Management 490 Chapter 1 Part 2

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    Falling trade barriers in European markets, a general worldwide economic malaise, and fears of increased terrorist activity are among the most significant global trends affecting business decision making in international markets.

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About This Quiz

Explore key concepts in strategic management with the 'Management 490 Chapter 1 Part 2' quiz. Assess your understanding of strategic control, management processes, restructuring, and strategy adaptation. This quiz enhances strategic thinking and adaptability skills in a business context.

Management 490 Chapter 1 Part 2 - Quiz

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  • 2. 

    An organization has a bundle of resources which fall into the general categories of financial resources, physical resources, human resources, knowledge and learning resources, and general organizational resources 

    • Long Term Orientation

    • Resource-Based View of the Firm

    • Stakeholder Analysis

    Correct Answer
    A. Resource-Based View of the Firm
    Explanation
    The Resource-Based View of the Firm is the correct answer because it aligns with the information provided in the question. The question states that the organization has various types of resources, and the Resource-Based View of the Firm focuses on how a firm's unique resources and capabilities can lead to a competitive advantage. This theory suggests that a firm's resources, such as financial, physical, human, and knowledge resources, are valuable, rare, difficult to imitate, and non-substitutable, which can give the firm a sustainable competitive advantage. Therefore, the Resource-Based View of the Firm is a suitable explanation based on the information provided.

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  • 3. 

    Where the firm is going in the long run

    • World Economy

    • Long Term Orientation

    • Organizational Learning Perspective

    Correct Answer
    A. Long Term Orientation
    Explanation
    Long Term Orientation refers to a strategic perspective that focuses on the future and emphasizes long-term goals and planning. This perspective considers the firm's direction and trajectory in the long run, taking into account factors such as market trends, technological advancements, and competitive dynamics. It involves making decisions and investments that may not yield immediate results but are aimed at sustainable growth and success over time. Therefore, in the context of the given question, Long Term Orientation is the most relevant factor to consider when determining where the firm is going in the long run.

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  • 4. 

    An advantage that is difficult to imitate by competitors and thus leads to higher than average organizational performance over a long time period 

    • Strategic Thinking

    • Stakeholder Analysis

    • Sustainable Competitive Advantage

    Correct Answer
    A. Sustainable Competitive Advantage
    Explanation
    Sustainable competitive advantage refers to an advantage that is difficult for competitors to imitate, leading to higher organizational performance over a long period of time. This means that the organization has a unique set of resources, capabilities, or strategies that give it an edge in the market and allow it to outperform its competitors consistently. This advantage is sustainable because it is not easily replicable, giving the organization a long-term competitive edge.

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  • 5. 

    The creative aspect of strategic management

    • Scientific Approach (Hypothesis Testing)

    • Stakeholder Management

    • Strategic Thinking

    Correct Answer
    A. Strategic Thinking
    Explanation
    Strategic thinking refers to the ability to analyze and evaluate different options and make informed decisions that align with the long-term goals and objectives of an organization. It involves considering various factors such as market trends, competition, and internal capabilities to develop innovative strategies. Unlike the scientific approach and stakeholder management, which focus on specific techniques or processes, strategic thinking is a broader concept that encompasses the overall mindset and approach towards strategic management. It emphasizes the importance of creativity, intuition, and forward-thinking in developing effective strategies that can drive organizational success.

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  • 6. 

    The firm generates ideas through a creative process and then test them to see if they will work 

    • Stakeholder Management

    • Scientific Approach (Hypothesis Testing)

    • Organizational Learning Perspective

    Correct Answer
    A. Scientific Approach (Hypothesis Testing)
    Explanation
    The given answer, "Scientific Approach (Hypothesis Testing)," is the most appropriate explanation for the statement. This is because the statement mentions that the firm generates ideas through a creative process and then tests them to see if they will work. This process of testing ideas aligns with the scientific approach, where hypotheses are formulated and then tested through experimentation or observation. By testing their ideas, the firm can gather empirical evidence and make informed decisions about which ideas are viable and which are not.

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  • 7. 

    Communicating, negotiating, contracting, and managing relationships with stakeholders, and motivating them to behave in ways that are beneficial to the organization and it other stakeholders. 

    • Strategic Thinking

    • Stakeholder Management

    • Scientific Approach (Hypothesis Testing)

    Correct Answer
    A. Stakeholder Management
    Explanation
    Stakeholder management involves effectively communicating, negotiating, contracting, and managing relationships with stakeholders. It also involves motivating stakeholders to behave in ways that are beneficial to the organization and its other stakeholders. This is an important skill in ensuring that the needs and expectations of stakeholders are met, and that the organization can maintain positive relationships with them. By effectively managing stakeholders, organizations can ensure that they have the support and cooperation necessary to achieve their goals and objectives.

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  • 8. 

    Identifying and prioritizing key stakeholders, assessing their needs, collecting ideas from them, and integrating this knowledge into strategic management processes such as the establishment of strategic direction and the formulation and implementation of strategies. 

    • Stakeholder Analysis

    • Strategic Intent

    • Resource-Based View of the Firm

    Correct Answer
    A. Stakeholder Analysis
    Explanation
    Stakeholder analysis refers to the process of identifying and prioritizing key stakeholders, assessing their needs, collecting ideas from them, and integrating this knowledge into strategic management processes. This involves understanding the interests, expectations, and influence of various stakeholders on the organization's strategies and decisions. By conducting a stakeholder analysis, organizations can effectively engage with stakeholders, address their concerns, and align their strategies to meet stakeholder expectations. This ensures that the organization's actions and decisions are in line with the needs and interests of its stakeholders, ultimately leading to improved performance and stakeholder satisfaction.

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  • 9. 

    Dominated by three regions (Triad Region) which are North America, Europe, and the Pacific Rim.  The best parts and technology do not exist here 

    • World Economy

    • Long Term Orientation

    • Systems Perspective

    Correct Answer
    A. World Economy
    Explanation
    The given statement suggests that the three dominant regions in the world, namely North America, Europe, and the Pacific Rim, do not possess the best parts and technology. This implies that other regions might have better access to advanced technology and resources, which can impact the world economy. The answer "World Economy" aligns with this explanation as it encompasses the interconnectedness and interdependence of economies worldwide, highlighting how advancements in technology and resources in different regions can affect global economic dynamics.

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  • 10. 

    A strategy that was not planned or intended, but involves recognizing an opportunity and reacting quickly 

    • Deliberate Strategy

    • Strategic Restructuring

    • Emergent Strategy

    Correct Answer
    A. Emergent Strategy
    Explanation
    Emergent strategy refers to a strategy that is not planned or intended but emerges as a result of recognizing an opportunity and reacting quickly. It is a flexible and adaptive approach that allows organizations to respond effectively to unexpected situations or changing market conditions. Unlike deliberate strategy, which is carefully planned and executed, emergent strategy is more spontaneous and evolves organically. Strategic restructuring, on the other hand, involves making significant changes to the organizational structure or operations to achieve strategic goals. Therefore, the best fit for the given description is emergent strategy.

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  • 11. 

    Implies that managers plan to pursue an intended strategic course

    • Deliberate Strategy

    • Emergent Strategy

    • Strategic Control

    Correct Answer
    A. Deliberate Strategy
    Explanation
    A deliberate strategy refers to a planned and intentional course of action that managers adopt to achieve their organizational goals. It implies that managers have carefully thought out and formulated a specific strategic plan to guide their decisions and actions. This approach involves conducting thorough analysis, setting clear objectives, and implementing well-defined tactics to execute the strategy effectively. In contrast, emergent strategy refers to strategies that evolve over time in response to unforeseen circumstances or opportunities. Strategic control, on the other hand, is a process of monitoring and adjusting the implementation of a strategy to ensure it stays on track.

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  • 12. 

    Strategies that emerge out of a stream of decisions

    • Organizational Learning Perspective

    • Long Term Orientation

    • Scientific Approach (Hypothesis Testing)

    Correct Answer
    A. Organizational Learning Perspective
    Explanation
    The answer "Organizational Learning Perspective" is the most suitable explanation for the given statement. This perspective suggests that strategies are not predetermined or planned in advance, but rather emerge gradually through a series of decisions made by the organization. It emphasizes the importance of learning from past experiences and adapting strategies based on feedback and outcomes. This approach recognizes that organizations need to continuously learn and evolve in order to stay competitive and successful in a dynamic business environment.

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  • 13. 

    A renewed emphasis on the things an organization does well, combined with a variety of tactics to revitalize the organization and strengthen its competitive position. 

    • Strategic Management Process

    • Strategic Control

    • Strategic Restructuring

    Correct Answer
    A. Strategic Restructuring
    Explanation
    Strategic restructuring refers to the process of making significant changes to the structure, operations, or resources of an organization in order to improve its competitive position. This can involve various tactics such as mergers, acquisitions, divestitures, or reorganizing departments. By focusing on the things the organization does well and implementing these changes, strategic restructuring aims to revitalize the organization and strengthen its competitive position.

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  • 14. 

    Based on a vision of where the organization is trying to go

    • Systems Perspective

    • Strategic Intent

    • Strategic Thinking

    Correct Answer
    A. Strategic Intent
    Explanation
    Strategic intent refers to the long-term direction and goals that an organization sets for itself. It involves having a clear vision of where the organization wants to go and what it wants to achieve. By focusing on strategic intent, organizations can align their actions and decisions with their long-term objectives, ensuring that they are moving in the right direction. This approach allows organizations to be proactive and forward-thinking, enabling them to anticipate and respond effectively to changes in the business environment. Strategic intent is therefore the best fit for the given explanation, as it emphasizes the importance of having a vision for the organization's future.

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  • 15. 

    The organization sits at the center of a network of constituencies called stakeholders 

    • Organizational Learning Perspective

    • World Economy

    • Systems Perspective

    Correct Answer
    A. Systems Perspective
    Explanation
    The systems perspective suggests that an organization is not an isolated entity, but rather exists within a larger system that includes various stakeholders. These stakeholders can include employees, customers, suppliers, shareholders, and the community. The organization interacts with these stakeholders and relies on them for support, resources, and feedback. By considering the systems perspective, organizations can better understand the interconnectedness of their actions and decisions with the larger network of stakeholders, and make more informed choices that benefit the entire system.

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  • 16. 

    Organizations do not have to submit to existing forces in the environment.  They can shape their environments through strategic alliances with stakeholders, advertising, political lobbying, and a variety of other activities 

    • Strategy Implementation

    • Enactment

    • Strategic Management Process

    Correct Answer
    A. Enactment
    Explanation
    Enactment refers to the process of actively shaping and influencing the organization's environment through various activities such as strategic alliances, advertising, political lobbying, and more. This answer aligns with the statement that organizations can shape their environments, indicating that they have the ability to take proactive measures to influence and control the forces in their external environment. This concept is an important aspect of strategic management, where organizations actively engage in activities to create a favorable environment for their operations and success.

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  • 17. 

    Good management is associated which strategy will best fit environmental, technical, and human forces at a particular point in time, and then working to carry it out.  The most successful organization will be the one that best adapts to existing forces 

    • Sustainable Competitive Advantage

    • Environmental Determinism

    • Deliberate Strategy

    Correct Answer
    A. Environmental Determinism
    Explanation
    Environmental determinism refers to the belief that an organization's success is primarily determined by external factors such as the environment, technology, and human forces. This means that the organization's strategy should be aligned with these forces in order to achieve the best results. It emphasizes the importance of adapting to the existing conditions and making strategic decisions based on the external factors influencing the organization. Therefore, the given statement aligns with the concept of environmental determinism as the key to successful management.

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  • 18. 

    Activities are usually performed simultaneously, with constant adjustments to assumptions, direction, strategies, and processes as new information is learned and new assessments are made 

    • Strategic Management Process

    • Strategic Restructuring

    • Functional Strategy Formation

    Correct Answer
    A. Strategic Management Process
    Explanation
    The given answer is "Strategic Management Process". This is because the statement describes the process of activities being performed simultaneously and adjustments being made based on new information and assessments. Strategic management involves the continuous planning, monitoring, analysis, and assessment of an organization's goals and objectives, and it requires constant adjustments and adaptations as new information is learned. Therefore, the strategic management process aligns with the description provided in the statement.

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  • 19. 

    Managers often learn what will work through trial and error

    • Deliberate Strategy

    • Strategic Management Process

    • Emergent Strategy

    Correct Answer
    A. Emergent Strategy
    Explanation
    Emergent strategy refers to the process of formulating a strategy as a result of unplanned and unforeseen events or circumstances that arise during the implementation of a planned strategy. In this context, the statement suggests that managers often learn what will work through trial and error, indicating that they adapt and adjust their strategies based on the outcomes and feedback they receive. This aligns with the concept of emergent strategy, where strategies evolve and emerge over time rather than being solely determined in advance.

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  • 20. 

    The processes that lead to adjustments in strategic direction, strategies, or the implementation plan when necessary 

    • Strategy Implementation

    • Strategic Control

    • Strategic Restructuring

    Correct Answer
    A. Strategic Control
    Explanation
    Strategic control refers to the processes and activities that monitor and evaluate the implementation of a company's strategies. It involves assessing the performance of the organization, comparing it with the desired outcomes, and making necessary adjustments in strategic direction, strategies, or the implementation plan. This ensures that the company stays on track and can adapt to changes in the external environment or internal factors. Strategic control helps in identifying any deviations from the planned strategies and taking corrective actions to achieve the desired objectives.

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  • Current Version
  • Nov 14, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 13, 2010
    Quiz Created by
    Roadman19771
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