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STRATEGIC MANAGEMENT EXAM 2 (ALL CORRECT)
1. The United States Congress could represent the __________ form of stakeholders.
A. political action groups
B. supplier
C. government
D. shareholder
2. Purchasing and sending electronic greeting cards through a web site could represent a(n) __________ for a traditional greeting card company like Hallmark.
A. organizational change
B. stable vision
C. physical change
D. product innovation
3. The three components that form the three critical success factors include:
A. the ability to embrace change, creativity and innovation capabilities, and being a world-class organization.
B. strategy formulation, strategy implementation, and strategy evaluation.
C. corporate, functional, and competitive strategies.
D. durability, imitability, and efficiency.
4. The ability to access information with great speed reflects the impact of:
A. the information revolution.
B. technological advances and breakthroughs.
C. globalization.
D. All of the answer choices are correct.
5. __________ view proposes that an organization’s competitive advantage is temporary and can be gained only by peppering the competitive marketplace with rapid radical surprises.
A. Resource-based
B. Guerilla
C. Industrial organization
D. Environmental
6. The following are all components of an organizational vision EXCEPT:
A. a strong connection to the organization's core values and beliefs.
B. strategy based on the results of a focus group.
C. elaboration of a purpose for the organization.
D. summary of the organization's operations or what it does.
7. Which of the following factors is considered to make an organization's resources unique?
A. Durability
B. Imitability
C. Quality
D. Efficiency
8. Ethics can be defined as:
A. the obligation of organizational decision makers to make decisions and act in ways that recognize the interrelatedness of business and society.
B. the intentional and ongoing actions of an organization to continuously transform itself by acquiring information and knowledge.
C. the rules and principles that define right and wrong decisions and behavior.
D. making decisions and implementing strategies that allow an organization to develop and maintain a competitive advantage.
9. As you are studying your organization’s context, it seems clear that the company will have to prepare itself for continual turbulence and change. Which of the following best describes the driving forces for change that could affect the company's future?
A. Reduced need for physical assets
B. Vanishing distance and compressed time
C. Increased vulnerability
D. All of the answer choices are correct.
10. __________ is the ability to combine ideas in a unique way or to make unusual associations between ideas.
A. Resourcefulness
B. Strategic focus
C. Creativity
D. Interactivity
11. Which of the following best describes the competitive advantage perspective that looks at the impact of external factors?
A. Resource-based view
B. Guerilla view
C. Industrial organization view
D. Environmental view
12. The competitive advantage perspective that focuses on structural forces within an industry, the competitive environment of firms, and how these influence competitive advantage is the __________ view.
A. industrial-organizational
B. resource-based
C. guerilla
D. environmental
13. Change agents are:
A. manipulators that facilitate change to improve an organization's revenue.
B. those who initiate and oversee the change efforts.
C. the leader who single-handedly is responsible for an organization's success through authoritarian leadership.
D. All of the answer choices are correct.
14. A __________ statement is a statement of what specific organizational units do and what they hope to accomplish.
A. vision
B. strategy
C. technology
D. mission
15. __________ is the process of taking a creative idea and turning it into a product or process that can be used or sold.
A. Technology
B. Innovation
C. Invention
D. Discovery
16. Ms. Gibson has come up with the idea of offering free house painting if the job is not completed within the time agreed. Which of the following best describes the competitive advantage perspective that Ms. Gibson is proposing?
A. Resource-based view
B. Guerilla view
C. Industrial organization view
D. Environmental view
17. Which of the following is a characteristic of a world-class organization?
A. An authoritarian climate
B. A strong customer focus
C. A functional organization structure
D. A strong marketing department
18. The __________ should elaborate a purpose for the organization.
A. vision
B. competitive strategy
C. mission
D. strategy
19. If organizations have __________, they will do whatever it takes to operate at capacity.
A. high fixed costs
B. high variable costs
C. numerous competitors
D. equally balanced competitors
20. Recent census data showed that for the first time in the history of the United States there were more Americans over age __________ than under.
A. 25
B. 30
C. 21
D. 19
21. An element of the environment as information perspective is:
A. environmental relevancy.
B. environmental uncertainty.
C. environmental currency.
D. environmental texture.
22. In an external analysis, the primary role of the middle manager is to:
A. use information in terms of the "big picture."
B. act as an information gatherer and disseminator.
C. encourage workers to listen to the customer.
D. All of the answer choices are correct.
23. Which of the following is NOT one of the five competitive forces?
A. Competition forms substitute products
B. The threat of potential entry
C. The strength of industry forces
D. The bargaining power of buyers
24. Which of the general environmental sectors is affected when minimum wage laws are changed?
A. Economics
B. Demographics
C. Sociocultural
D. Political/legal
25. A supplier will have more bargaining power:
A. if it is able to provide the products that the industry is currently providing.
B. if the supplier's product is an important input to the industry.
C. if the supplier's products are differentiated or there are customer switching costs.
D. All of the answer choices are correct.
26. A buyer will have less bargaining power if all of the following factors apply EXCEPT:
A. buyers have limited information.
B. buyers face few switching costs.
C. the products purchased are highly differentiated and unique.
D. buyers purchase small volumes of the products.
27. One of the factors that shape the definition of exit barriers as factor(s) that keep companies competing in businesses, even when those businesses are failing, is __________ factors.
A. economic
B. strategic
C. emotional
D. all of the above
28. A challenge in conducting an external analysis is that:
A. forecasts aren't facts.
B. brand loyalty is low.
C. markets may be concentrated.
D. markets may be fragmented.
29. As an open system, an organization __________ and __________ its external environment.
A. reacts to; controls
B. interacts with; responds to
C. interacts with; controls
D. reacts to; responds to
30. The __________ is a trade alliance among countries.
A. Global Union
B. U.S. Economic Act of 1996
C. Association of Southeast Asian Nations
D. Consumer Product Safety Association
31. An external analysis enables the organization to examine:
A. opportunities and threats.
B. strengths and weaknesses.
C. product substitution and durability.
D. manufacturing and operations.
32. One challenge of conducting an external analysis is:
A. an external analysis can be time consuming.
B. the environment might be changing more rapidly than you can keep up with.
C. the internal analysis of the organization is very important to managing strategically.
D. it is time consuming and the environment changes very rapidly.
33. The Porter Five Forces model includes all of the following factors EXCEPT:
A. bargaining power of suppliers.
B. threat of new entrants.
C. threat of a decrease in research and development.
D. threat of substitute products.
34. Organizations are __________ systems, which means they interact with and respond to their environment.
A. open
B. organic
C. adaptive
D. external
35. Which of the following does NOT usually function as an entry barrier?
A. Economies of scale
B. Product differentiation
C. High strategic stakes
D. Switching costs
36. Managing __________ is an ongoing process.
A. emotionally
B. strategically
C. reactively
D. cooperatively
37. Which of the following would be considered substitute products?
A. Coke and Pepsi
B. Contacts and eyeglasses
C. The Internet and the World Wide Web
D. AT&T and Sprint
38. The law governing safe and hazard-free work environments is the:
A. Equal Employment Opportunity Act of 1972.
B. Americans with Disabilities Act of 1990.
C. Occupational Safety and Health Act of 1970.
D. Civil Rights Act of 1991.
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