MGT-498
Final Exam
1) In a survey
of 50 corporations, which of the following was rated as a benefit of
strategic management?
A.
Clearer sense of vision for the
firm
B.
Higher
levels of employee motivation
C.
Higher
levels of job satisfaction
D.
Improved
productivity
E.
Lower
employee turnover
2) Research
suggests that strategic management evolves through four sequential phases in
corporations. The first phase is
A.
externally-oriented
planning
B.
basic financial planning
C.
internally-oriented
planning
D.
forecast-based
planning
E.
strategic
management
3) Strategic
management is that set of managerial decisions and actions that determine the
long-run performance of a corporation. Which one of the following is NOT one
of the basic elements of the strategic management process?
A.
Strategy
formulation
B.
Strategy
implementation
C.
Statistical process control
D.
Evaluation
and control
E.
Environmental
scanning
4) The
relationship among the board of directors, top management, and shareholders
is referred to as
A.
corporate
synergy
B.
corporate
management
C.
corporate governance
D.
corporate
strategy
E.
corporate
responsibility
5) The concept
that proposes private corporations have responsibilities to society that
extend beyond making a profit is known as
A.
flexible
responsibility
B.
social responsibility
C.
social
flexibility
D.
managerial
responsibility
E.
profit
maximization
6) Who said
that the social responsibility of business is a “fundamentally
subversive doctrine” and that the one social responsibility of business
is “to use its resources and engage in activities designed to increase
its profits so long as it stays with the rules of the game…”?
A.
Adam
Smith
B.
Edward
Freeman
C.
Archie
Carroll
D.
William
C. Norris
E.
Milton Friedman
7) Which of the
following is NOT descriptive of external environmental scanning?
A.
Used as a
tool to ensure a corporation’s long-term health
B.
Used to
monitor, evaluate, and disseminate information from the external
environment to key people within the corporation
C.
Used to
identify opportunities and threats
D.
It is a
tool that corporations use to avoid strategic surprise
E.
Used to identify strengths and
weaknesses
8) According to
Porter, the corporation is most concerned with
A.
the intensity of competition within
its industry
B.
the
aggregate level of demand for a product line
C.
a
market’s position on its life cycle
D.
the
amount of pressure from the societal environment
E.
the level
of government action in an industry
9) When a
company determines a competency’s competitive advantage, Barney refers to
this issue as
A.
value
B.
rareness
C.
imitability
D.
organization
E.
durability
10) An acronym
for the assessment of the external and internal environments of the business
corporation in the process of strategy formulation/strategic planning is
A.
P.E.T.
B.
M.B.O.
C.
S.W.O.T.
D.
S.B.U.
E.
R.O.I.
11) In the
development of a SFAS matrix, the first step is to
A.
enter the
ratings of how the company’s management is responding to each of the
strategic factors
B.
calculate
the weighted scores
C.
list the most important EFAS and
IFAS items
D.
indicate
short-term for the duration
E.
enter the
weights for all of the internal factors
12) The
technique that illustrates how management can match the external
opportunities and threats with its strengths and weaknesses to yield four
sets of strategic alternatives is called a (an)
A.
IFAS
Table
B.
EFAS
Table
C.
SFAS
Table
D.
TOWS Matrix
E.
Issues
Priority Matrix
13) Which
strategy specifies the firm’s overall direction in terms of its general
orientation toward growth, the industries or markets in which it competes,
and the manner in which it coordinates activities and transfers resources
among business units?
A.
Corporate
B.
Functional
C.
Divisional
D.
Organizational
E.
Business
14) Continuous
improvement is an operations concept developed in
A.
the
United States
B.
Sweden
C.
Japan
D.
Germany
E.
Canada
15) The process
by which a firm approaches its cross-border activities and those of
competitors, and plans to approach them in the future, is called
A.
staging
B.
international strategy
C.
competitive
strategy
D.
cross-border
configuration
16) What question
must managers ask concerning the relationship between economic logic and
international strategy?
A.
Which
geographic areas will we enter?
B.
How does our international strategy
contribute to the economic logic of our business and corporate strategies?
C.
How does
being international make our products more attractive to our customers?
D.
Which
international market-entry strategies will we use?
17) Which
strategy is developed to pull together the various activities and competencies
of each department so that corporate and business unit performance improves
and resource productivity is maximized?
A.
Business
strategy
B.
Competitive
strategy
C.
Generic
strategy
D.
Enterprise
strategy
E.
Functional strategy
18) The
strategy that deals with product and process innovation and improvement is
known as a ________ strategy.
A.
marketing
B.
R&D
C.
operations
D.
financial
E.
human
resource management
19) The hiring
of new people with new skills, firing of people with inappropriate or
substandard skills, and/or training existing employees to learn new skills
are included the process of
A.
training
B.
staffing
C.
structuring
D.
operating
E.
financing
20) The strategy
implementation tool used to determine what actions are going to be taken, by
whom, during what time frame, and with what expected results is called a(n)
A.
mission
statement
B.
action plan
C.
MBO
D.
TQM
E.
succession
plan
21) Executives
with a particular mix of skills and experiences may be classified as an
executive type and paired with
A.
a
specific personal characteristic
B.
a specific corporate strategy
C.
a certain
educational background
D.
a
specific experience background
E.
a
specific industry
22) According
to the text, what is the “key” to effective management of change in
culture?
A.
Planning
B.
Operationalization
C.
Evaluation
D.
Staffing
E.
Communication
23) The sum
total of the activities and choices required for the execution of a strategic
plan is known as in
A.
strategic
formulation
B.
environmental
scanning
C.
strategy implementation
D.
evaluation
and control
E.
strategic
development
24) Who
typically implements strategy in large, multi-industry corporations?
A.
The board
of directors
B.
Top
management
C.
Middle
management
D.
First
level management
E.
Everyone in the organization
25) Which one
of the following is NOT a part of the evaluation and control of performance?
A.
Establish corporate strategies.
B.
Determine
what to measure.
C.
Establish
standards for performance.
D.
Measure
actual performance.
E.
Take
corrective actions.
26) The end
result of activity is known as
A.
measurement
B.
gratuity
C.
performance
D.
return on
equity
E.
achievement
27) Which is
the MOST commonly used measure of corporate performance (in terms of profit)?
A.
EPS
B.
ROE
C.
DPS
D.
ROI
E.
ROVA
28) Because of
the belief that accounting-based numbers such as ROI, ROE, and EPS are not
reliable indicators of a corporation’s economic value, which method of
corporate performance is now preferred?
A.
Shareholder value
B.
Basic
earning power
C.
Price/earnings
ratio
D.
Profit
margin on sales
E.
Return on
assets
29) Which
company experienced a tarnished reputation and scandal after experiencing
behavior substitution when employees altered their behavior on the job to fit
the reward system?
A.
Sears, Roebuck, & Co.
B.
J.C.
Penney
C.
Neiman
Marcus
D.
Saks
E.
Macy’s
30) Suboptimization
occurs when
A.
a division or functional unit views
itself as a separate entity and refuses to cooperate with other divisions
or units to the detriment of the organization as a whole
B.
there is
a failure to produce at or near full capacity
C.
individuals
are placed into positions not suited to their abilities
D.
managers
tend to focus more of their attentions on those aspects which are
measurable than on those which are not
E.
managers
concentrate too much on short-term performance objectives
MGT-498
Final Exam1) In a survey
of 50 corporations, which of the following was rated as a benefit of
strategic management? A.Clearer sense of vision for the
firmB.Higher
levels of employee motivationC.Higher
levels of job satisfactionD.Improved
productivityE.Lower
employee turnover2) Research
suggests that strategic management evolves through four sequential phases in
corporations. The first phase is A.externally-oriented
planningB.basic financial planningC.internally-oriented
planningD.forecast-based
planningE.strategic
management3) Strategic
management is that set of managerial decisions and actions that determine the
long-run performance of a corporation. Which one of the following is NOT one
of the basic elements of the strategic management process? A.Strategy
formulation B.Strategy
implementation C.Statistical process control D.Evaluation
and controlE.Environmental
scanning 4) The
relationship among the board of directors, top management, and shareholders
is referred to as A.corporate
synergyB.corporate
managementC.corporate governanceD.corporate
strategyE.corporate
responsibility5) The concept
that proposes private corporations have responsibilities to society that
extend beyond making a profit is known as A.flexible
responsibilityB.social responsibilityC.social
flexibilityD.managerial
responsibilityE.profit
maximization 6) Who said
that the social responsibility of business is a “fundamentally
subversive doctrine” and that the one social responsibility of business
is “to use its resources and engage in activities designed to increase
its profits so long as it stays with the rules of the game…”? A.Adam
Smith B.Edward
Freeman C.Archie
Carroll D.William
C. NorrisE.Milton Friedman 7) Which of the
following is NOT descriptive of external environmental scanning? A.Used as a
tool to ensure a corporation’s long-term healthB.Used to
monitor, evaluate, and disseminate information from the external
environment to key people within the corporationC.Used to
identify opportunities and threatsD.It is a
tool that corporations use to avoid strategic surpriseE.Used to identify strengths and
weaknesses8) According to
Porter, the corporation is most concerned with A.the intensity of competition within
its industryB.the
aggregate level of demand for a product lineC.a
market’s position on its life cycleD.the
amount of pressure from the societal environmentE.the level
of government action in an industry9) When a
company determines a competency’s competitive advantage, Barney refers to
this issue as A.valueB.rarenessC.imitabilityD.organizationE.durability10) An acronym
for the assessment of the external and internal environments of the business
corporation in the process of strategy formulation/strategic planning is A.P.E.T. B.M.B.O. C.S.W.O.T. D.S.B.U. E.R.O.I. 11) In the
development of a SFAS matrix, the first step is to A.enter the
ratings of how the company’s management is responding to each of the
strategic factorsB.calculate
the weighted scoresC.list the most important EFAS and
IFAS itemsD.indicate
short-term for the durationE.enter the
weights for all of the internal factors12) The
technique that illustrates how management can match the external
opportunities and threats with its strengths and weaknesses to yield four
sets of strategic alternatives is called a (an) A.IFAS
TableB.EFAS
TableC.SFAS
TableD.TOWS MatrixE.Issues
Priority Matrix13) Which
strategy specifies the firm’s overall direction in terms of its general
orientation toward growth, the industries or markets in which it competes,
and the manner in which it coordinates activities and transfers resources
among business units? A.Corporate B.Functional
C.Divisional
D.Organizational
E.Business 14) Continuous
improvement is an operations concept developed in A.the
United StatesB.SwedenC.JapanD.GermanyE.Canada15) The process
by which a firm approaches its cross-border activities and those of
competitors, and plans to approach them in the future, is called A.stagingB.international strategyC.competitive
strategyD.cross-border
configuration16) What question
must managers ask concerning the relationship between economic logic and
international strategy? A.Which
geographic areas will we enter? B.How does our international strategy
contribute to the economic logic of our business and corporate strategies? C.How does
being international make our products more attractive to our customers? D.Which
international market-entry strategies will we use? 17) Which
strategy is developed to pull together the various activities and competencies
of each department so that corporate and business unit performance improves
and resource productivity is maximized? A.Business
strategy B.Competitive
strategy C.Generic
strategy D.Enterprise
strategy E.Functional strategy 18) The
strategy that deals with product and process innovation and improvement is
known as a ________ strategy. A.marketing
B.R&D C.operations
D.financial
E.human
resource management 19) The hiring
of new people with new skills, firing of people with inappropriate or
substandard skills, and/or training existing employees to learn new skills
are included the process of A.trainingB.staffingC.structuringD.operatingE.financing20) The strategy
implementation tool used to determine what actions are going to be taken, by
whom, during what time frame, and with what expected results is called a(n) A.mission
statementB.action planC.MBOD.TQME.succession
plan21) Executives
with a particular mix of skills and experiences may be classified as an
executive type and paired with A.a
specific personal characteristicB.a specific corporate strategyC.a certain
educational backgroundD.a
specific experience backgroundE.a
specific industry22) According
to the text, what is the “key” to effective management of change in
culture? A.Planning B.Operationalization
C.Evaluation
D.Staffing E.Communication 23) The sum
total of the activities and choices required for the execution of a strategic
plan is known as in A.strategic
formulationB.environmental
scanningC.strategy implementationD.evaluation
and controlE.strategic
development24) Who
typically implements strategy in large, multi-industry corporations? A.The board
of directors B.Top
management C.Middle
management D.First
level management E.Everyone in the organization 25) Which one
of the following is NOT a part of the evaluation and control of performance? A.Establish corporate strategies.B.Determine
what to measure. C.Establish
standards for performance. D.Measure
actual performance. E.Take
corrective actions. 26) The end
result of activity is known as A.measurementB.gratuityC.performanceD.return on
equityE.achievement27) Which is
the MOST commonly used measure of corporate performance (in terms of profit)?
A.EPS B.ROE C.DPS D.ROI E.ROVA 28) Because of
the belief that accounting-based numbers such as ROI, ROE, and EPS are not
reliable indicators of a corporation’s economic value, which method of
corporate performance is now preferred? A.Shareholder value B.Basic
earning power C.Price/earnings
ratio D.Profit
margin on sales E.Return on
assets 29) Which
company experienced a tarnished reputation and scandal after experiencing
behavior substitution when employees altered their behavior on the job to fit
the reward system? A.Sears, Roebuck, & Co. B.J.C.
Penney C.Neiman
Marcus D.Saks E.Macy’s 30) Suboptimization
occurs when A.a division or functional unit views
itself as a separate entity and refuses to cooperate with other divisions
or units to the detriment of the organization as a wholeB.there is
a failure to produce at or near full capacityC.individuals
are placed into positions not suited to their abilitiesD.managers
tend to focus more of their attentions on those aspects which are
measurable than on those which are notE.managers
concentrate too much on short-term performance objectives
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