MGMT 3001 Exam 1 Questions AND Correct Answers
_____ 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. - ✔✔ Synergy
_______ are those key parties who have some influence over the organization or stake in its
future. - ✔✔ Stakeholders
_______ refers to the strategy where competitive advantage is based on superior products or
service. - ✔✔ Differentiation
________ 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. - ✔✔ Organic
_________ refers to the number of levels within an organization.
a. Hierarchy
b. Function
c. Structure
d. Centralization - ✔✔ Hierarchy
A ______ communicates the organization's reason for being and how it aims to serve its key
stakeholders. - ✔✔ mission or mission statement
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. - ✔✔ Vision statement
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
c. strategic
d. status - ✔✔ SWOT
A high-end furniture manufacturer creates each piece according to the needs of each customer.
What type of strategy is this company using?
a. focus(niche)
b. cost leadership
c. broad
d. geographic - ✔✔ Focus(niche)
A resource or capability is said to be _______ if it allows the firm to exploit opportunities or
negate threats in the environment. - ✔✔ valuable
Allowing individuals to work on their own with little supervision is called
a. empowerment.
b. management.
c. leadership.
d. strategic management - ✔✔ Empowerment
An organization where all nonessential functions are outsourced is a
a. strategic alliance.
b. modular organization.
c. matrix organization.
d. learning organization - ✔✔ Modular organization
Centralization refers to decision-making by
a. management.
b. employees.
c. all stakeholders.
d. teams. - ✔✔ Management
_____ 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. - ✔✔ Synergy
_______ are those key parties who have some influence over the organization or stake in its
future. - ✔✔ Stakeholders
_______ refers to the strategy where competitive advantage is based on superior products or
service. - ✔✔ Differentiation
________ 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. - ✔✔ Organic
_________ refers to the number of levels within an organization.
a. Hierarchy
b. Function
c. Structure
d. Centralization - ✔✔ Hierarchy
A ______ communicates the organization's reason for being and how it aims to serve its key
stakeholders. - ✔✔ mission or mission statement
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. - ✔✔ Vision statement
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
c. strategic
d. status - ✔✔ SWOT
A high-end furniture manufacturer creates each piece according to the needs of each customer.
What type of strategy is this company using?
a. focus(niche)
b. cost leadership
c. broad
d. geographic - ✔✔ Focus(niche)
A resource or capability is said to be _______ if it allows the firm to exploit opportunities or
negate threats in the environment. - ✔✔ valuable
Allowing individuals to work on their own with little supervision is called
a. empowerment.
b. management.
c. leadership.
d. strategic management - ✔✔ Empowerment
An organization where all nonessential functions are outsourced is a
a. strategic alliance.
b. modular organization.
c. matrix organization.
d. learning organization - ✔✔ Modular organization
Centralization refers to decision-making by
a. management.
b. employees.
c. all stakeholders.
d. teams. - ✔✔ Management
