relationship d. All of them are true
Strategic objectives should be, amongst other features… a. … measurable, synergic, appropriate and challenging b. … measurable, internal, appropriate and challenging c. ... measurable, specific, appropriate and challenging d. … measurable, tangible, appropriate and challenging

In a PESTEL analysis, the issues we evaluate very positively are called… a. … strengths b. … weaknesses c. … opportunities d. … pros
Amongst the main advantages offered by industrial districts, we can consider… a. ... it directly increases the attractiveness of the industry, establishing switching costs b. … it may attract specialized workers c. … it helps to standardize the production of the firm d. All of them are true
Which of the following techniques is ALWAYS based on a survey directed to experts? a. Crossed impact matrix b. Scenario design c. Delphi d. PESTEL analysis
A statement which defines how the firm should be in a successful future is called… a. ... mision b. … vision c. … strategic challenge d. … roadmap
Amongst the COMPETITIVE FACTORS influencing the level of CSR assumed, we can consider… a. ... the generation of valuable intangible resources such as corporate reputation b. … the management of the stakeholders relationships c. … the accomplishment of the current regulations d. … the guidance of ethic and/or moral principles
An ethic code of a firm… a. ... is an important part of its corporate governance b. … reflects the level of CSR commitment of the firm c. … may include behaviors which are forbidden for the members of the firm d. All of the previous are true
The generic environment of a firm… a. … also affects all the firms devoted to the same activity, and just them b. … affects all the firms present in the same economic area c. … includes the 5F analysis of the firm d. None of the previous is true
Which of the following is NOT a NORMAL content of the mission statement? a. The stakeholders of the firm b. Value creation c. The values of the firm d. The core competence of the firm
When analyzing the political factors related with the CSR, we are dealing with… a. … the politicians of a country b. … the top managers of a firm c. … the stakeholders of a firm d. … the shareholders of a firm

The 5F model is related with…. a. ... the analysis of the generic environment of the firm b. … the analysis of the specific environment of the firm c. … the internal analysis of the firm d. … None of the previous is true
Which of the following sentences is false? a. Perfect competition leaves no place for generating additional rents b. The more firms inside an industry, the more attractive it is c. When there are no substitutive products, an industry is likely to be more attractive d. All of them are false
A substitutive product is said to be "perfect" when a. ...it covers at least all the need satisfied by the original one b. …it is cheaper than the original one c. …it is technologically more advanced that the original one d. …All of the previous are true
Which of the following factors may increase the current rivalry of the industry? a. The existence of entry barriers b. The existence of frontier agents c. The existence of perfect substitutives d. The existence of exit barriers
Switching costs… a. … increase the attractiveness of an industry b. … reduce the attractiveness of an industry c. ... will not modify the attractiveness of an industry d. … increase the bargaining power of the customers
The 5F model has been criticized for being… a. … static b. ... internal c. ... simple d. ... resource dependent
Which of the following is true? a. All the firms belonging to the same market also belong to the same industry b. All the firms belonging to the same market also belong to the same business c. All the firms belonging to the same industry use the same technology d. All the firms belonging to the same business use the same technology
Which of the following may normally affect all the forces in the 5F analysis? a. Sunk costs b. Switching costs c. Establishment costs d. Managerial costs

A strategic segment… a. ... includes the firms devoted to the same activity b. … includes the firms of the same market which are using a similar strategy c. … includes the firms of the same market which are established in the same economic region d. … includes the firms of the same market which also belong to the same industry
Which forces are affected by product differentiation? a. The first b. The second c. The fifth (bargaining power of customers) d. All the previous are affected
A patent is… a. ... a tangible resource of a firm b. … an intangible human resource of a firm c. … a capability of the firm d. None of the previous is true
Exploiting the provision of resources and capabilities of a firm through its corporate strategy means… a. ... using them in its current corporate activities b. … selling or hiring them to other companies c. … extending the scope of the firm with new products, markets or both d. … using the organizational routines
In order to generate more valuable resources or capabilities from another ones, we normally use… a. ... synergies b. … management abilities c. … organizational routines d. … parenting advantage
An horizontal slab or link in the value chain model takes place between… a. … a supplier and a customer b. … two competitors c. ... a primary and a secondary activity d. … any two activities of the value chain of a firm
The main problem with resources appropriability arises in the case of... a. ... human resources b. … financial resources c. … patents d. None of the previous is true
Analyzing the legal structure of a firm is typical of… a. ... external analysis b. … strategic formulation c. … the analysis of the value chain d. … the analysis of a firm’s identity
By “procurement”, in the value chain, we mean… a. … the reception, stockpiling and control of stock of the internal distribution of raw materials b. … the stockpiling and physical delivery of finished products c. ... purchasing the factors to be used d. … the achievement of the technologies needed for the process

In order to sustain a competitive advantage, the availability of the resources is related with… a. ... competitors capabilities b. … imitation barriers c. … industry dynamism d. … using the organizational routines to generate new capabilities
A cost leadership strategy is especially useful when... a. ... the product is standardized b. … the customers are price oriented c. … there are not many ways to differentiate the product d. All of the previous are true
Amongst the differentiation variables based in the characteristics of the market we can consider… a. … the performance of the product b. … the corporate reputation of the firm c. … using CSR criteria d. … the variety of needs of the customers
In the strategic clock, a hybrid strategy… a. ... combines a high value perception with a relatively low price b. ... combines a high value perception with a relatively high price c. ... combines a low value perception with a relatively low price d. … is prone to fail
A favorable access to raw materials is one of the sources of… a. … low cost strategy b. … hybrid strategy c. … cost leadership strategy d. … product differentiation strategy
When the value perceived from a product is higher than its price… a. ... the strategy is prone to fail b. … it is called hybrid strategy c. … it is called segmented differentiation a. None of the previous is true
Amongst the different strategic proposals in a mature industry, we can consider… a. … withdrawal b. … risk management c. ... cost leadership d. None of the previous is true
Some of the main factors affecting the choice of a strategy in a declining industry are… a. ... the nature of the demand and the existence of entry barriers b. … the possibility of adjusting the capacity to a falling demand and the links with the suppliers c. … the existence of attractive segments and the existence or not of exit barriers d. None of the previous is true

Getting stuck in the middle means... a. ... gaining at a time cost leadership and product differentiation b. … a strategic failure, trying to get at the same time cost leadership and hybrid strategy c. … trying to minimize the costs of a firm, offering a bare product to the final market d. None of the previous is true
An imitation barrier for a cost leadership advantage is... a. ... the difficulty of access to some cost factors b. … the constant monitoring of costs c. … the bargaining power of suppliers d. None of the previous is true
Harvest strategy is a concept related with… a. ...Market development b. …Product differentiation c. …Cost leadership d. … None of the previous is true
Which of the following is NOT an advantage of being the pioneer of a new product? a. Accumulating experience before the competitors b. Initial loyalty of the customers c. Privileged access to distribution networks d. Reducing the entry costs
The experience effect… a. ...improves the quality of the product, leading to product differentiation advantage b. …comes from hiring expert people to carry out the operations of the firm c. … involves cost reductions coming from the cumulated experience producing something d. … None of the previous is true
Being able to offer your products to the final customer with the lowest cost of the market means… a. ...Focus strategy b. …Product differentiation strategy c. …Quality price relationship d. …None of the previous is true
The X inefficiency… a. ...is related with the marketing area b. …is an organizational inefficiency c. … is related with the R&D area d. … None of the previous is true
In an industry in the introduction stage, in order to manage the risk, a firm can … a. ... reduce the exposure to the financial risk b. … be a pioneer in the industry c. … carry out a harvest strategy d. … establish the dominating standard
Exploiting a good corporate reputation of a firm can generate a… a. ... cost leadership advantage b. … focus advantage c. … product differentiation advantage d. … hybrid advantage

TESTS STRATEGIC MANAGEMENT, Exámenes de Administración de Empresas

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