BA490 Quizzes for Test #1

A symbiotic view of strategy focuses on A. A win-win for both parties. B. Zero-sum C. One party gains as the other loses D. Both parties lose.

A

A team is struggling to effectively perform due to lack of analysis and planning regarding the goals and required tasks of the assigned project. Which individual-level teamwork success factor is missing from this team? A. Preparation B. Execution C. Monitoring D. Adjustment

A

Examples of _____________ include: "to be the happiest place on earth" (former Disney vision), and "restoring patients to full life" (Medtronics). A. vision statements. B. mission statements. C. strategic objectives. D. operational objectives.

A

For the past hour or so, your team has been discussing the possible options for your team's next decision in the simulation. You notice that one of your team members hasn't contributed to the discussion. Which of the following actions would be most effective in this situation? A. Ask the teammate if he or she would like to add anything to the discussion before deciding on which options to make. B. Ask to take a 5-minute break and privately request the teammate to voice his or her opinion. C. Vote on the options discussed and encourage the teammate to contribute more at the next decision round. D. Ask the entire team if anyone else has an opinion prior to voting on the options.

A

In Porter's Five Forces, the threat of new entrants in an industry is high when there are A. low economies of scale. B. high capital requirements. C. high switching costs. D. high differentiation among competitors' products and services.

A

In SWOT, strengths and weaknesses are __________________ to the firm, while opportunities and threats are __________________. A. Internal; external B. External; internal C. Both internal and external; not important to the firm D. None of the above

A

Market research is designed to: A. Help determine what is important to customers and how they want product to perform B. Produce a product that will have the highest MTBF possible C. Understand the funding of the business D. Track revenues and expenses to improve business information and planning E. Create a product that will sell at any price

A

Production cycle is the length of time from purchase of raw materials to sale of the finished product while _______________________ is the time between purchase of raw materials on credit and cash payment of the account. A. A/P lag B. A/R lag C. A/T lag D. A/C lag

A

The best objectives follow the SMART characteristics. According to the text, SMART stands for A. Specific; Measurable; Achievable; Relevant; Timely or Time Bound B. Site-worthy; Mindful; Artistic; Right; Trustworthy C. Semester; Merry; Attitude; Ready; Tree D. Specific, Measurable, Achievable, Ready, Timely

A

A firm following a niche strategy A. would focus on governmental regulations. B. would focus on one market segment or "focused' group of segments. C. would focus on the rising cost of inputs. D. would avoid entering international markets.

B

According to Porter, the nature of the interaction between potential industry entrants, buyers, substitute products, suppliers, and rival firms determine: A. Whether or not the government will launch an antitrust investigation B. The industry's profit potential C. Whether country can generate a balance of payments surplus D. Whether a country can create a comparative advantage in the production of differentiated products

B

Although he usually has a legitimate and understandable excuse, one of your teammates is consistently late to team meetings. What would be the most effective action to take to deal with this issue? A. At the next team meeting, tell the team that such behavior is unacceptable. B. Raise the issue with your team and explain how lateness impacts the meeting's productivity. C. Don't make a big deal out of it because he has valid reasons for his lateness. D. Ask him privately to show up on time for the next meeting.

B

Corporate-level strategy addresses two related issues: A. how to compete in a given business; the application of technology. B. what businesses to compete in; how these businesses can achieve synergy. C. how to integrate primary activities; increase shareholder wealth. D. how to improve a firm's infrastructure; how to maintain ethical behavior.

B

How can assembly lines double their production without purchasing additional capacity? A. Speed up the production by automating B. Add a second shift C. Double the material available to the line D. Assembly line capacities not to be doubled

B

The framework to understand the macroenvironment factors that influence an industry and thus, influence the company is: a. SWOT b. Porter's Five Forces c. Balanced Scorecard d. PESTEL

D

If you sell all of the capacity on a production line, inventory from that line is sold at... A. Half the value as it shows on the accounting department's books B. Half the average cost of production C. Actual costs incurred thus far D. What you determine it to be worth E. An equivalent percentage of your revenues

B

In Foundation, the promotion budget follows in a pattern that if $1 million buys 30% awareness, then $2 million buys less than 60% awareness. This is called: A. economies of scale B. diminishing returns C. total quality management D. opportunity costs E. poor management

B

In Porter's Five Forces framework, a supplier group would be most powerful when there is/are A. many suppliers. B. few substitute products. C. low differentiation of materials supplied. D. high threat of backward integration by the material buyer.

B

In general, a manufacturing business pursuing overall cost leadership will likely A. focus on a narrow market segment. B. rely on experience effects to raise efficiency. C. use advertising to build brand image. D. put heavy emphasis on product engineering.

B

One of your teammates is feeling a bit overwhelmed by the amount of work and complexity of the Capstone simulation. The deadline for a decision is fast approaching and the person has not contributed his fair share of work. How should the team deal most effectively with this situation? A. Ask the teammate for his or her commitment to the team. B. In a team meeting, assign a specific task to the person to be completed prior to the team's deadline. C. Move forward without his contribution because the deadline is approach and deal with the situation after the deadline. D. Have team members talk with the person individually to show their support and encouragement.

B

Sales forecasting is often challenging due to the: A. weather B. many unpredictable variables that influence your target market's decision to buy product C. level of product available D. lack of financing E. rapidly changing stock market

B

Secondary market research involves: A. conducting direct research with existing and potential customers B. conducting research through online and published information C. talking with current customers D. sending out a survey to prospective customers E. all the above

B

Which of the following actions is an example of the individual-level teamwork success factor called "execution"? A. Creating a list of the main tasks to be accomplished by the team. B. Working with other team members to accomplish the team's tasks. C. Recognizing mistakes or discrepancies in what was planned and how the team is actually performing. D. Gathering information that is needed to solve team performance problems.

B

Within the segment's MTBF range, the customer survey score improves as MTBF increases . However, material costs increase $0.30 for every additional _____ hours of reliability. A. 10,000 B. 1,000 C. 100 D. 1 E. 20,000

B

Your team is excited about the chance to participate in the Capstone simulation. In fact, everyone expresses a strong desire to be the best company in the simulation. Which of the following actions would be most likely to help your team begin to plan and coordinate its tasks and activities for this effort? A. List all of the tasks to be accomplished and vote on which should be done first. B. Compare all of the tasks and activities in terms of their priority, time requirements, and sequencing. C. Ask the instructor about what other successful teams have done in the past and use these actions as a guide. D. Have team members take on tasks with which they feel most comfortable and integrate the results after the tasks are completed.

B

1. Which of the following statements about teams is false? A. Teams are two or more individuals working interdependently toward a common goal. B. Effective team functioning requires accomplishing the team's tasks and engaging in collaboration. C. The most important aspect of team performance is the overall level of technical (functional) skills possessed by individual team members D. A team's functioning is dynamic and entails various inputs, processes, and outputs

C

Awareness of a product is created specifically through the: A. sales budget B. production budget C. promotion budget D. manufacturing budget E. production budget

C

If you purchase production capacity and automation: A. It is available immediately B. It is available in 6 months C. It is available in the next year D. It is available when you need it E. None of the above

C

In a PESTEL analysis, all of the following are important elements of the political/legal segment of the general environment except A. the deregulation of utilities. B. Americans with Disabilities Act (ADA). C. the increased use of technology for remote learning. D. increases in the federally mandated minimum wage.

C

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. B. in order for someone to gain others must experience similar gain or benefit. C. one can only gain at the expense of someone else. D. everyone in the organization shares gains and losses equally.

C

Two team-level success factors are cooperation and coordination. Cooperation refers to ____, whereas coordination reflects ____. A. Shared commitment and affinity toward the team//integration of individual efforts toward team goals B. Belief that the team has the capability to perform successfully//extent of friction among a team's members C. Quality of reciprocal exchanges of information among a team's members// integration of individual efforts toward team goals D. Extent of friction among a team's members//quality of reciprocal exchanges of information among a team's members

C

What is the minimum amount of time that it takes to invent a new sensor? A. 3 months B. 6 months C. 1 year at least D. 2 years at least E. 5 years or more

C

Effective team functioning is a dynamic process that occurs over time and requires individual team members to adapt and generate ways to improve the team's performance. Which of the following individual-level teamwork success factors reflects this idea? A. Preparation B. Execution C. Monitoring D. Adjustment

D

Generally, separation costs will be incurred when A. Production levels increase B. Automation levels increase C. Production levels decrease D. Production levels decrease and/or automation levels increase

D

Last year your company built 1,500,000 units of product Able and sold 1,405,000. After 14 months in R&D, a revision product Able is due out tomorrow, on January 2 (the first business day of this year). What will happen to the unsold inventory of 95,000 units of "old" product Able? They will A. Compete for sales based on the product attributes they were built under before any of the new product Able is offered for sale B. Be scrapped for 50 cents on the dollar C. Be carried on the books based on a LIFO accounting system D. Be reworked to match the new specifications for product Able E. Be expensed as an adjustment to income and "disappear"

D

Market segmentation identifies customer group on the basis of their needs, typically regarding: A. geography B. demographics C. type of business or industry customers are in D. all the above

D

Research has consistently shown that firms that achieve both cost leadership and differentiation advantages tend to perform A. at about the same level as firms that achieve either cost or differentiation advantages. B. about the same as firms that are "stuck-in-the-middle." C. lower than firms that achieve differentiation advantages but higher than firms that achieve cost advantages. D. higher than firms that achieve either a cost or a differentiation advantage.

D

The following are key stakeholders of ERAU except: a. Students b. Employees c. Local community d. Stockholders e. Employers of graduates

D

The last two decisions your team made have not been successful and your Capstone company is near the bottom on a number of metrics (stock value, ROA, market share). Two of your teammates are arguing and blaming each other for convincing the team to make previously unsuccessful decisions. What should the team do to most effectively resolve this situation? A. Choose someone to serve as a negotiator between the two teammates. B. Ignore the argument and instead focus on the next decision that needs to be made. C. Have the two teammates debate what they would have done differently, with the rule that the debate must be done fairly and professionally. D. Encourage the teammates to ask questions in order to understand each other's position and look for solutions that both find preferable.

D

The primary aim of strategic management at the business level is A. maximizing risk-return tradeoffs through diversification. B. achieving a low cost position. C. maximizing differentiation of products and/or services. D. achieving competitive advantage(s).

D

There are several reasons why intangible assets are difficult to value. These include. A. They have an indirect impact on revenue and profit B. Their value depends on organizational context and strategy C. They rarely have value in isolation D. All of the above

D

What are the four perspectives of balanced scorecard? A. customer, learning and growth, internal business process, inventory B. inventory, accounts payable, accounts receivable, cash, assets C. customer perspective, financial, internal business process, inventory D. financial, internal business process, customer, learning and growth

D

According to Porter's Five Forces, if customers can choose among substitute products or alternatives, then the intensity of competition in the industry decreases.

False

Financial statements are leading indicators of company performance.

False

Fixed costs vary with the number of products produced; this is the essence of economies of scale

False

Porter refers to low cost, differentiation, focus (niche), and industry-wide to describe "generic" strategies. He refers to them as "generic" because they lead to standardized or "generic" products.

False

The best firms always realize their intended strategy.

False

Each market segment moves across the Perceptual Map a little each month.

True

Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages.

True

Strategic management recognizes the trade-offs between effectiveness and efficiency.

True

The 4 P's of marketing include price, product, promotion, and placement.

True

With differentiation strategy, a company seeks to provide customers a very different product or experience.

True