MGMT 4800

A total weighted score of ________ in an EFE Matrix indicates that the firm's strategies are NOT capitalizing on opportunities or avoiding external threats

1.0

The process of developing a vision and mission statement often includes which of these as the first activity?

Asking managers to read selected articles about mission statements

________ includes the set of shared values, beliefs, attitudes, customs, norms, personalities, heroes and heroines that describe a firm. Select one: a. Strategy b. Culture c. Mission d. Objectives e. QSPM

b. Culture

What type of strategy would divestiture be classified as? Select one: a. Aggressive b. Defensive c. Competitive d. Offensive e. Conservative

b. Defensive

Annual objectives are especially important in strategy

implementation.

An effective mission statement does all of the following EXCEPT

it is static in orientation

All of the following are guidelines for effective strategic planning EXCEPT

it should be a paper process more than a people process.

Financial objectives involve all of the following EXCEPT

larger market share.

The times-interest-earned ratio would be classified as aNo

leverage ratio.

Which of the following is NOT a reason joint ventures fail? Select one: a. Managers who must collaborate daily in operating the venture are not involved in forming or shaping the venture. b. The venture may not be supported equally by both partners. c. The venture may benefit the partnering companies but may not benefit the customers who then complain about poorer service or criticize the companies in other ways. d. Stakeholders from both partners are equally satisfied. e. The venture may begin to compete more with one of the partners than the other.

d. Stakeholders from both partners are equally satisfied.

The United States' population is

getting older and less white

The I/O approach to competitive advantage advocates that external factors are ________ internal factors in a firm achieving competitive advantage.

more important than

Which board of director's duty falls under the category of control and oversight over management? Select one: a. select new directors b. pass bylaws and related resolutions c. select the CEO d. maintain good public image e. ensure equitable stockholder representatio

select the CEO

The general public is especially interested in ________, whereas stockholders are more interested in ________.

social responsibility; profitability

An important activity in ________ is taking corrective action.

strategy evaluation

Internal ________ are controllable activities in an organization that are performed especially well.

strengths

One aspect of ads recently is that they Select one: a. take more direct aim at competitors. b. do not mention competitors. c. allude to competitors in a positive light. d. are less combative. e. None of these

take more direct aim at competitors

Intensity of competition ________ in lower-return industries.

Is highest

Which statement best describes intuition?

It should be coupled with analysis in decision-making.

What step in the strategic development process involves mobilizing employees and managers to put strategies into action?

Strategy implementation

Who does a planning horizon of two to five years apply to?

Top-level management

Which type of statement should be created first and foremost?

Vision

Which basic question should the vision statement answer?

What do we want to become?

According to the U.S. Bureau of Labor Statistics, which of the following is TRUE?

Workers in education, training and library occupations had the highest unionization rate

In the BCG Matrix, how would a division with a low relative market share position in a high growth industry be described? Select one: a. Question Mark b. Cash Cow c. Star d. Stuck-in-the-middle e. Dog

a. Question Mark

Today, boards of directors are composed mostly of Select one: a. outsiders. b. management. c. union members. d. company employees. e. past executives.

a. outsiders.

Unpublished sources of external strategic information include all of the following EXCEPT

abstracts.

Both business and military organizations must ________ and ________ to be successfu

adapt to change; continually improve

Staffing involves all of these activities EXCEPT Select one: a. recruiting. b. transferring. c. analyzing customers. d. managing union relations. e. training and developing.

analyzing customers.

In the BCG Matrix, when a division of an organization has a high relative market share and is in a fast-growing industry, it is called a Select one: a. Star. b. Cash Cow. c. Cat. d. Question Mark. e. Dog.

A. Star

Synergy Select one: a. is the 2 + 2 = 5 effect. b. can result in powerful competitive advantages. c. can be developed by an organization through planning. d. exists when everyone pulls together as a team that knows what it wants to achieve. e. All of these

All of these

Which of these strategies is effective when the number of suppliers is small and the number of competitors is large?

Backward integration

How do line managers become "owners" of the strategy?

By involvement in the strategic-management process

One difference between CPM and EFE is that

CPM includes both internal and external issues.

Which function of management includes all of those activities undertaken to ensure actual operations conform to planned operations?

Controlling

Under which strategy would you offer products or services to a wide range of customers at the lowest price available on the market?

Cost Leadership Low Cost

Liberty Media Corp. selling its Starz television network is an example of which type of strategy?

Divestiture

Which strategy should be implemented when a division is responsible for an organization's overall poor performance?

Divestiture

Which of the following is NOT a key question that can reveal internal strengths and weaknesses of the marketing department? Select one: a. Does the firm have an effective sales organization? b. Is our product quality good? c. Are markets segmented effectively? d. Are the firm's products and services priced appropriately? e. Does the firm have good liquidity

Does the firm have good liquidity

Who is referred to as "the father of modern management"?

Drucker

Which of these examples of a mission statement's focus area does NOT identify the utility of the firm's products to its customers?

ExxonMobil focuses on oil and gas rather than energy.

Which of the following is the first step in developing an IFE Matrix? Select one: a. Determining the organization's structure b. Summing the weighted scores for each variable c. Listing key internal strengths and weaknesses d. Identifying the organization's functions of business e. Assigning a weight to each factor

Listing key internal strengths and weaknesses

IKEA Group investing $1.9 billion in India to open 25 new stores between 2013 and 2018 is an example of which type of strategy?

Market development

When two organizations of about equal size unite to form one enterprise, which of these occurs?

Merger

Hawaii, California, and ________ already have no majority race or ethnic group.

New Mexico

It is predicted that the United States will have how many racial or ethnic majorities by the year 2075?

None

What is the essential bridge between the present and the future that increases the likelihood of achieving desired results? Select one: a. Motivating b. Planning c. Controlling d. Staffing e. Organizing

Planning

The Robinson-Patman Act affects a company's

Pricing

Which of the following is NOT one of the nine recommended components of a mission statement?

Strategies

All stakeholders' claims on an organization ________ pursued with equal emphasis.

cannot be

All of the following are principles of good organizational governance, as established by Businessweek, EXCEPT Select one: a. each director attends at least 75 percent of all meetings. b. the audit, compensation and nominating committees are made up solely of outside directors. c. each director owns a large equity stake in the company. d. at least three directors are current or former company executives. e. the CEO is not also the Chairperson of the Board.

d. at least three directors are current or former company executives.

Backward integration is effective in all of these cases EXCEPT a. when an organization competes in an industry that is growing rapidly. b. when an organization has both capital and human resources to manage the new business of supplying its own raw materials. c. when an organization needs to acquire a needed resource quickly. d. when the advantages of stable prices are not important. e. when present suppliers have high profit margins.

d. when the advantages of stable prices are not important.

An overly general mission statement that ________ could be dysfunctional.

does not exclude any strategy alternatives

How many cells are in a SWOT Matrix? Select one: a. Two b. Four c. Six d. Eight e. Nine

e. Nine

Forward integration would be an appropriate strategy for which of the following types of divisions in the BCG Matrix? Select one: a. Dogs b. Failures c. Question Marks d. Cat e. Star

e. Star

In mass retailing, big-box companies like Walmart, Best Buy, and Sears are

finding that less brick and mortar is better.

All of the following are limitations of the BCG Matrix EXCEPT Select one: a. viewing every business as a star, cash cow, dog or question mark can be an oversimplification. b. the Matrix requires at least three years worth of data. c. the Matrix does not reflect divisional or industry growth over time. d. the Matrix does not allow a company to be classified as somewhere in between two categories. Incorrect e. variables such as size of market and competitive advantages are not considered in the Matrix.

the Matrix requires at least three years worth of data.

The historical trend of people moving from ________ has dramatically slowed.

the Northeast to the Sunbelt

Business or military success is

the product of both attention to changing external and internal conditions and the insightful adaptations to those conditions.

Under which condition would a cost leadership strategy be especially effective?

when the products of rival sellers are essentially identical and supplies are readily available from any of several eager sellers