Mastering Strategy: Art and Science Quiz

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What was Apple's strategic focus in 1996 under Gilbert F.Amelio's leadership?

Investing in traditional advertising methods

Expanding retail stores globally

Leveraging the Internet and developing multimedia products and services (correct)

Focusing on increasing hardware prices

What is a key element of a firm's strategic plan?

Building a large social media following

Having a viable business model (correct)

Growing the number of physical stores

Creating flashy marketing campaigns

Why is it important for a firm to sell goods or services for more than it costs to create them?

To increase customer satisfaction

To reduce production costs

To decrease market share

To earn profits (correct)

What does a business model entail according to the text?

Describing the process for earning profits Signup and view all the answers

What advantage do large chains of pizza restaurants like Papa John's and Domino's have?

Economies of scale in purchasing ingredients Signup and view all the answers

Which company's subsequent success can be traced back to the plan articulated in 1996 by Gilbert F.Amelio?

Apple Signup and view all the answers

What was released by Apple on March 2, 2011?

iPad2 Signup and view all the answers

In the context of the text, what does the term ‘strategic management’ refer to?

Decision-making process to achieve organizational goals Signup and view all the answers

Why is strategic management important?

To achieve organizational goals Signup and view all the answers

What are the learning objectives outlined after reading Chapter 1 of the book?

Understand and articulate answers about strategic management and strategy Signup and view all the answers

Why is March 2, 2011, highlighted in the text as significant for Apple?

Apple released its iPad2 on that day Signup and view all the answers

What is NOT a concern related to strategic management?

Employee morale Signup and view all the answers

Why is creativity considered important in strategic management?

To answer the key question of why some firms outperform others Signup and view all the answers

What is the main focus of strategic management?

Understanding why some firms outperform others Signup and view all the answers

What does strategic management examine?

How actions and events involving top executives, firms, and industries influence a firm’s success Signup and view all the answers

Why does the text mention that mastering strategy is part art and part science?

To emphasize the importance of creativity and formal tools in strategic management Signup and view all the answers

What are the 5 Ps of strategy mentioned in the text?

Purpose, Position, Plan, Priorities, Pioneering Signup and view all the answers

Why is it valuable to consider different definitions of strategy?

Because strategy is a complex concept that can be viewed in various ways Signup and view all the answers

What strategic element did Hannibal use to outmaneuver the Romans?

Elephants Signup and view all the answers

Why were the Romans caught unprepared when Hannibal crossed the Alps?

They were monitoring a different part of their territory Signup and view all the answers

How did Hannibal's strategic ploy help him achieve victory over the Romans?

By using elephants to cross the Alps Signup and view all the answers

Why was the pizzeria owner in Pennsylvania arrested in 2011?

For placing mice in rival pizza shops Signup and view all the answers

Which statement accurately describes the strategic ploy used by the pizzeria owner?

It was an illegal attempt to outmaneuver rivals Signup and view all the answers

What could have been the consequences for the rival pizza shops if the mouse ploy had not been discovered?

Bad publicity or shutdown by health authorities Signup and view all the answers

What is an intended strategy?

A strategy that an organization hopes to execute Signup and view all the answers

What is the relationship between an intended strategy and a strategic plan?

Intended strategies are usually detailed in the strategic plan Signup and view all the answers

What was Frederick Smith's class project at Yale about?

A delivery system routing packages through a central hub Signup and view all the answers

Why is Frederick Smith mentioned in the text?

To exemplify how intended strategies can lead to success Signup and view all the answers

What is the current rank of FedEx among the World's Most Admired Companies?

Eighth Signup and view all the answers

Why did Frederick Smith's personal wealth increase significantly?

Because he followed his class project's strategy closely Signup and view all the answers