Business Management Test
Preparation
Course Introduction
Business Management is a comprehensive course designed to introduce students to the fundamental principles and practices required to effectively operate and lead a business organization. The course covers key topics such as organizational structure, planning and decision-making, leadership and motivation, human resource management, marketing, financial management, and strategic planning. Emphasis is placed on developing analytical, problem-solving, and communication skills essential for managing resources, people, and projects in a dynamic business environment. Students will also explore both traditional and contemporary management approaches, ethical considerations, and the impact of globalization on business operations.
Recommended Textbook
Concepts in Strategic Management and Business Policy 15th Edition by Thomas L. Wheelen
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Chapter 1: Basic Concepts in Strategic Management
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) Amazon.com,founded by Jeff Bezos and reflecting his vision,is an example of which mode of strategic decision-making?
A) adaptive
B) entrepreneurial
C) logical incrementalism
D) planning
E) customer relationship management
Answer: B
Q2) Members of the European Union (EU) include all of the following EXCEPT
A) Ireland.
B) Great Britain.
C) Belgium.
D) France.
E) Slovakia.
Answer: B
Q3) Corporate strategy occurs at the business unit or product level.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Corporate Governance
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99 Verified Questions
99 Flashcards
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Sample Questions
Q1) Which country pioneered the use of worker participation on corporate boards?
A) England
B) France
C) Sweden
D) Japan
E) Germany
Answer: E
Q2) Codetermination has been used in Germany since the 1950s,but has not been used in the United States.
A)True
B)False
Answer: False
Q3) While 97% of large U.S.corporations now use nominating committees to identify potential directors,this practice is not as common in Europe.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Social Responsibility and Ethics in Strategic Management
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) What is stakeholder analysis? List the three-step process.
Answer: Stakeholder analysis is the identification and evaluation of corporate stakeholders.The first step of the process is to identify the primary stakeholders (those who have a direct connection with the corporation and who have sufficient bargaining power to affect corporate activities directly).The second step is to identify the secondary stakeholders (those who have only an indirect stake in the corporation,but who are also affected by corporate activities).The third step is to estimate the effect on each stakeholder group from any particular strategic decision.
Q2) All of the following are considered primary stakeholders EXCEPT
A) customers.
B) governments.
C) employees.
D) shareholders.
E) creditors.
Answer: B
Q3) There is no truth to the comment that "business ethics" is an oxymoron.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Environmental Scanning and Industry Analysis
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119 Verified Questions
119 Flashcards
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Sample Questions
Q1) Which of the following is true in regards to competitive intelligence?
A) The Economic Espionage Act makes it illegal to steal any material that a business has taken "reasonable efforts" to keep secret.
B) The Society of Competitive Intelligence Professionals urges strategists to stay within the law and to act ethically when searching for information.
C) The Society of Competitive Intelligence Professionals states that illegal activities are foolish because the vast majority of worthwhile competitive intelligence is available publicly via annual reports, websites, and libraries.
D) A number of firms hire consultants with questionable reputations who do what is necessary to get information when the selected methods do not meet SPIC ethical standards or are illegal.
E) The competitive intelligence function is always housed in its own unit within organizations.
Q2) Describe Porter's approach to industry analysis.
Q3) What are the two factors that tend to determine whether an industry will be primarily multi-domestic or primarily global?
Q4) Describe the four strategic types of the Miles and Snow typology.
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Chapter 5: Organizational Analysis and Competitive Advantage
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110 Verified Questions
110 Flashcards
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Sample Questions
Q1) A graph showing time plotted against the dollar sales of a product as it moves from introduction through growth and maturity to decline is called the
A) marketing position.
B) product life cycle.
C) market segmentation.
D) marketing mix.
E) marketing leverage.
Q2) Capabilities refer to a corporation's ability to exploit its resources.
A)True
B)False
Q3) Discuss the three basic organizational structures.
Q4) The marketing mix refers to product,place,packaging,and price.
A)True
B)False
Q5) When a company uses the same marketing channel for two separate products,this is an example of an economy of scope.
A)True
B)False
Q6) Discuss primary and support activities in a value chain.
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Chapter 6: Strategy Formulation: Business Strategy
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113 Verified Questions
113 Flashcards
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Sample Questions
Q1) Which of Porter's competitive strategies concentrates on seeking differentiation in a particular buyer group,product line segment,or geographic market?
A) segmentation focus
B) cost leadership
C) differentiation focus
D) competitive advantage
E) cost focus
Q2) Discuss competitive strategy differences between a fragmented and a consolidated industry.
Q3) One of the first steps in good strategy design should include crafting the mission statement for the organization.
A)True
B)False
Q4) A cost leader's lower costs allow it to continue to earn profits during times of heavy competition.
A)True
B)False
Q5) What are the common elements of a well-crafted mission statement?
Q6) What are cooperative strategies?
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Chapter 7: Strategy Formulation: Corporate Strategy
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) Which one of the following directional strategies is most frequently used in corporations?
A) stability
B) consolidation
C) growth
D) retrenchment
E) expansion
Q2) Which kind of corporate strategy deals with the manner in which the firm coordinates activities and builds corporate synergies through resource sharing and development?
A) portfolio strategy
B) directional strategy
C) parenting strategy
D) cooperative strategy
E) functional strategy
Q3) Stability strategies can be very useful in the short run,but they can be dangerous if followed for too long.
A)True
B)False
Q4) Define a retrenchment strategy.Discuss the more popular options.
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Chapter 8: Strategy Formulation: Functional Strategy and Strategic Choice
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) The strategy that deals with product and process innovation and improvement is known as a(n) ________ strategy.
A) marketing
B) R&D
C) operations
D) financial
E) human resource management
Q2) A product development strategy deals with pricing,selling,and distributing a product.
A)True
B)False
Q3) Continuous improvement is an operations concept developed by Deming and perfected by firms in
A) the United States.
B) Sweden.
C) Japan.
D) Germany.
E) Canada.
Q4) What is a functional strategy?
Q5) What are the strategies to avoid proposed by the authors?
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Chapter 9: Strategy Implementation: Global Strategy
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) Which one of the following is not one of the dangers of using primarily foreign nationals to staff managerial positions in subsidiaries?
A) the increased likelihood of suboptimization
B) difficulty for the MNC to meet long-term, worldwide objectives
C) the ability for communication and coordination becomes increasingly difficult
D) promotes anger and jealousy within the nationalistic host government
E) problems in coordinating activities of several international subsidiaries leads to problems in operating in a global industry
Q2) Corporate tax rates tend to be relatively stable from country to country.
A)True
B)False
Q3) The term production sharing was coined by Alfred Chandler.
A)True
B)False
Q4) The danger in using primarily foreign nationals to staff managerial positions in subsidiaries is the increased likelihood of suboptimization.
A)True
B)False
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Chapter 10: Strategy Implementation: Organizing and Structure
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) Strategy formulation is the sum total of the activities and choices required for the execution of a strategic plan.
A)True
B)False
Q2) After programs have been developed,the budget process begins.
A)True
B)False
Q3) The first company to manufacture and sell a new product or service is referred to as a pioneer.
A)True
B)False
Q4) What is the last real check a firm has on the feasibility of its selected strategy?
A) budget planning
B) standard operating procedure development
C) exit strategy development
D) program development and execution
E) tactic developments
Q5) How can a corporation's life cycle be extended?
Q6) What are the four stages of corporate development?
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Chapter 11: Strategy Implementation: Staffing and Directing
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110 Verified Questions
110 Flashcards
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Sample Questions
Q1) Which type of chief executive officer with a great deal of experience in that particular industry would be appropriate for a corporation following a concentration strategy emphasizing vertical or horizontal growth?
A) professional liquidator
B) dynamic industry expert
C) turnaround specialist
D) analytical portfolio manager
E) cautious profit planner
Q2) List the guidelines proposed for successful downsizing.
Q3) It is possible that a current CEO may not be appropriate to implement the firm's new strategy.
A)True
B)False
Q4) When managing corporate culture,the first question management must ask is
A) what the change in strategy means to the corporate culture.
B) whether a change in culture is needed.
C) whether an attempt to change the culture is worth the likely costs.
D) whether it is possible to manage around the culture.
E) whether stakeholders will be impacted.
Q5) What is an executive type? What is its significance to strategy?
Page 13
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Chapter 12: Evaluation and Control
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114 Verified Questions
114 Flashcards
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Sample Questions
Q1) Because of the belief that accounting-based numbers such as ROI,ROE,and EPS are not reliable indicators of a corporation's economic value,which method of corporate performance is now preferred?
A) shareholder value
B) basic earning power
C) price/earnings ratio
D) profit margin on sales
E) return on assets
Q2) Which of the following is not a guideline for proper control?
A) Control should involve only a minimum amount of information.
B) Long-term as well as short-term controls should be used.
C) Controls should be timely so that corrective actions can be taken before it is too late.
D) Controls should measure all activities in order to be comprehensive.
E) Controls should emphasize the reward of meeting or exceeding standards rather than punishment for failing to meet standards.
Q3) Performance is the end result of activity.
A)True
B)False
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14
Chapter 13: Suggestions for Case Analysis
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103 Verified Questions
103 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-K forms.
Q2) "Earnings per share" is an example of a(n)
A) leverage ratio.
B) liquidity ratio
C) activity ratio.
D) asset management ratio.
E) profitability ratio.
Q3) ________ is used worldwide and measures the total output of goods and services within a country's borders.
A) CPI
B) Prime interest rate
C) GDP
D) Z-Value
E) The Index of sustainable growth
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