Management Theory Quiz Questions

50 Questions | Total Attempts: 251

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Management Theory Quiz Questions

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Questions and Answers
  • 1. 
    According to J.C Collins and J.L. Porras, a well conceived vision consists of two major components:
    • A. 

      A 10-30 year BHAG and vivid descriptions

    • B. 

      Core values and core purpose

    • C. 

      Core ideology and envisioned future

    • D. 

      Core values and vivid descriptions

    • E. 

      Core purpose and vivid descriptions

  • 2. 
    According to Henry Mintzberg, very large firms typically ______ mode of strategic management.
    • A. 

      Adaptive

    • B. 

      Entrepreneurial

    • C. 

      Corporate

    • D. 

      Planing

    • E. 

      Business

  • 3. 
    The ideal strategic management team includes decision makers from:
    • A. 

      All three company levels (the corporate, business, and functional)

    • B. 

      Just the corporate level

    • C. 

      Just the corporate and business level

    • D. 

      Just the functional and corporate level

    • E. 

      Just the top management

  • 4. 
    Which of the following is a generic strategy option?
    • A. 

      Integration

    • B. 

      Diversification

    • C. 

      Differentiation

    • D. 

      Retrenchment

    • E. 

      Concentration

  • 5. 
    Market development is an example of a:
    • A. 

      Generic strategy

    • B. 

      Grand strategy

    • C. 

      Functional level strategy

    • D. 

      SBU strategy

    • E. 

      BHAG

  • 6. 
    A strategy is a company's
    • A. 

      "game plan"

    • B. 

      Pricing policy

    • C. 

      Net income

    • D. 

      Long-term objective

    • E. 

      Short-term objective

  • 7. 
    Strategic issues:
    • A. 

      Require large amounts of the firm's resources

    • B. 

      Often affect the firm's long-term prosperity

    • C. 

      Usually have multifunctional or multibusiness consequences

    • D. 

      Are future oriented

    • E. 

      All of the above

  • 8. 
    An accurate assessment of the impact of strategy formulation on organizational performance requires not only financial evaluation criteria bu also nonfinancial evaluation criteria. This statement is:
    • A. 

      True

    • B. 

      False

  • 9. 
    Broad, precedent-setting decisions that guide or substitute for repetitive or time-sensitive managerial decision making are called:
    • A. 

      Goals

    • B. 

      Strategies

    • C. 

      Objectives

    • D. 

      Policies

    • E. 

      Game plans

  • 10. 
    _____ is are concerned with tracking a strategy as it is being implemented, detecting problems or changes in its underlying premises, and making necessary adjustments.
    • A. 

      Postaction control

    • B. 

      Strategic control

    • C. 

      Internal analysis

    • D. 

      Functional tactics

    • E. 

      Strategy formulation

  • 11. 
    The results that an organization seeks over a multiyear period are its _____.
    • A. 

      Grand strategies

    • B. 

      Long-term objectives

    • C. 

      Long-term strategies

    • D. 

      Short term goals

    • E. 

      Functional tactics

  • 12. 
    The general plan of major actions through which a firm intends to achieve its long-term objectives is called its:
    • A. 

      Corporate plan

    • B. 

      Action plan

    • C. 

      Grand strategy

    • D. 

      Mission statement

    • E. 

      Functional tactic

  • 13. 
    ______ are detailed statements of the 'means' of activities that will be used to achieve short-term objectives and establish competitive advantage.
    • A. 

      Generic strategies

    • B. 

      Policies

    • C. 

      Functional tactics

    • D. 

      Grand strategies

    • E. 

      Mission statements

  • 14. 
    A ________ manager's principal responsibility is to implement or execute the firm's strategic plans.
    • A. 

      Functional level

    • B. 

      Corporate level

    • C. 

      Business level

    • D. 

      Organizational level

    • E. 

      SBU level

  • 15. 
    ______ is defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company's objectives.
    • A. 

      Strategic policy

    • B. 

      Business policy

    • C. 

      Strategic management

    • D. 

      A functional tactic

    • E. 

      None of the above

  • 16. 
    An implication of viewing strategic management as a process is that strategy formulation and implementation are:
    • A. 

      Sequential

    • B. 

      Simultaneous

    • C. 

      Random

    • D. 

      Partial

    • E. 

      Reversible

  • 17. 
    All business firms exist in an open system. They affect and are affected by external conditions that are largely beyond their control. This statement is:
    • A. 

      True

    • B. 

      False

  • 18. 
    Compared to business-level and functional-level decisions, corporate-level decisions:
    • A. 

      Tend to be more value oriented

    • B. 

      Tend to be more conceptual

    • C. 

      Tend to be less concrete

    • D. 

      All of the above

    • E. 

      None of the above

  • 19. 
    ______ level decisions involve action-oriented operational issues and are relatively short range and low risk
    • A. 

      Corporate

    • B. 

      Functional

    • C. 

      Business

    • D. 

      Board

    • E. 

      Stockholder

  • 20. 
    Which of the following is not an economic goal that guides the strategic direction of almost every business organization?
    • A. 

      Survival

    • B. 

      Growth

    • C. 

      Profitability

    • D. 

      Market share

    • E. 

      None of the above

  • 21. 
    Competitors are an example of
    • A. 

      Inside stakeholders

    • B. 

      Outside stakeholders

    • C. 

      Inside stockholders

    • D. 

      Outside stockholders

    • E. 

      None of the above

  • 22. 
    In combination, the cost of agency problems and the cost of actions taken to minimize agency problems, are called:
    • A. 

      Corporate and social responsibility costs

    • B. 

      Agency costs

    • C. 

      Organizational costs

    • D. 

      Moral hazard problem costs

    • E. 

      Adverse selection costs

  • 23. 
    As a business grows or is forced by competitive pressures to alter its product-market- technology.
    • A. 

      The mission statement should remain unchanged

    • B. 

      Redefining the mission statement may be necessary

    • C. 

      Redefining the mission statement is mandatory

    • D. 

      The mission statement remains unaffected

    • E. 

      None of the above

  • 24. 
    No matter how profit is measured of defined, _______ is the clearest indication of a firm's ability to satisfy the principle claims and desires of employees and stockholders
    • A. 

      Profit over the long term

    • B. 

      Profit over the short term

    • C. 

      Return on investment

    • D. 

      The number of lawsuits brought against the firm

    • E. 

      The price to earnings ration of the firm's common stock

  • 25. 
    Which of the following is usually an assumed goal of a corporation?
    • A. 

      Growth

    • B. 

      Variety of product

    • C. 

      Short-term profits

    • D. 

      Asset proliferation

    • E. 

      Growth through acquisition

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