Question 1

The "Seven S" approach developed by McKinsey Consulting ________.

Accepted Answer

A)  helps managers develop appropriate strategic alliances 
B)  allows managers to acquire, train, and develop personnel 
C)  provides instant access to and immediate knowledge of new markets 
D)  is perhaps the most widely used strategy implementation framework 
A)  helps managers develop appropriate strategic alliances 
B)  allows managers to acquire, train, and develop personnel 
C)  provides instant access to and immediate knowledge of new markets 
D)  is perhaps the most widely used strategy implementation framework D

Question 2

What part of a SWOT analysis focuses on the external environment?

Accepted Answer

A)  strengths and weaknesses 
B)  weaknesses and threats 
C)  opportunities and threats 
D)  strengths and opportunities 
A)  strengths and weaknesses 
B)  weaknesses and threats 
C)  opportunities and threats 
D)  strengths and opportunities C

Question 3

In Albany,Georgia,the bars and restaurants built outdoor seating areas after the city passed laws banning indoor smoking to accommodate customers who smoked.To what dimension of the general environment were the bar and restaurant owners reacting?

Accepted Answer

A)  political-legal forces 
B)  economic forces 
C)  institutional forces 
D)  sociocultural forces 
A)  political-legal forces 
B)  economic forces 
C)  institutional forces 
D)  sociocultural forces A

Question 4

Which of the following best describes a situation where there is a high potential for substitutes?

Accepted Answer

A)  the unique and highly valued flavor, including the taste and texture, of Godiva chocolates 
B)  the superior after-sales service offered by Toyota to customers of its Lexus brand of automobiles 
C)  Consumers can choose between soda, water, iced tea and many other options to quench their thirst. 
D)  Windows software is used by a wide variety of customers, from household users to giant industries. 
A)  the unique and highly valued flavor, including the taste and texture, of Godiva chocolates 
B)  the superior after-sales service offered by Toyota to customers of its Lexus brand of automobiles 
C)  Consumers can choose between soda, water, iced tea and many other options to quench their thirst. 
D)  Windows software is used by a wide variety of customers, from household users to giant industries.

Question 5

Service activities are designed to ________.

Accepted Answer

A)  inform potential customers about the products and services the firm has available 
B)  ensure that the product satisfies the customer after the purchase 
C)  move the product or service from the firm to the customers 
D)  transform inputs into the products and services of the firm 
A)  inform potential customers about the products and services the firm has available 
B)  ensure that the product satisfies the customer after the purchase 
C)  move the product or service from the firm to the customers 
D)  transform inputs into the products and services of the firm

Question 6

The ________ component of the value chain consists of activities that are designed to receive,store,and then disseminate various inputs related to the firm's products or services.

Accepted Answer

A)  procurement 
B)  inbound logistics 
C)  operations 
D)  service 
A)  procurement 
B)  inbound logistics 
C)  operations 
D)  service

Question 7

In a global context,________ include the rules,policies,and enforcement processes that influence the behavior of individuals and organizations within a country.

Accepted Answer

A)  physical forces 
B)  institutional forces 
C)  sociocultural forces 
D)  technological forces 
A)  physical forces 
B)  institutional forces 
C)  sociocultural forces 
D)  technological forces

Question 8

Rainbow Education is a company that decides to enter the commercial education market by purchasing a small company that prepares students to take high-stakes tests.How is the company choosing to enter this new market?

Accepted Answer

A)  by acquisition 
B)  by organic growth 
C)  by strategic alliance 
D)  by leveraging core competencies 
A)  by acquisition 
B)  by organic growth 
C)  by strategic alliance 
D)  by leveraging core competencies

Question 9

A ________ involves competing with firms across markets by using strengths in one market to overcome weaknesses in another market.

Accepted Answer

A)  global strategy 
B)  multicultural strategy 
C)  multipoint competition strategy 
D)  differentiation strategy 
A)  global strategy 
B)  multicultural strategy 
C)  multipoint competition strategy 
D)  differentiation strategy

Question 10

Describe the differentiation strategy.

Accepted Answer

One of the strategies for achieving a co

Question 11

A firm can use a multipoint competitive strategy to compete with firms across markets by using strengths in one market to overcome weaknesses in another market.

Accepted Answer

A) True 
 B)False

Question 12

According to Michael Porter,primary activities facilitate the creation of a product or service and its transfer to the customer.

Accepted Answer

A) True 
 B)False

Question 13

As a dimension of the external business environment in a foreign country,physical forces include rules,policies,and enforcement processes.

Accepted Answer

A) True 
 B)False

Question 14

In the process of strategic management,the ________ strategy determines what business or businesses the firm wishes to operate.

Accepted Answer

A)  functional 
B)  business-level 
C)  corporate-level 
D)  unit-level 
A)  functional 
B)  business-level 
C)  corporate-level 
D)  unit-level

Question 15

The supply chain consists of a set of key activities that directly produce (or support the production of)the products or services that a firm offers to its customers.

Accepted Answer

A) True 
 B)False

Question 16

According to Michael Porter,primary value chain activities involve ________.

Accepted Answer

A)  planning, finance, accounting, legal activities, and government relations 
B)  acquiring, training, evaluating, compensating, and developing human resources 
C)  expertise and the tools or equipment related to the exercise of that expertise 
D)  creating a product or service and distributing it to customers 
A)  planning, finance, accounting, legal activities, and government relations 
B)  acquiring, training, evaluating, compensating, and developing human resources 
C)  expertise and the tools or equipment related to the exercise of that expertise 
D)  creating a product or service and distributing it to customers

Question 17

Companies perform ________ to reinforce efforts that have contributed to desired results and to correct those that have not.

Accepted Answer

A)  internal audits 
B)  SWOT analyses 
C)  benchmarking exercises 
D)  organizational performance evaluations 
A)  internal audits 
B)  SWOT analyses 
C)  benchmarking exercises 
D)  organizational performance evaluations

Question 18

Redeem is a local microbrewery that is working on its methods of advertising,promoting,and selling its product.This is an example of ________.

Accepted Answer

A)  primary activities in the value chain 
B)  support activities in the value chain 
C)  procurement activities in the value chain 
D)  service activities in the value chain 
A)  primary activities in the value chain 
B)  support activities in the value chain 
C)  procurement activities in the value chain 
D)  service activities in the value chain

Question 19

If a firm keeps its costs near the industry average and it can command a premium price,then it can obtain ________.

Accepted Answer

A)  average profits 
B)  unfair profits 
C)  fair-market profits 
D)  above-average profits 
A)  average profits 
B)  unfair profits 
C)  fair-market profits 
D)  above-average profits

Question 20

________ activities are designed to inform potential customers about the products and services the firm has available and entice them to purchase them.

Accepted Answer

A)  Service 
B)  Operation 
C)  Marketing and sales 
D)  Procurement 
A)  Service 
B)  Operation 
C)  Marketing and sales 
D)  Procurement

The "Seven S" approach developed by McKinsey Consulting ________.

What part of a SWOT analysis focuses on the external environment?

In Albany,Georgia,the bars and restaurants built outdoor seating areas after the city passed laws banning indoor smoking to accommodate customers who smoked.To what dimension of the general environment were the bar and restaurant owners reacting?

Which of the following best describes a situation where there is a high potential for substitutes?

Service activities are designed to ________.

The ________ component of the value chain consists of activities that are designed to receive,store,and then disseminate various inputs related to the firm's products or services.

In a global context,________ include the rules,policies,and enforcement processes that influence the behavior of individuals and organizations within a country.

Rainbow Education is a company that decides to enter the commercial education market by purchasing a small company that prepares students to take high-stakes tests.How is the company choosing to enter this new market?

A ________ involves competing with firms across markets by using strengths in one market to overcome weaknesses in another market.

Describe the differentiation strategy.

A firm can use a multipoint competitive strategy to compete with firms across markets by using strengths in one market to overcome weaknesses in another market.

According to Michael Porter,primary activities facilitate the creation of a product or service and its transfer to the customer.

As a dimension of the external business environment in a foreign country,physical forces include rules,policies,and enforcement processes.

In the process of strategic management,the ________ strategy determines what business or businesses the firm wishes to operate.

The supply chain consists of a set of key activities that directly produce (or support the production of)the products or services that a firm offers to its customers.

According to Michael Porter,primary value chain activities involve ________.

Companies perform ________ to reinforce efforts that have contributed to desired results and to correct those that have not.

Redeem is a local microbrewery that is working on its methods of advertising,promoting,and selling its product.This is an example of ________.

If a firm keeps its costs near the industry average and it can command a premium price,then it can obtain ________.

________ activities are designed to inform potential customers about the products and services the firm has available and entice them to purchase them.

The Nature of Management

Social Responsibility and Managerial Ethics

International Management and Globalization

Planning

Organizational Structure and Design

Managing Diverse Human Resources

Leadership

Motivation

Groups and Teams

Communication and Negotiation

Individual and Group Decision Making

Operations Management

Control

Organizational Change and Development

Filters

Exam 4: Strategic Management

The "Seven S" approach developed by McKinsey Consulting ________.

What part of a SWOT analysis focuses on the external environment?

In Albany,Georgia,the bars and restaurants built outdoor seating areas after the city passed laws banning indoor smoking to accommodate customers who smoked.To what dimension of the general environment were the bar and restaurant owners reacting?

Which of the following best describes a situation where there is a high potential for substitutes?

Service activities are designed to ________.

The ________ component of the value chain consists of activities that are designed to receive,store,and then disseminate various inputs related to the firm's products or services.

In a global context,________ include the rules,policies,and enforcement processes that influence the behavior of individuals and organizations within a country.

Rainbow Education is a company that decides to enter the commercial education market by purchasing a small company that prepares students to take high-stakes tests.How is the company choosing to enter this new market?

A ________ involves competing with firms across markets by using strengths in one market to overcome weaknesses in another market.

Describe the differentiation strategy.

A firm can use a multipoint competitive strategy to compete with firms across markets by using strengths in one market to overcome weaknesses in another market.

According to Michael Porter,primary activities facilitate the creation of a product or service and its transfer to the customer.

As a dimension of the external business environment in a foreign country,physical forces include rules,policies,and enforcement processes.

In the process of strategic management,the ________ strategy determines what business or businesses the firm wishes to operate.

The supply chain consists of a set of key activities that directly produce (or support the production of)the products or services that a firm offers to its customers.

According to Michael Porter,primary value chain activities involve ________.

Companies perform ________ to reinforce efforts that have contributed to desired results and to correct those that have not.

Redeem is a local microbrewery that is working on its methods of advertising,promoting,and selling its product.This is an example of ________.

If a firm keeps its costs near the industry average and it can command a premium price,then it can obtain ________.

________ activities are designed to inform potential customers about the products and services the firm has available and entice them to purchase them.

The Nature of Management

Social Responsibility and Managerial Ethics

International Management and Globalization

Planning

Organizational Structure and Design

Managing Diverse Human Resources

Leadership

Motivation

Groups and Teams

Communication and Negotiation

Individual and Group Decision Making

Operations Management

Control

Organizational Change and Development

Filters