Principles Of Management MCQ Quiz!
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What do you know about the principles of management? Would you be interested in taking this quiz? Management entails organization and delegation of duties. It is creating and maintaining such a business environment wherein members of the organization can work in synergy. Management serves as an example of how to conduct yourself as an employee. If you want to learn more about the principles of management, complete this quiz.
- 1.Based on the VRIO framework, a resource can be considered a source of competitive advantage if it is:
- A.
shared by most companies in an industry.
- B.
rare, valuable, difficult to imitate and organized or managed by the company.
- C.
the foundation of a company’s strategy.
- D.
kept as a trade secret rather than as a patent.
- E.
increases the cost of producing the product and therefore the price charged to customers.
- 2.When a resource is said to be organized, this means that the company:
- A.
identified the resource as a resource.
- B.
built a department to execute its operations using the resource.
- C.
takes the resource for granted and assumes its value.
- D.
has made it difficult to copy or imitate.
- E.
has developed a method for making sure it gets the most out of its unique strengths.
- 3.When conducting an internal analysis, strategic managers should:
- A.
identify its internal resources and evaluate the quality of those resources.
- B.
only count something as a resource if the company is actively managing it.
- C.
always file for patents and trademarks on intellectual property.
- D.
exclude any resource as a source of competitive advantage if it isn’t rare.
- E.
identify as many resources as possible, regardless of their value or rarity.
- 4.Which of the following is not true regarding a company's distinctive competencies?
- A.
They represent the unique strengths of the company.
- B.
They refer to company strengths that competitors cannot easily match or imitate.
- C.
They form the bedrock of a company's strategy.
- D.
They can be based in any of the value creation functions of the company.
- E.
They are shared by many firms in an industry.
- 5.Resources:
- A.
are only the tangible assets available to a company.
- B.
can be both tangible and intangible.
- C.
are harder for a company to copy than capabilities are.
- D.
do not include patents, copyrights, and trademarks.
- E.
are considered valuable only if they increase a company's costs.
- 6.Competitive advantage is based on:
- A.
distinctive competencies.
- B.
the Icarus paradox.
- C.
higher cost structure.
- D.
prior strategic commitments.
- E.
barriers to change in a company.
- 7.Competitive advantage typically leads to:
- A.
a defective business model.
- B.
average profitability within an industry.
- C.
superior profitability.
- D.
the Icarus paradox.
- E.
barriers to changes in the organization.
- 8.Which of the following is true of the impact of high product quality on competitive advantage?
- A.
It decreases the utility of the products.
- B.
It lowers unit costs of the products.
- C.
It adversely affects employee productivity.
- D.
It limits the company's ability to differentiate its products.
- E.
It increases the need for after sales services.
- 9.The intellectual property of an organization is a(n):
- A.
tangible resource.
- B.
strategic commitment.
- C.
tangible capability.
- D.
barrier to change.
- E.
intangible resource.
- 10.Donna can make a chair for about $100, she charges customers $150 to buy the chair, and customers perceive that the chair is worth $225. In this case, the consumer surplus is:
- A.
$50.
- B.
$75.
- C.
$125.
- D.
$150.
- E.
$225.
- 11.Anna bakes cookies for about $10 per batch, she charges customers $15 to a batch, and customers perceive that the cookies are worth $25 per batch. Anna's profit margin is:
- A.
$5.
- B.
$7.5.
- C.
$10.
- D.
$15.
- E.
$25.
- 12.Kodak possesses the leading imaging technology. This technology has allowed the company to differentiate its products from those offered by rivals. Imaging technology is Kodak’s:
- A.
distinctive competence.
- B.
profit.
- C.
support activity.
- D.
value chain.
- E.
retired product.
- 13.The simplest measure of efficiency is:
- A.
the amount of money the company has to work with in the short term.
- B.
the ratio of revenues divided by invested capital.
- C.
the net profit expressed as a percentage of sales.
- D.
the total costs of producing products.
- E.
the quantity of inputs that it takes to produce a given output.
- 14.According to the text, one of the basic building blocks of competitive advantage is:
- A.
quantity.
- B.
logistics.
- C.
variety.
- D.
distribution.
- E.
innovation.
- 15.Efficiency is:
- A.
defined as the time it takes to produce a product.
- B.
the quantity of inputs required to produce an output.
- C.
independent of customers' perception of a product's value.
- D.
measured by looking at a product's price.
- E.
lower when the output is high-quality.
- 16.Customer response time is:
- A.
the time taken for value to be placed on a company's products by customers.
- B.
the time taken for development of a new process for producing products and delivering them to customers.
- C.
the time taken for given inputs to be converted into an output.
- D.
the time taken for development of products that have superior attributes to existing products.
- E.
the time taken for a good to be delivered or a service to be performed.
- 17.The concept of efficiency as a building block of competitive advantage applies to:
- A.
all products produced by a firm.
- B.
products consumers believe to be high-quality; not low-quality.
- C.
only those products of a firm popular among a large customer base.
- D.
custom-made products only.
- E.
only those products that have been redesigned.
- 18.Which of the following is an important attribute for a product from a quality-as-reliability perspective?
- A.
Styling
- B.
Aesthetic appeal
- C.
Wait time at the point of sale
- D.
Features
- E.
Performance
- 19.Intel’s invention of the microprocessor in the early 1970s, Cisco’s development of the router for routing data over the Internet in the mid-1980s, and Apple’s development of the iPod, iPhone, and iPad in the 2000s can be referred to as _____ innovations.
- A.
process
- B.
product
- C.
customer
- D.
sector
- E.
absorptive
- 20.Innovation refers to the act of:
- A.
seeking patent protection for new products.
- B.
creating new products and processes.
- C.
measuring time taken for a service to be provided.
- D.
measuring the output produced by an employee.
- E.
identifying and satisfying the needs of a customer.
- 21.Which of the following best describes product innovation?
- A.
Transforming a quantity of inputs into a given output
- B.
Identifying and satisfying a customer's needs
- C.
Creating products that have superior attributes than existing products.
- D.
Developing a new process that focuses on quantity rather than quality.
- E.
Measuring the quantity of outputs produced per employee
- 22.Which primary activity in the value chain is concerned with the design of products and production processes?
- A.
Research and development
- B.
Marketing and sales
- C.
Materials management
- D.
Production
- E.
Company infrastructure
- 23.Using the value chain model, which of the following primary activities is performed first, as inputs are transformed into outputs?
- A.
Research and development
- B.
Marketing and sales
- C.
Logistics
- D.
Production
- E.
Service and support
- 24.Using the value chain model, which of the following primary activities is performed last, as inputs are transformed into outputs?
- A.
Research and development
- B.
Marketing and sales
- C.
Service and support
- D.
Production
- E.
Human resources
- 25.Ford Motors developed the Explorer sports utility vehicle in 1990, and it is still in the top ten best-selling sports utility vehicles in the United States, based on an extensive study of customer preferences. Which value chain activity of Ford conducted those studies?
- A.
Research and development
- B.
Human resources
- C.
Materials management
- D.
Marketing and sales
- E.
Company infrastructure
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