HRT 4000 MIDTERM

all correct

According to Michael Porter, major potential barriers to entry include

true

As an open system, an organization is affected by the environment and can also impact that environment

false

Business strategies are concerned with the broad and more long-term choices of "what business(es) are we in or do we want to be in, and what do we want to do with these businesses

what sets organization apart

Competitive advantage can best be described as

competitive advantage; distinctive capabilities

Core competencies cannot be a source of ________, but can contribute to the development of ________

intangible

Factors like Coca-Cola's brand name "Coke" and Nike's "swoosh" symbol construct

FALSE

Functional strategies are the goal-directed plans and actions of the organization's various functional departments

All of these are issues of government policy

Government policy is a potential barrier to entry because of

all

How is strategic management different from other types of managemen

duplication and substitution

Imitability of a resource can occur through

financial information

In addition to expanding the role of board members, the Sarbanes-Oxley Act of 2002 also called for more disclosure and transparency of

false

Max Weber viewed organizations as open systems

false

Milton Friedman is an advocate of a contemporary view of social responsibility

What businesses are we in and what to do with those businesses?

One issue considered in developing corporate strategies is

continuing computerization of an organization's activities.

One of the biggest technological advancements to affect the organization in recent years is

all

One of the effects of the driving forces in the new business environment is

true

Organization change is defined as a structured transition in what an organization does and how it does it

fa

Physical assets encompass the actual and potential debt and equity used by the organization as well as any retained earnings or other financial holdings

Industrial organization view

Shelley Gibson, the new CEO of Picture Perfect Painting, has been hired to help this company regain its number one market position. You have been asked to give Ms. Gibson advice to assist her in understanding the context in which the company is working. Which of the following best describes the competitive advantage perspective that looks at the impact of external factors?

developing an innovation

The ability of Honda to use its fuel-efficient and reliable engines in automobiles, motorcycles, and power generators is an example of

strategy based on results of study group

The following are all components of an organizational vision except

false

The industrial organization (I/O) view proposes that an organization's competitive advantage is only temporary and can be gained only by peppering the competitive marketplace with rapid radical surprises

false

The specific environment includes such sectors as demographics, economics, and political/legal factors.

The three components that form the three critical success factors include

The three components that form the three critical success factors include

false

Threats are positive external environmental trends or changes that will help the organization improve its performance

Environment as a source of information and resources

TimberKing is a new Midwest company in the portable saw mill industry. You have been asked to give Edward Perry, TimberKing's new CEO, advice to assist him in doing an external analysis of the portable saw mill industry. Which of the following best describes the organizational environment perspective that summarizes the various studies of organizational environments

economies of scale

refers to cost savings that you get as volume increases

TRUE

A company's board of directors' legal obligation is to represent the shareholders and protect their interests

true

A situation analysis is the first step in the sequential strategic management process

TEMPOARY

According to the guerrilla view of competitive advantage, the state of an organization's competitive advantage is

all

All of the following characteristic(s) reflect the uniqueness of a resource including

checking inventory management

All of the following roles are representative of effective strategic leadership except

EXTERNAL

American Airlines starting an airfare war by drastically reducing prices is an example of a change in the

environmental uncertainty.

An element of the environment as information perspective is

All of the answer choices are correct

An example of a competitive strategy is

truw

An example of a potential organizational stakeholder is a trade association

TRUE

An external analysis is the process of scanning and evaluating an organization's various external environmental sectors to determine positive and negative trends that could impact on organizational performance

false

An external information system is an information system that provides managers with needed internal information on an annual basis

all correct

An important issue affecting strategic management in today's world is

several; one

An organization will have

All of the answer choices are correct.

An organization's attempt at creating and sustaining a long-term competitive advantage can be disrupted through

false

An organization's simple action can be considered a strategy

all correct

Aspects of a chief executive's role include

single approaches to strategy development are superior to multiple approaches

Bases for understanding strategic management are all of the following excep

true

Companies that use strategic management tend to have higher levels of performance

orgizational descion makers

Corporate social responsibility (CSR) is the obligation of ________ to make decisions and act in ways that recognize the interrelatedness of business and society

true

Functional strategies are the goal-directed plans and actions of the organization's various functional departments.

All of the answer choices are correct

George Smith, the new CEO of No Leaks Plumbing, has been hired to develop an effective strategic plan so this company can become number one in their market. You have been asked to give Mr. Smith advice on how best to follow the strategic management process. Mr. Smith has been summoned to the next No Leaks Plumbing's, a publicly-held company, Board of Directors' meeting to explain why his new delivery strategy has cost the company $10,000. This is an example of which of the following Board of Directors responsibilities?

act as an information gatherer and disseminator.

In an external analysis, the primary role of the middle manager is to

Strategy and Structure

In the development of strategic management as a discipline, Alfred Chandler wrote the book

all

Shelley Gibson, the new CEO of Picture Perfect Painting, has been hired to help this company regain its number one market position. You have been asked to give Ms. Gibson advice to assist her in understanding the context in which the company is working. As you are studying Picture Perfect Painting's context, it seems clear that the company will have to prepare itself for continual turbulence and change. Which of the following best describes the driving forces for change that could affect the company's future

All of the answer choices are correct

Strategic management is defined as

true

Strategy should be developed from a number of approaches rather than a single approach

tr

Technology has significantly impacted how a creative idea is turned into a product or process that can be used or sold

the information revolution

The ability to access information with great speed reflects the impact of

industrial organizational view

The competitive advantage perspective that focuses on structural forces within an industry, the competitive environment of firms, and how these influence competitive advantage is

True

The new business environment's driving forces include continual change, the reduced need for physical assets, vanishing distance and compressed time, and increased vulnerability

military

The organization type which first utilized strategy is

true

Value chain analysis is a systematic way of examining all the organization's functional activities and how well they create customer value

bargaining power of suppliers

When organizations consider whether there are upcoming price increases in the products purchased by the industry, this issue refers to the ________ of the Porter five forces model

high strategic stakes

Which of the following does not usually function as an entry barrier

assigning administrative tasks

Which of the following is not a major element of the strategic management process

strength of industry forces

Which of the following is not one of the five competitive forces

contacts and eyeglasses

Which of the following would be considered substitute products

competitors

Which of the following would be examples of sectors that could be found in the specific environment

political/ legal

Which of the general environmental sectors is affected when minimum wage laws are changed