MAN 4720 Midterm 1 Practice Quiz Questions and Answers.
In the strategic management process, ASP stands for:
A. Analyses, successes, and purposes
B. Analyses, strategies, and performance
C. Ability, strategies, and purposes
D. Ability, successes, and performance correct answers B. Analyses, strategies, and performance
Product market stakeholders include the firms customers, and the principal concern of this
stakeholder group is:
A. Maximizing the firms return on investment
B. Receiving the highest quality services in the industry at any price range
C. Obtaining reliable products at the lowest possible prices
D. Increasing the profitability of the firm correct answers C. Obtaining reliable products at the
lowest possible prices
In order to cope with hyercompetition, firms need to develop__________ through continuous
learning.
A. Competitive resilience
B. Strategic Flexibility
C. Strategic Power
D. Competitive Dominance correct answers B. Strategic Flexibility
A retail outlet can attempt several remedies to improve profitability to meet the
expectations__________ of its capital market shareholders, including closing stores. changing
the top management team, and seeking potential buyers.
A. Product Market
B. Capital Market
C. Organizational
D. Governmental correct answers B. Capital Market
The five forces model suggest that firms should target the industry with the highest potential for
above-average returns and then implement a cost- leadership or differentiation strategy. correct
answers True
Strategy Formulation and implantation must be simultaneously integrated for a successful
management process. correct answers True
SWOT stands for: correct answers strengths, weaknesses, opportunities, threats
A companies ability to acquire knowledge is:
A. less important in the 21st century than in previous periods of business history
B. An increasingly valuable source of competitive advantage
C. Not considered an asset or resource for businesses
D. Only important in high technology industries correct answers B. An increasingly valuable
source of competitive advantage
, A firms mission tends to be enduring while its vision can change in light of environmental
conditions correct answers False
The assumptions of the industrial organization model and the resource model are contradictory.
Therefore, organizational strategists must choose one or the other model as the basis for
developing a strategic plan. correct answers False
A large corporation has earned a reputation for being a challenging work environment for
employees, placing demands on employees time and pushing them to accomplish task sometime
with little recognition. A recent audit found that the company was denying employees overtime
pay despite the extra work.
A. core values of hard work to gain advancement
B. Unethical organizational culture
C. Lack of a organizational mission
D. Search for its core competencies correct answers B. Unethical organizational culture
The firms________ provides the foundation for choosing one or more______ and deciding
which one is important.
A. analyses; strengths
B. Abilities; strengths
C. Analyses; strategies
D. Abilities; strategies correct answers C. Analyses; strategies
When capabilities serve as a source of competitive advantage for a firm over its rivals, the firm
has created a(n):
A. Strategic mission
B. Inspiring mission
C. Core competence
D. Sustainable market niche correct answers C. Core competence
Capital market shareholders include:
A. Industry competitors
B. Shareholders
C. Employees
D. Governmental regulators correct answers B. Shareholders
In the resource based model which of the following factors would be considered a key to a
organizations success?
A. Unique market niche
B. Weak competition
C. Economies of scale
D. Skilled employees correct answers D. Skilled employees
All core competencies have the potential to become core:
A. Weaknesses
In the strategic management process, ASP stands for:
A. Analyses, successes, and purposes
B. Analyses, strategies, and performance
C. Ability, strategies, and purposes
D. Ability, successes, and performance correct answers B. Analyses, strategies, and performance
Product market stakeholders include the firms customers, and the principal concern of this
stakeholder group is:
A. Maximizing the firms return on investment
B. Receiving the highest quality services in the industry at any price range
C. Obtaining reliable products at the lowest possible prices
D. Increasing the profitability of the firm correct answers C. Obtaining reliable products at the
lowest possible prices
In order to cope with hyercompetition, firms need to develop__________ through continuous
learning.
A. Competitive resilience
B. Strategic Flexibility
C. Strategic Power
D. Competitive Dominance correct answers B. Strategic Flexibility
A retail outlet can attempt several remedies to improve profitability to meet the
expectations__________ of its capital market shareholders, including closing stores. changing
the top management team, and seeking potential buyers.
A. Product Market
B. Capital Market
C. Organizational
D. Governmental correct answers B. Capital Market
The five forces model suggest that firms should target the industry with the highest potential for
above-average returns and then implement a cost- leadership or differentiation strategy. correct
answers True
Strategy Formulation and implantation must be simultaneously integrated for a successful
management process. correct answers True
SWOT stands for: correct answers strengths, weaknesses, opportunities, threats
A companies ability to acquire knowledge is:
A. less important in the 21st century than in previous periods of business history
B. An increasingly valuable source of competitive advantage
C. Not considered an asset or resource for businesses
D. Only important in high technology industries correct answers B. An increasingly valuable
source of competitive advantage
, A firms mission tends to be enduring while its vision can change in light of environmental
conditions correct answers False
The assumptions of the industrial organization model and the resource model are contradictory.
Therefore, organizational strategists must choose one or the other model as the basis for
developing a strategic plan. correct answers False
A large corporation has earned a reputation for being a challenging work environment for
employees, placing demands on employees time and pushing them to accomplish task sometime
with little recognition. A recent audit found that the company was denying employees overtime
pay despite the extra work.
A. core values of hard work to gain advancement
B. Unethical organizational culture
C. Lack of a organizational mission
D. Search for its core competencies correct answers B. Unethical organizational culture
The firms________ provides the foundation for choosing one or more______ and deciding
which one is important.
A. analyses; strengths
B. Abilities; strengths
C. Analyses; strategies
D. Abilities; strategies correct answers C. Analyses; strategies
When capabilities serve as a source of competitive advantage for a firm over its rivals, the firm
has created a(n):
A. Strategic mission
B. Inspiring mission
C. Core competence
D. Sustainable market niche correct answers C. Core competence
Capital market shareholders include:
A. Industry competitors
B. Shareholders
C. Employees
D. Governmental regulators correct answers B. Shareholders
In the resource based model which of the following factors would be considered a key to a
organizations success?
A. Unique market niche
B. Weak competition
C. Economies of scale
D. Skilled employees correct answers D. Skilled employees
All core competencies have the potential to become core:
A. Weaknesses
