Exam 2 Test Questions

which of the following is based on the assumption that the world is extremely interconnected, and the patterns of consumption and production are fairly homogeneous worldwide

A global strategy

businesses close down for many reasons. Which of the following is not a typical reason for a business failure

Expenses were lower than the owner expected.

which of the following model of change proposed the sequence of unfreeze move refreeze

Lewin's Change Model

In which structure and organization has multiple reporting lines of authority for employees

Matrix structure

___ is a tool that reminds managers to look at several distinct categories in the macro environment

PESTEL

Tariffs and trade agreements are part of which element of PESTEL

Political

The difference between small business owners and entrepreneurs is that small business owners:

accept the status quo and take a short-term view of the future

A in SMART framework refers to which of these

achievable

A well written business plan should contain

all of these

all of the following are examples of disadvantages associated with the ownership of a small business except

being your own boss

which of the following refers to the scenario when an organization concentrates resources in only one or very few locations, or only a few individuals are authorized to make decisions about the use of resources

centralization

which of the following leadership profile describe the degree to which the leader can inspire and motivate others, according to the globe project

charismatic

in societies with high ___ scores, people are seeing as being part of a wider group, known as the in group

collectivism

A firms ___ environment includes components inside the firm and outside the firm

competitive

which of the following represents the broadest level of strategy, and is concerned with decisions about growing, maintaining, or shrinking very large companies

corporate strategy

Which of the following refers individuals capabilities to function and manage effectively in culturally diverse settings

cultural intelligence

when a company decides to shrink its operations to reduce costs in order to survive, it is employing a

defensive strategy

___ includes facts about income, education levels, age groups, and the ethnic and racial composition of a population

demographics

according to hofstede, which of the following is an implication of low power distance

dispersed authority

The person who takes the risk of starting in managing a business to make a profit is called

entrepreneur

which of the following describe the systematic and intentional analysis of both a firms internal state and its external, competitive environment

environmental scanning

which of the following is not an activity of strategic management process

establish compensation for performance

human resource management includes the leadership and facilitation of all of the following key lifecycle process areas except

financial management and compliance

The WTO's most important functions are all of these except

financing the infrastructure development projects in less developed countries

which of the following describes an officially defined set of relationships, responsibilities, and connections that exist across an organization

formal organization

The worldwide phenomenon where by the countries of the world are becoming more interconnected and where trade barriers are disappearing refers to

globalization

A__ strategy involves developing plans to increase the size of the firms in terms of revenue, market share, or geographic reach

growth

which of the following is not a reason why small businesses thrives in the US

guaranteed profit

export management companies

handle all aspects of exporting

according to Hofstede, which of the following is an implication of high collectivism

hiring and promotion takes in group into consideration

I in VRIO refers to which of these

imitation

The movement of people from their home country to other countries refers to

immigration

___ factors are characteristics of the firm itself

internal

which of the following model of change proposed an eight step sequence and relies on a centralized, top down process for creating plan to change

kotters change model

Variable is measured in BCG matrix

market share, market growth

M in SMART framework refers to which of these

measurable

Which of the following describes the process of setting up organizational structures to address the needs of an organization an account for the complexity involved in accomplishing business objectives

organizational design

Which term describes a system for accomplishing and connecting the activities that occur within a work organization

organizational structure

A common use of business plans is to:

persuade lenders and investors to finance the venture

Which of the following refers to the mini differences that exist between countries because of language, cultural characteristics, social institutions, and business practices

psychic distance

which of the following is a reason why small business thrives in the United States

rapidly changing technology

according to Hofstede, which of the following is an implication of high uncertaincy avoidance

rational championing

R in SMART framework refers to which of these

relevant

A business plan:

serves as the first operating plan for a new business

which of the following represent the first step in the planning process

set goals

privately owned and managed ___ are licensed by the SBA and provide long-term financing for small businesses

small business investment companies

Which of the following describes the degree to which social benefits are unequally distributed in those patterns are perpetuated for life

social stratification

The degree to which people are organized into subunits according to their expertise is referred to as

specialization

S in SMART framework refers to which of these

specific

All of the following best practices illustrate the key steps for affective recruiting of key leadership hires except

specify the compensation

a ___ strategy is a strategy for company to maintain its current income, market share, or geographic reach

stability

which term describes the set of activities that firm managers undertake in order to try and put their firms in the best possible position to compete successfully in the marketplace

strategic management process

A firms decisions on how to serve customers and compete against rivals is called

strategic positioning

___ is the process for reviewing key rolls and determining the readiness levels of potential internal and external candidates to fill these roles

succession planning

which term defines the strategy for selection, recruiting, and hiring process

talent acquisition

V in VRIO refers to which

value

according to hofstede which of the following is an implication of high power distance

very centralized organizational structure