Management Capstone Exam Review
Course Introduction
The Management Capstone course serves as the culminating experience for students in the management program, challenging them to apply their knowledge and skills to real-world business scenarios. Through case studies, group projects, and strategic analysis, students integrate concepts from previous coursework in areas such as leadership, organizational behavior, and decision-making. This course emphasizes critical thinking, problem-solving, and effective communication while engaging students in the examination of complex management issues faced by contemporary organizations. By the end of the course, students will have developed and presented strategic recommendations for organizational improvement, equipping them for leadership roles in a diverse and dynamic business environment.
Recommended Textbook
Strategic Management Theory An Integrated Approach 11th Edition by Charles
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W. L. Hill
Chapter 1: Strategic Leadership: Managing the Strategy-Making Process for Competitive Analysis
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77 Verified Questions
77 Flashcards
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Sample Questions
Q1) Which of the following statements is true about SWOT analysis?
A)It does not encompass the analysis of an organization's external environment.
B)It essentially results in the generation of one single strategy that deals with one particular internal function of an organization.
C)It does not encompass functional-level strategies directed at improving the effectiveness of operations within a company.
D)It essentially produces strategies that are incongruent with each other.
E)It is a methodology for choosing between competing business models.
Answer: E
Q2) In the context of strategic management of a company, have profit-and-loss responsibility for a product, a business, or the company as a whole.
A)line managers
B)functional managers
C)general managers
D)government regulators
E)marketing managers
Answer: C
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Chapter 2: External Analysis: The Identification of Opportunities and Threats
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Sample Questions
Q1) Suppliers in an industry are most powerful when:
A)there are few substitutes for the products that they sell.
B)switching costs are low.
C)companies in the industry threaten to enter the suppliers' industry.
D)their profitability is significantly affected by the purchases of companies in a particular industry.
E)they refrain from entering their customers' industry because oflack of resources.
Answer: A
Q2) Which of the following is NOT one of the factors in the economic forces of the macroenvirornnent?
A)Interest rates
B)Inflation
C)Cultural changes
D)Currency exchange rates
E)Economic growth rate
Answer: C
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Chapter 3: Internal Analysis: Distinctive Competencies, Competitive
Advantage, and Profitability
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Q1) Lucy is an entrepreneur who is interested in opening her own bakery.She is concerned with obtaining money for equipment for the bakery such as ovens, pots and pans, and display cabinets.Lucy is trying to obtain intangible resources for her business.
A)True
B)False
Answer: False
Q2) A company's competitive advantage will not endure for long when that competitive advantage can be:
A)quickly or easily duplicated by other companies.
B)protected by patents.
C)protected by significant barriers to imitation.
D)shared with other companies in the industry.
E)shielded by copyrights.
Answer: A
Q3) Internal analysis is concerned with identifying a company's opportunities and threats.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Building Competitive Advantage Through Functional-Level Strategy
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Sample Questions
Q1) You are a consultant offering advice to a large manufacturing firm about ways to increase its distinctive competency in customer responsiveness.What suggestions would you offer? Be specific and detailed in your answer.
Q2) Explain the process by which increased production volume leads to lower costs.Give an example from a real or hypothetical firm.Can this process apply to a service organization as well as a manufacturing one? If so, give an example.If not, explain why not.
Q3) Which of the following trends has led to the fragmentation of many consumer markets?
A)Self-managing teams
B)Project management
C)TQM
D)Customization
E)Increased response time
Q4) Distinctive competencies shape the functional-level strategies that a company can pursue.
A)True
B)False
Page 6
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Chapter 5: Building Competitive Advantage Through Business-Level Strategy
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Sample Questions
Q1) A focused differentiator has the advantage of:
A)selling on non-price factors, such as design or customer service.
B)producing a large product variety without a large cost penalty.
C)producing a basic offering that is relatively inexpensive to produce and deliver.
D)being able to respond to demands for deep price discounts.
E)being able to initiate a price war in order to grow volume and drive its weaker rivals out of the industry.
Q2) Companies that follow a standardization strategy ignore the many different market segments in an industry and position their products to appeal to the average customer.
A)True
B)False
Q3) A company that follows the strategy customizes its offering to a particular niche in order to outsell its rivals.
A)focused differentiation
B)broad low-cost
C)market standardization
D)rapid growth
E)stuck in the middle
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Chapter 6: Business-Level Strategy and the Industry Environment
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Sample Questions
Q1) In a bid to expand its business and gain cost advantages, Omega Inc.has established several merchandising outlets in different locations.All the outlets share a good network and are interconnected by information technology.The entire network of outlets operates in the industry as one large company.Which of the following strategies has Omega Inc.most likely used ?
A)Chaining
B)Franchising
C)Horizontal merger
D)Niche strategy
E)Divestment strategy
Q2) Which of the following strategies allows interdependent fmns indirectly to coordinate their actions?
A)Market development
B)Harvest strategy
C)Divestment strategy
D)Price signaling
E)Market penetration
Q3) Fragmented industries typically have high barriers to entry.
A)True
B)False
Page 8
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Chapter 7: Strategy and Technology
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Sample Questions
Q1) Give an example of an industry that has recently undergone a technological paradigm shift.What impact did the shift have on established companies and on new entrants to the industry?
Q2) Network effects arise in an industry where:
A)the size of the network of complementary products is a primary determinant of demand for an industry's product.
B)a large network of companies in an industry use the same business model and strategies.
C)a company is able to adhere to the same technical standards across its network of outlets.
D)companies network together and lobby for establishing certain technical standards. E)companies that are not in favor of a technical standard network together.
Q3) Technical standards do not play any role in product differentiation.
A)True
B)False
Q4) Describe the advantages and disadvantages of being a first mover or a follower in a high-tech industry.In your opinion, which strategy is preferable, and why?
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Chapter 8: Strategy in the Global Environment
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Sample Questions
Q1) One advantage of a joint venture is that a company may benefit from a local partner's knowledge of the many dimensions of a host country.
A)True
B)False
Q2) Companies should form strategic alliances with frrms that have a reputation for being opportunistic.
A)True
B)False
Q3) The Achilles heel of international strategy is that:
A)economies of scale cannot be achieved.
B)customization of products makes the company lose its credibility.
C)competitors inevitably emerge.
D)non-price differences among products hold little importance.
E)customer preferences eventually become identical.
Q4) Differences in tastes and preferences:
A)increase pressures for cost reductions.
B)do not affect service-based firms.
C)increase pressures for local responsiveness.
D)reduce pressures from the host government.
E)significantly decrease R&D costs of a company.
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Chapter 9: Corporate-Level Strategy: Horizontal Integration,
Integration, and Strategic Outsourcing
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Sample Questions
Q1) Antitrust authorities:
A)favor large companies.
B)reduce industry competition.
C)are concerned with the abuse of market power.
D)tend to raise prices of products for consumers.
E)enable the achievement of market power.
Q2) Which of the following is a benefit that fmns should expect to gain from the use of horizontal integration?
A)Reduced risk of corning into conflict with the FTC
B)Better realization of economies of scale
C)Greater control over the entire supply chain
D)Reduced risk of holdup
E)Reduced need for investment in core activities
Q3) Credible commitments refer to:
A)believable promises that support the development of a long-term relationship between companies.
B)the merging of two companies that have an equal market share.
C)to obtaining of goods, services or works from an external source.
D)the acquisition of one company by another company.
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E)the outsourcing of after-sale services to a different company.
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Chapter 10: Corporate-Level Strategy: Related and Unrelated
Diversification
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Sample Questions
Q1) Stanley's services finn wants to enter an embryonic market, but it doesn't have enough cash to purchase the required assets.Which of the following strategies would you recommend to Stanley?
A)DiversifY through acquisition
B)Do not diversifY at all
C)DiversifY with an internal new venture
D)DiversifY with a joint venture
E)DiversifY through vertical integration
Q2) Free cash flow refers to additional funds from a government stimulus program.
A)True
B)False
Q3) In 2007, Google bought YouTube.This is an example of which of the following?
A)Partnership
B)Strategic alliance
C)Joint venture
D)Acquisition
E)Merger
Q4) Firms can create profitable new business units by leveraging their competencies.
A)True
B)False
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Chapter 11: Corporate Performance, Governance, and Business Ethics
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Sample Questions
Q1) The purpose of governance mechanisms in corporations is to:
A)centralize company resources to the top management.
B)reduce the scope and frequency of the agency problems.
C)satisfy the requirements of the Securities and Exchange Commission (SEC).
D)limit corporate growth to manageable rates.
E)monitor the performance of the board of directors.
Q2) An agency relationship continues down a hierarchy within a company.
A)True
B)False
Q3) When corporate CEOs and top managers use their power and control over funds to satisfy their personal desires for wealth or status, it is called:
A)on-the-job consumption.
B)greernnail.
C)information asymmetry.
D)self-dealing.
E)risk capital.
Q4) Explain the principles of agency theory, including the issues it addresses.What are some effective ways to deal with agency problems, as implied or stated by agency theory?
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Chapter 12: Implementing Strategy in Companies That
Compete in a Single Industry
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Sample Questions
Q1) Standardization is a form of:
A)output control.
B)fmancial control.
C)organizational inertia.
D)organizational culture.
E)behavior control.
Q2) Which of the following actions would you expect to see in a company that is undergoing a reengineering?
A)Hiring more managers
B)Hiring more workers
C)Examining activities from a customer's point of view
D)Investing more in product research and development (R&D)
E)Centralizing decision-making authority
Q3) Identify and discuss the three building blocks of organizational structure.
Q4) Consider the case of a family-run business that operates one small local retail shop and its subsequent expansion into more locations and more stores.Describe the changes that are likely to take place in that business's organizational structure as it grows in size, geographic dispersion, and complexity.Tell why the changes are beneficial for the business.
Page 14
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Chapter 13: Implementing Strategy in Companies That
Compete Across Industries and Countries
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Sample Questions
Q1) Which of the following statements is true about of unrelated diversification in the context of a multidivisional structure?
A)It is associated with the lowest level of bureaucratic costs.
B)It is the ruost complex strategy to manage.
C)It often leads to inaccurate evaluation of divisional performance.
D)It very rarely gives individual autonomy to the divisions.
E)It fosters a company-wide organizational culture and continuous interaction between various divisional managers.
Q2) Mike Wearhouse, a clothing retail company, decides to pool operations with another retail store, Elliot's, to create a single business unit called Mike and Elliot's.Which of the following strategies is illustrated in the scenario?
A)Harvest strategy
B)Internal new venture
C)Merger
D)Divestiture
E)Joint venture
Q3) Explain the benefits of the multidivisional structure for managing a finn that competes in several industries.
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