MGT498 Final Exam / MGT 498 Final Exam (Latest): University of Phoenix (Already graded A)

MGT498 Final Exam / MGT 498 Final Exam (Latest): University of Phoenix When a company determines a competency's competitive advantage, Barney refers to this issue a rareness o organization imitability o value The strategy implementation tool used to determine what actions are going to be taken, by whom, during what time frame, and succession plan MBO action plan o mission statement The end result of activity is known as o gratuity o return on equity o measurement o performance If performance data and activity reports indicate undesirable performance as a result of inappropriate use of the strategic management process, operational manageo immediately notify the board of directors. o know about it so that they can correct the employee activity. allow sufficient time to pass to verify if it is the process or just the usage that is the problem. change the strategic management model. Strategic planning in a multidivisional corporation should be accomplished quickly to decrease the likelihood of it becoming outdated. o should encourage a clear delineation between top management and lower-level managers. o should be instigated only from the main corporate office. o should be a formalized and sophisticated system. Executives with a particular mix of skills and experiences may be classified as an executive type and paired with a specific experience background o a specific personal characteristic o a specific corporate strategy o a certain education background The hiring of new people with new skills, firing of people with inappropriate or substandard skills, and/or training existing employees to learn new skills are included operating o staffingo structuring o training The process by which a firm approaches its cross-border activities and those of competitors, and plans to approach them in the future, is called cross-border configuration o competitive strategy o international strategy staging According to the text, what is the "key" to effective management of change in culture? Staffing o Communication Operationalization Evaluation Which strategy is developed to pull together the various activities and competencies of each department so that corporate and business unit performance improves Functional strategyo Competitive strategy o Business strategy o Enterprise strategy The relationship among the board of directors, top management, and shareholders is referred to as o corporate governance corporate management o corporate strategy o corporate synergy Which company experienced a tarnished reputation and scandal after experiencing behavior substitution when employees altered their behavior on the job to fit the Saks o Macy’s o Neiman Marcus o Sears, Roebuck, & Co. The sum total of the activities and choices required for the execution of a strategic plan is known as in strategic formulation o strategy implementationo environmental scanning o evaluation and control Which strategy specifies the firm's overall direction in terms of its general orientation toward growth, the industries or markets in which it competes, and the manne resources among business units? Divisional o Corporate Functional Organizational In a survey of 50 corporations, which of the following was rated as a benefit of strategic management? Higher levels of job satisfaction o Clearer sense of vision for the firmo Higher levels of employee motivation o Improved productivity Because of the belief that accounting-based numbers such as ROI, ROE, and EPS are not reliable indicators of a corporation's economic value, which method of c Profit margin on sales o Shareholder valueo Price/earnings ratio o Basic earning power Which is the MOST commonly used measure of corporate performance (in terms of profit)? DPS o ROIo EPS o ROE The strategy that deals with product and process innovation and improvement is known as a __________ strategy. operations o financial o marketing o R&D Who said that the social responsibility of business is a "fundamentally subversive doctrine" and that the one social responsibility of business is "to use its resources profits so long as it stays with the rules of the game..."? Archie Carroll o William C. Norris o Milton Friedmano Adam Smith The concept that proposes private corporations have responsibilities to society that extend beyond making a profit is known as flexible responsibility o social flexibilityo managerial responsibility o social responsibility In the development of a SFAS matrix, the first step is to list the most important EFAS and IFAS itemso calculate the weighted scores enter the ratings of how the company’s management is responding to each of the strategic factors o indicate short-term for the duration What question must managers ask concerning the relationship between economic logic and international strategy? Which geographic area will we enter? o How does our international strategy contribute to the economic logic of our business and corporate strategies?o Which international market-entry strategies will we use? o How does being international make our products more attractive to our customers? An acronym for the assessment of the external and internal environments of the business corporation in the process of strategy formulation/strategic planning is M.B.O. o S.B.U. o S.W.O.T. R.O.I. Research suggests that strategic management evolves through four sequential phases in corporations. The first phase is internally-oriented planning o forecast-based planning o basic financial planning externally-oriented planning The technique that illustrates how management can match the external opportunities and threats with its strengths and weaknesses to yield four sets of strategic al EFAS Table o TOWS Matrix SFAS Table o IFAS TABLE One reason environmental uncertainty is a threat to strategic managers is because the strategic manager cannot control the environment. o it hampers their ability to develop long-range plans.o it forces the strategic manager to be reactive. o it is a costly and consuming process According to Porter, the corporation is most concerned with the intensity of competition within its industryo a market’s position on its life cycle the aggregate level of demand for a product line o the amount of pressure from the societal environment Sub optimization occurs when there is a failure to produce at or near full capacity individuals are placed into positions not suited to their abilities a division or functional unit views itself as a separate entity and refuses to cooperate with other divisions or units to the detriment of the organization as a whole managers tend to focus more of their attentions on those aspects which are measurable than on those which are not Continuous improvement is an operations concept developed in the United States o Germany o Sweden o Japan