Mastering Strategy: Art and Science Quiz
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Questions and Answers

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?

    <p>Describing the process for earning profits</p> Signup and view all the answers

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

    <p>Economies of scale in purchasing ingredients</p> 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?

    <p>Apple</p> Signup and view all the answers

    What was released by Apple on March 2, 2011?

    <p>iPad2</p> Signup and view all the answers

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

    <p>Decision-making process to achieve organizational goals</p> Signup and view all the answers

    Why is strategic management important?

    <p>To achieve organizational goals</p> Signup and view all the answers

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

    <p>Understand and articulate answers about strategic management and strategy</p> Signup and view all the answers

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

    <p>Apple released its iPad2 on that day</p> Signup and view all the answers

    What is NOT a concern related to strategic management?

    <p>Employee morale</p> Signup and view all the answers

    Why is creativity considered important in strategic management?

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

    What is the main focus of strategic management?

    <p>Understanding why some firms outperform others</p> Signup and view all the answers

    What does strategic management examine?

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

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

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

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

    <p>Purpose, Position, Plan, Priorities, Pioneering</p> Signup and view all the answers

    Why is it valuable to consider different definitions of strategy?

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

    What strategic element did Hannibal use to outmaneuver the Romans?

    <p>Elephants</p> Signup and view all the answers

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

    <p>They were monitoring a different part of their territory</p> Signup and view all the answers

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

    <p>By using elephants to cross the Alps</p> Signup and view all the answers

    Why was the pizzeria owner in Pennsylvania arrested in 2011?

    <p>For placing mice in rival pizza shops</p> Signup and view all the answers

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

    <p>It was an illegal attempt to outmaneuver rivals</p> 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?

    <p>Bad publicity or shutdown by health authorities</p> Signup and view all the answers

    What is an intended strategy?

    <p>A strategy that an organization hopes to execute</p> Signup and view all the answers

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

    <p>Intended strategies are usually detailed in the strategic plan</p> Signup and view all the answers

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

    <p>A delivery system routing packages through a central hub</p> Signup and view all the answers

    Why is Frederick Smith mentioned in the text?

    <p>To exemplify how intended strategies can lead to success</p> Signup and view all the answers

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

    <p>Eighth</p> Signup and view all the answers

    Why did Frederick Smith's personal wealth increase significantly?

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

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