Advanced Management Theory
Final Test Solutions
Course Introduction
Advanced Management Theory explores the evolution and application of contemporary management concepts and frameworks critical for effective leadership in complex organizational environments. The course delves into advanced topics such as strategic decision-making, systems thinking, organizational behavior, innovation management, and change leadership. Students critically evaluate classical and modern management theories, analyze real-world case studies, and develop skills for navigating challenges posed by globalization, digital transformation, and sustainability. Emphasis is placed on integrating theoretical insights with practical tools to enhance managerial effectiveness and drive organizational success in a rapidly changing business landscape.
Recommended Textbook
Strategic Management and Business Policy 15th Global Edition by J. David Hunger
Flashcards
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Chapter 1: Basic Concepts in Strategic Management
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112 Flashcards
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Sample Questions
Q1) Which one of the following is included in the firm's task environment?
A) technological factors
B) sociocultural factors
C) culture
D) stockholders
E) political-legal forces
Answer: D
Q2) Logical incrementalism is a useful decision-making mode when the environment is rapidly changing and when it is important to build consensus to a specific strategy.
A)True
B)False
Answer: True
Q3) A budget is a statement of a corporation's programs in terms of dollars.
A)True
B)False
Answer: True
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Chapter 2: Corporate Governance
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Sample Questions
Q1) Which of the following statements is not true regarding the board of directors?
A) The board is charged by law to act with due care.
B) If a director or the board as a whole fails to act with due care and, as a result, the corporation is in some way harmed, the careless director or directors can be held personally liable for the harm done.
C) Director liability insurance is often needed to attract people to become members of boards.
D) Directors must be aware of the needs of various constituent groups to balance all their interests.
E) More than half of all publicly traded companies in the United States are incorporated in New York, requiring that the corporation be managed in accordance with NY state laws.
Answer: E
Q2) Usually,the strategic planning staff is charged with supporting only top management in the strategic planning process.
A)True
B)False
Answer: False
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Chapter 3: Social Responsibility and Ethics in Strategic Management
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Sample Questions
Q1) According to Archie Carroll,the responsibility that management of a business organization has to produce goods and services of value to society so that the firm may repay its creditors and stockholders is called
A) legal responsibilities.
B) ethical responsibilities.
C) economic responsibilities.
D) financial responsibilities.
E) discretionary responsibilities.
Answer: C
Q2) In order for a business to be sustainable,it must satisfy which of Carroll's responsibilities?
A) economic
B) legal
C) ethical
D) discretionary
E) all of the above
Answer: E
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Chapter 4: Environmental Scanning and Industry Analysis
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Sample Questions
Q1) Which of the following is not descriptive of intense rivalry among firms?
A) slow industry growth
B) high fixed costs
C) high exit barriers
D) few competitors or competitors that are roughly equal in size and power
E) product offerings that are highly differentiated
Q2) Trend extrapolation is
A) the process of converting intuition and hunches into reality.
B) the extension of present trends into the future.
C) the process of asking some authorities in the area to make an "informed guess" about the future.
D) given a large amount of historical data on certain interrelated factors, one attempts to conceptualize alternative futures.
E) detecting faulty underlying assumptions before forecasting errors can occur.
Q3) The need to invest huge financial resources in manufacturing facilities in order to produce large commercial airplanes creates a significant barrier to entry to any competitor for Boeing and Airbus.
A)True
B)False
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Chapter 5: Organizational Analysis and Competitive Advantage
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110 Verified Questions
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Sample Questions
Q1) Those critical strengths and weaknesses that are likely to determine if a firm will be able to take advantage of opportunities while avoiding threats are called
A) SWOT.
B) competitive forces.
C) internal strategic factors.
D) quality accounting.
E) factor analysis.
Q2) Flexible manufacturing emphasizes
A) high-volume output of mass-produced products.
B) the cost advantages of an intermittent system with the customer-oriented advantages of a continuous system.
C) the learning curve is longer since technology is automated.
D) economies of scope over economies of scale.
E) economies of scale over economies of scope.
Q3) Flexible manufacturing permits the low-volume output of custom-tailored products at relatively low unit costs through economies of scope.
A)True
B)False
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Chapter 6: Strategy Formulation: Business Strategy
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Sample Questions
Q1) Strict targets to improve efficiency are likely to be found in organizations following which of Porter's generic competitive strategies?
A) cost leadership
B) differentiation
C) stuck in the middle
D) differentiation focus
E) cooperative
Q2) A method developed in the mid-1990s as an efficient means to quickly consolidate a fragmented industry can be referred to as a
A) merger.
B) strategic rollup.
C) cost strategy.
D) differentiation strategy.
E) focus strategy.
Q3) Tight cost control is an organizational requirement for a cost leadership strategy.
A)True
B)False
Q4) What are the common elements of a well-crafted mission statement?
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Chapter 7: Strategy Formulation: Corporate Strategy
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Sample Questions
Q1) When P&G,Kimberly-Clark,and Scott Paper compete with each other in varying combinations of consumer paper products,they are said to be engaging in
A) oligopolistic competition.
B) strategic competition.
C) multipoint competition.
D) laissez-faire competition.
E) horizontal competition.
Q2) Which strategy might be the most likely when management realizes that the current industry is unattractive and that the firm lacks outstanding skills that it could easily transfer to related products or services in other industries?
A) concentration
B) horizontal growth
C) concentric diversification
D) vertical growth
E) conglomerate diversification
Q3) Discuss the three general orientations comprising directional strategy.
Q4) Vertical integration is always more efficient than the marketplace.
A)True
B)False
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Chapter 8: Strategy Formulation: Functional Strategy and Strategic Choice
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Sample Questions
Q1) What does a financial strategy examine?
Q2) All of the following are benefits for a company to raising its debt levels EXCEPT
A) deter takeover attempts by other firms.
B) improve productivity.
C) improve cash flows.
D) force management to focus on core businesses.
E) improve strategic options available.
Q3) When there are highly automated assembly lines making one mass-produced product using little human labor,this setup is called
A) dedicated transfer lines.
B) connected line batch flow.
C) connected job flow.
D) mass batch lines.
E) mass job flow.
Q4) Discuss W.Edwards Deming's position on sole sourcing.
Q5) The real-options approach used by Chevron for bidding on petroleum reserves improves organizational performance.
A)True
B)False
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Chapter 9: Strategy Implementation: Global Strategy
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Sample Questions
Q1) The firm becomes a full-fledged MNC in which stage of international development?
A) Stage 1
B) Stage 2
C) Stage 3
D) Stage 4
E) Stage 5
Q2) The first stage of international development is the domestic company.
A)True
B)False
Q3) A highly developed international company with a deep involvement throughout the world,plus a worldwide perspective in its management and decision-making is called a(n)
A) international corporation.
B) multi-domestic corporation.
C) multi-national corporation.
D) global corporation.
E) Stage IV corporation.
Q4) Foreign units of MNCs are evaluated more as investment or profit centers. A)True
B)False
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Chapter 10: Strategy Implementation: Organizing and Structure
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Sample Questions
Q1) Which of the following is not true of a Stage I corporation?
A) It is typified by the entrepreneur.
B) The entrepreneur tends to make all the important decisions personally.
C) The Stage I corporation has little formal structure.
D) Planning tends to be long range and progressive.
E) The greatest strength of a Stage I corporation is its flexibility and dynamism.
Q2) The term used in strategic implementation that describes a system of sequential steps or techniques that describe in detail how a particular task or job is to be done is A) a program.
B) a guideline.
C) a budget.
D) a course of action.
E) a procedure.
Q3) Those who implement strategy will probably be a much more diverse set of people than those who formulate it.
A)True
B)False
Q4) What are the four stages of corporate development?
Page 12
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Chapter 11: Strategy Implementation: Staffing and Directing
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Sample Questions
Q1) Which one of the following is not one of the activities and techniques typically used in an assessment center to evaluate a person's suitability for advancement?
A) leaderless group discussions
B) management games
C) in-basket exercises
D) IQ tests
E) case analyses
Q2) Downsizing refers to the planned elimination of positions or jobs; it is often used to implement retrenchment strategies.
A)True
B)False
Q3) Many TQM principles have been incorporated into the series of standards and certifications of
A) ISO 9000.
B) MBO.
C) AMT.
D) 501K
E) CDRH
Q4) What is TQM and what are its essential ingredients?
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Chapter 12: Evaluation and Control
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Sample Questions
Q1) Which of the following is not a reason ERP could fail?
A) insufficient tailoring of the software to fit the company
B) inadequate training
C) simplicity of system
D) insufficient implementation support
E) demands a high level of standardization
Q2) What method is particularly appropriate for measuring and rewarding the performance of top SBU managers and group-level executives when performance factors and their importance vary from one SBU to another?
A) return on investment
B) year-end bonuses
C) zero base budgeting
D) weighted-factor method
E) return on assets
Q3) One of the obstacles to effective control is the difficulty in developing appropriate measures of important activities and outputs.
A)True
B)False
Q4) Distinguish between behavior and output controls.Provide examples of each.
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Chapter 13: Suggestions for Case Analysis
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Sample Questions
Q1) Cases present actual business situations and enable you to examine only successful corporations.
A)True
B)False
Q2) What benefit does converting sales and profits to constant dollars in times of inflation offer when analyzing a case?
A) It is helpful in predicting the future potential of the organization.
B) It contributes to determining the risk factors when computing the Z-value.
C) It shows the true performance of the corporation adjusted for inflation to make them comparable over years.
D) It is easier for the financial analyst to judge the effectiveness of management's decision-making.
E) It provides a method that is familiar and easy to understand.
Q3) At what Z-value level is a firm considered healthy?
A) below 1.81
B) above 3.0
C) above 5.0
D) between 6.0 and 10.0
E) above 100
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