GB 370 Gentry Exam 1

Organizational insiders include__ because they can help new employees adjust to a company and new job.

All of the above

What general are does the practice of accounting cover?

All of the above

The __ is responsible for organizations code of ethics.

American Management Association

Which of the following sentences is false?

An organization should only serve one customer segment.

One of the models proposed to explain organizational culture is Schneider's 1987 as a model__ refers to the need to eliminate individuals that do not adequately fit within the organizaiton.

Attrition

What does B2B stand for?

Business to Business

Strategy formulation___

Can also be called business planning, strategic planning, helps determine what the firms should do

Which of the following is not one of the ways secondary research can be conducted?

Conduct a focus group

What does CSR stand for?

Corporate Social Responsibility

In which of the following types of business do the wonders pay double tax?

Corporation

Which form of business structure has the drawback of double taxation?

Corporation

Which of the following is not a condition or stakeholder force within the internal environment of an organizaiton?

Customer

When communicating the mission and vision is discussed who is committed to "outward"?

Customers

How can you create value for your customers? You decide that you will taylor your products and services to a specific need of the customer's value proposition does this refer to?

Customization

Which is not one of the five qualities fo a good niche?

Does not have to be carefully planned.

According to the strategy Diamond which describes how returns will be obtained

Economic logic

Which of the following is not one of the market strategies used to meet business plan goals?

Employee Relations

Which of the following is NOT associated with Nichecraft?

Ensure you have as many products that can reach as many people as possible

Imagine you are the manager of a corporation in Malaysia. You're responsible for controlling (IE ensuring that performance does not deviate from standard). What steps should you follow?

Establishig performance standards compare actual performance against standards consider mission and vision when performing the controlling process

Which of the following is not true about capabilities?

Even though capabilities can be intangible most of them tend to be tangible

Which of the followinig is not one of the four stages fo a market?

Extinction

A business plan is not the document to use for obtaining finance for your business.

FALSE

Almost anything a firm possesses can be considered a core competency?

FALSE

An emergent strategy is a plan chosen and implemented to support specific goals, that is the result of a rational systematic and planned process of strategy formulation and implementation.

FALSE

Executive leaders do not play a large role in defining organizational culture.

FALSE

If management is seeking to change vision and Mission, their ability to change the organization's culture to support these new directions is impossible to achieve?

FALSE

It is not the role of your attorney to assist with obtain trademarks or patents.

FALSE

Meeting with your lawyer regularly is a suggested way to control your legal cost.

FALSE

Most of the products created in the high technology sectors is created by large companies.

FALSE

One of the negative of a sole proprietorship is the tax aspect.

FALSE

Respondents to surveys are most likely to make accurate predictions about the next three to six months.

FALSE

Stakeholder analysis may also enable managers to identify other parties that might support well-formulated strategies.

FALSE

Targeting teenagers is a specific enough target to market for your niche.

FALSE

The IRS does not have any restrictions on nonprofit organizations.

FALSE

The cost of market research is the only reason people do not usually engage in it...

FALSE

The two kinds of partnerships are an unlimited partnership and a general partnership.

FALSE

Two or more firms competing for differentiation may engage in price wars that drive profits to very low levels.

FALSE

Within the strategic plans that are decided, divisional and business unit managers do not have considerable freedom adjust adapt an experiment.

FALSE

Lateral thinking often called Left Brain thinking relies on logical or structured ways of creating a new product or service

False

The intensity rating for the bargaining power of supplies(one of Porter's five sources) was rated at extremely high.

False???

What is the rule of continuity for general partnership?

General partnership is its own legal entity and can survive the death of a partner

Which is not part of BHAG(Big Audacious Hairy Goals)

Helpful

Industry characteristics that make it difficult for firms to be competetive and earn above-average returns include all the following except?

High entry barriers

Which of the following is not a step to take when pursuing opportunity without regards to resources currently controlled?

Hire employees

What is the first step in the Entrpenreneurship process?

Identify the idea

__ is also called right brained thinking and tends to change patterns and perceptions.

Lateral thinking

__ is perhaps the most important decision when starting a business because of its relations to taxes, personal liability, and ability to..

Legal Structure

The__ of the School of Business at Ole Miss is to improve business and society by inspiring students, business and community leaders through advancing business knowledge and capabilities.

Mission

In Porter's analysis there are higher profits with high exit barriers if...

None of the above

Which is not a step in practicing "Nichecraft"?

None of the above

You and your friend have a new business idea that you think has potential. What section do you put staff member responsibility in?

Operations and Management plan

Analyzing the external environment is critical for identifying...

Opportunities and Threats

Which of the following is not a type of Corporation?

Partnership

Accounting services can be broken down into the brand categories not including one of the following?

Planning for returned merchandise

In the market strategies section of a business plan once you've defined the market and established the sales goals, what are the three strategie that used to be outlines to reach these goals?

Price, Distribution, sales

One of the visual elements Culture at Mary Kay cosmetic is its __. Company gives a pink cadillac to its highest manager.

Rituals

What is the external analysis tool that collects information on environmental dimensions?

SWOT analysis

Your company is in need of a drastic change you recall fro your GB370 class at Ole Miss how the entertainment company Cirque du Soleil__ to create a new product, a new service or both. These changes can be conceptualized either as direct suggestions or as starting points for lateral thinking.

Scamper

What type of economy required interactions between employees and customers?

Service based

What is the fastest growing segment of small-business eneterprise?

Services

Which is the legal structure with the easiest start-up process?

Sole Proprietorship

Which structure of business would you choose if you wanted a simple business with easiest tax requirements?

Sole Proprietorship

While there are different schools of thought about how strategy comes about, researchers generally agree the common characteristic across successful organizations is

Strategic focus

A cost focus strategy is a low-cost narrowly focused market strategy.

TRUE

According to the strategy diamond, Economics logic tells us how to profits will be generated above the firm's cost of capital.

TRUE

An open-plan office is noister and xmore Interruption prone which tends to lead to higher blood pressure sleep problems and difficulty concentrating.

TRUE

By exploiting iternal resources and capabilities and meeting the demanding standards of global competition, firms create value for customers.

TRUE

Cost of leadership is a low-cost, broad based Market strategy.

TRUE

Customers, employees, and investors are the stakeholders most often emphasized in the mission statement.

TRUE

Home replication means utilizing a core compentency or a firm specific advantage developed at home as a main competitive weapon in foreign market.

TRUE

Managers develop mission and vision statements not only to clarify the organization's large purpose, but also to meet or exceed the needs of key stakeholders.

TRUE

Organizatioinal culture is the workplace environment formulated from the interaction of employees in the workplace.

TRUE

Organizations that successfully align Human Resources management with mission and vision accomplishment do so by integrating SHRM into the organizing process.

TRUE

Segments, channels, and relationships are canvas definitions for customers...

TRUE

Shareholders of a company frequently want different things such as cap gains, dividends, and legitimate hiring practices.

TRUE

Strategy is a pattern fo resource allocation choices and organizatioinal arrangement that result form managerial decision-making.

TRUE

Strategy unifies the intent of the organization and focuses members toward actions desinged to accomplish desired outcomes.

TRUE

The ability to learn faster from customers is the essential competitive advantage that startups must possess?

TRUE

The more difficult it is for other firms to enter a market, the more likely it is that existing firms can make relatively high profits.

TRUE

The primary determinent of realized strategy is what mintzberk terms emergent strategy

TRUE

Weaknesses can be overcome by modification of the organization's mission so it can be accomplished with the current workforce.

TRUE

___ involves groups of individuals that share a common interest or passion.

Team

Which of the following is NOT one of the nine business model Building Blocks explained in the Business Model Canvas reading?

Transportation

Henkel follows a__ strategy because it operates brands in 3 different businesses areas: adhessive Technologies, Beauty care and laundry. Starbucks is an example of a__ because it diversifies its core offering Beyond beverages with other products as La Boulange pastries.

Unrelated diversification, related diversification

The__ outlines key activities that differentiate firm capabilites

VRIO analysis

Consciously creating an environment where passion is both encouraged and actively developed can___.

avoid issues related with gender or ethnic discrimmination

What is the first step in identifying stakeholders?

determining influences on mission, vision, and strategy formulation

Capabilities__

develop overtime

Strategy is a coherent plan of action articulated in the company's__. The__ are the steps to take to reach them.

goal, objectives

Straddling strategies as an approach to strategic management is not recommended for which reason.

it is an indication that the firm's managers have not made necessary choices about the business and its strategies

Strategic imitation of a competitor's distinctive competence is difficult when all of the following occurred except

it is difficult for competitor's to understand its nature or character

The valueable, rare, imitable, and organization vrio analysis helps managers__.

lead to sustainable competitive advantage answering the question of why some firms do well while others do poorly

Ricardo developed a complex yet efficient production assembly line to build a high demand product that is shipped worlwide, efficiency of the assembly line allows hi to reduce the cost of the product to a more competitive level. Ricardo runs his own business using a__ strategy.

low-cost strategy

My team is already done to firms with clearly communicated widely understood and collectively shared mission and vision have been shown to

perform better than those without them

__ occurs when a firm has multiple businesses within the same industry.

related diversification

In the value chain, which of the following activities is deemed to add Direct Value to a firm?

sales and servies

The continuous planning monitoring analysis and assessment of all things is necessary for an organization to meet its goals and objectives this process is also known as ___

strategic management

Spotify is a Swedish digital music service that offers drm-protected music and podcasts from record labels and media companies which one of Porter's five forces would Youtube servicing around 900 million users as a video streaming service?

threat from substitutes

Controlling consists of the following steps except

write a mission and vision statement