MEM Strategic Management 2

Question 1

Which strategic framework evaluates a firm's resources using the criteria of Value, Rarity, Imitability, and Organization?

Accepted Answer

VRIO framework

Answer

The VRIO framework assesses whether a firm's resources and capabilities can provide a sustained competitive advantage.

Question 2

In the context of corporate-level strategy, a company acquiring a supplier to control its input supply chain is an example of:

Accepted Answer

Backward vertical integration

Answer

Backward vertical integration occurs when a company acquires or controls entities in its upstream supply chain.

Question 3

A 'first-mover advantage' in technology markets is BEST sustained through:

Accepted Answer

Building switching costs and network effects

Answer

Switching costs and network effects lock in early customers, making it costly or inconvenient for them to adopt competitor offerings.

Question 4

The concept of 'strategic intent' in an organization refers to:

Accepted Answer

An ambitious long-term vision that stretches the organization beyond current capabilities

Answer

Strategic intent, introduced by Hamel and Prahalad, describes a compelling aspirational goal that motivates organizational effort and innovation.

Question 5

When two engineering firms with complementary technologies form a joint venture, the PRIMARY strategic rationale is typically:

Accepted Answer

Accessing resources and capabilities neither possesses alone

Answer

Joint ventures allow firms to combine complementary strengths, share risks, and enter markets or develop technologies that would be difficult to achieve independently.

MEM - Master of Engineering Management Practice Test

MEM - Master of Engineering Management Practice Test

MEM Strategic Management 2