leadership & strategic management final

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The presence and participation of customers in the service delivery process is an example of _______.

Inseparability

This ratio shows how many days the firm keeps an average day of inventory on hand throughout the year.

Inventory Turn-days

The purchase of fixed assets and the purchase or sale of securities issued by other entities, the sale of stocks and bonds, the repurchase of securities, and the payment of dividends would be reported as _________ in the Cash Flow Statement.

Investing Activities

The leader's vision and leadership style dictate which school of thought?

Entrepreneurial school

A change in the mortgage and interest rates in a country due to an economic downturn is an example of ...

Environmental Dynamism

Unfavorable conditions in the general or macro environment is called:

Environmental Hostility

These strategic alliances occur when one organization purchases some level of ownership in the other.

Equity strategic alliance

The four main elements of strategic management include all of the following EXCEPT.

Extermination

Which of the following is NOT one of the determinants of Organizational Culture?

External Environment

The "Levers of Control" balance ______ and _____ in an organization.

Flexibility and Formality

Which of the following is NOT a key factor in strategy formation?

Geographic location

How is the power distance cultural dimension defined?

It is related to the distribution of power; degree of equality and degree of emphasis on hierarchy.

The "planning" school of thought is often criticized by scholars because:

It separates strategy formulation from strategy implementation It does not consider organizational culture and politics It sees the external environment as simple and stable It focuses too much on planning but pays less attention to strategy implementation

How is an authoritarian leadership style defined?

It uses a top-down approach which supports that followers of the leader obey the instruction instead of participating in the decision-making process.

Personal interactions and experiences are important parts of services, and employees play a key role in the H&T industry. This describes ____ characteristic of the H&T industry.

Labor intensive

Which of the following is a barrier to strategy implementation and change?

Lack of resources Government regulations Trade Unions Financial difficulties

The four responsibilities for businesses described by Carroll (2008) are...

Legal, Economic, Ethics, and Philanthropic

Who developed the Five Forces Model?

Michael Porter

According to the planning school of thought, who should mainly participate and work in implementing strategies?

Middle managers / supervisors and employees

The _____ includes a clear purpose and states why the organization is in existence.

Mission

Firms define strategic management by a process including:

Missions, Visions, Goals and Objectives

This type of strategic alliance occurs when organizations create an agreement to share resources without creating a separate entity.

Non-Equity Strategic Alliance

The primary focus of which organizations is to serve the society and the environment?

Non-profit tourism organizations

Which one is NOT considered as a major barrier to change and strategy implementation in hospitality organizations?

Offering relevant, good and timely training programs

The Cash Flow Statement can be prepared one of two ways. This method starts with net income and then lists adjustments, thereby converting total net income into a measure of accrued cash

indirect method

An organization seeks to engage in CSR by sponsoring a local softball team. This fits within which CSR dimension?

local community

Which of the following is NOT a benefit of franchising for the franchisor?

loss of ownership

Environmental hostility is an unfavorable condition in the _____ environment.

macro

Which of the following is considered a business capability?

management decision-making

Who is a person who generally controls or administers an organization or group of employees?

manager

When classifying and defining an environments' category, one should refer to the ____ and ____ perspectives.

micro and macro

This organizational structure has separate divisions based on products, services, and geographical areas.

multi-divisional structure

The acquisition and development of new skills and knowledge to implement the new strategy and the types of training activities to develop and prepare relevant managers and employees are key issues under what category of the strategic formation process?

operational processes

Which of the following is NOT part of the operational process?

outcome

Which of the following is NOT a category of income in the income statement?

owner's equity

Which school focuses on mission, vision, goals, and strategies?

planning school

Power and politics drive which school of thought?

power school

Which of the following is NOT an ethical issue for H&T Organizations?

profit

Which classification of the H&T organization focuses on financial objectives?

profit motive

The BCG growth-share matrix suggests that as a product moves through its lifecycle, it is categorized into one of four types for the purpose of funding decisions. This type includes new products with the potential for success but ones that require a great deal of effort and resources for development and whose market share is less dominant, as competition may be more aggressive.

question marks

Which of these sectors are NOT included in the H&T industry?

retail

Which of the following is NOT a leverage ratio?

return to equity ratio

When supply catches demand and when the rate of growth of firms subsides, they start to compete directly against one another. This is the __________ phase of the industry lifecycle.

shakeout

Which of the following is NOT an area of activity reported on the cash-flow statement?

start-up activities

An internal analysis of an organization is part of a SWOT analysis. This includes identifying an organization's:

strengths and weaknesses

Which of the following is NOT part of Harris Rosen's leadership style?

take control over every aspect of the business

This approach believes that strategic planning includes four separate elements: analysis, strategy formulation, strategy implementation, and control/monitoring.

the planning school

Owners' equity indicates the residual interest owed to owners or shareholders. It is equivalent to

total assets of the firm minus its liabilities

According to the entrepreneurial school of thought, the leader's vision and her/his leadership style influence the organization's strategic posture and direction.

true

An inside-out approach is about developing strategy based on the firm's resources, capabilities, and competencies, while tapping opportunities based on its strengths.

true

Being proactive and deliberative is essential in strategic management.

true

Changes in rules, regulations, and Laws that affect the business environment must be tracked by the firm.

true

Companies enter into joint venture partnerships because they reduce the risk of failure by sharing the burden with a partner and gain rapid market access, and internationally they can have an increase in company and product acceptance by having a local firm serving as the direct interface with the customer.

true

Corporate strategy is a firm's overall approach to gaining a competitive advantage by operating in several businesses simultaneously.

true

Forces that arise from the general (macro) and micro (task) environments present opportunities or pose threats depending on how they impact an organization.

true

Geocentric strategy involves the collaboration of headquarters and subsidiaries around the world.

true

Porter's five forces framework helps us analyze the industry in which an organization operates—its competitors, suppliers, buyers, new entrants, and substitutes.

true

Rosen believes in "responsible capitalism" or the need for organizations to give back to their communities.

true

Services in the H&T industry are undergoing a shift from service to experience.

true

Social disclosure is another term for CSR reporting.

true

Strategic management can help H&T organizations in providing a link between external and internal environments.

true

The four components of cultural intelligence are meta-cognitive, cognitive, motivational, and behavioral.

true

The hospitality and tourism (H&T) industry is one of the most significant service industries in developed countries in terms of income generation and employment.

true

The overall objective of the business is to create value for its stakeholders.

true

There is a hierarchical and integrative relationship among the schools of thought in the strategic management field and they are rarely found in their pure form

true

When revenues are greater than overall expenses for an operating period, a company records a profit.

true

The resource-based view suggests that a competitive advantage comes from a firm's unique resources. These resources must be

valuable, rare, inimitable, non-substitutable, and used effectively by the organization

The overall objective of the business is to create _____ for its stakeholders.

value

These three factors drive positioning strategies according to Porter.

variety, needs, and access

The _____ describes where the organization wants to go from where it is at present.

vision

Robert Niles, editor of Theme Park Insider, is skeptical about the park's future for all but which one of the following reasons?

Increased attendance revenues

Strategic alliances became a focal point of strategic management literature during which time frame?

1990s

During which time frame was there an increase emphasis on corporate social responsibility within strategic management?

2000s

Environmental dynamism is reflected into the H&T industry with a ____ day shift from high-peak to low-peak seasons.

365

This occurs when a firm establishes a direct presence in an area by setting up a branch or subsidiary and then expands into the area by granting franchises and providing direct services to its franchisees.

Branch or subsidiary operation

Which of the following can be described as ethical dilemmas for the H&T industry?

Accounting practices Social networking issues Diversity issues

According to the resource-based view (RBV) in the strategic management field, a resource must be what to help an organization create competitive advantage?

All of them together (Valuable, Rare, Inimitable and Non-substitutable)

Good strategies are based on which of the following:

An inside-out approach An outside-in approach A long-term approach

These systems ensure that organizational members' activities fall within the acceptable domain of activity.

Boundary Systems

Management's vision and mission statements are considered part of their__________.

Belief system

What attributes compile the Five Forces Model?

Buyers' Bargaining Power, Substitutes, New Comers, Suppliers' Bargaining Power, and Competition among industry incumbents

When the decision-making power and responsibility is held by top management this is known as:

Centralized structure

Which one is an appropriate strategy in overcoming barriers and resistance to change?

Communicating with all relevant parties Providing resources Providing training and support

Which of the following statements is NOT true?

Competitive advantage can be attained without core capabilities and distinctive competencies

Which school of thought in the strategic management field combines the other 9 schools of thought?

Configuration

Which school of thought has been proposed in order to combine all the previous schools into one perspective?

Configurational school

Which of the following is NOT a school of thought in the strategic management field?

Configurational school The global school The design school The learning school

Which school of thought focuses on transformational leadership at its core?

Configurations school

An attribute that a company does exceedingly well is considered a ______.

Core capability

CSR stands for ______ in business.

Corporate Social Responsibility

Which of the following is typically an OWNER responsibility in a management contract?

Cover the payment of all wages and salaries of employees.

Which of the following is NOT a factor that has encouraged H&T organizations to become internationalized through franchising?

Decreased travel and tourism

Attention on goal achievement for the business and individuals is an example of what control system?

Diagnostic

This portfolio approach matrix includes nine cells based on long-term industry attractiveness and business strength/competitive position.

Directional Policy Matrix (GE-McKinsey)

Which approach values the significance of power distribution, politics, organizational culture and learning from mistakes in the strategy formation process?

Emergent (learning) school

The importance of customer-to-customer interactions in service organizations highlights which characteristic of the H&T industry?

Heterogeneity

Variations in service delivery from customer to customer and from time to time will always occur. Which characteristic of the H&T industry does this describe?

Heterogeneity

Organizational functions in hospitality and tourism businesses can be divided into several subsets. Select all that apply.

Human Resources, Marketing, Operations, Technology, and Finance

Value is created for the firms' ___________.

Immediate or primary stakeholders and for its secondary stakeholders

What is behavioral cultural intelligence?

Includes an individuals' skills and their capacity to show suitable verbal and non-verbal communications in other cultures.

What is the main guide that shows individual how to interpret and respond to the environment?

Organizational culture

Which one is NOT one of the operational process variables when implementing strategies?

Outcome/results

Trust and reliability are key criteria under what category of franchise partner selection?

Partner-related criteria

Consumer demand for H&T services exhibits very cyclic behavior over a short period of time. This describes the ______ characteristic of the H&T industry.

Perishability

The value of a hotel room will be lost if it is not sold for a night. Which characteristic of the H&T industry does this statement describe?

Perishability

Which of the following is NOT a major responsibility of a business?

Philanthropic

A PESTE analysis consist of

Political, Economic, Sociocultural, Technological, and Ecological

Strategy formation is deliberate and definitive is the approach of which school of strategy?

Positioning school

Duncan (1972) refers to the organizational level to include____ as a component.

Products, Services, Goals and Objectives

Hospitality and tourism organizations can be categorized according to:

Profit Motive (profit or non-profit) Geographical coverage Size Functional area

Return on Assets (ROA) and Return on Equity (ROE) are examples of

Profitability Ratios

The static-dynamic dimension can be described as the following:

Refers to the degree of change over time related to the factors of variables pertaining to the internal and external environments

The number of factors or variables that influence the environment is a _____ dimension.

Simple-Complex

The alignment between a firms' internal resources and capabilities and external opportunities is called ____.

Strategic Fit

Which phase of strategic management involves the analysis of the general environment?

Strategic analysis

Strategic Management includes the following phases:

Strategic analysis, strategy formulation, strategy implementation, and strategy control/evaluation

Which phase of strategic management includes the assessment of how far the organization has achieved their goals?

Strategic control/evaluation

Allocating resources, recruitment, hiring, and training are parts of which phase of strategic management?

Strategy implementation

The 4 components of a SWOT analysis consist of ...

Strengths, Weakness, Opportunities, and Threats

This situation arises when a firm is not able to pursue generic-level strategies in their pure form but combines cost leadership and differentiation.

Stuck in the middle

An influence on firms to charge higher prices for materials is:

Suppliers Bargaining Power

What is an example of an interactive system?

Tactical day to day actions

This approach says strategy depends on the situation. There is no one best way of doing things.

The Contingency Approach

Environmental munificence can be defined as:

The availability of slack resources and the opportunities for firms to grow

Hall and Tolbert (2008) define organizational structure as the following:

The coordination of workflow and communication and management of authority relationships in an organization.

Which school of thought highlights planning as a formal step by step process driven by senior management?

The planning school

Environmental volatility can be defined as:

The rate of change related to factors in the external environment

Which one of the followings is NOT a traditional functional area of a H&T company especially at the operational/unit level?

The research and development function

In the spring of 2006, Six Flags shifted its focus to appeal to what type of guest?

affluent families who were likely to stay longer

The four main elements of strategic management are interdependent and dynamic. They are:

analysis, formulation, implementation, and control

The basic approach to interpreting a balance sheet is summed up by the following formula:

assets = liabilities + owners' equity

What type of system is encouraging of opportunity-seeking behavior but can disrupt the resources of an organization?

boundary

Which of the following is an example of Task-related selection criteria in franchisee selection?

brand name reputation

This concept is related to right and wrong decisions of individuals or firms.

business ethics

At which level is the firm's objective to sustain its advantage by focusing on efficiencies related to production, operations, administration, marketing, human resources, and other support functions?

functional level

The above-average profits a firm is able to generate from its business operations when compared to its competition.

competitive advantage

Which of the following are business ethics that need more attention in the H&T industry?

corporate tax avoidance Discrimination Safety and security

Objectives must be definite and linked to ______

goals

Strategic context is further divided into external and internal context. Which of the following is part of the external context?

environmental uncertainty

The ____ and social responsibilities build bridges between businesses and their stakeholders/communities.

ethical

According to Pett & Dibrell's (2001) model of strategic alliance formation, this stage involves the initial process of bringing together two or more firms in order to enable them to assess one another's strengths and weaknesses.

exploratory stage

An environment that includes firms, individuals, systems and institutions is known as ...

external environment

A centralized management structure facilitates decision-making, as employees are able to express their ideas openly and offer input for decision-making.

false

Business and Economic cycles do not impact the H&T industry.

false

Developing an appropriate organizational structure to facilitate the strategy development and implementation process is a bit overrated.

false

For a firm to be able to sustain its competitive advantage, there should be absolutely no ambiguity between its competencies and outcomes such as firm performance.

false

Harris Rosen opened his initial hotel by securing a large loan.

false

In strategic management the context refers to description, selection and justification of a certain strategy (or strategies).

false

In the strategic management field, the configurational school suggests one best way of doing things. According to this school of thought, you cannot use and combine different schools of thought in strategy development and implementation.

false

Managers look at the long-term visions of the operation.

false

Strategic management should be viewed only from the senior management perspective with emphasis on senior executives or the role of a leader. Middle managers and frontline employees have no role in this process.

false

The balance sheet is interpreted using the formula: liabilities = assets + owners' equity

false

The income statement is a document that helps leaders and investors identify the position of the firm within the industry by demonstrating the strengths and weaknesses of their assets, liabilities, and investor equity.

false

The strategic management literature clearly explains how far strategy formation in international firms differs from strategy formation in domestic firms.

false


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