Review Unit 3 - TACN3 (Kinh tế và kinh doanh quốc tế) FTU

Unit 3 Vocabulary Multiple-Choice Questions 1. The primary goal of strategic management is to: A) Eliminate competitive advantage B) Maintain competitive advantage C) Achieve and maintain competitive advantage D) Eliminate and abolish competitive advantage 2. Which of the following is NOT a focus of strategic management? A) Marketing B) Finance and accounting C) Production and development D) Organization behavior 3. What does strategic management primarily involve? A) Setting short-term goals B) Operational tasks C) Analysis, decisions, and actions D) Supervising employees 4. The essence of strategic management is the study of: A) How to increase sales B) Why some firms outperform others C) Customer satisfaction D) Employee retention 5. A company can achieve sustainable competitive advantage by: A) Performing similar activities better than rivals B) Following all trends C) Performing different activities or similar activities in different ways D) Focusing only on cost-cutting 6. Which of the following best describes operational effectiveness? A) Performing different activities better than rivals B) Performing similar activities better than rivals C) Developing new products D) Cutting costs at any expense 7. Strategy is all about: A) Imitating competitors B) Being different C) Cutting costs D) Reducing prices 8. Benchmarking is best described as: A) Setting prices B) Measuring against a standard C) Developing a new product D) Employee training 9. Strategic decisions involve questions such as: A) How to train employees B) What industries to compete in C) Where to open new stores D) How to manage daily tasks 10. Outsourcing refers to: A) Hiring new employees B) Increasing production C) Using external organizations to perform certain tasks D) Expanding operations overseas 11. The term "status quo" refers to: A) The future direction B) Current state of affairs C) Company's vision D) Financial position 12. The term "essence" in strategic management refers to: A) The least important aspect B) The intrinsic nature or indispensable quality C) Company's short-term goals D) Employee satisfaction 13. "Outperform" means: A) To perform worse than others B) To perform better than others C) To perform equally to others D) To avoid competition 14. Sustainable competitive advantage can be achieved by: A) Imitating competitors B) Cutting corners C) Offering unique and valuable products/services D) Ignoring market trends 15. The strategic management process includes: A) Setting only short-term goals B) Ignoring the external environment C) Analysis, decision-making, and action-taking D) Focusing solely on employee performance 16. Strategic goals involve: A) Daily tasks B) Vision, mission, and strategic objectives C) Employee satisfaction D) Customer feedback 17. Operational effectiveness alone is: A) Sufficient for long-term success B) Not sufficient for sustainable competitive advantage C) Unnecessary in strategic management D) The only focus of strategic management 18. The term "custodian" in strategic management context means: A) A person who looks after something valuable B) A competitor C) A junior employee D) A financial analyst 19. Companies trying to do everything their rivals do leads to: A) Mutually destructive price competition B) Market dominance C) Increased profits D) Greater innovation 20. A good strategy requires companies to: A) Mimic competitors' actions B) Make clear choices about their goals C) Focus only on cost-cutting D) Avoid taking risks Gap-Filling Questions 1. Strategic management is divided into several _________. 2. A _________ approach outlines how strategies should be developed. 3. A _________ focuses on how strategies should be put into practice. 4. Strategies can be developed through an _________. 5. Business culture and _________ of employees influence how an organization achieves its objectives. 6. Large companies may find it difficult to succeed in a(n) _________ business environment. 7. Creating a _________ between strategy development and implementation is crucial. 8. The collective knowledge is _________ to develop future strategies. 9. A(n) _________ plan prepares a business for unexpected events. 10. Communication during times of uncertainty _________ confidence among stakeholders. 11. It is vital to _________ what crises could occur. 12. Companies should _________ a crisis-management team. Open Questions 1. What is the main purpose of strategic management? 2. Why is operational effectiveness alone not enough for a company to achieve a sustainable competitive advantage? 3. What are the three major phases of crisis management? 4. How does crisis management differ from risk management? 5. What role does communication play in crisis management?