BUAD479 Exam #1

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Which statement below is​ false? A. In a​ QSPM, the range for Total Attractiveness Scores is ​1 ​=​ not attractive,2 ​=​ somewhat attractive, 3 ​= reasonably​ attractive, and 4 ​= highly attractive. B.The QSPM weights are identical to those in the EFE Matrix and IFE Matrix. C.Work row by row in developing a QSPM. D.The magnitude of the difference between the STAS in a given set of QSPM strategic alternatives indicates the relative desirability of one strategy over another. E.There is no limit to the number of strategies that can be evaluated or the number of sets of strategies that can be examined at once using the QSPM.

A. In a​ QSPM, the range for Total Attractiveness Scores is ​1 ​=​ not attractive,2 ​=​ somewhat attractive, 3 ​= reasonably​ attractive, and 4 ​= highly attractive.

What would an appropriate SP axis number for Apple​ Inc.? A.- 6 B.+ 6 C.- 1 D.+ or​ - 7 E.+ 1

A.- 6

Fill in the two blanks. An industry can be stable or unstable on​ SP, yet high or low on IP. The smartphone​ industry, for​ instance, would be unstable​ (_____) on SP yet​ high-growth on​ IP, whereas the canned food industry would be stable​ (_____) on SP yet​ low-growth on IP. A.-6; -2 B.-2; -6 C.-3; -3 D.-6; -6 E.​-2; -2

A.-6; -2

Women make up only​ ______ percent of board members at companies in the​ S&P 500, but in​ 2014, ______ percent of new board members appointed were women. A.19; 29 B.​49; 59 C.​29; 39 D.​9; 19 E.39; 49

A.19; 29

The​ strategy-formulation analytical framework consists of how many stages and how many​ matrices? A.3 and 9 B.3 and 8 C.3 and 10 D.2 and 8 E.4 and 10

A.3 and 9

__________ is the unique way an organization does business. It is the human dimension that creates solidarity and​ meaning, and it inspires commitment and productivity in an organization when strategy changes are made. A.Culture B.Synergy C.Humanity D.Accountability E.Management

A.Culture

According to Michael​ Porter, the nature of competitiveness in a given industry can be viewed as a composite of the five forces. Which force is usually the most​ powerful? A.Rivalry among competing firms B.Potential development of substitute products C.Bargaining power of suppliers D.Potential entry of new competitors E.Bargaining power of consumers

A.Rivalry among competing firms

Which of the following statements is​ false? A.You may assign the same rating to firms included in a CPM analysis if the firms are similar on the respective factor. B.Critical success factors in a CPM include both internal and external​ issues; therefore, the ratings refer to strengths and​ weaknesses, where 4​ = major​ strength, 3​ = minor​ strength, 2​ = minor​ weakness, and 1​ = major weakness. C.Regarding weights in a CPM or EFE​ Matrix, be mindful that 0.08 is mathematically 33 percent higher than​ 0.06, so even small differences can reveal important perceptions regarding the relative importance of various factors. D.The ratings in a CPM refer to strengths and​ weaknesses, where 4​ = major​ strength, 3​ = minor​ strength, 2​ = minor​ weakness, and 1​ = major weakness. E.The weights and total weighted scores in both a CPM and an EFE have the same meaning.

A.You may assign the same rating to firms included in a CPM analysis if the firms are similar on the respective factor.

In a BCG​ Matrix, ____________ is defined as the ratio of a​ division's own market share​ (or revenues) in a particular industry to the market share​ (or revenues) held by the largest rival firm in that industry. A.relative market share position B.market share position C.rival market share D.rival market share position E.market share

A.relative market share position

Going clockwise beginning with the top​ axis, what are the four axes of a SPACE​ Matrix? A.​FP, IP,​ SP, and CP B.​AP, BP,​ CP, and DP C.​IP, SP,​ CP, and FP D.​SP, CP,​ FP, and IP E.​CP, FP,​ IP, and SP

A.​FP, IP,​ SP, and CP

Four companies—​A, ​B, C, and D have revenues of​ 1, 2,​ 3, and​ 4, respectively. Company C develops a BCG Matrix. What would the RMSP be for company C if all four firms have the same net​ income? A. 0.40 B. 0.30 C. 0.25 D. 0.50 E. 0.20

B. 0.30

What strategy may be best under the following​ conditions? a. The organization competes in a highly competitive or a​ no-growth industry, as indicated by low industry profit margins and returns. b. The​ organization's present channels of distribution can be used to market new products to current customers. c. New products have countercyclical sales patterns compared with an​ organization's present products. d. The​ organization's basic industry is experiencing declining annual sales and profits. A. Retrenchment B. Unrelated diversification C. Divestiture D. Vertical integration E. Related diversification

B. Unrelated diversification

The range of total weighted scores in a CPM Matrix​ is: A. 0.0 to 5.0. B.1.0 to 4.0. C.1.0 to 5.0. D.0.0 to 4.0. E.1.0 to 6.0.

B.1.0 to 4.0.

In an EFE​ Matrix, how much more important is a rating of 4 than a rating of​ 3? A.25% B.33% C.50% D.66% E.​20%

B.33%

The​ _________ Matrix determines the relative attractiveness of various strategies based on the extent that key external and internal factors are capitalized on or improved. A.SPACE B.QSPM C.SWOT D.Internal-External (IE) E.BCG

B.QSPM

An excellent source of industry​ information, including Industry Profiles and trade statistics for many​ industries, is provided at what​ website? A.www.hoovers.industries.com B.http://globaledge.msu.edu/industries/ C.www.finance.aol.com D.www.google.industries.com E.www.finance.yahoo.com

B.http://globaledge.msu.edu/industries/

What are the four types of strategies generated by a SWOT​ analysis? A.​SO, ST,​ SW, and SS B.​SO, WO,​ ST, and WT C.​SW, ST,​ WO, and WT D.​WO, WT,​ WS, and SS E.​SO, SW,​ ST, and WW

B.​SO, WO,​ ST, and WT

If a company has high customer​ loyalty, such as​ Harley-Davidson's, what rating would be appropriate for that factor in a SPACE​ Matrix? A.​-1 on SP axis B ​+7 on CP axis C.-1 on CP axis D.​-7 on SP axis E.​+1 on CP axis

C.-1 on CP axis

The weight column in an EFE Matrix must sum to what​ number? A.3.0 B.The sum may vary between 1.0 and 5.0. C.1.0 D.2.0 E.4.0

C.1.0

If a​ corporation's profits are​ $120, and its three divisions have​ $30, $80, and​ $10 of profits​ respectively, and equal​ revenues, what percent is the pie slice in Division​ 3? A.12.5 B.25.0 C.8.33 D.33.3 E.None of the above

C.8.33

Which of the following statements is​ true? A.Just because one firm receives a 3.20 overall rating and another receives a 2.80 in a​ CPM, it does not necessarily follow that the first firm is precisely 14.3 percent better than the​ second, but it does suggest that the first firm is much better in many areas. B.Just because one firm receives a 3.20 overall rating and another receives a 2.80 in a​ CPM, it follows that the first firm is precisely 12.5 percent better than the​ second, and that the first firm is better in some areas. C.Just because one firm receives a 3.20 overall rating and another receives a 2.80 in a​ CPM, it does not necessarily follow that the first firm is precisely 14.3 percent better than the​ second, but it does suggest that the first firm is better in some areas. D.When one firm receives a 3.20 overall rating and another receives a 2.80 in a​ CPM, it follows that the first firm is precisely 14.3 percent better than the second. E.Just because one firm receives a 3.20 overall rating and another receives a 2.80 in a​ CPM, it does not necessarily follow that the first firm is precisely 12.5 percent better than the​ second, but it does suggest that the first firm is better in some areas.

C.Just because one firm receives a 3.20 overall rating and another receives a 2.80 in a​ CPM, it does not necessarily follow that the first firm is precisely 14.3 percent better than the​ second, but it does suggest that the first firm is better in some areas.

Which of the following statements is​ false? A.Critical success factors in a CPM include both internal and external​ issues; therefore, the ratings refer to strengths and​ weaknesses, where 4​ = major​ strength, 3​ = minor​ strength, 2​ = minor​ weakness, and 1​ = major weakness. B.The weights and total weighted scores in both a CPM and an EFE have the same meaning. C.Regarding weights in a CPM or EFE​ Matrix, be mindful that 0.08 is mathematically 25 percent higher than​ 0.06, so even small differences can reveal important perceptions regarding the relative importance of various factors. D.Avoid assigning the same rating to firms included in a CPM analysis. E.The ratings in a CPM refer to strengths and​ weaknesses, where 4​ = major​ strength, 3​ = minor​ strength, 2​ = minor​ weakness, and 1​ = major weakness.

C.Regarding weights in a CPM or EFE​ Matrix, be mindful that 0.08 is mathematically 25 percent higher than​ 0.06, so even small differences can reveal important perceptions regarding the relative importance of various factors.

What is​ Rudin's Law? A.When a crisis forces choosing among​ alternatives, most people choose a bad option. B.When a crisis forces choosing among​ alternatives, most people guess at the best option. C.When a crisis forces choosing among​ alternatives, most people choose the worst​ possible one. D.When a crisis forces choosing among​ alternatives, most people do not choose the best option. E.When a crisis forces choosing among​ alternatives, most people panic.

C.When a crisis forces choosing among​ alternatives, most people choose the worst​ possible one.

In an EFE​ Matrix, the average total weighted score​ is: A.4.0. B.3.0. C.3.5. D.2.5. E.2.0.

D.2.5.

Any industry whose annual growth in sales exceeds​ ______ percent could be considered to have rapid growth. A.15 B.25 C.10 D.5 E.20

D.5

According to Michael​ Porter, the nature of competitiveness in a given industry can be viewed as a composite of the following​ forces: A.Rivalry among competing firms and potential entry of new competitors. B.Potential development of substitute products and bargaining power of consumers. C.Bargaining power of suppliers and bargaining power of distributors. D.A and B E.​A, B, and C

D.A and B

In a QSPM​ analysis, would it ever be appropriate or useful for a company to not include a weight column at​ all, but rather just sum the AS columns to determine the relative attractiveness of six​ strategies? A.Yes but only for nonprofit organizations B.Yes but only for​ multi-divisional companies C.Yes but only for small firms D.No E.Yes

D.No

Which of the following statements is​ true? A.Regardless of the number of key opportunities and threats included in an EFE​ Matrix, the highest possible total weighted score for an organization is 8.0 and the lowest possible total weighted score is 1.0. B.Regardless of the number of key opportunities and threats included in an EFE​ Matrix, the highest possible total weighted score for an organization is 10.0 and the lowest possible total weighted score is 0.0. C.Regardless of the number of key opportunities and threats included in an EFE​ Matrix, the highest possible total weighted score for an organization is 4.0 and the lowest possible total weighted score is 0.0. D.Regardless of the number of key opportunities and threats included in an EFE​ Matrix, the highest possible total weighted score for an organization is 4.0 and the lowest possible total weighted score is 1.0. E.Statements A through D are false.

D.Regardless of the number of key opportunities and threats included in an EFE​ Matrix, the highest possible total weighted score for an organization is 4.0 and the lowest possible total weighted score is 1.0.

There are four important differences between the BCG Matrix and the IE Matrix. Which statement below is not a difference between the two​ matrices? A.The strategic implications of each matrix are different. B.The IE Matrix has nine quadrants versus four in a BCG Matrix. C.The IE Matrix requires more information about the divisions than does the BCG Matrix. D.The sizes of the circles and pie slices can vary. E.The x and y axes are different.

D.The sizes of the circles and pie slices can vary.

Which of the following statements is​ true? A.Wild guesses should sometimes be made in formulating​ strategies, and reasonable assumptions based on available information must sometimes be made. B.Wild guesses should never be made in formulating​ strategies, but reasonable assumptions based on available information must oftentimes be made. C.Wild guesses oftentimes must be made in formulating​ strategies, but reasonable assumptions based on available information must always be made. D.Wild guesses should never be made in formulating​ strategies, but reasonable assumptions based on available information must always be made. E.Wild guesses should rarely be made in formulating​ strategies, but reasonable assumptions based on available information must usually be made.

D.Wild guesses should never be made in formulating​ strategies, but reasonable assumptions based on available information must always be made.

Are the interpretations of the weights in a CPM and EFE Matrix the​ same? A.Sometimes B. Usually C.No D.Yes E.Never

D.Yes

In a BCG​ Matrix, divisions in Quadrant III​ (lower left) have a high relative market share position but compete in a​ low-growth industry. They are called​ _______________. A.dogs B.question marks C.stars D.cash cows E.laggards

D.cash cows

In an EFE​ Matrix, how much more important is a weight of 0.20 than a weight of​ 0.15? A.50% B.5.0% C..05% D.​33% E.25%

D.​33%

In both the BCG and IE​ Matrices, the size of each circle represents the percentage of​ _______ contribution of each​ division, and pie slices reveal the percentage of​ _____ contribution of each division to the company. A.sales; net income B.revenues; earnings C ​sales; profits D.​A, B, and C E.revenues; retained earnings

D.​A, B, and C

An example of an economic variable is​ "value of the​ dollar" that recently hit a​ 7-year high compared with the​ yen, a​ 9-year high compared with the​ euro, a​ 5-year high compared with the Australian​ dollar, and an​ 11-year high compared with some other currencies. The high dollar results in what economic​ factor(s)? A. The high dollar makes it cheap for Americans to travel abroad. B. The high dollar worsens the U.S. trade deficit. C. The high dollar makes U.S. goods more expensive in overseas markets. D. The high dollar makes it expensive for foreigners to travel to the United States. E. All of the above

E. All of the above

An advantage of the strong dollar includes which of the following? A. Companies with substantial outside U.S. operations see their overseas​ expenses, such as salaries paid in​ euros, become cheaper. B. It gives U.S. companies greater firepower for international acquisitions. C. Companies importing goods have greater buying power because their dollars now go further overseas. D. A​ & B above E. ​A, B, and C above

E. ​A, B, and C above

How many key external factors should be included in an EFE​ Matrix? A.15 B.25 C.30 D.10 E.20

E.20

For maximum​ effectiveness, how many board of director members should there be for a​ company, according to Lublin and​ Yermack? A.11 B.15 C.13 D.17 E.9

E.9

What is a major limitation of the BCG​ Matrix? A. Many businesses fall right in the middle of the BCG Matrix and thus are not easily classified. B The BCG Matrix does not reflect whether various divisions or their industries are growing over time. C.Other variables besides the two used -- such as size of the market and competitive advantages —are important in making strategic decisions about various divisions. D A and B E.A, B, and C

E.A, B, and C

An MIS technique that involves using software to mine huge volumes of data to help executives make decisions is​ called: A.business analytics. B.predictive analytics. C.data mining. D.machine learning. E.All of the above

E.All of the above

The bargaining power of consumers can be the most important force affecting competitive advantage. Consumers gain increasing bargaining power under the following​ circumstance(s): A.If they are informed about​ sellers' products,​ prices, and costs B.If they can inexpensively switch to competing brands or substitutes C.If sellers are struggling in the face of falling consumer demand D.If they are particularly important to the seller E.All of the above

E.All of the above

Which statement is a limitation of the​ SWOT? A.SWOT is a static assessment​ (or snapshot) in time. B.SWOT analysis may lead the firm to overemphasize a single internal or external factor in formulating strategies. C.SWOT does not show how to achieve a competitive​ advantage, so it must not be an end in itself. D.There are no​ weights, ratings, or numbers in a SWOT analysis. E.All of the above.

E.All of the above.

Which statement below is​ false? A.In a​ QSPM, if you assign an AS score to one​ strategy, then assign an AS​ score(s) to the other—in other​ words, if one strategy receives a​ dash, then all others must receive a dash in a given row. B.If you have more than one strategy in the​ QSPM, then let the AS scores range from 1 to​ "the number of strategies being​ evaluated." C.In a​ QSPM, never rate one strategy and not the other. D.In a​ QSPM, an AS value of 4 is 33 percent more important than a 3. E.All statements are true.

E.All statements are true.

The state in the United States with highest state taxes is​ ___________ and the state with the lowest state taxes is​ ______________. A.​California; Alaska B.New​ York; Alaska C.California; Mississippi D.​California; South Dakota E.New​ York; Wyoming

E.New​ York; Wyoming

Which statement below is​ false? A.Successful strategists do a lot of chatting and informal questioning to stay abreast of how things are progressing and to know when to intervene. B.Successful strategists lead strategy but do not dictate it. They give few​ orders, announce few​ decisions, depend heavily on informal​ questioning, and probe and clarify until a consensus emerges. C.Successful strategists ensure that all major power bases within an organization are represented​ in, or have access​ to, top management. D.A​ & C E.None of the above

E.None of the above

Which statement below is​ false? A.Successful strategists let weakly supported ideas and proposals die through inaction. B.Successful strategists establish additional hurdles or tests for strongly supported ideas considered unacceptable but not openly opposed. C.Successful strategists keep a low political profile on unacceptable proposals and strive to let most negative decisions come from subordinates or a group consensus. D.A​ & B E.None of the above.

E.None of the above.

What source provides excellent online information and advice on approximately​ 1,700 stocks, more than 90​ industries, the stock​ market, and the​ economy, including company income statements and balance​ sheets? A.​Lexis-Nexis Academic B.Mergent Online C.Standard​ & Poor's NetAdvantage D.IBISWorld E.Value Line Investment Survey

E.Value Line Investment Survey

Which states have zero state income​ tax? A.Texas and Florida B.​Nevada, Alaska, and Wyoming C.South Dakota and Washington D.A and B E.​A, B, and C

E.​A, B, and C

By​ 2018, revenues from global data analytics software are expected to reach​ ________ billion, a​ ________ percent increase from 2012. Leading firms providing the software include​ IBM, SAP,​ Oracle, Microsoft, Qlik​ Technologies, Tibco​ Software, and Tableau Software. a. $21.7; 64 ​b. 50; 50 c. ​2.17; 6.4 d. ​217; 640 ​e. .217; .64

a. $21.7; 64

In an IFE​ Matrix, how much more important is a weight of .016 than a weight of​ .07? a. 129 percent b. 5.6 percent c. 12.9 percent d. 56 percent e. 90 percent

a. 129 percent

When should a vision statement reveal the type of business in which the firm​ engages? a. Always b. Sometimes, depending on the firm top​ strategist's preferences c. When the firm is a monopoly or oligopoly d. When the firm has diverse businesses e. When the firm has a mission statement as well

a. Always

To survive and​ prosper, a business must gain and sustain​ ___________ major competitive advantages over rival firms. a. At least several b. at least fifteen c. one d. two e. as many as one hundred

a. At least several

___________________ is the act of strengthening​ employees' sense of effectiveness by encouraging them to participate in decision making and to exercise initiative and​ imagination, and rewarding them for doing so. a. Empowerment b. Encouragement c. Leadership d. Involvement e. Motivation

a. Empowerment

In writing a mission​ statement, and trying to include the customer​ component, is it sufficient to simply include the word​ "customer" in the​ statement? a. No b. Sometimes c. Yes d. Occasionally e. Oftentimes

a. No

Guidelines, rules, and procedures established to support implementation efforts are called​ what? a. Policies b. Strategies c. Objectives d. Opportunities e. Strengths

a. Policies

______________ 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. Strategy b. Formulating objectives c. Coordination d. Leadership e. Mission development

a. Strategy

Which statement below is​ false? a. The average IFE Matrix score is 2.0. b. When a key internal factor is both a strength and a​ weakness, the factor may be included twice in the IFE​ Matrix, and a weight and rating assigned to each statement. c. In an IFE​ Matrix, the number of factors has no effect on the range of total weighted scores because the weights always sum to 1.0. d. Always sequence factors in an IFE Matrix from highest to lowest weight. e. All statements are true.

a. The average IFE Matrix score is 2.0.

Which of the following statements is​ true? a. There is no one best mission statement for a particular organization. b. An effective mission statement paves the way for an effective vision statement. c. First and​ foremost, mission statements should be​ employee-oriented, and then​ shareholder-oriented. d. Mission statements should not be published for competitors to see. e. A​ single-division organization could have several mission statements for different purposes.

a. There is no one best mission statement for a particular organization.

Unskilled leaders work out their conflicts in courtrooms and battlefields. Brilliant strategists rarely go to battle or to​ court; they generally achieve their objectives​ how? a. Through tactical positioning well in advance of any confrontation b. Through communication with the​ rival's leaders c. Through an​ all-out assault on the rival d. Through negotiation and compromise e. Through amassing superior forces against a​ rival's weak areas

a. Through tactical positioning well in advance of any confrontation

A benefit of outsourcing is cost restructuring. Is the following statement​ true? Outsourcing changes the balance of fixed costs to variable costs by moving the firm more to variable​ costs; outsourcing also makes variable costs more predictable. a. Yes b. No c. Possibly d. Sometimes e. Usually

a. Yes

Spending on online advertisements globally is increasing about​ _____ percent​ annually, according to​ edMarketer, and represents about​ _____ percent of total advertising spending in the United States. a. ​25; 39 ​b. 50; 50 c. 40; 25 ​d. 39; 25 e. ​25; 40

a. ​25; 39

Which of the following statements is​ false? a. A mission statement needs to be broad to reconcile differences effectively​ among, and appeal​ to, an​ organization's diverse stakeholders. b. Apple​ Computer's mission statement should not open the possibility for diversification by Apple into pesticides. c. An overly general mission statement that does not exclude any strategy alternatives could be dysfunctional. d. Excess specificity in a mission statement would limit the potential of creative growth for the organization. e. A good mission statement allows for the generation and consideration of a range of feasible alternative objectives and strategies without unduly stifling management creativity.

b. Apple​ Computer's mission statement should not open the possibility for diversification by Apple into pesticides.

According to​ Porter, strategies allow organizations to gain competitive advantage from three different bases. What are the three​ bases? a. Cost​ leadership, differentiation, and initiator b. Cost​ leadership, differentiation, and focus c. Being a​ first-mover, being a​ late-follower, and differentiation ​d. Initiator, differentiation, and focus ​e. Differentiation, focus, and being a​ first-mover

b. Cost​ leadership, differentiation, and focus

The largest​ consumer-products company in the​ world, Procter​ & Gamble​ (P&G), is in the process of selling more than half of its brands​ (nearly 100) in order to focus on its core brands​ (about 80). What is this strategy​ called? a. Restructuring b. Divestiture c. Vertical integration d. Reengineering e. Retrenchment

b. Divestiture

Which​ statement(s) below is​ false? a. All firms in a given industry have a similar value​ chain, which includes activities such as obtaining raw​ materials, designing​ products, building manufacturing​ facilities, developing cooperative​ agreements, and providing customer service. b. Firms should strive to understand their own value chain​ operations, not those of their​ competitors, suppliers, and distributors. c. According to​ Porter, the business of a firm can best be described as a value​ chain, in which total revenues minus total costs of all activities undertaken to develop and market a product or service yields value. d. Conducting a value chain analysis is supportive of the​ research-based view's examination of a​ firm's assets and capabilities as sources of distinctive competence. e. A firm will be profitable so long as total revenues exceed the total costs incurred in creating and delivering the product or service.

b. Firms should strive to understand their own value chain​ operations, not those of their​ competitors, suppliers, and distributors.

What strategy seeks to increase market share for present products or services in present markets through greater marketing​ efforts? a. Forward integration b. Market penetration c. Market development d. Market saturation e. Vertical integration

b. Market penetration

______________ involves companies hiring other companies to take over various parts of their functional​ operations, such as human​ resources, information​ systems, payroll,​ accounting, customer​ service, and even marketing. a. Procurement b. Outsourcing c. Backward integration d. Displacement e. Partnering

b. Outsourcing

Why are both profit and vision needed to motivate a workforce​ effectively? a. Top executive bonuses are oftentimes based on accomplishing a mission and vision. b. Profit is viewed negatively by some stakeholders of a firm. c. Profit and vision statements are usually found in an Annual Report. d. Manager and employee bonuses are usually based on profit. e. Vision is viewed negatively by some stakeholders of a firm.

b. Profit is viewed negatively by some stakeholders of a firm.

A fundamental​ strategy-evaluation activity includes​ what? a. Reviewing external and internal factors that are the bases for current strategies. b. Reviewing external and internal factors that are the bases for current​ strategies, measuring​ performance, and taking corrective actions. c. Taking corrective actions. d. Monitoring employees. e. Measuring performance.

b. Reviewing external and internal factors that are the bases for current​ strategies, measuring​ performance, and taking corrective actions.

According to James Van​ Horne, the functions of​ finance/accounting comprise three decisions. What are the​ three? a. The investment​ decision, the liquidity​ decision, and the dividend decision b. The investment​ decision, the financing​ decision, and the dividend decision c. The liquidity​ decision, the financing​ decision, and the dividend decision d. The investment​ decision, the financing​ decision, and the leverage decision e. The investment​ decision, the financing​ decision, and the treasury stock decision

b. The investment​ decision, the financing​ decision, and the dividend decision

According to the​ chapter, an important question to answer in developing a strategic plan​ is: a. Where do we want to​ go? b. Where are we​ now?, where do we want to​ go?, and how are we going to get​ there? c. Where are we​ now? d. Where is the​ captain? e. How are we going to get​ there?

b. Where are we​ now?, where do we want to​ go?, and how are we going to get​ there?

In multidivisional​ organizations, should divisional units perform​ strategic-management tasks, including the development of their own statement of vision and​ mission? a. No b. Yes c. Sometimes d. Under certain conditions or situations e. C and D above

b. Yes

Chapter 2 says​ "to have a vision that says​ 'to become the best retailing firm in the​ USA' " is​ _____________________. a. too short b. much too broad c. weak d. excellent e. Admirable

b. much too broad

To build four new manufacturing plants in Europe is an example of​ a(n) ____________. a. strength b. strategy c. weakness d. opportunity e. Threat

b. strategy

In an IFE​ Matrix, the weights of all factors included must sum to​ ___________. a. 2.0 b. 4.0 c. 1.0 d. 3.0 e. 5.0

c. 1.0

Most practitioners and academicians of strategic management feel that an effective statement should include​ ______ mission statement components. a. 3 b. 6 c. 9 d. 12 e. 15

c. 9

Secondary buyouts occur when what​ happens? a. A private equity firm buys a publically held firm. b. A company buys a firm and then sells the firm within a year. c. A private equity firm buys a firm from another private equity firm. d. A private equity firm buys a privately held firm. e. A company buys a firm and then itself is purchased by another company.

c. A private equity firm buys a firm from another private equity firm.

Which of the following statements is​ false? a. The proposed exemplary mission statement for Avon given near the end of the chapter consists of 3 sentences and 58 words total. b. Some organizations have no stated vision or mission statement. c. An excellent mission statement could be shorter than an excellent vision statement. d. An excellent mission statement could consist of two sentences and 30 words. e. All mission statements should include all nine components and all nine characteristics.

c. An excellent mission statement could be shorter than an excellent vision statement.

Which​ statement(s) given below​ is/are false? a. During the process of developing vision and mission​ statements, some organizations use discussion groups of managers to develop and modify existing statements. b. The process of developing a mission statement should create an​ "emotional bond" and​ "sense of​ mission" between the organization and its employees. c. An outside person with expertise in developing such​ statements, who has unbiased​ views, should not actually manage the mission statement-development process. d. A​ & B above e. B​ & C above

c. An outside person with expertise in developing such​ statements, who has unbiased​ views, should not actually manage the mission statement-development process.

Dale McConkey​ said, "Plans are less important than​ planning." What does this statement​ mean? a. Manager and employee involvement in decision making is important. b. Honesty, integrity, and humility are vitally important in strategic planning. c. Communication, understanding, and commitment are vitally important in strategic planning. d. The strategic planning narrative is not that important. e. The strategic planning matrices are not that important.

c. Communication, understanding, and commitment are vitally important in strategic planning.

Strengths that cannot be easily matched or imitated by competitors are called​ what? a. Synergies b. Distinctive advantages c. Distinctive competencies d. Competitive advantages e. Valuable resources

c. Distinctive competencies

The Industrial Organization view of strategic planning advocates that external​ (industry) factors are more important than internal ones for gaining and sustaining competitive advantage. Do the authors David and David​ agree? a. No. Internal factors are controllable and external factors are no. b. No. Internal factors (strengths and weaknesses) are more important. c. No. Matching key external opportunities and threats with key internal strengths and weaknesses provides the basic successful strategy information. d. Yes. Michael Porter is correct. e. Yes. It is like an ocean tide rising or falling. No one can stop that flow.

c. No. Matching key external opportunities and threats with key internal strengths and weaknesses provides the basic successful strategy information.

What are the five basic functions of​ management? .​a. Planning, organizing,​ motivating, strategizing, and controlling ​b. Planning, organizing,​ motivating, strategizing, and leading ​c. Planning, organizing,​ motivating, staffing, and controlling ​d. Planning, organizing,​ leading, motivating, and controlling ​e. Planning, organizing,​ motivating, staffing, and leading

c. Planning, organizing,​ motivating, staffing, and controlling

According to the​ chapter, the worst thing strategists can do is develop strategic plans themselves and then do​ what? a. File the plans away in a file cabinet. b. Go on vacation. c. Present the plans to operating managers to execute. d. Begin changing the plans. e. Place the plans on the corporate website.

c. Present the plans to operating managers to execute.

What is the name of the strategy that involves selling off land and buildings to raise needed​ cash, pruning product​ lines, closing marginal​ businesses, closing obsolete​ factories, automating​ processes, reducing the number of​ employees, and instituting expense control​ systems? a. Liquidation b. Reengineering c. Retrenchment d. Bankruptcy e. Divestiture

c. Retrenchment

External forces can be divided into five broad categories, including the following category: a. Ethics b. Sustainability c. Technology d. A&C e. B&C

c. Technology

A​ meta-analysis of 20 years of empirical research on mission statements came to what​ conclusion? a. There is no relationship between mission statements and measures of financial organizational performance. b. There is a large negative relationship between mission statements and measures of financial organizational performance. c. There is a small positive relationship between mission statements and measures of financial organizational performance. d. There is a small negative relationship between mission statements and measures of financial organizational performance. e. None of the above

c. There is a small positive relationship between mission statements and measures of financial organizational performance.

According to Menz and​ Sheef, when are chief strategy officers​ (CSOs) most often​ hired? a. As top management team interdependence increases b. When there is no chief operating officer​ (COO). c. When there is an increase in management interdependence and growth in acquisition activity d. As the business portfolio increases​ (e.g., the firm becomes more​ diversified) e. All of the above

c. When there is an increase in management interdependence and growth in acquisition activity

The extent to which a manufacturing​ plant's output reaches its potential output is called​ ________________, a key strategic variable. a. maximum utilization ​b. min-to-max capacity c. capacity utilization d. capacity maximum e. maximum capacity

c. capacity utilization

Target recently joined Best Buy in offering to match online prices of rival retailers. Both companies are seeking to combat​ ________ by shoppers who check out products in their stores but buy them on​ rival's websites. a. price comparing b. price checking c. showrooming d. price shopping e. price hopping

c. showrooming

The​ "markets" component of mission statements refers to​ _____________. a. the sectors in which the company operates b. the segments in which the company operates c. the regions in which the company operates d. the industries in which the company operates e. the supplier and distributor network of the firm

c. the regions in which the company operates

The population of the world recently surpassed​ ___ billion; the United States has slightly more than​ ___ million people. a. 14;610 b. 1;110 c. 28;910 d. 7;310 e. 21;910

d. 7;310

Lorsch found that executives in successful companies are emotionally committed to the​ firm's culture, but he concluded that culture can inhibit strategic management in the following​ way: a. Managers frequently miss the significance of changing external conditions because they are blinded by strongly held beliefs. b. When a particular culture has been effective in the​ past, the natural response is to stick with it in the​ future, even during times of major strategic change. c. Employees can get so attached to cultural products that they ignore strategies and tactics. d. A and B ​e. A, B, and C

d. A and B

A mission statement should include the following​ components: a. customers, products/services,​ markets, and technology b. survival/growth/profitability, philosophy,​ self-concept, and public image c. enduring, inspiring, and reconciliatory d. A and B above e. A, B, and C above

d. A and B above

Why do many U.S. companies plan to reshore in 2016-​2017? a. A desire to get products to market faster and respond rapidly to customer orders b. Higher transportation and warehousing costs c. Improved quality and protection of intellectual property d. A and C ​e. A, B, and C

d. A and C

First mover advantages refers to the benefits a firm may achieve by entering a new market or developing a new product or service prior to rival firms. An advantage of being a first mover​ is: a. Securing access to rare resources. b. Gaining new knowledge of key factors and issues. c. Carving out market share and a position that is easy to defend and costly for rival firms to overtake. d. A, B, and C e. A and B

d. A, B, and C

A​ pitfall(s) to watch for and avoid in strategic​ planning, as listed in the​ chapter, is: a. using strategic planning to gain control over decisions and resources. b. doing strategic planning only to satisfy accreditation or regulatory requirements. c. failing to communicate the plan to​ employees, who continue working in the dark. d. All of the above e. A​ & B above

d. All of the above

Cultural products include which of the following​ dimensions? ​a. Values, beliefs,​ rites, and rituals ​b. Ceremonies, myths,​ stories, and legends ​c. Sagas, heroes,​ heroines, and symbols d. All of the above e. A and B above

d. All of the above

Which statement below is​ true? a. In the United​ States, mergers and acquisitions totaled​ $1.52 trillion in​ 2014, comprising 45 percent of global​ deals, up from​ $998 billion, or 43​ percent, the prior year. b. There were far more global mergers and acquisitions in 2014 than in any year since​ 2007, exceeding​ $3.5 billion. c. A leveraged buyout converts a public firm into a private company. d. All of the statements are true. e. More than​ 10,000 mergers transpire annually in the United​ States, with​ same-industry combinations predominating.

d. All of the statements are true.

Two​ exemplary, hypothetical mission statements are provided near the end of Chapter 2 for what two​ companies? a. Ford and General Motors b. Starbucks and Chipotle c. Kroger and Publix d. Avon and​ L'Oreal e. Apple and IBM

d. Avon and​ L'Oreal

In performing breakeven​ analysis, which of the following are considered variable​ costs? a. Advertising expenses b. Labor expenses c. Raw material expenses d. B and C e. A and B

d. B and C

________________ is an analytical tool used to determine whether a​ firm's value chain analysis is competitive compared with those of rivals and thus conducive to winning in the marketplace. a. Competitive Profile Analysis b. Perceptual mapping c. Competitive postering d. Benchmarking e. Breakeven analysis

d. Benchmarking

What are the five major types of​ bankruptcy? a. Chapters​ 1, 3,​ 5, 7, and 9 b. Chapters​ 5, 7,​ 11, 13, and 15 c. Chapters​ 3, 5,​ 7, 9, and 11 d. Chapters​ 7, 9,​ 11, 12, and 13 e. Chapters​ 2, 4,​ 6, 7, and 8

d. Chapters​ 7, 9,​ 11, 12, and 13

Strategic management is based on the idea that organizations should monitor internal and external trends how​ often? a. Annually b. Monthly c. Quarterly d. Continually e. Periodically

d. Continually

What is often considered to be the first step in strategic​ planning? a. Establishing objectives b. Securing capital to operate c. Obtaining shareholders or financial supporters d. Developing a vision statement e. Devising a mission

d. Developing a vision statement

In developing an IFE​ Matrix, what is an important​ guideline? a. Include at least 20 factors. b. Never assign a weight of more than 1.0 for a factor. c. Assign higher weights for factors that have higher ratings. d. Include factors that are both actionable and divisional to the extent possible. e. Never assign a rating of more than 4.0 for a factor.

d. Include factors that are both actionable and divisional to the extent possible.

Consistent business success rarely happens by chance. How does it​ happen? a. By forming effective alliances and coalitions b. By motivating managers and employees effectively c. By using analytical strategic management matrices in developing a strategic plan d. It most often results from careful planning followed by​ diligent, intelligent, hard work e. By effectively combining intuition with analytical thinking

d. It most often results from careful planning followed by​ diligent, intelligent, hard work

The old adage​ "If it​ ain't broke,​ don't fix​ it" pertains to which of the​ following? a. Managing by subjectives b. Managing by continuity c. Managing by hope d. Managing by extrapolation e. Managing by crisis

d. Managing by extrapolation

In developing an IFE​ Matrix, when can both internal and external factors be​ included? a. Whenever a firm does not develop or have an EFE Matrix b. Sometimes c. Anytime d. Never e. For firms in some​ industries, such as utility companies

d. Never

In writing a mission​ statement, if you say​ "We follow the golden rule in all that we​ do," as is stated in the​ L'Oreal statement, that sentence would satisfy what​ component? a. Self-concept b. Ethics c. Markets d. Philosophy e. Integrity

d. Philosophy

Good mission statements identify the utility of a​ firm's products to its customers. What is a synonym for​ utility? a. Usefulness b. Importance c. Value d. Value, importance, and usefulness e. Importance and usefulness

d. Value, importance, and usefulness

The two general types of diversification strategies are related diversification and unrelated diversification. When are businesses said to be​ related? a. When their objectives and strategies are about the same b. When they compete in about the same areas c. When they are about the same size d. When their value chains possess competitively valuable​ cross-business strategic fits e. When they compete in the same SIC code industry

d. When their value chains possess competitively valuable​ cross-business strategic fits

According to Chapter​ 1, ____________ may be the most important word in management. a. implementation b. strategy c. strategist d. communication e. Planning

d. communication

Finish this​ sentence: According to​ Drucker, the most important time to ask seriously​ "What do we want to​ become?" and​ "What is our​ business?" is​ ____________________. a. when a company buys another company b. when a​ company's long-term objectives have been established c. when the​ company's vision statement has been altered d. when a company has been successful e. when a company has been unsuccessful

d. when a company has been successful

A firm can achieve sustained competitive advantage by doing​ what? a. Continually adapting to changes in external trends and events and internal​ capabilities, competencies, and resources b. Effectively​ formulating, implementing, and evaluating strategies that capitalize on changes in trends and internal capabilities c. Monitoring employees continuously d. All of the above e. A and B

e. A and B

Objectives should include which of the following​ characteristics? a. Measurable, realistic, and understandable ​b. Measurable, challenging, and hierarchical ​c. Qualitative, obtainable, congruent among organizational​ units, and associated with a timeline ​d. A, B, and C e. A and B

e. A and B

The chapter lists nine reasons why many mergers and acquisitions​ fail, including the following​ reason: a. Inability to achieve synergy b. Too large an acquisition c. Improprieties on one or both sides ​d. A, B, and C e. A and B

e. A and B

Empirical​ indicators, characteristics of resources that enable a firm to implement​ strategies, include the​ following: a. Rare and hard to imitate b. Global and liquid c. Scarce and unique d. Not easily substitutable e. A and D

e. A and D

Regarding vision​ statements, which statement below is​ false? a. Vision statements should be two sentences or less in length. b. Vision statements should be written from a customer perspective. c. Vision statements should do more than identify the​ product/service a firm offers. d. Vision statements should answer the question​ "What is our​ mission?" e. A and D above

e. A and D above

Which of the following statements is​ false? a. The​ resource-based view approach to competitive advantage contends that internal resources are more important for a firm than external factors in achieving and sustaining competitive advantage. b. In contrast to the Industrial Organization​ (I/O) theory presented in the previous​ chapter, proponents of the RBV​ view/theory contend that organizational performance is primarily determined by internal resources. ​c. Resource-based view theory asserts that resources are actually what helps a firm exploit opportunities and neutralize threats. As indicated in the Academic Research Capsule​ 4-1, RBV theory may be helpful in identifying diversification targets. d. Empirical research by Neffke reveals that it is the nature of a​ firm's human​ capital, more than any other variable in the​ firm's value​ chain, that impacts that​ firm's choice of diversification targets.​ Specifically, firms select acquisition targets that offer opportunities to leverage existing human resources. e. A through D are true statements.

e. A through D are true statements.

According to Vern​ McGinnis, a mission statement should do​ what? a. Distinguish a given organization from all others b. Serve as a framework for evaluating both current and prospective activities c. Be limited enough to exclude some ventures and broad enough to allow for creative growth d. Define what the organization is and what the organization aspires to be e. All of the above

e. All of the above

King and Cleland recommend that organizations carefully develop a written mission statement in order to reap the following​ benefit: a. to provide a basis for organizing​ work, departments,​ activities, and segments around a common purpose. b. to provide a basis for prioritization of key internal and external factors utilized to formulate feasible strategies. c. to make sure all​ employees/managers understand the​ firm's purpose or reason for being. d. to provide a basis for the allocation of resources. e. All of the above

e. All of the above

Recent research reveals that​ small- and​ medium-size firms expanding into other countries should form alliances with noncompetitors rather than with rival firms.​ Why? a. Competing firms oftentimes share less knowledge than they could or should. b. The benefits of allying with competitors are offset by higher monitoring and control costs. c. Alliances with noncompetitors are positively associated with international​ performance, whereas alliances with competitors are negatively related. d. Alliances with competitors are more​ costly, directly and​ indirectly, and provide redundant knowledge and resources. e. All of the above

e. All of the above

The management function of​ staffing, or human resource​ (HR) management​, includes activities such as the​ following: ​a. Training, developing, caring​ for, evaluating, and rewarding ​b. Recruiting, interviewing,​ testing, selecting, and orienting ​c. Disciplining, promoting,​ transferring, and demoting d. Dismissing employees and managing union relations e. All of the above

e. All of the above

Which of the following activities are included in strategy​ implementation? a. Develop a​ strategy-supportive culture and create an effective organizational structure. b. Redirect marketing efforts and prepare budgets. c. Motivate employees and allocate resources. d. Establish annual objectives and devise policies. e. All of the above

e. All of the above

Which of the following is listed in the chapter as a reason often given for poor or no strategic planning in a​ firm? a. No monetary rewards for doing planning b. Overconfidence c. Laziness d. No formal training in strategic management e. All of the above

e. All of the above

Which of the following statements is​ false? a. Although evidence is mounting that firms should use partnering as a means for achieving​ strategies, most U.S. firms in many industrieslong dash—such as financial​ services, forest​ products, metals, and retailinglong dash—still operate in a merge or acquire mode to obtain growth. b. Partnering has become a core​ competency, a strategic issue of high importance. c. Partnering is not yet taught at most business schools and is often viewed within companies as a financial issue rather than a strategic issue. d. In a global market tied together by the​ Internet, joint​ ventures, and​ partnerships, alliances are proving to be a more effective way to enhance corporate growth than mergers and acquisitions. e. All of the above statements are true.

e. All of the above statements are true.

A limitation of financial ratio analysis includes the following​ statement: a. Seasonal factors can influence comparative financial ratios. b. Financial ratios are based on accounting​ data, and firms differ in their treatment of such items as​ depreciation, inventory​ valuation, R&D​ expenditures, pension plan​ costs, mergers, and taxes. c. Departures from industry average financial ratios do not always indicate that a firm is doing especially well or badly. d. Financial ratios are not very​ "actionable" in terms of revealing potential strategies needed​ (because they generally are based on performance of the overall​ firm). e. All the statements are limitations.

e. All the statements are limitations.

Which statement below is​ false? a. Dividends are sometimes paid out even when the firm has incurred a negative annual net income. b. Dividends are sometimes paid out even if the funds could be better reinvested in the​ business, and/or even if the firm has to obtain outside sources of capital to pay for the dividends. c. The benefits of paying dividends to investors must be balanced against the benefits of internally retaining​ funds, and there is no set formula on how to balance this​ trade-off. d. In 2014-​2016, companies are aggressively boosting their dividends paid to shareholders. e. All the statements are true.

e. All the statements are true.

Official business failure calculations include what​ events? a. Bankruptcies and foreclosures b. Liquidations and​ court-mandated receiverships c. Reverse mortgages and buyouts d. All of the above e. A​ & B

e. A​ & B

Strengths and weaknesses can be determined by elements of being rather than performance. For​ example, ______________. a. a strength may involve ownership of natural resources b. a strength may be a historic reputation for quality c. a weakness may be a current ratio below 1.0 d. All of the above e. A​ & B above

e. A​ & B above

Nonprofit organizations are basically just like​ for-profit companies except for two major differences. What are the​ differences? a. Nonprofits do not have competitors. b. Nonprofits do not pay taxes. c. Nonprofits do not have shareholders to provide capital. d. A and B e. B and C

e. B and C

When an organization has pursued both a retrenchment strategy and a divestiture​ strategy, and neither has been​ successful, then perhaps the best strategy would be​ ____. a. restructuring b. Chapter 7 bankruptcy c. Chapter 11 bankruptcy d. liquidation e. B and D

e. B and D

If an​ organization's present suppliers are especially​ expensive, unreliable, or incapable of meeting the​ firm's needs for​ parts, components,​ assemblies, or raw​ materials, what strategy is likely​ best? a. Forward integration b. Market development c. Vertical integration d. Horizontal diversification e. Backward integration

e. Backward integration

The recommended length of a mission statement is how many​ words? a. Fewer than 500 b. Fewer than 25 c. Fewer than 75 d. Fewer than 300 e. Fewer than 150

e. Fewer than 150

Which of​ Porter's generic strategies means producing products and services that fulfill the needs of small groups of​ consumers? a. Being a​ first-mover b. Initiator c. Differentiation d. Cost leadership e. Focus

e. Focus

Gaining ownership or increased control over distributors or retailers is called​ what? a. Backward integration b. Market penetration c. Vertical integration d. Market development e. Forward integration

e. Forward integration

________________ is a popular strategy that occurs when two or more companies form a temporary partnership or consortium for the purpose of capitalizing on some opportunity. a. Coordinating b. Combining c. Joint alliance d. Alliancing e. Joint venture

e. Joint venture

Which statement given below is​ false? a. Some companies develop mission statements simply because owners or top management believe it is​ fashionable, rather than out of any real commitment. b. Some strategists spend almost every moment of every day on administrative and tactical​ concerns, ignoring the importance of a clear mission. c. Managers at Johnson​ & Johnson​ (J&J) meet regularly with employees to​ review, reword, and reaffirm the​ firm's vision and mission. d. A and C above e. None of the above

e. None of the above

________________ is the process by which a person​ (1) determines whether to attempt a​ task, (2) works out the most effective way of reaching desired​ objectives, and​ (3) prepares to overcome unexpected difficulties with adequate resources. a. Strategizing b. Controlling c. Organizing d. Leading e. Planning

e. Planning

In developing an IFE​ Matrix, do not allow more than 30 percent of the key factors to be financial ratios.​ Why? a. Because financial ratios can be misleading b. Because financial ratios have limitations such as firms using different accounting methods c. Because financial ratios can vary from industry to industry d. Because finance is only one part of an​ organization's business operations e. Since financial ratios are generally the result of many​ factors, it is difficult to know what particular strategies should be considered based on financial ratios.

e. Since financial ratios are generally the result of many​ factors, it is difficult to know what particular strategies should be considered based on financial ratios.

The term strategic planning is used synonymously in this text with what other​ term? a. Scenario planning b. Strategy implementation c. Strategy formulation d. Long-range planning e. Strategic management

e. Strategic management

Recent research by Rose and Cray examined the​ strategic-management process and concluded that perhaps the most important​ "activity" is​ what? a. Developing vision and mission statements b. Deciding upon​ long-term and annual objectives c. Deciding upon external opportunities and threats d. Deciding upon internal strengths and weaknesses e. The feedback loop

e. The feedback loop

Generally, in​ war, the best policy is to take a state​ intact; to ruin it is inferior to this. To capture the​ enemy's entire army is better than to destroy​ it; to take intact a​ regiment, a​ company, or a squad is better than to destroy it. For to win 100 victories in 100 battles is not the epitome of skill. What is the epitome of​ skill? a. To win all battles regardless of the number b. To win nearly all battles regardless of the number c. To form alliances and coalitions to fight all your battles d. To use shock and awe as rapid victory strategies e. To subdue the enemy without fighting

e. To subdue the enemy without fighting

Who​ said: "Perfection is not attainable. But if we chase​ perfection, we can catch​ excellence." a. Chuck​ Noll, Head Coach Pittsburgh Steelers b. President Barack Obama​ (2015) c. George S.​ Halas, Head Coach Chicago Bears ​d. Tom​ Landry, Head Coach Dallas Cowboys e. Vince​ Lombardi, Head Coach Green Bay Packers

e. Vince​ Lombardi, Head Coach Green Bay Packers

Asking the question​ ________________ is synonymous with asking​ "What is our​ mission?" a. What are we​ doing? b. Where are we​ going? c. What is our​ objective? d. Why are we​ here? e. What is our​ business?

e. What is our​ business?

Is the following statement​ true? A benefit of developing a comprehensive mission statement is that divergent views among managers can be revealed and resolved through the process. a. Sometimes b. Never c. No d. Yes, when diversity among top managers is high e. Yes

e. Yes

The time frame for​ long-term objectives and strategies should be​ consistent, usually from​ _____ to​ _____ years. a. 2; 10 ​b. 2; 5 c. ​1; 10 d. ​1; 15 ​e. 1; 5

​b. 2; 5

The basic functions of marketing include the following​: a. Customer​ analysis, selling products and​ services, and product and service planning ​b. Pricing, distribution, and marketing research ​c. Cost/benefit analysis d. A and B ​e. A, B, and C

​e. A, B, and C

When comparing mission statements of rival​ firms, perhaps the most important component to examine is​ what? a. Concern for​ survival, growth, and profitability b. Employees c. Philosophy d. Customers ​e. Self-concept

​e. Self-concept


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