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Exam 1: What Is Business Strategy

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Question 41

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Thomas is an important figure at Seasons Inc. All of the company's functions, acquisitions, marketing strategies, and business development plans need to partially receive approval from Thomas. This is due to the fact that Thomas owns 20% of Seasons Inc. In this scenario, Thomas is a ________.

A) supplier
B) stakeholder
C) customer
D) distributor

E) A) and B)
F) A) and D)

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Question 42

Multiple Choice

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The management of Winters Corp., a small company, pursued an unexpected opportunity and gained huge profits over a period of 10 years. At the end of this period, Winters Corp. grew as a company and successfully established itself as a highly valued brand in the industry. This is an example of a(n) ________.

A) functional strategy
B) accidental strategy
C) emergent strategy
D) deliberate strategy

E) A) and D)
F) All of the above

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Question 43

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Ria, an entrepreneur, shares the company's profits as well as losses. She usually receives highest priority from the company. In this scenario, Ria is a ________.

The owners of Carpo Inc., a watch company, also own a steel company and a leather goods manufacturing company. This relieves them from expenses that they would have to bear, if they had to rely on outside sources for the raw materials needed to make their watches. This enables the company to produce watches at a much lesser cost than other companies in the industry. This scenario best illustrates a ________.

What is the first decision that a company which is developing a strategic management process must make when it is initiated?