short response
The six external forces that impact organizations are political, economic, sociocultural, technological, environmental, and legal.
True
Which question does an organization's vision statement answer? A) What is our business? B) Who do we serve? C) How can we compete? D) Why do we exist? (E) What do we want to become?
What do we want to become?
What is the range for ratings revealing the degree of effectiveness of a firm's strategy in a Competitive Profile Matrix (CPM? A) 0 to 10 B)1 to 4 C) 1 to 5 D) 0 to 4 E) 0 to 5
1 to 4
The maximum weight for a factor in the IFE Matrix is A) 0.01 B) 4.0 C) 2.0 D)1.0 E) 3.0
1.0
In an External Factor Evaluation (EFE) Matrix, total weighted score well below indicates that the current strategies the organization is pursuing are weak at responding to most recent external factors identified in the matrix. A 100.0 B) 3.5 C) 2.5 D) 4.0 E) 10.0
2.5
What is the high score for a firm's total weighted score in an External Factor Evaluation Matrix? A) 10 B) 4 C) 5 D) 1
4
What is NOT one of Michael Porter's five competitive forces? A) Bargaining power of unions B) Potential entry of new competitors C) Rivalry among competing firms D) Bargaining power of suppliers E) Bargaining power of consumers
Bargaining power of unions
The actions or decision must be ethical regardless of any positive or negative outcomes is the definition of _________ ethics
Deontological
A total weighted score of 1.0 for an EFE Matrix indicates that the firm is responding in an outstanding way to existing opportunities and threats in its industry.
False
A vision statement describes an organization's values and priorities.
False
The ________ is an evaluation of the effectiveness of the firm's current strategies, not taking into account opportunities and threats. A) СРМ B) MIS C) СТО D) EFE Matrix (E) IFE Matrix
IFE Matrix
For a resource to be valuable, it must be either rare, hard to imitate, or not easily substitutable.
True
Which approach to social responsibility has the lowest social responsibility?
accommodative strategy
TOMS Shoes donates a shoe to a needy person for every show sold. This is an example of ___________ approach of social responsibility.
corporate
Which stakeholder is considered the most critical?
customers
A firm's strengths that cannot be easily matched or imitated by competitors are called A) distinctive competencies B) external audits C) internal properties D) interrelated properties E) internal audits
distinctive competencies
GDP trends are an example of which external factor? A) legal B) economic C) political D) technological E) sociocultural
economic
All of the following are political, governmental, and legal variables that can represent key Opportunities or threats to organizations EXCEPT A) tariffs B) level of defense expenditures C) population changes by race, age, sex, and level of affluence D) legislation on equal employment E) environmental regulations
population changes by race, age, sex, and level of affluence
Anyone that can affect or is affected by an organization is called a(n)
stakeholder
Which approach to social responsibility has the highest social responsibility?
stakeholder approach
What reveals how a focal firm compares to major competitors across a range of key factors? A) an external audit B)the CPM C) the five forces analysis D) the EFE Matrix E) the PESTEL analysis
the CPM
Business Ethics follows the approach of _________ ethics.
utilitarianism
The goal of strategic management is to A) achieve competitive advantage B) eliminate competitive advantage C) minimize competitive advantage D) maintain the status quo (E) achieve and maintain competitive advantage
achieve and maintain competitive advantage
