41. The Sarbanes-Oxley Act of 2002 is an example of a change in the __________ environment which forced thousands of publicly traded companies to adjust the way they conduct business. a. political-legal b. technological c. task d. operating e. socio-cultural
41. The
Sarbanes-Oxley Act of 2002 is an example of a change in the __________
environment which forced thousands of publicly traded companies to adjust the
way they conduct business.
a.
political-legal
b.
technological
c.
task
d.
operating
e.
socio-cultural
42. Interaction
of the factors of rivalry among competitors, bargaining power of customers, the
threat of substitute products or services, bargaining power of suppliers, and
threat of new entrants to the industry can be assessed through a tool known as
the __________.
a.
Five Forces Model
b.
Internal-External Model
c.
Bargaining Model
d.
Competitive Advantage Model
e.
Interaction Assessment Model
43. Using
the Five Forces Model, the movie theatre industry would consider Blockbuster as
a
a.
supplier.
b.
substitutes competitor.
c.
direct competitor.
d.
new entrant.
e.
differentiated competitor.
44. The
purpose of __________ is to identify assets, resources, skills, and processes
that represent either strengths or weaknesses of the organization.
a.
an external analysis
b.
an internal and external analysis
c.
competitive assessment
d.
an internal analysis
e.
a mission assessment
45. Distinctive
competencies which lead to a competitive advantage are referred to as
a.
opportunities.
b.
threats.
c.
strengths.
d.
weaknesses.
e.
cost leadership.
46. Some
issues that executives should consider in an internal analysis include
a.
ability of the sales personnel, skills
of the production workers, and ability of the first line managers.
b.
competitors, the sales force, and market
forces.
c.
availability of labor, cost of labor,
and skills of the labor force.
d.
new technology available, the type of
technology being used in the company, and cost of new technology.
e.
none of the other answers.
47. Which
of the following is not an element of strategy formulation?
a.
formulating functional strategies
b.
establishing the mission of the
organization
c.
setting strategic goals
d.
identifying strategic alternatives
e.
evaluating and choosing the strategy
that provides a competitive advantage for the firm
48. Although
mission statements will vary greatly among firms, every mission statement
should describe three primary aspects of the organization:
a.
its geographic location, its financial
position, and its overall strategy for ensuring long-term success.
b.
its primary products and services, its
primary customer base, and its geographic location.
c.
its financial position, its primary
products and services, and its overall strategy for ensuring long-term
success.
d.
its primary products and services, its
distinctive competitive advantage, and its overall strategy for enduring
long-term success.
e.
its distinctive competitive advantage,
its financial position, and its primary products and services.
ANS: D DIF: M OBJ: 4 NOT: Recall
49. Which
of the following is not a characteristic of effective strategic goal-setting?
a.
Strategic goals should be realistic.
b.
Strategic goals should be time linked.
c.
Strategic goals should be general rather
than specific.
d.
Strategic goals should be measurable.
e.
Strategic goals should be challenging.
50. A
unique skill or knowledge that an organization can use to accomplish something
better than a competitor is considered a(n)
a.
opportunity.
b.
marketable skill.
c.
marketable product.
d.
distinctive competency.
e.
differentiated skill.
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