Management Consulting Exam Review
Course Introduction
Management Consulting explores the principles, methodologies, and practices employed by professional consultants to help organizations improve performance, solve complex problems, and achieve strategic goals. The course covers the consulting process from client engagement and problem diagnosis to solution development, implementation, and evaluation. Students will learn about industry tools and frameworks, ethical considerations, project management skills, and the importance of effective communication and relationship-building with clients. Practical case studies and team projects simulate real-world consulting challenges, preparing students for dynamic roles in consulting firms or internal consulting positions.
Recommended Textbook
Strategic Management A Competitive Advantage Approach 15th Edition by
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11 Chapters
1342 Verified Questions
1342 Flashcards
Source URL: https://quizplus.com/study-set/749
Page 2
Fred R. David
Chapter 1: The Nature of Strategic Management
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131 Verified Questions
131 Flashcards
Source URL: https://quizplus.com/quiz/14622
Sample Questions
Q1) The fact that Apple has no manufacturing facilities of its own
A) has caused it to build up massive debt on its balance sheet.
B) has enabled it to remain financially lean with virtually no long-term debt.
C) has been problematic for Apple in terms of debt.
D) illustrates that having more fixed assets than rival firms can provide major competitive advantages in a global recession.
E) means that it is in the same position as Sony.
Answer: B
Q2) Strategic-management must be a self-reflective learning process that familiarizes managers and employees in the organization with key strategic issues and feasible alternatives for resolving those issues.
A)True
B)False
Answer: True
Q3) An objective, logical, systematic approach for making major decisions in an organization is a way to describe the strategic-management process.
A)True
B)False
Answer: True
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Page 3
Chapter 2: The Business Vision and Mission
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113 Verified Questions
113 Flashcards
Source URL: https://quizplus.com/quiz/14625
Sample Questions
Q1) A mission statement can sometimes be called a statement of philosophy.
A)True
B)False
Answer: True
Q2) According to Vern McGinnis, an effective mission statement should define what the organization is and what the organization aspires to be.
A)True
B)False Answer: True
Q3) Mission statements are sometimes difficult to derive because top management may disagree over company objectives.
A)True
B)False Answer: True
Q4) The utility statement, "Do not offer me attractive looks; offer me clothes," is relevant in developing a mission statement.
A)True
B)False Answer: False
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Chapter 3: The External Assessment
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128 Verified Questions
128 Flashcards
Source URL: https://quizplus.com/quiz/14626
Sample Questions
Q1) While forecasts might not be perfect, they are never wildly inaccurate.
A)True
B)False
Answer: False
Q2) It is predicted that, by 2025, over 18% of the population in the United States will be 65 years or older.
A)True
B)False
Answer: True
Q3) Which of the following is NOT a published source of external strategic information?
A) periodicals
B) television programs
C) journals
D) reports
E) directories
Answer: B
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Page 5
Chapter 4: The Internal Assessment
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130 Verified Questions
130 Flashcards
Source URL: https://quizplus.com/quiz/14627
Sample Questions
Q1) What category of ratios measures how effectively a firm can maintain its economic position in the growth of the economy and industry?
A) Profitability
B) Liquidity
C) Leverage
D) Activity
E) Growth
Q2) Which of the three finance and accounting decisions concerns determining the best capital structure for the firm and includes examining various methods by which the firm can raise capital?
A) Investment
B) Dividend
C) Financing
D) Capital budgeting
E) Implementation
Q3) There are seven basic functions of marketing. List and define these functions.
Q4) Discuss what needs to be completed, besides the calculation and interpretation of ratios, to complete an effective financial ratio analysis.
Q5) Discuss the five steps involved in performing an IFE Matrix.
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Chapter 5: Strategies in Action
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132 Verified Questions
132 Flashcards
Source URL: https://quizplus.com/quiz/14628
Sample Questions
Q1) Secondary buyouts decreased substantially from 2011 to 2012.
A)True
B)False
Q2) Product development is a strategy that seeks increased sales by improving or modifying present products or services.
A)True
B)False
Q3) FedEx entering the computer repair business offering major corporations overnight computer repair is an example of
A) backward integration.
B) divestiture.
C) retrenchment.
D) unrelated diversification.
E) forward integration.
Q4) The most effective differentiation bases are those that are hard or expensive for rivals to duplicate.
A)True
B)False
Q5) Define and give examples of the two diversification strategies.
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Chapter 6: Strategy Analysis and Choice
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113 Verified Questions
113 Flashcards
Source URL: https://quizplus.com/quiz/14629
Sample Questions
Q1) Which board of director's duty falls under the category of control and oversight over management?
A) select new directors
B) pass bylaws and related resolutions
C) select the CEO
D) maintain good public image
E) ensure equitable stockholder representation
Q2) ________ includes the set of shared values, beliefs, attitudes, customs, norms, personalities, heroes and heroines that describe a firm.
A) Strategy
B) Culture
C) Mission
D) Objectives
E) QSPM
Q3) Discuss the appropriate role of a board of directors in an organization.
Q4) If you construct a SPACE Matrix and the directional vector points to the lower left quadrant, what type of strategies would you recommend? Give several examples.
Q5) Compare and contrast the IE Matrix with the BCG Matrix.
Q6) Describe the positive features and limitations of QSPM.
Page 8
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Chapter 7: Implementing Strategies: Management and Operations Issues
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122 Verified Questions
122 Flashcards
Source URL: https://quizplus.com/quiz/14630
Sample Questions
Q1) In terms of number of employees, restructuring usually involves increasing the size of the firm.
A)True
B)False
Q2) What is the best divisional structure when a few major customers are of paramount importance and many different services are provided to these customers?
A) By geographic area
B) By customer
C) By product
D) By process
E) By cost
Q3) All of the following are examples of offerings at companies to promote a corporate wellness culture EXCEPT
A) stress management programs.
B) health fairs.
C) abundance of bicycle racks onsite.
D) free health insurance for employees who exercise regularly.
E) cash incentives for completing Ironman triathlons.
Q4) Explain the nature and role of ESOPs in strategic management.
Page 9
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Chapter 8: Implementing Strategies: Marketing, Finance/Accounting,
R&D, and MIS
Issues
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114 Verified Questions
114 Flashcards
Source URL: https://quizplus.com/quiz/14631
Sample Questions
Q1) If an initial stock issuance is $800,000, what would be the expected cost paid to lawyers, accountants, and underwriters, based on the average for IPOs in this range?
A) $20,000
B) $40,000
C) $80,000
D) $200,000
E) $400,000
Q2) Which variable would be considered part of the "product" element of the marketing mix?
A) Advertising
B) Packaging
C) Payment terms
D) Inventory levels and location
E) Publicity
Q3) In general, the Internet makes market segmentation easier.
A)True
B)False
Q4) What are the five steps required for perceptual mapping? Give an example of a perceptual map for an organization of your choice.
10
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Chapter 9: Strategy Review, Evaluation, and Control
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117 Verified Questions
117 Flashcards
Source URL: https://quizplus.com/quiz/14632
Sample Questions
Q1) According to Richard Rumelt, consonance and consistency are mostly based on a firm's external assessment.
A)True
B)False
Q2) With regard to the visible or hidden issue, most executives agree that
A) the SEC should regulate whether or not companies make their strategic information visible.
B) some strategic information should remain confidential to top managers.
C) a company has gone too far when it takes steps to ensure that strategic information is not disseminated beyond "the inner circle."
D) the potential benefit of improved employee and stakeholder motivation and input is not worth the risk of rival firms easily knowing and exploiting a firm's strategies.
E) keeping strategies secret from employees and stakeholder will likely improve communication, understanding, and commitment.
Q3) Public accounting firms usually avoid strategy-evaluation services.
A)True
B)False
Q4) Discuss some contingency plans commonly established by firms.
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Chapter 10: Business Ethics, Social Responsibility, and Environmental Sustainability
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122 Verified Questions
122 Flashcards
Source URL: https://quizplus.com/quiz/14623
Sample Questions
Q1) Like the United States, Japan is eager to rely on large-scale immigration to bolster its workforce.
A)True
B)False
Q2) After decades of debate and struggle, firms have finally definitively determined the appropriate social policies.
A)True
B)False
Q3) Integrating ethical decision making into the performance appraisal process is one way that firms can align ethical and strategic decision making.
A)True
B)False
Q4) European firms are increasingly adopting explicit, American-style sexual harassment laws.
A)True
B)False
Q5) Discuss a code of business ethics and its role in an organization.
Q6) Discuss ISO 14000 and ISO 14001.
Page 12
Q7) Why should companies have policies addressing workplace romance?
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Chapter 11: Global and International Issues
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120 Verified Questions
120 Flashcards
Source URL: https://quizplus.com/quiz/14624
Sample Questions
Q1) In today's global climate, many companies may find it difficult to survive by relying solely on domestic markets.
A)True
B)False
Q2) The drive to improve the efficiency of global business operations is leading to lesser functional specialization.
A)True
B)False
Q3) What percent of the world's population lives outside the United States?
A) 55
B) 65
C) 75
D) 85
E) 95
Q4) Joint ventures and partnerships between domestic and foreign firms are becoming the exception rather than the rule.
A)True
B)False
Q5) Explain the concept of protectionism.
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