Management Theory Quiz Questions
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- 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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