Test Bank For Strategic Management:

Concepts and Cases 3rd Edition By

Jeffrey H. Dyer, Paul Godfrey, Robert

Jensen, David Bryce

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Package Title: Chapter 1, Testbank

Course Title: Dyer, SM 3e

Chapter Number: 1

Question type: Multiple Choice

1) ________ can be best defined as when an organization generates higher profits compared

to its rivals.

a) Client advantage

b) Competitive advantage

c) Employer advantage

d) Unique value

Answer: b

Difficulty: Easy

Section Reference 1: What Is Business Strategy?

Learning Objective 1: Define business strategy, including the importance of competitive

advantage, the four choices that are critical to strategy formulation, and the strategic

management process.

Bloomcode: Knowledge

Standard 1:1: AACSB || Analytic

2) Gems Corp. is a leading jewelry brand that finds it hard to make as much profit as its

competitors. In order to overcome this, the employees of Gems Corp. decide to work harder

to provide unique value to customers and increase the sales of the company. After a year, it is

able to make more profits than its competitors. This scenario best illustrates ________.

a) client advantage

b) internal analysis

c) external analysis

d) competitive advantage

Answer: d

Difficulty: Hard

Section Reference 1: What Is Business Strategy?

Learning Objective 1: Define business strategy, including the importance of competitive

advantage, the four choices that are critical to strategy formulation, and the strategic

management process.

Bloomcode: Application

Standard 1: AACSB || Analytic

3) The industry and geographic area that a company competes in, is referred to as its

________.

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