This test consists of eight (8) essay questions that correspond with Chapters 1-6, 12 & 13 of your textbook: Crafting and Executing Strategy. You are required to complete four of the essay questions. In addition, the exam contains an extra credit question which is optional. If you choose to complete it, it will be counted as an extra credit assignment as outlined in your syllabus. Please limit your answers to no more than two pages for each question. A hard copy of your completed exam should be submitted at the last class. Make sure your name is on each page of your exam.
Chapter 1Explain why a company’s strategy cannot be completely planned out in advance and why crafting a company’s strategy cannot be on-time, once-and-for-all managerial exercise. Identify at least three factors that account for why company strategies evolve.
Chapter 2Identify and briefly discuss at least three obligations of a company’s board of directors in corporate governance and the strategy-making/strategy-executing process.
Chapter 3Identify at least five common driving forces and briefly explain how each one can produce important changes in industry and competitive conditions.
Chapter 4Assume a firm is at a cost disadvantage with rivals because its internal costs are higher than rivals. Identify five strategic moves that it can make to restore cost parity.
Chapter 5What type of competitive advantage does a best-cost provider strategy aim at achieving? Explain what a company has to do to achieve this advantage.
Chapter 6What are the strategic advantages of being a first-mover? What are the strategic advantages of being a follower or late-mover?
Chapter 12Give three examples of support systems that a company can install to support the execution of its strategy.
Chapter 13Identify and briefly discuss four steps that managers can take to change a culture that is out of step with the company’s strategy.