MGMT 3001 Exam 1 Questions and Answers Fully Solved Latest Version 2025-2026
_______ are those key parties who have some influence over the organization or stake in its future. -
AnswersStakeholders
A ______ communicates the organization's reason for being and how it aims to serve its key
stakeholders. - Answersmission or mission statement
_______ refers to the strategy where competitive advantage is based on superior products or service. -
AnswersDifferentiation
The particular bundles of resources and capabilities that provide unique advantages to the firm are
considered ________. - Answerscore competencies
A resource or capability is said to be _______ if it allows the firm to exploit opportunities or negate
threats in the environment. - Answersvaluable
_____ exists when the interaction of two or more active activities, such as those in a business, create a
combined effect greater than the sum of their individual effects. - AnswersSynergy
The concept of _______ was first proposed in 1972 by paleontologists who believed that evolution
occurred in rapid, radical spurts rather than gradually over time. - Answerspunctuated equilibrium
________ structures are flexible and decentralized, with low levels of formalization. Employee job
descriptions are broader and employees are asked to perform duties based on the needs of the
organization. - AnswersOrganic
Centralization refers to decision-making by
a. management.
b. employees.
c. all stakeholders.
d. teams. - AnswersManagement
Frederick Taylor is most famous for
a. standardization of work.
b. time studies.
c. productivity reports.
d. sleep studies. - AnswersTime studies
, Which key trend impacting the changing nature of work relates to tailoring products to the consumer? a.
faster pace of innovation
b. greater personalization and customization
c. increasing concern for the environment
d. increasing disparity between income classes - AnswersGreater personalization and customization
A CEO created a document that summarized the company's purpose and aspirations for the future. This
is an example of a
a. mission statement.
b. vision statement.
c. company code.
d. values statement. - AnswersVision statement
Which form of diversification occurs when a firm operates multiple businesses within the same or
similar industry?
a. related diversification
b. hierarchical diversification
c. conglomerate diversification
d. horizontal diversification - AnswersRelated diversification
Which element is included in a firm's strategy?
a. captures how vision and mission will be achieved
b. communicates to stakeholders the hierarchical corporate structure.
c. sets specific operating procedures to be followed by front line managers.
d. establishes systems and processes used to implement the goals and objectives - AnswersCaptures
how vision and mission will be achieved
A CEO is working with the executive team to do an environmental analysis of the internal and external
factors that impact the company's strategy. This is called a(n) ________ analysis.
a. competitive
b. SWOT
_______ are those key parties who have some influence over the organization or stake in its future. -
AnswersStakeholders
A ______ communicates the organization's reason for being and how it aims to serve its key
stakeholders. - Answersmission or mission statement
_______ refers to the strategy where competitive advantage is based on superior products or service. -
AnswersDifferentiation
The particular bundles of resources and capabilities that provide unique advantages to the firm are
considered ________. - Answerscore competencies
A resource or capability is said to be _______ if it allows the firm to exploit opportunities or negate
threats in the environment. - Answersvaluable
_____ exists when the interaction of two or more active activities, such as those in a business, create a
combined effect greater than the sum of their individual effects. - AnswersSynergy
The concept of _______ was first proposed in 1972 by paleontologists who believed that evolution
occurred in rapid, radical spurts rather than gradually over time. - Answerspunctuated equilibrium
________ structures are flexible and decentralized, with low levels of formalization. Employee job
descriptions are broader and employees are asked to perform duties based on the needs of the
organization. - AnswersOrganic
Centralization refers to decision-making by
a. management.
b. employees.
c. all stakeholders.
d. teams. - AnswersManagement
Frederick Taylor is most famous for
a. standardization of work.
b. time studies.
c. productivity reports.
d. sleep studies. - AnswersTime studies
, Which key trend impacting the changing nature of work relates to tailoring products to the consumer? a.
faster pace of innovation
b. greater personalization and customization
c. increasing concern for the environment
d. increasing disparity between income classes - AnswersGreater personalization and customization
A CEO created a document that summarized the company's purpose and aspirations for the future. This
is an example of a
a. mission statement.
b. vision statement.
c. company code.
d. values statement. - AnswersVision statement
Which form of diversification occurs when a firm operates multiple businesses within the same or
similar industry?
a. related diversification
b. hierarchical diversification
c. conglomerate diversification
d. horizontal diversification - AnswersRelated diversification
Which element is included in a firm's strategy?
a. captures how vision and mission will be achieved
b. communicates to stakeholders the hierarchical corporate structure.
c. sets specific operating procedures to be followed by front line managers.
d. establishes systems and processes used to implement the goals and objectives - AnswersCaptures
how vision and mission will be achieved
A CEO is working with the executive team to do an environmental analysis of the internal and external
factors that impact the company's strategy. This is called a(n) ________ analysis.
a. competitive
b. SWOT
