Business Midterm Pt. 3

57 Questions  I  By Nnguy030
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Business Quizzes & Trivia
Practice questions for Principles of Management.

  
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  • 1. 
    Those stakeholders most often emphasized in mission statements are:
    • A. 

      Governments and communities

    • B. 

      Employees and society

    • C. 

      Investors and the government

    • D. 

      Customers and employees


  • 2. 
    The Starbucks mission statement describes guiding principles and the organization’s:
    • A. 

      Employee and customer focus

    • B. 

      Corporate social responsibility statement

    • C. 

      Corporate structure

    • D. 

      Values


  • 3. 
    Values statements are all EXCEPT:
    • A. 

      Often added to the mission statement

    • B. 

      Reaffirms the organization's values

    • C. 

      Answers the questions where is this organization going

    • D. 

      States what an organization values


  • 4. 
    Together mission and vision guide all of the following EXCEPT:
    • A. 

      Goals and objectives

    • B. 

      Strategy development

    • C. 

      Metrics on innovation

    • D. 

      Communications of the organization's purpose


  • 5. 
    Organization design should do all EXCEPT the following:
    • A. 

      Reflect and support the strategy

    • B. 

      Offer s set of decisions guidelines for appropriate actions

    • C. 

      Guide members in terms of their support for the strategy

    • D. 

      Unify the intent of the ogranization


  • 6. 
    Disney has helped Pixar achieve their strategy of combining proprietary technology and creative talent to develop memorable animated characters through all EXCEPT the following:
    • A. 

      Empowering all aspects of idea development

    • B. 

      Leeway in decisions-making power

    • C. 

      Allows the sharing of works in progress

    • D. 

      Aligning mission and vision


  • 7. 
    Organizational culture is defined by all of the following EXCEPT:
    • A. 

      Life experiences of the employees

    • B. 

      Strengths and weakness of the staff

    • C. 

      Organizational mission and vision statements

    • D. 

      Education of the employees.


  • 8. 
    Social networks are often referred to as:
    • A. 

      NIH

    • B. 

      Important to the mission and vision of the organization

    • C. 

      The invisible organization

    • D. 

      Important to organizational culture


  • 9. 
    Real change leaders are:
    • A. 

      People who will help diffuse the revolutionary philosophy

    • B. 

      The founder

    • C. 

      The CEO of the organization

    • D. 

      The employees


  • 10. 
    According to the principles of visionary leadership, the essentials for successful revolution include all EXCEPT:
    • A. 

      Physical systems

    • B. 

      Cultural systems

    • C. 

      Organizational systems

    • D. 

      Behavioral sytems


  • 11. 
    Controlling consists of the following steps EXCEPT:
    • A. 

      Write a missions and vision statement

    • B. 

      Establish performance standards

    • C. 

      Compare actual performance against standards

    • D. 

      Take corrective action


  • 12. 
    Human resources management alignment means:
    • A. 

      To integrate employees with goals, mission, and vision

    • B. 

      To integrate HR with the culture of the organization

    • C. 

      To integrate decisions about people with decisions about the results of an organization

    • D. 

      Integrate management and employee performance goals.


  • 13. 
    DeGraf and Lawrence suggest that there are four types of creativity and they include all EXCEPT the following:
    • A. 

      Experimentation

    • B. 

      Investment

    • C. 

      Improvement

    • D. 

      Imagination


  • 14. 
    Which of the following are creativity tools:
    • A. 

      SCAMPER

    • B. 

      Programmed thinking

    • C. 

      Passion

    • D. 

      Intuition


  • 15. 
    All of the following describe Lateral EXCEPT:
    • A. 

      Changing patterns and perceptions

    • B. 

      Not necessary for creativity but helpful

    • C. 

      Draws on the right side of our brains

    • D. 

      About ideas that may not be obtainable by using only logic


  • 16. 
    NGT is useful for all of the following EXCEPT:
    • A. 

      Generates numerous creative ideas

    • B. 

      Build consensus

    • C. 

      When there is a controversy or conflict

    • D. 

      When corporate culture needs changing


  • 17. 
    The supplies needed for nominal group technique includes all EXCEPT:
    • A. 

      Flip chart

    • B. 

      Masking tape

    • C. 

      3x5 cards for each participants

    • D. 

      A computer


  • 18. 
    The number of people who participate in a nominal group technique is generally:
    • A. 

      8-14 participants

    • B. 

      6-10 participants

    • C. 

      3-8 participants

    • D. 

      1-5 participants


  • 19. 
    When you identify critical stakeholders, it is a good idea to determine all of the following EXCEPT:
    • A. 

      Determine whether they are stakeholders or shareholders

    • B. 

      Take into consideration how the firm's strategy might impact them

    • C. 

      Calculate their potential influence on your strategy

    • D. 

      Get a handle on their short- and long-term interests.


  • 20. 
    A stakeholder group composed of the CEO and members of the top management team is considered an important stakeholder group for all of the following reasons EXCEPT:
    • A. 

      Its influence as either originator or steward of the organizations mission and vision

    • B. 

      Its responsibility for formulating a strategy that realizes the mission and vision

    • C. 

      Its power and influence in the organization

    • D. 

      Its ultimate role in strategy implementation


  • 21. 
    The four categories of stakeholders of a firm are:
    • A. 

      Organizational, capital market, product market, and social

    • B. 

      Organizational, capital market, employee market, and environment market

    • C. 

      Capital market, product market, employee market and social market

    • D. 

      Product market, social market, employee market and environmental market


  • 22. 
    How are shareholders affected by a firm’s strategies?
    • A. 

      Their decisions influence the firm's strategies

    • B. 

      Their wealth increases or decreases with firm's actions

    • C. 

      Their interest increase or decrease with firm's actions

    • D. 

      Their participation increases or decreases with firm's actions.


  • 23. 
    Mission and vision development are analogous to which step in the principles of management framework:
    • A. 

      Planning

    • B. 

      Organizing

    • C. 

      Leading

    • D. 

      Controlling


  • 24. 
    The content of the mission and vision statements process is analogous to which step in the principles of management framework:
    • A. 

      Planning

    • B. 

      Organizing

    • C. 

      Leading

    • D. 

      Controlling


  • 25. 
    The communications step of the mission and vision statements development process is analogous to which step in the principles of management framework:
    • A. 

      Planning

    • B. 

      Organizing

    • C. 

      Leading

    • D. 

      Controlling


  • 26. 
    Firms rely on bottom-up innovation processes to communicate a strategy because:
    • A. 

      Communicating upward means that someone has championed the vision internally

    • B. 

      Top management sees the merits and feasibility of the strategy already

    • C. 

      Middle-level and division managers are empowered to take ownership and propose new strategies

    • D. 

      Communicating upwards means that the support of the people needed to implement the strategy is accomplished.


  • 27. 
    The monitoring step of the mission and vision statements development process is analogous to which step of the principles of management framework?
    • A. 

      Planning

    • B. 

      Organizing

    • C. 

      Leading

    • D. 

      Controlling


  • 28. 
    Strategy is a central part of the function in the POLC framework:
    • A. 

      Planning

    • B. 

      Organizing

    • C. 

      Leading

    • D. 

      Controlling


  • 29. 
    Strategy formulation answers the question:
    • A. 

      How do we execute a chosen strategy?

    • B. 

      Where does strategy fit in?

    • C. 

      How is strategy applied to me?

    • D. 

      What should our strategy be?


  • 30. 
    A firm’s strategy includes all EXCEPT the following:
    • A. 

      Captures how vision and mission will be achieved

    • B. 

      Communicates how vision and mission will be achieved

    • C. 

      Determines which goals and objectives show that the organizations is on the right path to achieving them

    • D. 

      Which systems and processes are used to implement the goals and objectives


  • 31. 
    The purpose of diversification is:
    • A. 

      To capture more consumers

    • B. 

      To satisfy the mission and vision

    • C. 

      To build a portfolio of business much like a portfolio of stock

    • D. 

      To spread out risk and opportunities over a larger set of businesses


  • 32. 
    Major diversification strategies include all EXCEPT the following:
    • A. 

      Concentric diversification

    • B. 

      Hierarchical diversification

    • C. 

      Conglomerate diversification

    • D. 

      Horizontal diversification


  • 33. 
    Examples of business strategy include all the following EXCEPT:
    • A. 

      Help keep existing customers

    • B. 

      Grow it's business by moving into new markets and taking customers from competitors

    • C. 

      Determine how to keep profit level demanded by the stock market

    • D. 

      Know the business needs to compete in order to be effective


  • 34. 
    Strategy formulation is an essential component of the POLC framework:
    • A. 

      Planning

    • B. 

      Organizing

    • C. 

      Leading

    • D. 

      Controlling


  • 35. 
    The different aspects of strategy as distinguished by Mintzberg include all of the following EXCEPT:
    • A. 

      Intended

    • B. 

      Deliberate

    • C. 

      Realized

    • D. 

      Permanent


  • 36. 
    According to Mintzberg, the percent of intended strategy realized is:
    • A. 

      Less than 10

    • B. 

      10-30

    • C. 

      30-50

    • D. 

      More than 50


  • 37. 
    At Intel the key historic decision to abandon memory chips and concentrate upon microprocessors was the result of all of the following EXCEPT:
    • A. 

      Decentralized decisions

    • B. 

      Acknowledged by top management

    • C. 

      Promulgated as strategy

    • D. 

      Top-down process


  • 38. 
    While there are different schools of thought about how strategy comes about, researchers generally agree the common characteristic across successful organizations is:
    • A. 

      Strategy trade-off

    • B. 

      Strategic focus

    • C. 

      Strategic process

    • D. 

      Strategic discipline


  • 39. 
    Generic strategies that Porter argues can be used singly or in combination to create a defendable position and to outperform competitors include all of the following EXCEPT:
    • A. 

      Overall cost leadership

    • B. 

      Differentiation

    • C. 

      Focus on a particular market niche

    • D. 

      Strategic focus


  • 40. 
    Superiority in competitive advantage refers to all of the following factors EXCEPT:
    • A. 

      Low cost

    • B. 

      Customer service

    • C. 

      Product quality

    • D. 

      Unique style


  • 41. 
    A low-cost leadership strategy is particularly effective for the following organizations EXCEPT:
    • A. 

      Industries where there is limited possibility of product differentiation

    • B. 

      Company's cost can be reduced by providing little or no service

    • C. 

      Production operations

    • D. 

      Firms that minimize costs in marketing and R&D


  • 42. 
    In a differentiation strategy, the product difference may be based on any or all of the following EXCEPT:
    • A. 

      Product design

    • B. 

      Method of distribution

    • C. 

      Price

    • D. 

      Broad market group of consumers


  • 43. 
    In order for differentiation strategy to succeed, firms must do all of the following EXCEPT:
    • A. 

      Minimize research and development and marketing costs

    • B. 

      Must carefully monitor the incremental costs of differentiating their product

    • C. 

      Must be able to charge more for their products than it costs them to make it distinct

    • D. 

      Must remain sensitive to cost differences


  • 44. 
    All of the following regarding straddling strategies is correct EXCEPT:
    • A. 

      It is an attempt to gain competitive advantage based on over-all low-cost provider of a product or service

    • B. 

      It is a recipe for below average profitability compared to the industry

    • C. 

      It is an indication that the firm's managers have not made necessary choices about the business and its strategy

    • D. 

      It may be especially dangerous for narrow scope firms that have been successful in the past, but then start neglecting their focus.


  • 45. 
    According to Treacy and Wiersema, generic value disciplines include all of the following EXCEPT:
    • A. 

      Operational excellence

    • B. 

      Product leadership

    • C. 

      Customer intimacy

    • D. 

      Product trade-off


  • 46. 
    Key characteristics of operational excellence value discipline include all of the following EXCEPT:
    • A. 

      Reasonable quality at low price

    • B. 

      Innovation and brand marketing

    • C. 

      Task-orientated vision

    • D. 

      Streamlined operations


  • 47. 
    Firms that do the product leadership strategy well include all of the following factors EXCEPT:
    • A. 

      Are strong in innovation

    • B. 

      Have superb operations and execution

    • C. 

      Are in dynamic markets

    • D. 

      Focus on development, innovation, design, and time in market


  • 48. 
    Core competencies include all of the following EXCEPT:
    • A. 

      Crown jewels of a compnay

    • B. 

      Activities the company performs well compared to competitors

    • C. 

      The way in which the firm adds unique value to its goods or services over a long period of time

    • D. 

      Provide basic input into strategy formulation


  • 49. 
    A firm’s intangible resources include all of the following EXCEPT:
    • A. 

      Formal reporting structures

    • B. 

      Knowledge

    • C. 

      Capacity for innovation

    • D. 

      Organizational routines


  • 50. 
    In the value chain, all of the following activities are deemed to add direct value to a firm EXCEPT:
    • A. 

      Logistics

    • B. 

      Marketing

    • C. 

      Service

    • D. 

      Procurement


  • 51. 
    The VRIO framework is an acronym that includes all of the following EXCEPT:
    • A. 

      Relative

    • B. 

      Inimitable

    • C. 

      Valuable

    • D. 

      Organization


  • 52. 
    PESTEL is  an acronym which includes all of the following EXCEPT:
    • A. 

      Technological

    • B. 

      Logistical

    • C. 

      Economic

    • D. 

      Environmental


  • 53. 
    The intensity of industry competition and an industry’s profit potential are a function of all of the following forces of competition EXCEPT:
    • A. 

      Power of stockholders

    • B. 

      Power of suppliers

    • C. 

      Power of buyers

    • D. 

      Threats posed by new entrants


  • 54. 
    The lower the buyers’ switching costs:
    • A. 

      Insulate the firm from rival's efforts to attract customers

    • B. 

      Result in lower competition for individuals firms

    • C. 

      Have less competitor rivalry

    • D. 

      The easier it is for competitors to attract buyers


  • 55. 
    Using Porter’s analysis firms are likely to generate higher profits if the industry includes all of the following EXCEPT:
    • A. 

      Difficult to enter

    • B. 

      Limited rivalry

    • C. 

      Buyers are strong

    • D. 

      There are few substitutions


  • 56. 
    The industry characteristics that make it very difficult for firms to achieve strategic competitiveness and earn above-average returns includes all of the following EXCEPT:
    • A. 

      Low entry barriers

    • B. 

      Suppliers and buyers with strong bargaining positions

    • C. 

      Strong competitive threats from product substitutes

    • D. 

      Relatively moderate rivalry


  • 57. 
    Industry characteristics of an attractive industry, one where firms may achieve strategic competitiveness and earn above-average returns includes all of the following EXCEPT:
    • A. 

      High entry barriers

    • B. 

      Suppliers and buyers with little bargaining power

    • C. 

      Strong competitive threats from product substitutes

    • D. 

      Moderate rivalry


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