Management Policy
Final Exam
Course Introduction
Management Policy focuses on the formulation, implementation, and evaluation of strategies that guide organizations towards achieving their long-term goals. This course examines the process of strategic decision-making from a top-management perspective, considering both internal and external factors that influence organizational success. Students will analyze case studies, learn to develop effective policies, and address issues related to competition, corporate governance, ethics, and globalization. Emphasis is placed on integrating knowledge from various business disciplines to solve complex management problems and drive sustainable organizational performance.
Recommended Textbook
Strategic Management Text and Cases 6th Edition by Gregory Dess
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12 Chapters
1213 Verified Questions
1213 Flashcards
Source URL: https://quizplus.com/study-set/207
Page 2
Chapter 1: Strategic Management Creating Competitive Advantages
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101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/3021
Sample Questions
Q1) Social responsibility is the idea that organizations are only accountable to stockholders.
A)True
B)False
Answer: False
Q2) The hierarchy of organizational goals is in the following order (least specific to most specific):
A) vision statements, strategic objectives, mission statements.
B) mission statements, strategic objectives, vision statements.
C) vision statements, mission statements, strategic objectives.
D) mission statements, vision statements, strategic objectives.
Answer: C
Q3) Employee stakeholders are concerned with
A) taxes, warranties, and regulations.
B) wages, benefits, and job security.
C) good citizenship behavior.
D) dividends.
Answer: B
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Chapter 2: Analyzing the External Environment of the Firm
Creating Competitive Advantages
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109 Verified Questions
109 Flashcards
Source URL: https://quizplus.com/quiz/3022
Sample Questions
Q1) PPG Industries, the Pittsburgh-based manufacturer of paints, coatings, optical products, specialty materials, chemicals, glass, and fiber glass suffered serious failures in 1986 and 1987 when it attempted to diversify its offers. It used a technique to help it identify possible future strategies. What was it?
A) crowdsourcing
B) competitive intelligence
C) scenario analysis
D) monitoring
Answer: C
Q2) Complements are products or services that have a potential impact on the ________ of the products or services of that company.
A) cost
B) availability
C) value
D) substitutability
Answer: C
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Page 4
Chapter 3: Assessing the Internal Environment of the Firm
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109 Verified Questions
109 Flashcards
Source URL: https://quizplus.com/quiz/3023
Sample Questions
Q1) Primary activities contribute to the physical creation of a product or service, its sale and transfer to the buyer, and its service after the sale.
A)True
B)False
Answer: True
Q2) The customer perspective of the balanced scorecard answers which of the following questions?
A) How do customers see us?
B) What must we excel at?
C) How do we look to shareholders?
D) Can we continue to improve and create value?
Answer: A
Q3) Tangible resources are assets that are relatively easy to identify such as financial and physical assets.
A)True
B)False
Answer: True
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Chapter 4: Recognizing a Firm's Intellectual Assets Moving
beyond a Firm's Tangible Resources
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112 Verified Questions
112 Flashcards
Source URL: https://quizplus.com/quiz/3024
Sample Questions
Q1) Another example of social relationships causing human capital mobility is the ________ of talent from an organization to form ________.
A) stability; bail-outs
B) emigration; bail-outs
C) relocation; new business units
D) emigration; start-up ventures
Q2) Technology can also enable much more sophisticated forms of communication in addition to knowledge sharing.
A)True
B)False
Q3) Which of the following is not a characteristic of e-teams?
A) E-team members either work in geographically separated workplaces or may work in the same space but at different times.
B) E-teams may have members working in different spaces and time zones.
C) Most of the interactions among members of e-teams occur through electronic communication channels.
D) E-teams generally perform simple tasks.
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Page 6
Chapter 5: Business-Level Strategy Creating and Sustaining Competitive Advantages
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105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/3025
Sample Questions
Q1) Early pioneer in online education, University of Phoenix, has faced increasing challenges from traditional university online programs who are able to offer their programs at the same cost.This is an example of which generic strategy gone wrong:
A) Differentiation.
B) Overall cost leadership.
C) Focus strategy.
D) Low cost leadership.
Q2) A risk for a firm that tries to attain both cost and differentiation advantages is that it can be stuck in the middle. An example of this is supermarkets because their ________ structure is ________ than discount retailers, and customers do not value their products and services as being high-end such as those offered by Whole Foods.
A) cost; higher
B) price; higher
C) price; lower
D) cost; lower
Q3) What is a focus strategy? Provide an example where this has been implemented successfully.
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Page 7
Chapter 6: Corporate-Level Strategy Creating Value through Diversification
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102 Verified Questions
102 Flashcards
Source URL: https://quizplus.com/quiz/3026
Sample Questions
Q1) Benefits derived from horizontal and hierarchical relationships are mutually exclusive.
A)True
B)False
Q2) Capital restructuring involves changing the ________ mix.
A) cash
B) human resource
C) debt-equity
D) management
Q3) The term "golden parachute" refers to
A) a clause requiring that huge dividend payments be made upon takeover.
B) pay given to executives fired because of a takeover.
C) financial inducements offered by a threatened firm to stop a hostile suitor from acquiring it.
D) managers of a firm in a hostile takeover approaching a third party about making the acquisition.
Q4) Explain potential benefits that can be gained from vertical (or hierarchicalrelationships when corporations use unrelated diversification to increase value.
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Chapter 7: International Strategy Creating Value in Global Markets
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107 Verified Questions
107 Flashcards
Source URL: https://quizplus.com/quiz/3027
Sample Questions
Q1) If a company is considering optimizing the physical location for every activity in the value chain, which of the following is not a possible strategic advantage for that decision?
A) performance enhancement
B) cost reduction
C) political risk reduction
D) life-cycle enhancement
Q2) Which of the following is a reason for the rise in regional expansion?
A) increase in the number of trading blocs and free trade zones
B) decrease in the number of trading blocs and free trade zones
C) increasing national trade restrictions
D) increasing local taxes and tariffs
Q3) Globalization opens the doors for companies to attract new customers. One of the challenges is to determine how to meet the needs of these customers who have
A) different income levels.
B) low income levels.
C) high income levels.
D) steady income levels.
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Chapter 8: Entrepreneurial Strategy and Competitive Dynamics
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94 Verified Questions
94 Flashcards
Source URL: https://quizplus.com/quiz/3028
Sample Questions
Q1) Which of the following is not a factor that makes it more difficult for new ventures to be successful as differentiators?
A) The strategy is thought to be expensive to put into action.
B) Establishing a brand, important to a differentiation strategy, is thought to be expensive.
C) Superior innovation is often very costly.
D) Customer service is often costly, but it does not affect a differentiation strategy.
Q2) Which of the following is not one of the three characteristics of entrepreneurial leadership mentioned by the text?
A) clarifying job responsibilities
B) dedication and drive
C) commitment to excellence
D) vision
Q3) Adaptive new entry involves offering a radical new product or highly innovative service.
A)True
B)False
Q4) Explain what a pioneering new entry means and when it is appropriate to use it.
Page 10
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Chapter 9: Strategic Control and Corporate Governance
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91 Verified Questions
91 Flashcards
Source URL: https://quizplus.com/quiz/3029
Sample Questions
Q1) Which of the following approaches to behavioral strategic control would be the least appropriate for an organization in which there is a great need for innovation and a high degree ofautonomy?
A) culture
B) rewards
C) rules
D) incentives
Q2) When subcultures emerge that have shared values opposite from the dominant culture of an organization
A) organizational cohesiveness increases.
B) information is shared rather than hoarded.
C) individuals begin working at cross purposes.
D) individuals gain insights into overarching goals and objectives.
Q3) Which of the following is not a characteristic of effective reward and incentive systems?
A) Performance measures are clear and highly visible.
B) The structure is fixed to assure employees of consistency.
C) The compensation system is perceived as fair and equitable.
D) Objectives are well understood, and broadly accepted.
Q4) Explain why control systems are necessary for strategy implementation.
11
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Chapter 10: Creating Effective Organizational Designs
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86 Verified Questions
86 Flashcards
Source URL: https://quizplus.com/quiz/3030
Sample Questions
Q1) A simple structure is characterized by
A) high specialization and low centralization.
B) low specialization and high centralization.
C) low formality and low creativity.
D) high formality and low centralization.
Q2) Which of the following is an advantage of a functional type of organizational structure?
A) Decentralized decision-making enhances an organization-wide perspective across functions.
B) It facilitates the development of general management talent.
C) Pooling of specialists enhances coordination and control.
D) It is easy to establish uniform performance standards.
Q3) One of the disadvantages of divisional structure design is that they divide ________, ________, and knowledge. They insulate divisional managers from other divisional managers thus inhibiting their ability to coordinate activities, share resources, and learn from each other.
A) land, buildings
B) assets, structures
C) people, resources
D) people, buildings
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Chapter 11: Strategic Leadership Creating a Learning
Organization and an Ethical Organization
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104 Verified Questions
104 Flashcards
Source URL: https://quizplus.com/quiz/3031
Sample Questions
Q1) According to the former CEO of Hanover Insurance, learning organizations require that everyone feels and supports a compelling purpose. What is the most difficult aspect of creating this learning organization?
A) Communicating an image of the future that draws people in and speaks to them
B) Putting systems in place for training
C) Find the resources for the necessary educational training
D) Getting the shareholders to agree with the CEO
Q2) Inspiring and motivating people with a mission or purpose is a ________ for developing an organization that can learn and adapt.
A) necessary and sufficient condition
B) necessary but not sufficient condition
C) goal but not a necessary condition
D) goal and a required precondition
Q3) Effective leadership is like a three-legged stool. Which of the following is not represented by one of the stool legs?
A) maintaining the status quo
B) nurturing a culture dedicated to excellence and ethical behavior
C) setting a direction
D) designing the organization
Page 13
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Chapter 12: Managing Innovation and Fostering Corporate Entrepreneurship
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93 Verified Questions
93 Flashcards
Source URL: https://quizplus.com/quiz/3032
Sample Questions
Q1) A manager might insist that separating a decision into multiple parts will guarantee that the decisions made will turn out well. This allows for an assessment of the project at each stage,lessening the likelihood the project will fall prey to which of the following?
A) incremental investment
B) illusion of control
C) escalation of commitment
D) paralysis by analysis
Q2) From watching his wife struggle to keep track of the family finances, Intuit founder Scott Cook identified the need for easy-to-use financial software that provided a single place formanaging bills, bank accounts, and investments. This is an example of which innovator DNA trait?
A) experimenting
B) associating
C) observing
D) networking
Q3) What are new venture groups? What purpose do they serve? Are they more than a typical R&D department? Explain.
Q4) Explain why the seeds versus weeds dilemma is important.
Page 14
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