Bus401 s07 sena quiz1

Bus401 s07 sena quiz1 - ,, O lO/IO Bus 401 Quiz 1 Student:...

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Unformatted text preview: ,, O lO/IO Bus 401 Quiz 1 Student: .. This test is open book, open notes. Please submit your test answers directly to your instructor at the beginning of the next class. Please do NOT submit them in electronic form -— either via the digital drop box in blackboard or by email. Chapter 1 Multiple Choice Questions 1. The four key attributes of strategic management include the idea that @ strategy must be directed toward overall organizational goals and objectives. l0 B) strategy must be focused on long-term objectives. C) strategy must be focused on one specific area of an organization. D) strategy must focus on competitor strengths. 2. “Effectiveness” is often defined as A) doing things right. II B stakeholder satisfaction. - doing the right thing. D) productivity enhancement. 3. In order to increase their competitiveness, organizations must continually analyze their strategy and their competitive environments. According to the text, strategy analysis includes ® assessing intellectual capital as well as analyzing the internal and external 6 environment. . B) formulating Internet and international-level strategy. C) strategic leadership and fostering entrepreneurship. D) strategy implementation and strategic controls. 4. The general environment of the firm includes all of the following segments except A) demographic. technological. 6 close competitors. D) economic. 5. There are several perspectives of competition. One perspective is zero-sum thinking. Zero-sum thinking means that A) all parts of the organization gain at no loss. a in order for someone to gain others must experience no gain or benefit. one can only gain at the expense of someone else. M D) everyone in the organization shares gains and losses equally. ‘Bus 401 Quiz 1 Page 1 6. Firms must be aware of goals other than short-term profit maximization. One area of concern should be social responsibility which is @) the expectation that business will strive to improve the overall welfare of society. 15 B) the idea that organizations are solely responsible to local citizens. C) the fact that court costs could impact the financial bottom line. D) the idea that businesses are responsible to maintain a healthy social climate for their employees. 7. Many organizations have a large number of fimctional areas with very diverse, and sometimes competing, interests. Such organizations will be most effective if A) each functional area focuses on achieving their own goals. ® functional areas work together to attain overall goals. C) goals are defined at the bottom and implemented at the top. D) management and employees have separate goals. 8. As our world increases in complexity, the global environment is increasingly competitive and challenging. The key to effective globalization is A) managing the flow of goods. B) more people speaking more languages. managing the flow of capital, people, and information. 35“}; D) governmental regulations. 9. As firms work to become more efficient and effective in the global business environment, they are forced to continually innovate. Innovation in an organization A) will always increase a firm‘s performance. may enhance or destroy a firm's capabilities.» C) should not be pursued by industry leaders. D) happens only incrementally. 10.Leadership is a necessary (but not sufficient) condition for organizational success. Leaders should emerge at which level(s) of an organization? A) Only at the top B) In the middle Q Throughout the organization D) Only during times of change True/False Questions 11. Strategic management consists of the analysis, decisions, and actions an o ;. ization undertakes in order to create and sustain competitive advantages. or False ‘1, Bus 401 Quiz 1 Page 2 ‘ 12. Michael Porter argues that management innovations such as total quality, benchmarking, and business process reengineering often lead to sustainable competitive advantage. “9 True or 13. Business—level strategy focuses on two issues, (1) what businesses to compete in, and (2) how businesses can be managed to achieve synergy. True or ' “a ‘ 14. Corporate-level strategy addresses how firms compete and outperform their rivals as well as achieve and sustain competitive advantages. True or lb 15. Symbiosis is the ability to recognize interdependencies among the interests of multiple stakeholders within and outside an organization. @or False 171 16. lization is the flow of capital, people, and information throughout the world. \ or False 17. Intellectual capital is becoming increasingly important in today's economy. It is a co cm of managers throughout organizations. or False u, 18. A mission statement encompasses both the purpose of the company as well as the ba s of competition and competitive advantage. or False 321. Chapter 2 Multiple Choice Questions is good business practice. ‘59 is illegal. C) is considered unethical. D) minimizes the need to obtain information in the public domain. 19. gathering “competitive intelligence” 20. Increasingly larger numbers of women entering the work force since the early 1970's is an example of A) demographic changes. B) political and legal environmental changes. 9 sociocultural changes.‘ 1’ technological developments. Bus 401 Quiz 1 Page 3 ‘ 21. An independent group of suppliers, such as farmers, gather to form a cooperative to sell their products to buyers directly, replacing their former distributor. This is an example of A) threat of entry. '3“ B) backward integration. ) forward integration. D threat of substitute products. 22. Product differentiation by incumbents act as an entry barrier because A) new entrants cannot differentiate their products. B) incumbents will take legal action if new entrants do not differentiate their products. @ new entrants will have to spend heavily to overcome existing customer loyalties. at} D) it helps a firm to derive greater economies of scale. 23. Delayed marriages, fewer people in relevant age groups, and rising interest rates dampening demand for houses illustrates Q that more than one segment of the general environment may affect an industry. B) that the global environment is not as powerful an influence as thought. C) that macroeconomic forces dominate the general environment. D) that the competitive environment often has a strong influence on the general environment. ‘ 24. The value net is a game-theoretic approach that A) extends the value chain analysis. Q) is a way to analyze all the players in a game and analyze how their interactions affect a firm's ability to generate and appropriate value. 65 C) helps us to understand the evolution of the five forces over time. D) uses network analysis to understand the relationships among different companies. 25. Which of the following is an example of the interrelationship between the general and competitive environments? A) A decline in a nation's educational standards results in a decline in the nation's productivity. B) A country's technological inferiority results in its enactment of strong trade barriers against importation. Increased awareness of personal health leads to lower demand, and greater rivalry in the alcoholic beverages industry. D) Greater awareness of the environment results in environmental legislation. Bus 401 Quiz 1 Page 4 True/False Questions 26. Environmental scanning and competitor intelligence provide important inputs for forecasting activities. or False 27. Competitor Intelligence (CI) is a tool that can provide management with “early warnings” about both threats and opportunities. or False is 28. Even with all of the advances in recent years, forecasting is typically considered more of an art than a science and it is of little use in generating accurate a... predictions. Little nae in {_ {mag-mt hen True or 7 ta? scemflr: anvil—39$? fifii’aue. o? chuflfitw‘“), 29. Scenario planning is usually concerned with short-term forecasts. True 0r @ a? 30. Technological innovations can create entirely new industries and alter the boundaries of industries. ' @ or False Bus 401 Quiz 1 page 5 ...
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Bus401 s07 sena quiz1 - ,, O lO/IO Bus 401 Quiz 1 Student:...

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