Test Bank For Foundations of Strategy By Robert M.Grant

Test Bank For Foundations of Strategy By Robert M.Grant

Chapter 1

The Concept of Strategy

1. Strategy today is essentially a detailed plan which every member of the organization must follow to ensure success.

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1. T

*b. F

2. Strategy is in essence a long-term plan for an organisation to achieve its long-term objectives.

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*a. T

1. F
2. For most firms, although good luck may play a part, success is more likely to be a result of a soundly grounded and well executed strategy.

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*a. T

1. F
2. Sound strategy and implementation largely determine the probability and extent of the success of a firm.

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*a. T

1. F
2. A sound strategy relies on four factors: simple and consistent goals; sound understanding of the competitive environment; objective appraisal of resources; and effective implementation of strategic decisions.

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1. T

*b. F

6. Usually, business success has been proved to rely in the end on superior resources.

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1. T

*b. F