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A241: BJTHK 3123 QUIZ 1 (GROUP A)

Total questions: 32

Worksheet time: 16mins

Name
Class
Date
1.

What is the primary focus of the Resource-Based View (RBV) in strategic management?

a)

Customer satisfaction

b)

Competitor analysis

c)

External market conditions

d)

Internal resources of the firm

2.

Which of the following is NOT a basic function of management?

a)

Marketing

b)

Organizing

c)

Planning

d)

Controlling

3.

What does an Internal Factor Evaluation (IFE) Matrix help to determine?

a)

Competitor strategies

b)

External market opportunities

c)

Internal strengths and weaknesses

d)

Customer preferences

4.

Which of the following is a characteristic of valuable resources according to the RBV?

a)

Commonly available

b)

Easily substitutable

c)

Rare

d)

Low cost

5.

Which of the following is a key internal force that helps build competitive advantages?

a)

Market trends

b)

Regulatory changes

c)

Distinctive competencies

d)

Customer feedback

6.

What does cost/benefit analysis involve?

a)

Comparing total costs with total benefits

b)

Estimating market share

c)

Analyzing competitor pricing

d)

Evaluating employee performance

7.

Which of the following is a function of marketing?

a)

Production planning

b)

Financial ratio analysis

c)

Human resource management

d)

Customer analysis

8.

What is the main goal of value chain analysis (VCA)?

a)

To identify customer needs

b)

To analyze competitor strategies

c)

To determine costs associated with activities

d)

To improve employee morale

9.
All of the following are guidelines for effective strategic planning EXCEPT
a)
it should be simple and nonroutine.
b)
it should be a learning process for top management.
c)
it should be a people process more than a paper process.
d)
it should not disregard qualitative information.
10.
The ________ decision determines the best capital structure for the firm.
a)
investment
b)
dividend
c)
financing
d)
restructuring
11.
According to the comprehensive strategic-management model, which step needs to be completed immediately following the generating, evaluating, and selecting strategies?
a)
Developing vision and mission statements.
b)
Performing external audits.
c)
Performing internal audits.
d)
Strategy execution and implementation
e)
12.
The following excerpt from a mission statement illustrates which of the nine essential components of a mission statement? "We believe our first responsibility is to all surrounding communities who affected by our operations."
a)
Markets
b)
Customers
c)
Concern for Employees
d)
Concern for Public Image
13.
Which of the following illustrates the self-concept component of a mission statement?
a)
To earn our customer's loyalty, we listen to them, anticipate their needs, and act to create value in their eyes.
b)
We are committed to leapfrogging ongoing competition within 1,000 days by unleashing the constructive and creative abilities and energies of each of our employees.
c)
Our emphasis is on North American markets, although global opportunities will be explored.
d)
To compensate its employees with remuneration and fringe benefits competitive with other employment opportunities in its geographical area and commensurate with their contributions toward efficient corporate operations.
14.
The process whereby a firm determines the costs associated with organizational activities from purchasing raw materials to manufacturing products to marketing those products is called..
a)
the resource-based approach
b)
value chain analysis
c)
strategic cost analysis..
d)
cost-benefit analysis.
15.
Empirical indicators of resources are: being rare, hard to imitate, or
a)
expensive.
b)
inexpensive.
c)
easily substitute.
d)
not easily substitute.
16.
Which of the following is the process of influencing people to accomplish specific objectives?
a)
Staffing
b)
Motivating
c)
Planning
d)
Controlling
17.
Which function of management includes all of those activities undertaken to ensure actual operations conform to planned operations?
a)
Planning
b)
Organizing
c)
Staffing
d)
Controlling
18.
All of the following are key questions that can reveal internal strengths and weaknesses in the management department EXCEPT
a)
Is the organization's structure appropriate?
b)
Are reward and control mechanisms effective?
c)
Are the organization's products positioned well against competing products?
d)
Does the firm use strategic-management concepts?
19.
Which of the following is NOT a key question that can reveal the internal strengths and weaknesses of the marketing department?
a)
Does the firm have an effective sales organization?
b)
Is our product quality good?
c)
Are markets segmented effectively?
d)
Does the firm have good liquidity?
20.
What category of ratios measures a firm's ability to meet maturing short-term obligations?
a)
Profitability
b)
Liquidity
c)
Leverage
d)
Activity
21.
Which of the following is the first step in developing an IFE Matrix?
a)
Determining the organization's structure.
b)
Summing the weighted scores for each variable.
c)
Listing key internal strengths and weaknesses.
d)
Identifying the organization's functions of business.
22.
Which of the following statements is FALSE?
a)
No organization can pursue all the strategies that potentially could benefit the firm.
b)
Most organizations today recognize that strategic-management concepts and techniques can enhance the effectiveness of decisions.
c)
A key role of strategists is to facilitate continuous organizational learning and change.
d)
Effective strategic planning should accept the assumptions underlying the current corporate strategy.
23.
Which of the following is NOT a reason given for poor or no strategic planning in an organization?
a)
Planning is viewed as a waste of time
b)
Content with current success
c)
Too busy "firefighting" to plan ahead
d)
Trust of management makes it unnecessary
24.
Both business and military organizations must ________ and ________ to be successful.
a)
be impervious to change; continually improve
b)
adapt to change; continually improve
c)
keep away change; stay the course
d)
be impervious to change; stay the course
25.
The three all-encompassing internal resource categories used in the resource-based view are physical resources, human resources, and
a)
financial resources.
b)
shareholder resources.
c)
organizational resources.
d)
non-renewable resources
26.
A pattern of behavior developed by an organization as it learns to cope with its problems of external adaptation and internal integration, and that has worked well enough to be considered valid and to be taught to new members as the correct way to perceive, think, and feel is called as
a)
dysfunctional behavior.
b)
groupthink
c)
behavior modification.
d)
organizational culture.
27.

Which of the following is considered a key indicator of national competitiveness?

a)

Standard of living

b)

Employee satisfaction

c)

Brand recognition

d)

Market share

28.

What does productivity measure in the context of competitiveness?

a)

The efficiency of producing goods and services

b)

The amount of exports generated

c)

The level of investment in technology

d)

The number of employees in a firm

29.

Which statement best describes a mission statement?

a)

A declaration of the firm's core purpose and reason for existence

b)

A statement about the future aspirations of the organization

c)

A detailed plan for achieving financial goals

d)

A summary of the company's annual performance

30.

What is a characteristic of an effective mission statement?

a)

It should be less than 100 words in length

b)

It should focus solely on profit generation

c)

It should inspire change and be easy to understand

d)

It should be overly specific with numbers and percentages

31.

Which of the following best describes a competitive advantage?

a)

A unique feature that allows a company to outperform its rivals

b)

A temporary increase in market share

c)

A strategy focused on cost-cutting alone

d)

A method to reduce product quality

32.

What is an important aspect of a company's vision statement?

a)

It should be vague and open to interpretation

b)

It should outline long-term goals and aspirations

c)

It should focus only on current market conditions

d)

It should be a detailed financial forecast

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