Management 490 Chapter 4 Part1

20 Questions | Total Attempts: 58

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Questions and Answers
  • 1. 
    A firm’s vision and where it is heading, the businesses in which it is involved, and how it serves its stakeholders 
    • A. 

      Structural Inertia

    • B. 

      Strategic Direction

    • C. 

      Mission Statement

  • 2. 
    External environment, history, and inertia
    • A. 

      Influences On Strategic Direction

    • B. 

      Business Definition

    • C. 

      Vision Statement

  • 3. 
    Forces at work to maintain the status quo
    • A. 

      Influences On Strategic Direction

    • B. 

      Related Diversification

    • C. 

      Structural Inertia

  • 4. 
    What the organization is
    • A. 

      Vision Statement

    • B. 

      Strategic Direction

    • C. 

      Mission Statement

  • 5. 
    Mission statements are a way of communicating with the public
    • A. 

      True

    • B. 

      False

  • 6. 
    A forward-looking view of what the organization wants to become
    • A. 

      Structural Inertia

    • B. 

      Vision Statement

    • C. 

      Mission Statement

  • 7. 
    Vision statements are not always separated from mission statements
    • A. 

      True

    • B. 

      False

  • 8. 
    The starting point of all strategic planning and management, provides a framework for evaluating the effects of planned change, and for planning the steps needed to move an organization forward 
    • A. 

      Business Definition

    • B. 

      Scope

    • C. 

      Stakeholder Management

  • 9. 
    When defining the business “What is our business?”, what is the first question that should be asked?
    • A. 

      How are the customer’s needs satisfied?

    • B. 

      Who is being satisfied?

    • C. 

      What is being satisfied?

  • 10. 
    When defining the business “What is our business?”, what is the second question that should be asked?
    • A. 

      What is being satisfied?

    • B. 

      How are the customer’s needs satisfied?

    • C. 

      Who is being satisfied?

  • 11. 
    When defining the business “What is our business?”, what is the third question that should be asked?
    • A. 

      Who is being satisfied?

    • B. 

      What is being satisfied?

    • C. 

      How are the customer’s needs satisfied?

  • 12. 
    The question "Who is being satisfied?" refers to
    • A. 

      Resource conversion process and capabilities that the firm uses to provide the functions to the customer

    • B. 

      The markets that the organization serves

    • C. 

      Specific functions provided to the customer

  • 13. 
    The question "What is being satisfied?" refers to
    • A. 

      The markets that the organization serves

    • B. 

      Specific functions provided to the customer

    • C. 

      Resource conversion process and capabilities that the firm uses to provide the functions to the customer

  • 14. 
    The question "How are the customer's needs satisfied?" refers to
    • A. 

      Specific functions provided to the customer

    • B. 

      The markets that the organization serves

    • C. 

      Resource conversion process and capabilities that the firm uses to provide the functions to the customer

  • 15. 
    The breadth of an organization’s activities across markets, functions, resource conversion processes, and products 
    • A. 

      Stakeholder Management

    • B. 

      Scope

    • C. 

      Vision Statement

  • 16. 
    A company that stays in areas closely related to its core competency
    • A. 

      Related Diversification

    • B. 

      Unrelated Diversification

    • C. 

      Stakeholder Management

  • 17. 
    A company that has businesses that are not related to its core competency 
    • A. 

      Related Diversification

    • B. 

      Enterprise Strategy

    • C. 

      Unrelated Diversification

  • 18. 
    The processes associated with attempting to serve the interests of a broad group of stakeholders 
    • A. 

      Strategic Direction

    • B. 

      Stakeholder Management

    • C. 

      Influences On Strategic Direction

  • 19. 
    Financial benefits of stakeholder management are avoiding value-destroying outcomes as well as increasing the ability of firms to compete 
    • A. 

      True

    • B. 

      False

  • 20. 
    A firm with a strong stakeholder network is better able to manage both individual contracts and the coordination of several contracts simultaneously, which increases the flexibility of the organization in taking advantage of strengths and opportunities and overcoming weaknesses and threats 
    • A. 

      True

    • B. 

      False

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