Business Consulting
Exam Solutions
Course Introduction
Business Consulting is a comprehensive course designed to equip students with the knowledge and skills necessary to analyze, strategize, and solve complex business challenges. Covering key consulting methodologies, problem-solving frameworks, and client management techniques, the course emphasizes practical, real-world application through case studies, group projects, and simulations. Students learn to conduct diagnostics, develop actionable recommendations, and communicate solutions effectively to various stakeholders. The curriculum also explores emerging trends, ethical considerations, and the impact of digital transformation within the consulting industry, preparing students to succeed in diverse and dynamic business environments.
Recommended Textbook
Strategic Management and Business Policy Globalization Innovation and Sustainablility 14th Edition
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12 Chapters
1254 Verified Questions
1254 Flashcards
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Chapter 1: Basic Concepts in Strategic Management
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106 Verified Questions
106 Flashcards
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Sample Questions
Q1) In the externally oriented planning phase, plans are developed by heavily involving the input of managers from lower levels.
A)True
B)False
Answer: False
Q2) The goal of NAFTA is complete economic integration.
A)True
B)False
Answer: False
Q3) Which theory proposes that once an organization is successfully established in a particular environmental niche, it is unable to adapt to changing conditions?
A) population ecology
B) institution
C) citizenship
D) strategic choice
E) organizational learning
Answer: A
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Page 3
Chapter 2: Corporate Governance
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) Succession planning for the board and top management team is one of the five responsibilities of the board of directors.
A)True
B)False
Answer: True
Q2) Which of the following regions is the most globalized region of the world in terms of boards of directors with most companies having one or more non-national directors?
A) Asia
B) Middle East
C) North American
D) Pacific Rim
E) Europe
Answer: E
Q3) Transformational leaders transform their organizations from market leaders in one industry to market leadership in another.
A)True
B)False
Answer: False
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Chapter 3: Ethics and Social Responsibility in Strategic Management
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) According to Kohlberg, the first level of moral development, characterized by concern for self, is called
A) principled.
B) conventional.
C) essential.
D) preconventional.
E) fundamental.
Answer: D
Q2) Which of the following companies was cited by the text as an example of a company which does its best to consider its responsibilities to its primary and secondary stakeholders when making strategic decisions?
A) McDonald's
B) Maytag
C) Johnson & Johnson
D) Microsoft
E) Enron
Answer: C
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Page 5
Chapter 4: Environmental Scanning and Industry Analysis
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) What are the two factors that tend to determine whether an industry will be primarily multidomestic or primarily global?
Q2) Discuss the most commonly practiced form of forecasting.
Q3) In the EFAS Table, the indicator of how well a particular company is responding to current and expected factors in its external environment is characterized by the
A) IFAS score.
B) industry matrix.
C) total weighted score.
D) SWOT score.
E) SFAS score.
Q4) What is a set of business units or firms that "pursue similar strategies with similar resources"?
A) strategic group
B) collective collaboration
C) cooperative
D) integral association
E) strategic assembly
Q5) Distinguish between a fragmented and consolidated industry.
Q6) Describe the four general forces in the societal environment.
Page 6
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Chapter 5: Internal Scanning and Organizational Analysis
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) A corporation's ability to exploit its resources is referred to as its A) resources.
B) capabilities.
C) core competencies.
D) critical success factors.
E) key performance factors.
Q2) According to Porter, a manufacturing firm's support activities usually begin with inbound logistics, go through an operations process in which a product is manufactured, and continue on to outbound logistics and finally to service.
A)True
B)False
Q3) Research reveals a positive relationship between corporate reputation and financial performance.
A)True
B)False
Q4) Using concurrent engineering, Chrysler Corporation was able to reduce its product development cycle from 60 to 36 months.
A)True
B)False
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Chapter 6: Strategy Formulation: Situation Analysis and Business Strategy
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) An example of a company following a cost focus strategy is Potlach Corporation, who makes house brands of toilet paper for Safeway and other grocery store chains.
A)True
B)False
Q2) What are the three generic competitive strategies that Porter promotes as the means for outperforming other corporations in a particular industry?
A) competitive scope, differentiation, and focus
B) diversification, concentration, and competitive scope
C) cost, competitive scope, and focus
D) concentration, cost leadership, and differentiation
E) cost leadership, differentiation, and focus
Q3) The goal is to find a propitious niche so well suited to the firm's internal and external environment that other corporations are not likely to challenge or dislodge it.
A)True
B)False
Q4) What are Porter's four generic strategies?
Q5) Discuss the reasons a firm may form a strategic alliance.
Q6) What are cooperative strategies?
Page 8
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Chapter 7: Strategy Formulation: Corporate Strategy
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) Which kind of corporate strategy deals with the firm's overall orientation toward growth?
A) portfolio strategy
B) directional strategy
C) parenting strategy
D) cooperative strategy
E) functional strategy
Q2) Discuss the more popular stability strategies.
Q3) An MNC uses which international strategy for entering a foreign market by simply shipping goods produced in the company's home country to other countries for marketing to minimize risk and to experiment with a specific product?
A) licensing
B) joint ventures
C) exporting
D) production sharing
E) acquisitions
Q4) Why is growth a very attractive strategy?
Q5) A long-term contract is considered vertical integration.
A)True
B)False
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Chapter 8: Strategy Formulation: Functional Strategy and Strategic Choice
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) According to the text, which one of the following is NOT one of the reasons why innovations seem to occur more often in small firms rather than in large, established corporations?
A) An entrepreneur in a small firm is more willing to accept greater risk than would a larger firm of diversified ownership.
B) Small firms are completely ignorant of risk management.
C) The greater the assets involved and the longer they are tied up, the more likely top management in large firms is to demand a high probability of success.
D) Companies operating in global industries must deal with a greater amount of risk than firms operating only in one country.
E) If the corporation's stock is widely held as in the case of large firms and experiences stock price declines due to some external assessment, it places the firm in jeopardy of being acquired.
Q2) An example of the use of the leader R&D functional strategy to achieve a differentiation competitive advantage is Nike Inc.
A)True
B)False
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Page 10
Chapter 9: Strategy Implementation: Organizing for Action
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) In order to implement reengineering, Hammer suggests that those who use the output of the process perform the reengineering process.
A)True
B)False
Q2) What is the activity that occurs in the last stage of international development?
A) The company invests in production facilities in key countries.
B) The company exports, but trade is minor and handled by an export department.
C) The company establishes its own export division with sales offices in other countries.
D) The company operates in a global industry and establishes worldwide HR, R&D, and financing strategies thereby denationalizing its operations.
E) The company establishes local operating divisions in host countries to better serve individual country markets.
Q3) A candidate for a fourth stage in corporate development is
A) conglomerate structure.
B) strategic business units.
C) divisional structure.
D) matrix structure.
E) hybrid structure.
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Chapter 10: Strategy Implementation: Staffing and Directing
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107 Verified Questions
107 Flashcards
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Sample Questions
Q1) The percentage of U.S.-based expatriate managers who fail to adjust to a host country's social and business environment is
A) 6% or less.
B) approximately 35%.
C) between 50% and 75%.
D) around 80%.
E) greater than 90%.
Q2) A dynamic industry expert is someone with an analytical mind who is highly knowledgeable in other industries and can manage diverse product lines.
A)True
B)False
Q3) According to Hofstede's cultural dimensions, which country scored among the lowest on uncertainty avoidance?
A) Malaysia
B) Mexico
C) Austria
D) United States
E) Great Britain
Q4) What is TQM and what are its essential ingredients?
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Chapter 11: Evaluation and Control
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) Enterprise risk management is being adopted because of the increasing amount of environmental uncertainty that can affect an entire corporation.
A)True
B)False
Q2) Discuss the guidelines for proper control.
Q3) Which method of matching rewards to the accomplishment of strategic objectives encourages executives to look at developmental expenses as being different from those expenses required for current operations?
A) strategic-funds method
B) segmentation method
C) long-term evaluation method
D) individual evaluation method
E) weighted-factor method
Q4) The revenue center is measured in terms of efficiency.
A)True
B)False
Q5) Performance is the end result of activity.
A)True
B)False
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Chapter 12: Suggestions for Case Analysis
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) Among the most useful and important documents that can be used to understand why actions were taken are
A) news releases.
B) product specification reports.
C) its corporate history.
D) annual reports.
E) 10-Q forms.
Q2) All of the following ratios represent activity ratios EXCEPT
A) accounts payable period.
B) days of inventory.
C) net working capital turnover.
D) earnings per share.
E) days of cash.
Q3) According to Schilit, unusually high goodwill gains related to recent acquisitions is a red flag, suggesting an underlying problem.
A)True
B)False
Q4) What is the Z-value?
Q5) What ratios are recommended for financial ratio analysis?
Q6) What are constant dollars and why are they important?
Page 14
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