Strama Finals Exam (/100)

Question 1

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Weakness of the firm means –

a. limitations of the firm

b. none of the above

c. negligence of the firm

d. secrets of the firm

Question 2

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Marketing intermediaries pertain to all people and institutions that have ownership
over the firm.

Select one:

True

False

Question 3

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The secret to a CEO’s ability in long-term planning is to?

a. create a clear mission

b. all of the above

c. create a clear vision

d. formulate clear goals and objectives

Question 4

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Political factors refer to the environmental initiatives that can affect enterprises.

Select one:

True

False

Question 5

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A business organisation has short term and long-term objectives. Proper analyses of
environmental factors help the business firm to frame plans and policies that could
help in easy accomplishment of those organisational objectives.

a. To plan long-term business strategy

b. Survival and growth

c. Identification of threat

d. Optimum use of resources

Question 6

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The CEO is the most important entrepreneur in the organization.

Select one:

True

False

Question 7

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A resource may have a lot of value at first glance, but the value is quickly depleted.

a. Imitability

b. Value

c. Rarity

d. Organization

Question 8
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They are resources such as equipment, machinery, land, buildings and cash.

a. Assets

b. All of the above

c. Tangible resources

d. Intangible resources

Question 9

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It can be thought of as a roadmap to where the company wants to be within a certain

timeframe.

a. Values

b. Goals

c. Vision

d. Mission

Question 10

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The acronym PESTLE Framework stands for

Political

Economic

Socio-Economic and Cultural

Technological

Legal

Environmental is___.

Select one:

True

False

Question 11

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That said, you don’t want to be timid in setting your goals. Your objective shouldn’t be
too easy to achieve, but also it shouldn’t be so unrealistic as to be discarded.

a. Be inspiring

b. Be challenging
c. Be stable

d. Be abstract

Question 12

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Legal factors pertain more to attitudes and overall political climate which in turn can
lead to further legislation.

Select one:

True

False

Question 13

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Socio-Cultural factors refer to the cultural facts, norms, and behaviors of the groups
and subgroups that need to be considered by the firm.

Select one:

True

False

Question 14
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The vision statement is not what the company is presently engaged in but rather a
future objective where the company plans to be.

a. Be clear

b. Be concise

c. Have a time horizon

d. Make it future oriented

Question 15

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Have a fixed point in the future when you will achieve and evaluate your vision
statement. 

a. Have a time horizon

b. Be concise

c. Make it future oriented

d. Be clear

Question 16

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Mark Zuckerberg, a Facebook’s CEO, believed that in order for Facebook to be
relevant for the long term, consumers should remain in the site’s ecosystem for as
much of their online time is possible.

Select one:

True

False

Question 17

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“Are a firm’s policies and procedures organized to support the exploitation of its
valuable, rare, and costly-to-imitate resources?”

a. The Question of Rarity

b. The Question of Imitability

c. The Question of Organization

d. The Question of Value

Question 18

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The CEO’s primary role is to have a clear vision for the future of the business.

Select one:
 True

False

Question 19

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A vision statement should be simple, easy to read and cut to the essentials, so that it
can be set to memory and be repeated accurately, means?

a. Be clear

b. Be concise

c. Have a time horizon

d. Be complete

Question 20

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Macro-Environmental scanning is necessary because there are rapid changes taking

place in the environment that has a great impact on the working of the business firm
is?

Select one:

True

False
Question 21

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“Is a resource currently controlled by only a small number competing firms?”

a. The Question of Value

b. The Question of Rarity

c. The Question of Organization

d. The Question of Imitability

Question 22

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“Does a resource enable a firm to exploit an environmental opportunity and neutralize

an environmental threat?”

a. The Question of Rarity

b. The Question of Value

c. The Question of Organization

d. The Question of Imitability

Question 23

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Comparative assessment of the bargaining powers between the firm and the
suppliers can lead to an understanding of who has the upper hand in the
transactions.

Select one:

True

False

Question 24

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It is a document that states the current and future objectives of an organization.

a. Values

b. Goals

c. Vision

d. Mission

Question 25

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The topmost supremacy of the CEO position is an important point because there are
management decisions that only the topmost person can address in an organization.

Select one:
 True

False

Question 26

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 The company’s financial analyst is the primary shepherd of the company’s

resources, responsible for ensuring that all available resources are being utilized
efficiently to achieve the company’s goals.

Select one:

True

False

Question 27

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They are trademarks, brand reputation, patents and licenses.

a. Assets

b. Tangible resources

c. Intangible resources

d. All of the above

Question 28

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Technological trends refer to the company’s spotted opportunities in social media in

order to generate positive buzz for their products and services.

Select one:

True

False

Question 29

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The acronym RVB stands for?

a. Research-Based View

b. Research-Based Values

c. Research-Basic Values

d. None of the above

Question 30

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Michael Porter’s Five Forces Model is a famous and popular framework that seeks to
explain competitive pressures within an industry.
Select one:

True

False

Question 31

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Political environment pertains to government policies, directions, and initiatives that

may have an effect on a firm’s operations and well-being.

Select one:

True

False

Question 32

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The vision statement is a long-term goal that should, ideally, not be affected by the
market or technological changes.

a. Be stable

b. Be challenging

c. Be abstract

d. Be inspiring
Question 33

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The following definitions for the most commonly used terms when addressing
capacity building issues are the following, except:

a. Capacity

b. Capabilities

c. Competencies

d. Cooperation

Question 34

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This comes after SWOT analysis has been completed or at least after the SW portion
has been fulfilled in long-term planning process.

a. Value Analysis

b. Strategy Mapping

c. VRIO framework analysis

d. PESTLE

Question 35
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They are importance of environmental planning, except:

a. Identification of strengths

b. Identification of challenges

c. Identification of weaknesses

d. Identification of threats

Question 36

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It is formally written and is used as reference in company documents to serve as a

guide for actions now and in the future.

a. Vision

b. Goals

c. Mission

d. Values

Question 37

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All assets, capabilities, organizational processes, firm attributes, information and
knowledge controlled by a firm that enables it to improve its efficiency and
effectiveness.

a. Human Resources

b. Firm Resources

c. Financial Resources

d. Technological Resources

Question 38

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A good rule of thumb for clarity is to focus on one primary goal, rather than trying to
fill the document with a scattering of ideas. One clear objective is also easier to focus
on and achieve.

a. Be complete

b. Have a time horizon

c. Be concise

d. Be clear

Question 39

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The premise of stakeholder theory is that businesses only exist to make a profit for
their shareholders, but they also have to consider the interests of their various
stakeholders if they seek to survive for the long term.

Select one:

True

False

Question 40

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Internal environment refers only to the totality of a firm’s tangible resources,

capabilities, and potential.

Select one:

True

False

Question 41

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It refers to the external environment at large, featuring elements that are beyond the
power and influence of a firm and which reflect the realities of the outside world.

a. Macro-environment
b. All of the above

c. Micro-environment

d. Internal environment

Question 42

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The CEO must factor in a number of elements, such as company’s current

capabilities, the trends in the environment, competitive actions and reactions, and the
resources that the firm must acquire now and in the future.

Select one:

True

False

Question 43

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The vision statement should be general enough to capture the organization’s

interests and strategic direction.

a. Be stable

b. Be challenging

c. Be abstract
d. Be inspiring

Question 44

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The acronym VRIO framework stands for,

a. Value, rarity, imitability, and organization

b. None of the above

c. Valued, rarity, imitability, and organization

d. Value, reality, imitability, and organization

Question 45

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 The CEO’s strategy process are vision formulation, long-term planning and capacity
building.

Select one:

True

False

Question 46

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It is a way to reduce imitability.

a. Having access to a superior raw material

b. All of the above

c. End up drawing potential buyers to the dealership on a daily basis

d. Minimize the value of imitable component and redirecting the value to what is
difficult to imitate

Question 47

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It is a model that sees resources as key to superior firm performance.

a. None of the above

b. Response-Based Review

c. Resource-Based Review

d. Resource-Basic Review

Question 48

Marked out of 25.00

 Flag question

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In McDo Bayombong, during this COVID 19 pandemic, what marketing strategies

can you recommend to ensure that McDo can still have same income or near same
income just like when there’s no pandemic?

A marketing strategy that McDO in Bayombong can employ during this pandemic is
that they can offer delivery services so people don't have to come in their
establishment. Another strategy is that they can post online advertisements for any
business deals, offers, and sales that they can offer for their customers. Another
strategy that is most important is that they should focus on strengthening their
relationship with their customers. Being more courteous, attentive and quick in
service can be helpful for their business as well.

Question 49

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It is a four (4) question framework for analysis that seeks to understand how a
particular resource of a firm can potentially be of strategic value, and whether this
value is short-term or long-term in nature.

a. VRIO Framework

b. Corporate Strategy and Portfolio Theory

c. None of the above

d. Strategic Management Framework

Question 50
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The following are the CEO’s strategy process, except:

a. Human resources hiring

b. Long-term planning

c. Capacity building

d. Vision formulation

Question 51

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Live up to the title of the document, and create something that will rally the troops
and be desirable as a goal for all those involved in the organization.

a. Be abstract

b. Be stable

c. Be inspiring

d. Be challenging

Question 52

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The idea is to whether a specific resource may or may not be of value is a subjective
one.
 a. Reliability

b. Imitability

c. Value

d. Rarity

Question 53

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Even if the firm finds itself in possession of a resource that is valuable, rare and
difficult to imitate, if it does not have the organizational capability to mobilize or make
use of this asset, it will still be just an idle resource with little or no effective value.

a. Rarity

b. Organization

c. Value

d. Imitability

Question 54

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A resource may be valuable and rare, but if it is nevertheless then eventually,

competitors will be able to imitate it and reduce the competitiveness of the firm that
holds the resources.
 a. Value

b. Recycle

c. Value

d. Imitability

Question 55

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The late Steve Jobs was the CEO who then grew Apple into the global electronics
powerhouse.

Select one:

True

False

Question 56

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It’s a living document that is referred to as a lodestar to lead a company to its next
innovation.

a. Mission

b. Goals
 c. Vision

d. Values

Question 57

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The macro-environment pertains to factors in the environment that the firm will have
no control over.

Select one:

True

False

Question 58

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Compare and contrast cost leadership and differentiation strategies.

Question 59

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“Do firms without a resource face a cost disadvantage in obtaining or developing?”

a. The Question of Rarity

b. The Question of Organization

c. The Question of Imitability

d. The Question of Value

Question 60

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Milton Friedman stated that businesses are in the business of making profits, and
they had no business looking after the needs or the welfare of other groups.

Select one:

True

False

Question 61

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Analysis of internal business environment helps us to:

a. secure loans for capital

b. all of the above

c. secure business permit

 d. identify strength of the firm

Question 62

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Itis the initial step that needs to be conducted when any organisation or undertakes a
business planning process.

a. All of the above

b. Apply PESTLE

c. Formulate Vision

d. Scanning the environment