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8310
Subject
Management
Date
Feb 20, 2024
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Es verdad / No es verdad •
What is required for strategic management to be e
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ec
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ve?
To be effective, strategic−management must be a process that familiarizes managers and
employees with the key strategic issues facing an organization and the feasible alternatives for resolving those issues. Answer: TRUE Strategic management involves making key decisions. It requires strong leadership skills to manage others and ensure they perform their duties. Exemplary leaders will motivate people, ensure everyone is working toward the shared goal, and create a positive work environment when applying new strategies •
Define Cash Cows, Stars, Dogs and ?’s
Stars, Question Marks, Cash Cows, and Dogs are the four quadrants exhibited by the Boston Consulting Group (BCG) Matrix. Answer: TRUE Cash Cows represent the organization's best long-run opportunities for growth and profitability. Answer: FALSE •
What is a cornerstone of effective strategy formulation? - Adequate and timely feedback Organizing is the cornerstone of effective strategy formulation. Answer: FALSE Adequate and timely feedback is the cornerstone of effective strategy evaluation. Answer: TRUE •
Describe the strategic management process. The terms "strategic management" and "strategic planning" are used synonymously in this text. Answer: TRUE 10)
Strategic management focuses on integrating management, marketing, finance and accounting, production and operations, research and development, and information systems to achieve organizational success. Answer: TRUE
11)
Optimizing for tomorrow the trends of today is the purpose of strategic management. Answer: FALSE 12)
U.S. firms are not being aggressively challenged in the computer industry. Answer: FALSE 13)
By occasionally monitoring external events, companies should be able to identify when change is required. Answer: FALSE 14)
Application of the strategic-management process is typically more formal in larger and well- established organizations. Answer: TRUE 15)
To be effective, strategic-management must be a process that familiarizes managers and employees with the key strategic issues facing an organization and the feasible alternatives for resolving those issues. Answer: TRUE 16)
The most effective strategic management is ritualistic, predictable, and formal. Answer: FALSE 17)
All firms have a strategy, even if it is informal, unstructured, and sporadic. Answer: TRUE 18)
Despite its great popularity in the 1980s, strategic planning by corporate America is now a valuable though rare activity. Answer: FALSE 19)
The strengths and weaknesses of an organization are determined relative to the strengths and weaknesses of its competitors. Answer: TRUE •
What are the 5 basic fun
c
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ons of marke
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n
g? 58)
There are five basic functions of marketing: marketing research and target market analysis, product planning, promoting products, pricing products, and placing or distributing products. Answer: TRUE
59)
Research and Development (R&D) Management is focused on managing inputs, transformations, and outputs that vary across industries and markets. Answer: FALSE 60)
Marketing research is the systematic gathering, recording, and analyzing of data to identify and define opportunities and problems relating to the marketing of goods and services. Answer: TRUE 61)
Worldwide advertising expenditures are expected to reach $700 billion in 2021. Answer: TRUE 62)
Digital advertising is expected to reach nearly $280 billion in 2020. Answer: TRUE 63)
Test marketing is used more frequently by industrial companies than consumer goods companies. Answer: FALSE 64)
"Showrooming" is when shoppers check out products in stores, but buy them online. Answer: TRUE 65)
Most producers today sell their goods directly to consumers. Answer: FALSE 66)
Distribution becomes especially important when a firm is striving to implement a product development or diversification. Answer: FALSE 67)
Marketing research is the systematic gathering, recording and analyzing, of data about problems relating to the marketing of goods and services. Answer: TRUE 68)
Collaborative machines are a new breed of robots. Answer: TRUE 69)
Firms pursuing a cost leadership strategy need to have a strong R&D orientation. Answer: FALSE •
De
fi
ne horizontal integr
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on.
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27)
Franchising is an effective means of implementing forward integration. Answer: TRUE 28)
A growing trend is for franchisers to buy out their part of the business from their franchisees. Answer: FALSE 29)
Limited availability of quality distributors is a reason why competitive advantage could result from forward integration. Answer: TRUE 30)
A strategy of seeking ownership or increased control of a firm's suppliers is backward integration. Answer: TRUE 31)
If a firm's present suppliers are expensive and unreliable in meeting the firm's needs for parts, components, and/or raw materials, the firm should pursue a horizontal integration strategy. Answer: FALSE 32)
Horizontal integration is an appropriate strategy when the competitors of an organization are doing poorly. Answer: FALSE •
List at least three intensive strategies. Market penetration, market development, and product development are intensive strategies. Answer: TRUE •
What is value chain analysis? Value chain analysis can enable a firm to better identify its own strengths and weaknesses especially as compared to competitors' value chain analyses and their own data over time. Answer: TRUE Benchmarking is an analytical tool used to determine whether a firm's value chain activities are competitive compared to rivals. Answer: TRUE •
What is the key di
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erence between a vision statement and a mission statement?
The foundation for development of a comprehensive mission statement is provided by a clear vision. Answer: TRUE
7)
If an organization chooses to have both a mission and a vision, the mission statement should be established first. Answer: FALSE 8)
An important question a mission statement should answer is, "What do we want to become?" Answer: FALSE 9)
In order to motivate a workforce effectively, both profit and vision are needed. Answer: TRUE 10)
A vision statement should answer the question, "What do we want to become?" Answer: TRUE Well conceived and properly executed mission and vision statements are not subject to revision. Answer: FALSE 22)
Whereas the mission statement answers the question, "What do we want to become?" the vision statement answers the question, "What is our business?" Answer: FALSE Diff: 2 LO: 2.4: Describe the nature and role of mission statements in strategic management. AACSB: Written and oral communication 23)
According to Peter Drucker, asking the question "What is our business?" is synonymous with asking the question "What is our vision?" Answer: FALSE 24)
A mission statement is a declaration of an organization's reason for being. Answer: TRUE 25)
A mission statement, is an enduring statement of purpose that distinguishes one organization from other similar enterprises. Answer: TRUE 26)
A mission statement can sometimes be called a statement of philosophy. Answer: TRUE 27)
Carefully prepared statements of vision and mission are widely recognized as the first step in strategic management.
Answer: TRUE 28)
According to Peter Drucker, answering the question "What is our business?" is the first responsibility of strategists. Answer: TRUE What type of impression should a mission statement convey? An effective mission statement generates the impression a firm is successful, has direction, and is worthy of time, support and investment. Answer: TRUE What is first mover advantage? First mover advantages refer to the benefits a firm may achieve by entering a new market or developing a new product or service prior to rival firms. Answer: TRUE 117)
First mover advantages are analogous to taking the low ground first. Answer: FALSE 118)
To sustain the competitive advantage gained by being a first mover, a firm needs to be a cost leader. Answer: FALSE What is included in the strategy formulation framework? The first stage of the strategy-formulation framework is the input stage, and it is directly followed by the decision stage. Answer: FALSE 14)
Stage 2 in the strategy-formulation framework involves the Quantitative Strategic Planning Matrix. Answer: FALSE 15)
The Strengths-Weaknesses-Opportunities-Threats (SWOT) Matrix, the Strategic Position and Action Evaluation (SPACE) Matrix, the Boston Consulting Group (BCG) Matrix, the Internal-External (IE) Matrix, and the Grand Strategy Matrix are included in stage two of the strategy-formulation framework.
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Answer: TRUE 16)
Good intuitive judgment is always needed to determine appropriate weights and ratings in the input stage matrices. Answer: TRUE 17)
When completing the matching stage of the strategy-formulation framework, the SWOT Matrix needs to be completed before the SPACE Matrix. Answer: FALSE 18)
To objectively evaluate feasible alternative strategies identified in Stage 1, the Quantitative Strategic Planning Matrix (QSPM) uses input information derived from Stage 2. Answer: FALSE Within the BCG Matrix, where is corporate revenue indicated? The size of the circle in a BCG Matrix corresponds to the proportion of corporate revenue generated by that business unit. Answer: TRUE 59) The pie slice in a BCG Matrix corresponds to the proportion of corporate revenue generated by that business unit. Answer: TRUE What are the 5 categories of external forces? The five major categories of variables known as external forces are: 1) economic forces, 2) social, cultural, demographic, and natural environment forces, 3) political, governmental, and legal forces, 4) technological forces, and 5) competitive forces. Answer: TRUE What do Porter’s 5
forces define? According to Michael Porter, five competitive forces define the nature of competitiveness in a given industry: 1) rivalry among competing firms, 2) potential entry of new competitors, 3) potential development of substitute products, 4) bargaining power of suppliers, and 5) bargaining power of consumers. Answer: TRUE
Describe what the CPM matric and the EFE Matric have in common. 111)
As many managers and employees as possible should be involved in the process of performing an external audit. Answer: TRUE 112)
The weights and total weighted scores in both a Competitive Profile Matrix (CPM) and an External Factor Evaluation (EFE) Matrix have the same meaning. Answer: TRUE 113)
The critical success factors in a Competitive Profile Matrix (CPM) and an External Factor Evaluation (EFE) Matrix include both internal and external issues. Answer: FALSE What is Benchmarking? Benchmarking is an analytical tool used to determine whether a firm's value chain activities are competitive compared to rivals. Answer: TRUE Think about factors that can gain commitment and achieve desired results Often, an effective way to gain commitment and achieve desired results is to shift from long- term to short-term issues and concerns. Answer: FALSE Name the 4 basic functions performed by managers.? Allocating resources is one of the four basic activities (functions) performed by managers. Answer: FALSE Diff: 3 What does motivation explain? Motivation can explain why some people work hard and others do not. Answer: TRUE
MCQs •
What is the goal of strategic management? The goal of strategic management is to A)
achieve competitive advantage. B)
maintain competitive advantage. C)
achieve and maintain competitive advantage. D) eliminate competitive advantage. E)
eliminate and abolish competitive advantage. Answer: C •
If you provide unique products and services, what is the outcome? To gain firms need to provide unique products and services. A)
a bank loan B)
governmental legitimacy C)
a sustainable competitive advantage D)
competitors E)
export orders Answer: C •
Carefully review the strategic-management process. 2)
Strategic management focuses on integrating functional areas to achieve organizational success. Which of the following is NOT one of the functional areas that is the focus of strategic management? A)
marketing B)
finance and accounting C)
production and operations D)
research and development E)
organizational behavior Answer: E 3)
What can be defined as the art and science of formulating, implementing and evaluating cross- functional decisions that enable an organization to achieve its objectives? A)
Strategy formulation B)
Strategy evaluation C)
Strategy implementation D) Strategic management E) Strategic leading Answer: D
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4)
To gain firms need to provide unique products and services. A) a bank loan B)
governmental legitimacy C)
a sustainable competitive advantage D)
competitors E) export orders Answer: C 5)
The strategic-management process is becoming more widely used by A) small firms. B)
nonprofit institutions. C)
governmental organizations. D)
multinational conglomerates. E) all types of organizations. Answer: E 6)
An organization should take a(n) approach in its industry. A) adversarial rather than a collegial B)
collegial rather than an adversarial C)
reactive rather than a proactive D)
proactive rather than a reactive E)
cooperative rather than a competitive Answer: D 7)
The strategic-management process A) occurs once a year. B)
is a semiannual process. C)
is a continuous process. D)
applies mostly to companies with sales greater than $100 million. E) applies mostly to small businesses. Answer: C 8)
Sometimes is used to refer to strategic formulation, implementation and evaluation, with referring only to strategic formulation. A)
strategic planning; strategic management B)
strategic planning; strategic processing C)
strategic management; strategic planning D)
strategic management; strategic processing E)
strategic implementation; strategic focus Answer: C •
Iden
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fy a correla
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on between intui
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on and analysis.
39)
The strategic-management process represents a(n) , , and approach for determining an enterprise's future direction. A)
logical; systematic; subjective B)
intuitive; disorganized; subjective C)
logical; systematic; objective D)
intuitive; disorganized; objective E)
inconsistent; systematic; subjective Answer: C 40)
Which statement best describes intuition? A)
It alone should be used in decision making. B)
It represents a minor factor in decision making integrated with analysis. C)
It should be coupled with analysis in decision making. D)
It is better than analysis in decision making. E)
It is management by ignorance. Answer: C •
What does a mission statement do? What are enduring statements of purpose that distinguish one business from other similar firms? A)
Policies B)
Mission statements C)
Objectives D)
Rules E)
Employee conduct guidelines Answer: B 18)
What is the first step in the comprehensive strategic-management model? A) Developing vision and mission statements B)
Performing external audits C)
Performing internal audits D)
Measuring and evaluating performance E) Establishing long-term objectives Answer: A 19)
The purpose of a mission statement is to declare all of these EXCEPT A) a reason for being. B)
an annual financial plan. C)
a statement of purpose. D)
a statement of beliefs. E)
whom an organization wants to serve. Answer: B
20)
According to Drucker, which question is synonymous with asking "What is our mission?"? A) What is our business? B)
How can we improve ourselves? C)
What do we want to become? D)
Who are our stakeholders? E)
How can we increase profitability? Answer: A 21)
According to Drucker, a business' mission is the foundation for all of the following EXCEPT A) priorities. B)
strategies. C)
plans. D)
employee wage rates. E) work assignments. Answer: D •
What statement answers the ques
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on: what do we want to become? - vision
•
What are ‘
objec
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ves
’ 琀椀
ed to in the organiz
a
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on? •
What is the first step in strategic planning? Which of the following is often considered to be the first step in strategic planning? A) Developing a vision statement B)
Establishing goals and objectives C)
Making a profit D)
Developing a mission statement E)
Determining opportunities and threats Answer: A •
De
fi
ne comp
e
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琀椀
ve advantage. Anything that a firm does especially well compared to rival firms is referred to as A) competitive advantage. B)
comparative disadvantage. C)
opportunity cost. D)
unsustainable advantage. E) an external opportunity. Answer: A •
What does the military, mission and SWOT have in common? 111)
Terms such as objectives, mission, strengths, and weaknesses were first formulated to address problems A)
on the battlefield. B)
in the boardroom.
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C)
on the trading floor. D)
in the military hierarchy. E)
in interpersonal relationships. Answer: A 112)
According to Webster's New World Dictionary, is "the science of planning and directing large-scale military operations, of maneuvering forces into the most advantageous position prior to actual engagement with the enemy." A)
competitive advantage B)
war C)
strategy D)
formulation E)
business Answer: C 113)
Business or military success is A)
generally the happy result of accidental strategies. B)
undermined by the element of surprise. C)
the product of both attention to changing external and internal conditions and the insightful adaptations to those conditions. D)
unrelated to external conditions. E)
unrelated to internal conditions. 114)
Superior strategy formulation and implementation an opponent's superiority in numbers and resources. A)
are irrelevant to B)
are not enough to surmount C)
can overcome D) can lead to E) unite Answer: C 115)
A strong heritage underlies the study of strategic management. A) military B)
government C)
political D)
social E)
cultural Answer: A 116)
Military strategy is based on an assumption of _ , whereas business strategy is based on an assumption of . A)
conflict; cooperation B)
conflict; competition C)
cooperation; conflict D)
competition; conflict
E)
cooperation; competition Answer: B 117)
Both business and military organizations must and to be successful. A) be impervious to change; continually improve B)
adapt to change; constantly improve C)
shun change; stay the course D)
be impervious to change; stay the course E) none of the above Answer: B •
What does the military and business organiz
a
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ons both have to do? Same as previous CHAPTER 2 •
Explain ‘core
-value statements. 1)
A statement specifies a firm's commitment to integrity, fairness, discipline, equal employment opportunity, teamwork, accountability, continuous improvement, and/or other such exemplary attributes. A)
strategy B)
business model C) core values D)
stakeholder E)
planning Answer: C •
What ques
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on does a vision statement answer?
Which of these basic questions should a vision statement answer? A) What is our business? B)
What is our core strength? C)
What are our challenges? D)
What do we want to become? E) Who are our competitors? Answer: D •
What are the recommended lengths of vision and mission statements? The ideal length of a vision statement is A) one page. B)
several paragraphs. C)
one sentence. D)
several sentences. E)
as long as is necessary to convey the message. Answer: C
The recommended length of an effective mission statement is words. A) approximately 25 B)
no more than 200 C)
less than 100 D)
at least 300 E)
more than 500 Answer: C •
Who is the father of modern management? Who is referred to as "the father of modern management?" A) Cleland B)
Campbell C)
Drucker D)
McGinnis E) Yeung Answer: C •
Who is the father of systems thinking? - Jay W. Forrester •
•
What is the first step in strategic management? Which of the following is often considered to be the first step in strategic planning? A) Developing a vision statement B)
Establishing goals and objectives C)
Making a profit D)
Developing a mission statement E)
Determining opportunities and threats Answer: A 22)
During what stage of strategic management is a firm's specific internal strengths and weaknesses determined? A)
Formulation B)
Implementation C)
Evaluation D) Feedback E) Goal-setting Answer: A 23)
An important activity in is taking corrective action. A) strategy evaluation B)
strategy implementation C)
strategy formulation D)
strategy leadership E) strategic analysis Answer: A
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24)
What step in the strategic management process involves mobilizing employees and managers to put strategies into action? A)
Strategy formulation B)
Strategy evaluation C)
Strategy implementation D) Strategic advantage E) Competitive advantage Answer: C 25)
What types of skills are especially critical for successful strategy implementation? A) Interpersonal B)
Marketing C)
Technical D)
Conceptual E) Visionary Answer: A [ 26)
Which phase of strategic management is most strongly associated with "action"? A) Strategy formulation B)
Strategy implementation C)
Strategy evaluation D)
Competing advantages E) Measuring performance Answer: B 27)
is NOT a strategy-implementation activity. A) Taking corrective actions B)
Establishing annual objectives C)
Devising policies D)
Allocating resources E)
Motivating employees Answer: A 28)
Strategy evaluation is necessary because A)
internal and external factors are constantly changing. B)
the SEC requires strategy evaluation. C)
success today is a guarantee of success tomorrow. D)
the IRS requires strategy evaluation. E)
firms have limited resources. Answer: A 29)
In which phase of strategic management are annual objectives especially important? A) Reduction B)
Formulation C)
Implementation D)
Evaluation E) Policy Answer: C 30)
In which phase of strategic management are long-term objectives especially important? A)
Formulation
B)
Control C)
Evaluation D)
Implementation E) Management Answer: A •
What is the criteria for dr
a
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ing a mission statement? After a draft mission statement has been developed, it is important to A)
ask managers to read several articles about mission statements as background information. B)
vote on the mission statement. C)
ask managers to prepare a mission statement for the organization. D)
ask managers to seek support for the mission statement from their subordinates. E)
request modifications, additions, and deletions. •
Who might best to manage the process of developing vision & and mission statements? An with expertise in developing vision and mission statements and with unbiased views, can at times manage the process more effectively than an internal group or committee of managers. A)
external group B)
external auditor C)
outside process analyst D)
internal auditor E)
outside facilitator Answer: E •
The focus of the mission statement should be wri
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en from who’s
perspec
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ve?
CHAPTER 3 •
What is the first step in performing an external audit? To perform an external audit, a company first must A)
get an approval from the Securi
琀椀
es and Exchange Commission.
B)
perform an internal audit. C)
gather comp
e
琀椀
琀椀
ve intelligence and inform
a
琀椀
on about external trends. D)
hire a consultant to develop a comprehensive strategic plan. E)
create a budget. Answer: C •
What is comp
e
琀椀
琀椀
ve intelligence?
A systematic and ethical process for gathering and analyzing information about the competition's activities and general trends to further a business' own goals is called A)
unethical business practices. B)
artificial intelligence. C)
competitive intelligence. D) industrial espionage. E)
competitive advantage. Answer: C •
What are examples of external forces? Which of the following is NOT an external force that must be examined in formulating strategies? A)
Economic B)
Social C)
Organizational D) Cultural E)
Environmental •
What are the e
昀昀
ects of a strong or weak American dollar on imports/exports?
In general, what happens to American goods in overseas markets when there is a strong dollar? A)
They are less expensive. B)
They are more attractive. C)
They are cheaper. D)
They are more expensive. E)
They are desirable. Answer: D A strong dollar enables firms to purchase raw materials more cheaply from other countries. A)
European Union B)
United States C)
Indian D)
Russian E)
Chinese Answer: B A weak dollar means A)
lower exports and higher imports. B)
lower exports and lower imports. C)
lower exports and no effect on imports. D)
higher exports and higher imports.
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E)
higher exports and lower imports. Answer: E •
What does the acronym SCDE stand for? The acronym SCDE stands for social, cultural, demographic, and forces. A) economic B)
ecological C)
ethnic D)
external E)
environment Answer: E •
.Draw a correla
琀椀
on with intensity of comp
e
琀椀
琀椀
on and lower return industries? Intensity of competition in lower-return industries. A) is lowest B)
is nonexistent C)
is highest D)
is not important E) fluctuates Answer: C •
When is backward integr
a
琀椀
on appropriate? If suppliers are unreliable or too costly, which of these strategies may be appropriate? A) Horizontal integration B)
Backward integration C)
Market penetration D)
Forward integration E)
Concentric diversification A integration strategy is used by firms to gain control or ownership of suppliers. A)
backward B)
forward C)
horizontal D)
ver
琀椀
cal E) vortexed Answer: A
•
Name the first step in designing an EFE Matrix. 99) What is the first step in designing an External Factor Evaluation (EFE) Matrix? A) Identifying key external factors
B)
Summing the weighted score for each competitor C)
Calculating the sales of each competitor D)
Drawing the horizontal and vertical lines for the matrix E) Determining four competitors Answer: A •
Who needs to be included in performing an external audit? To perform an external audit, a company first must A)
get an approval from the Securities and Exchange Commission. B)
perform an internal audit. C)
gather competitive intelligence and information about external trends. D)
hire a consultant to develop a comprehensive strategic plan. E)
create a budget. Answer: C •
Which matrix’s
include both internal and external issues? - CPM (competitive profile matrix CHAPTER 4 •
What type of resources are easily bought and sold? Since resources can more easily be bought and sold, resources are often more important for gaining and sustaining competitive advantages. A)
tangible; intangible B)
intangible; tangible •
C) tangible; organizational D) intangible; external E) internal; external Answer: A •
What type of resources are important for gaining comp
e
琀椀
琀椀
ve advantage? Since resources can more easily be bought and sold, resources are often more important for gaining and sustaining competitive advantages. A)
tangible; intangible B)
intangible; tangible C)
tangible; organizational D) intangible; external E)
internal; external Answer: A •
What is the func
琀椀
on of culture in an organiz
a
琀椀
on?
A(n) ideally supports the collective commitment of an organization's people to a common purpose. A)
strategy B)
plan C)
law D)
culture captures the subtle, elusive, and largely unconscious forces that shape a workplace. A)
Organizational culture B)
Business model C)
Organizational strategy D) Organizational mandate E) Regulation Answer: A •
What is the result when strategy and culture are integrated? The functions of management can be performed best when a firm's and culture are integrated. A)
finances B)
business model C)
profits D)
external environment E)
strategy Answer: E •
What process in an organiz
a
琀椀
on best helps to accomplish speci
fi
c objec
琀椀
ves? Which of the following is the process of influencing people to accomplish specific objectives? A)
Staffing B)
Motivating C)
Planning D)
Controlling E)
Organizing Answer: B •
Being organized is key to strategy implement
a
琀椀
on.
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The management function that is most important for strategy implementation is A) planning. B)
rewarding. C)
organizing. D)
controlling. E) training. Answer: C •
What are the basic func
琀椀
ons of mark
e
琀椀
ng? Pricing is one of the basic functions of A) marketing. B)
finance/accounting. C)
management information systems. D)
production/operations. E)
research and development. Answer: A 51)
In determining the , marketers often make decisions related to areas such as warehousing, distribution channels, and retail site locations. A)
place B)
product C)
price D)
promotion E)
profit Answer: A 52)
All of the following are basic functions of marketing EXCEPT A) value chain analysis. B)
product planning. C)
promoting products. D)
pricing products. E)
distributing products. Answer: A 53)
Selling includes all of these marketing activities EXCEPT A) advertising. B)
dealer relations. C)
customer analysis. D)
publicity. E)
sales promotion. Answer: C
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54)
What marketing function includes test marketing? A) Selling products and services B)
Pricing C)
Customer analysis D)
Product and service planning E) Distribution Answer: D 55)
The Robinson-Patman Act affects a company's A) pricing. B)
product/service planning. C)
customer analysis. D)
marketing research. E) distribution. Answer: A 56)
Distribution includes A) customer analysis. B)
pricing. C)
warehousing. D)
advertising. E)
test marketing. Answer: C 57)
Which of the following is NOT a key question that can reveal internal strengths and weaknesses regarding a firm's marketing function? A)
Does the firm have an effective sales organization? B)
Has the firm's market share been increasing? C)
Are markets segmented effectively? D)
Are the firm's products and services priced appropriately? E)
Does the firm have good liquidity? Answer: E •
Define what is the investment decision. The decision is the allocation and reallocation of capital and resources to projects, products, assets, and divisions of an organization. A)
investment B)
dividend C)
financing D)
restructuring E)
benchmark Answer: A
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•
What does a liquidity r
a
琀椀
o measure? What category of ratios measures a firm's ability to meet its short-term obligations? A) Profitability B)
Liquidity C)
Leverage D)
Activity E) Growth Answer: B •
Business analy
琀椀
cs uses what type of inform
a
琀椀
on toward decision-making? Business analytics is used to make decisions based on information. A) future B)
current C)
supplier D)
past E)
qualitative Answer: D •
What exempli
fi
es the complexity of rel
a
琀椀
onships among func
琀椀
onal areas of business? exemplifies the complexity of relationships among the functional areas of business. A)
Government auditing B)
External auditing C)
Financial ratio analysis D) Environmental scanning E) Distribution strategy Answer: C CHAPTER 5 •
What principle is based on the belief that the true measure of a really good strategist is the ability to solve problems? What principle is based on the belief that the true measure of a really good strategist is the ability to solve problems? A)
Managing by crisis B)
Managing by objectives C)
Managing by extrapolation D) Managing by exception E)
Managing by hope Answer: A
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•
What is an effective means of implementing forward integration? An effective means of implementing forward integration is through A) product development. B)
market development. C)
innovation. D)
cost leadership. E) franchising. Answer: E •
Which strategy is effective when the number of suppliers is small, & the number of competitors is large? Which of these strategies is effective when the number of suppliers is small and the number of competitors is large? A)
Conglomerate diversification B)
Forward integration C)
Concentric diversification D) Backward integration E)
Horizontal diversification Answer: D •
Which strategy seeks to increase market share for present products or services in present markets through greater marketing efforts? Which strategy seeks to increase market share for present products or services in present markets through greater marketing efforts? A)
Market penetration B)
Forward integration C)
Market development D) Backward integration E) Product development Answer: A •
Which strategy generally entails considerable research development expenditures?\ Which strategy generally entails large research and development expenditures? A) Market penetration B)
Retrenchment C)
Forward integration D)
Product development E) Divestiture Answer: D •
Understand, when retrenchment is best applied? Retrenchment would be an effective strategy when an organization A)
has shrunk so quickly that major internal reorganization is needed. B)
is one of the stronger competitors in a given industry. C)
is plagued by inefficiency, low profitability, poor employee morale, and pressure from stockholders to improve performance.
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D)
has decided to capitalize on opportunities, maximize threats, take advantage of strengths, and overcome weaknesses. E)
does not have a clearly distinctive competence and has failed to meet its objectives and goals consistently over time. Answer: C •
Which term refers to selling a division or part of an organization? Which term refers to selling a division or part of an organization? A) Joint venture B)
Divestiture C)
Concentric diversification D)
Liquidation E)
Horizontal integration Answer: B •
What is the process whereby a firm determines the costs associated with organizational activities from purchasing raw materials to manufacturing products to marketing those products? The process whereby a firm determines the costs associated with organizational activities from purchasing raw materials to manufacturing products to marketing those products is called A) the Resource-Based Approach. B)
Value Chain Analysis. C)
Strategic Cost Analysis. D)
the Internal Factor Evaluation Matrix. E)
Cost-Benefit Analysis. Answer: B •
What is the term used when two or more companies form a temporary partnership or consortium for the purpose of capitalizing on some opportunity? What occurs when two or more companies form a temporary partnership or consortium for the purpose of capitalizing on some opportunity? A)
Retrenchment B)
A joint venture C)
Liquidation D)
Forward integration E)
Divestiture Answer: B •
What is the term used when two organizations of about equal size unite to form one enterprise, which of these occurs?
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When two organizations of about equal size unite to form one enterprise, which of these occurs? A)
Hostile takeover B)
Merger C)
Acquisition D)
Leveraged buyout E)
Friendly tak CHAPTER 6 •
Define strategy. The match an organization makes between its internal resources and skills and the opportunities and risks created by its external factors can be defined as A)
input. B)
concept formulation. C)
strategy. D) SWOT. E) weakness. Answer: C •
Which section of the SWOT Matrix involves matching internal strengths with external opportunities? Which section of the SWOT Matrix involves matching internal strengths with external opportunities? A)
The WT cell B)
The SW cell C)
The WO cell D) The ST cell E) The SO cell Answer: E •
Which strategies are defensive tactics directed at reducing internal weaknesses and avoiding external threats? Which strategies are defensive tactics directed at reducing internal weaknesses and avoiding external threats? A)
SO B)
WO C)
SW D)
ST E)
WT Answer: E
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•
The Boston Consulting Group (BCG) Matrix is designed specifically to enhance which type of firm's efforts to formulate strategies? The Boston Consulting Group (BCG) Matrix is designed specifically to enhance which type of firm's efforts to formulate strategies? A)
Companies with more than one division B)
Large companies C)
Companies with annual sales greater than $1 million D) Companies with annual sales of less than $1 million E) All companies Answer: A •
When a division of an organization has a high relative market share and in a fast- growing industry, is it a Star, Cash Cow, Question Mark or Dog? In the BCG Matrix, when a division of an organization has a high relative market share and is in a fast-growing industry, it is called a A)
Star. B)
Cash Cow. C)
Cat. D)
Question Mark. E)
Dog. Answer: A •
When a division of an organization has a high relative market share position in a low- growth industry is it a a Star, Cash Cow, Question Mark or Dog? In the BCG Matrix, a division with a high relative market share position in a low-growth industry can be described as a A)
Star. B)
Cash Cow. C)
Question Mark. D) Dog. E)
Failure. Answer: B •
What analytical tool has four quadrants based on two dimensions: competitive position and market growth? What analytical tool has four quadrants based on two dimensions: competitive position and market growth? A)
Competitive Profile Matrix (CPM) B)
Internal-External (IE) Matrix
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C)
Strategic Position and Action Evaluation (SPACE) Matrix D) Grand Strategy Matrix E)
Quantitative Strategic Planning Matrix (QSPM) Answer: D •
Which analytical tool determines the relative attractiveness of various strategies based on the extent to which key external and internal critical success factors are capitalized upon or improved? Which analytical tool determines the relative attractiveness of various strategies based on the extent to which key external and internal critical success factors are capitalized upon or improved? A)
Boston Consulting Group (BCG) Matrix B)
Strategic Position and Action Evaluation (SPACE) Matrix C)
Strengths-Weaknesses-Opportunities-Threats (SWOT) Matrix D)
Internal-External (IE) Matrix E)
Quantitative Strategic Planning Matrix (QSPM) Answer: E •
What do you call individuals who are strongly identified with an idea or product and whose futures are linked to its success? are the individuals most strongly identified with an idea or product and whose futures are linked to its success. A)
First movers B)
Directors C)
Champions D) Managers E) Disrupters Answer: C
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