1. Which of the following best describes the primary goal of strategic management?

• A. Identifying strategies to become the best firm in an industry
• B. Understanding, making, and implementing strategic choices that are focused on creating or sustaining long-term superior performance.
• C. Increase market share
• D. Analyze and identify the strategic positions of key competitors so that decisions can be made on how best to win over their customers and defeat them in the market place.

2. Which of the characteristics below relate to Strategic changes and NOT to tactical actions? That is, choose those that are characteristics of a strategic change.

A. Improves operational efficiency

B. Is more complex and difficult to change

C. Is isolated in one specific functional area

D. has a near term focus

E. changes some choice about how the firm will compete with its rivals

3. JK Corp has made a decision to reorganize the layout of their manufacturing facility. This move is designed to improve the efficiency (i.e. reduce throughput costs) of their operations.

True or False? This initiative is a strategic choice.

A. True

B. False

4. The concept of strategic alignment - or fit - is best described by which of the following statements?

A. Firm mission and values are aligned with stakeholders

B. Firm strategy is aligned with the environment and is also aligned with and supported by firm resources and capabilities

C. Firm capabilities are aligned with drivers of change

D. The strategies of the firm must fit with what the customers expect

5. Which of the following sets of factors describes three of the five components of a structured way to describe a firm's competitive strategy?

A. Promotion, product, distribution

B. Target customers, value proposition, business model

C. Price, service, quality

D. Profitability, competitiveness, innovation

6. Jane owns and operates a small business that sells vintage clothing online through an Amazon marketplace and also assembles and delivers meal kits to home-bound, elderly individuals. Which of the following best describes how strategy relates to Jane's business?

A. With a smaller business, Jane can afford to just focus on functional strategies alone.

B. Jane should focus most of her strategic attention on how to operate more efficiently.

C. To be most successful, Jane has to focus on making her competitive strategy work across both businesses.

D. Jane has to make decisions related to both competitive strategy and corporate strategy.

7. Which of the following best describes the meaning of 'competitive strategy?

A. Competitive strategy is a set of action plans a firm uses to achieve their annual plan.

B. Competitive strategy is a set of choices a firm makes about how they intend to compete and succeed in a specific competitive market.

C. Competitive strategy refers to decisions a firm makes about allocating resources across their different business units.

D. Competitive strategy describes how a firm intends to grow and achieve the number one position in their industry.

8. Carter's Conglomerate Corporation (CCC) once operated In the US and Canada manufacturing and selling goods through home centers (e.g. Home Depot, Lowe's). CCC offered retailers CCC-branded lawn mowers, power tools, portable generators, plumbing fixtures, and gas grills. In 2022, CCC sold off the lawn mower and power tools divisions, closed their Canadian division, streamlined their supply chain by reducing the number of vendors, hired more customer service agents, and began selling a line of gas grill products direct to consumers through the Internet. In which of the following components of competitive strategy did CCC make a change in 2022? (Select one or more)

A. Product Focus

B. Geographic Market Focus

C. Target Customers

D. Value Proposition

E. Business Model

9. Which of the following best describes a strategic change recommendation made to a women's clothing retailer?

A. Implement a subscription service in which customers pay an annual fee and receive automatic monthly wardrobe selections and individualized updates on new products that match their style preferences.

B. Expand the amount of floor space allocated to shoes as this product segment is growing faster and has higher margins.

C. Develop and launch a customer appreciation event each spring to promote the latest fashions and offer special discounts to VIP customers.

D. Implement an incentive systems for the store salespeople based on a combination of sales growth and margin.

10. Which of the following statements does NOT describe a value proposition?

A. We excel in hiring and training the best salespeople in the industry.

B. Our products offer the best combination of style and affordability.

C. We offer same-day installation service for all of our equipment.

D. Our stores offer you everything you need all under one roof.