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Management
Q:
Exchange rates can influence the ability of a firm profitably to remove profits from foreign countries.
Q:
Awareness of and compliance with the attitudes of society can help an organization avoid problems associated with a bad ethical reputation.
Q:
The broad environment consists of sociocultural forces, competitive forces, technological trends, and political/legal forces.
Q:
Individual organizations typically have only a marginal impact on the broad environment.
Q:
What is strategic thinking? What are its characteristics?
Q:
What does it mean to "manage for stakeholders"? What are some of the advantages that accrue to a firm that uses this approach?
Q:
What is the resource-based view of the firm? What categories of resources does a firm possess?
Q:
Define strengths, weaknesses, opportunities, and threats. How do strengths become sources of sustainable competitive advantage?
Q:
What is strategic management? Describe the strategic management process in a company with which you are familiar?
Q:
The characteristics of strategic thinking include all of the following except:A. A systems perspectiveB. Allows the organization to seize unanticipated opportunitiesC. It involves hypothesis testingD. It is based on consideration of the future and does not consider the past at allE. These are all characteristics of strategic thinking; there is no exception
Q:
Entrepreneurship:A. Can occur both within firms and independently of themB. That occurs within firms is sometimes called intrapraneurshipC. Is a process that may lead to the creation of new valueD. Involves recognizing or creating an opportunity, assembling resources to pursue it, and managing those resources to bring the new venture into beingE. All of the above
Q:
All of the following are associated with the global business environment except:
A. Increasing interdependencies between countries
B. Reduced competition among firms
C. Reduced global stability
D. High levels of technological innovation
E. Increased flow of knowledge, goods and services across international borders
Q:
Which of the following is not an element of stakeholder analysis?
A. Identifying stakeholders
B. Financially motivating stakeholders
C. Prioritizing stakeholders
D. Assessing stakeholder needs and collecting ideas from stakeholders
E. Integrating knowledge about stakeholders into the strategic management process
Q:
The advantages of managing for stakeholders include:
A. Fewer negative responses from stakeholders such as legal suits or boycotts
B. Stakeholders often reciprocate
C. An excellent reputation
D. Increased strategic flexibility
E: All of these
Q:
Managing for stakeholders means:
A. More resources are allocated to satisfy stakeholders than would be necessary merely to retain their participation in the productive activities of the firm
B. Stakeholders such as customers and suppliers manage portions of the firm
C. Firms that treat their stakeholders well will have higher risk but also higher returns
D. Firms should treat their stakeholders well because it is the right thing to do even if it means losing money
E. Both A and C are true
Q:
According to the resource-based view of the firm:
A. Organizational resources include physical resources such as plants
B. The characteristics of resources firms possess influences their financial performance
C. Organizational resources include knowledge
D. Organizational resources include organizational culture
E. All of these
Q:
According to the resource-based view of the firm:
A. Strategies are neither deliberate nor emergent
B. Competitors may all develop the same competitive strength
C. The environment offers significant challenges to be overcome
D. Organizations are bundles of resources
E. None of these
Q:
Adaptation is the process of:
A. Responding to the environment
B. Evaluating the environment
C. Influencing the environment
D. Retreating from the environment
E. Ignoring the environment
Q:
Enactment is the process of:
A. Responding to the environment
B. Evaluating the environment
C. Influencing the environment
D. Retreating from the environment
E. Ignoring the environment
Q:
The industrial organization economics perspective suggests that:
A. Firm strategies are more important than industry structure in determining financial performance
B. The performance of an industry is dependent on the conduct of the firms it contains, which is dependent on the structure of the industry
C. Stakeholder determinism will drive the strategic management process in successful firms
D. Firm structure leads to the creation of resources that, in turn determine performance
E. All of the above
Q:
What is the most logical relationship between a sustainable competitive advantage and an organizational strength?
A. A sustainable competitive advantage is a strength that is difficult for competitors to imitate
B. A strength cannot be duplicated while a sustainable competitive advantage is easily copied
C. Every strength leads to a sustainable competitive advantage
D. Every sustainable competitive advantage leads to a strength
E. There is no relationship between these two concepts
Q:
Regarding strategy implementation and strategic control:
A. Strategy implementation is more important than strategic control
B. Strategy implementation refers to the details of strategy execution whereas strategic control refers to ongoing evaluation of and adjustments to strategy
C. Strategic control is more important than strategy implementation
D. Strategy implementation refers primarily to domain definition whereas strategic control refers primarily to domain navigation
E. None of these
Q:
Business-level strategy formulation pertains to:
A. Domain direction and navigation
B. Domain definition
C. Domain recognition
D. Domain precondition
E. Organizational inertia
Q:
Corporate-level decisions are typically made by:
A. Low-level employees
B. The CEO and/or board of directors
C. Functional managers
D. Department heads
E. Stockholders
Q:
Corporate strategy formulation deals primarily with:
A. How firms compete in the business areas they have selected
B. High-level financial analysis
C. The details of functional area strategies
D. The selection of business areas in which the firm will compete
E. All of the above
Q:
Strategy formulation involves which of the following?
A. Corporate-level, business-level, and division-level strategy formulation
B. Functional-level, employee-level, and customer-level strategy formulation
C. Corporate-level, business-level, and functional-level strategy formulation
D. Domain navigation, market orientation, and customer definition strategy formulation
E. Domain navigation, functional-level formulation, and corporate-level formulation
Q:
In a SWOT analysis, an organizational weakness can be:
A. Something an organization does not do well
B. An important resource that an organization does not possess
C. Either deliberate or emergent
D. A sustainable competitive advantage
E. Both A and B are correct
Q:
In a SWOT analysis, a strength:
A. Leads to overconfidence on the part of top managers
B. Cannot be duplicated by competitors
C. Is a condition in the broad or task environment that can allow a firm to overcome organizational weaknesses
D. Is an internal capability or resource that may lead to a competitive advantage
E. Both C and D are correct
Q:
Threats:
A. Come only from the broad environment
B. Typically cannot be overcome
C. Can stand in the way of organizational competitiveness and stakeholder satisfaction
D. Are generally the result of moving too slowly against competitors
E. None of these
Q:
Opportunities:
A. Allow a firm to take advantage of organizational strengths, overcome weaknesses, or neutralize threats
B. Are the same for all firms in an industry
C. Are related only to new customers and new markets
D. Are a firm's resources and capabilities
E. None of these
Q:
All of the following are members of an organization's task environment except:
A. Activist groups
B. Managers
C. Suppliers
D. Financial intermediaries
E. Local communities
Q:
Which of the following is a part of an organization's broad environment?
A. Society
B. Employees
C. Managers
D. Stockholders
E. Board of directors
Q:
An organization's environment typically:
A. Consists only of employees and managers
B. Includes all groups and individuals that are significantly influenced by or have a major impact on the organization
C. Includes only stockholders
D. Consists only of competitors, suppliers, and customers
E. Reflects only owners, customers, and competitors
Q:
Which of the following is not a major activity of the strategic management process?
A. Analysis of the internal and external environments
B. Establishment of strategic direction
C. Formulation of strategies
D. Production scheduling
E. Implementation of strategies
Q:
Which of the following is not a stakeholder of an organization?
A. Employees
B. Stockholders
C. Customers
D. Competitors
E. These are all stakeholders. None of the above answers is correct.
Q:
Domain direction and navigation pertain to which aspect of the strategic management process?
A. Corporate strategy formulation
B. Human resources strategy formulation
C. Strategy implementation
D. Business strategy formulation
E. Functional strategy formulation
Q:
Strategic management includes the following:
A. Establishment of strategic direction
B. Implementation of strategies
C. Analysis of the internal environment
D. Strategic restructuring
E. All of these are true
Q:
Strategic thinking deals with the rigid and systematic parts of the strategic management process.
Q:
Stakeholder analysis includes identifying and prioritizing key stakeholders.
Q:
Unless an internal capability or resource is costly or difficult to imitate by competitors, the capability or resource is unlikely to lead to a sustainable competitive advantage.
Q:
Environmental determinism is the view that good management is associated with determining which strategy will best fit the environment and then carrying it out.
Q:
Adaptation is the process associated with attempting to control the environment to make it less hostile and more conducive to organizational success.
Q:
Enactment is the process of influencing the environment through strategic actions.
Q:
Strategic management begins with the creation and execution of strategies, followed by the definition of goals that can be met by following these strategies.
Q:
External stakeholders are groups or individuals outside the organization that have a particular interest in and a major impact on the organization.
Q:
Strategic management includes a process by which organizations analyze and learn from their internal and external environments.
Q:
Which of the following questions is addressed by product-service mix decisions?
a. How the services need to be provided?
b. How many different products need to be offered?
c. What quantity of a product needs to be produced?
d. Where the products need to be distributed?
e. How products need to be produced?
Q:
A highest-possible-quality strategy will stress on _____.
a. the lowest possible cost regardless of quality
b. quality regardless of cost
c. low quality at low cost
d. large quantities at low cost
e. productivity regardless of quality
Q:
_____ is a form of business that combines and transforms resources into tangible outcomes that are then sold to others.
a. Service
b. Manufacturing
c. Outsourcing
d. Licensing
e. Exporting
Q:
In the United States, which of the following steps did the manufacturing companies take to recover from the long period of decline?
a. They increased their workforces dramatically.
b. They opened more plants.
c. They changed their market.
d. They modernized their plants.
e. They changed their sector.
Q:
A(n) _____ organization is one that transforms resources into an intangible output and creates time and place utility for its customers.
a. manufacturing
b. production
c. service
d. coal
e. agricultural
Q:
During the decline of the manufacturing sector, a tremendous growth in the _____ sector kept the U.S. economy from declining at the same rate.
a. coal
b. service
c. agriculture
d. steel
e. electronics
Q:
A convenience store at the gas station provides utility for customers because it makes it easy for them to purchase a few essentials when they stop for gasoline. The convenience store belongs to the _____ industry.
a. service
b. manufacturing
c. automotive
d. importing
e. electronics
Q:
During the 1970s in the United States, manufacturing entered a long period of decline. Which of the following is the primary reason for this decline?
a. Modernization of plants
b. Rise in unemployment
c. Growth in the service sector
d. Foreign competition
e. Recession
Q:
An organization that transforms resources into an intangible output in order to create time or place utility for its customers is known as _____ company.
a. an outsourcing
b. a service
c. a manufacturing
d. the International Organization for Standardization 9000
e. total quality management
Q:
Fast food restaurants that assemble breads, spreads, and fillings as per the customers' preference belong to the _____ industry.
a. service
b. manufacturing
c. automotive
d. importing
e. exporting
Q:
Operations management was once called _____.
a. service management
b. process management
c. waste management
d. production management
e. output management
Q:
If the product is a physical good, operations create value and provide _____ utility by combining many dissimilar inputs to make something that is more valuable than the actual cost of the inputs used to create it.
a. time
b. form
c. place
d. service
e. statistical
Q:
The total set of managerial activities an organization uses to transform resource inputs into products and services is called _____.
a. technology management
b. strategic management
c. project management
d. operations management
e. self-management
Q:
A company buys electronic components, assembles them into PCs, and then ships them to customers. In this case the electronic components are _____ for the company.
a. outputs
b. products
c. processes
d. inputs
e. services
Q:
Match the following numbered items with the most accurate response letter.A response may be used once, more than once, or not at all.a. Partial productivity ratiob. Total factor productivity ratioAll inputs must be transformed into common units
Q:
Match the following numbered items with the most accurate response letter.A response may be used once, more than once, or not at all.a. Partial productivity ratiob. Total factor productivity ratioInputs include all kinds of resources combined
Q:
Match the following numbered items with the most accurate response letter.A response may be used once, more than once, or not at all.a. Partial productivity ratiob. Total factor productivity ratioRelates to just one category of resource inputs
Q:
Match the following numbered items with the most accurate response letter.A response may be used once, more than once, or not at all.a. Partial productivity ratiob. Total factor productivity ratioGives little insight into how productivity can be improved
Q:
Define quality and describe its eight dimensions.
Q:
Match the following numbered items with the most accurate response letter.A response may be used once, more than once, or not at all.Which type of layout would each of the following businesses use?a. A product layoutb. A process layoutc. A fixed-position layoutd. A cellular layoute. A flexible manufacturing systemUsed when large quantities of a single product are needed
Q:
Match the following numbered items with the most accurate response letter.A response may be used once, more than once, or not at all.Which type of layout would each of the following businesses use?a. A product layoutb. A process layoutc. A fixed-position layoutd. A cellular layoute. A flexible manufacturing systemUsed for products that are routed depending on their need
Q:
Match the following numbered items with the most accurate response letter.A response may be used once, more than once, or not at all.Which type of layout would each of the following businesses use?a. A product layoutb. A process layoutc. A fixed-position layoutd. A cellular layoute. A flexible manufacturing systemUsed for a family of products
Q:
Match the following numbered items with the most accurate response letter.A response may be used once, more than once, or not at all.Which type of layout would each of the following businesses use?a. A product layoutb. A process layoutc. A fixed-position layoutd. A cellular layoute. A flexible manufacturing systemUsed for a large complex product where labor and materials are brought to it
Q:
Match the following numbered items with the most accurate response letter.A response may be used once, more than once, or not at all.Which type of layout would each of the following businesses use?a. A product layoutb. A process layoutc. A fixed-position layoutd. A cellular layoute. A flexible manufacturing systemInputs visit only selected locations
Q:
Discuss the use of computer-aided design, computer-aided manufacturing, and computer-integrated manufacturing technologies.
Q:
Differentiate between product, process, and fixed-position layouts. Give an example of each layout.
Q:
To analyze a company's productivity in order to pinpoint problem areas, _____ productivity ratios should be used.
Q:
ISO 9000:2000 refers to a set of quality standards created by the _____.
Q:
Dorothy loves buying Haven's herb bread. As advertised, she thinks it is the most versatile bread as well as being nutritious. It can be eaten by itself, made into sandwiches, added to salads, and so on. The versatility of the herb bread is a supplement to its nutrition and therefore it constitutes the _____ dimension of quality.
a. features
b. aesthetics
c. reliability
d. durability
e. serviceability
Q:
The dimension of quality that supplement a product's basic functioning characteristics are known as its _____.
Q:
Which of the followingdimensions of quality refers to a measure of product life?
a. Reliability
b. Durability
c. Serviceability
d. Features
e. Perceived quality
Q:
The total features and characteristics of a product or service that determine the ability of that product or service to satisfy stated or implied needs is _____.
Q:
_____ is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.
a. Inventory
b. Process
c. Quality
d. Quantity
e. Technology
Q:
Schwann is a German company that makes watches. Managing the straps, dials, hands, internal components, the partially assembled watches, and the ones in shipping are part of _____ control.