Management Studies
Chapter Exam Questions
Course Introduction
Management Studies is an interdisciplinary course designed to provide students with a foundational understanding of the principles and practices involved in managing organizations effectively. The curriculum covers key topics such as organizational behavior, leadership, strategic planning, human resource management, operations, and decision-making. Students are introduced to both classical and contemporary management theories and explore real-world case studies to enhance problem-solving and analytical skills. By the end of the course, students will have developed essential skills for effective communication, team collaboration, and critical thinking, preparing them for leadership roles in various business environments.
Recommended Textbook
Strategic Management An Integrated Approach 10th Edition by Charles W. L. Hill
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Chapter 1: Strategic Leadership: Managing the
Strategy-Making Process for Competitive Advantage
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Q1) Explain the formal strategic planning process.Name each step in the process and describe the specific activities included in each step and the relationship between the steps.
Answer: The strategy formulation portion of the formal strategic planning process begins with the specification of an organization's mission,values,and goals.In this step,top-level managers,members of the board of directors,and the company's CEO meet and work together to create a broad set of long-term aspirations for the firm,a set of corporate values that describes the way employees should conduct business,and the long-term goals of the corporation.
Next,an external and internal analysis is conducted to identify strengths,weaknesses,opportunities,and threats.This analysis is typically performed by general managers,sometimes by specialized planning staff.In this step,information about competitors,products,processes,functions,and the industry and community conditions is gathered and interpreted,resulting in detailed forecasts and estimates. Based on the results of these first two steps,appropriate strategies are chosen,at the corporate,business,and functional levels,by the managers at each of those levels.In this step,decisions are made about actions to be taken in the future.
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Chapter 2: External Analysis: The Identification of Opportunities and Threats
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Q1) Common exit barriers include
A) investments in specific assets.
B) emotional attachments to an industry.
C) high fixed costs associated with leaving the industry.
D) bankruptcy regulations.
E) all of these.
Answer: E
Q2) A group of firms all make tools for baking -- pots,pans,measuring cups,and utensils.This group should be referred to as a market segment.
A)True
B)False
Answer: False
Q3) The extent of rivalry among established companies is lowest when
A) the industry's product is a commodity.
B) demand is growing rapidly.
C) exit barriers are substantial.
D) the industry is entering a decline stage.
E) the industry is dominated by a small number of large companies.
Answer: B
Page 4
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Chapter 3: Internal Analysis: Distinctive Competencies, Competitive
Advantage, and Profitability
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Q1) Together with an analysis of the company's external environment,internal analysis gives managers the information they need to choose the business model and strategies that will enable their company to attain a sustained competitive advantage.
A)True
B)False
Answer: True
Q2) At Adam's bicycle repair shop,the primary value chain activity of production occurs each time a customer's bicycle is repaired.
A)True
B)False
Answer: True
Q3) Which of the following is not a way that companies can avoid failure?
A) Benchmarking
B) Continuous learning
C) Developing distinctive competencies
D) Exploiting luck
E) Investing in specialized assets
Answer: E
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Chapter 4: Building Competitive Advantage Through Functional-Level Strategy
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Q1) Discuss why superior efficiency is important and the many ways that different parts of the organization can help achieve it.
Q2) There is a negative relationship between the length of time that a customer stays with a company and profit per customer.
A)True
B)False
Q3) A benefit of long-time customer loyalty is the free advertising that customers provide for a company through referrals.
A)True
B)False
Q4) The philosophy underlying TQM includes which of the following?
A) Improved quality results in cost decreases.
B) Better quality leads to higher market share.
C) Better quality increases a company's profitability.
D) Management should create an environment in which employees do not fear expressing themselves.
E) All of these
Q5) Identify the two dimensions of quality and describe how companies can achieve them.
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Chapter 5: Building Competitive Advantage Through Business-Level Strategy
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Q1) If a company uses a focused cost-leadership strategy,it competes in the market segments where
A) it can operate at no cost disadvantage.
B) where cost is not a high concern.
C) it can operate at a minimal cost disadvantage.
D) there is frequently little or no competition.
E) none of these.
Q2) The problem facing differentiators,such as L.L.Bean,is how to protect the distinctiveness of their products from imitators who are constantly searching for ways to steal away customers by offering similar products at lower prices.
A)True
B)False
Q3) All focus strategies entail serving a specific market segment using a differentiation approach.
A)True
B)False
Q4) Market segmentation addresses the "what" portion of a firm's business model.
A)True
B)False
7
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Chapter 6: Business-Level Strategy and the Industry Environment
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Q1) Most embryonic industries arise from
A) a technological breakthrough.
B) serendipity.
C) patents.
D) government research.
E) university research and development programs.
Q2) A new product's relative advantage refers to the degree to which a new product is perceived as better at satisfying customer needs than the product that it supersedes.
A)True
B)False
Q3) To compete in the fragmented restaurant industry,Red Lobster Corporation built and now operates hundreds of stores across the United States and Canada.Red Lobster is using which type of strategy?
A) Acquisitions
B) Horizontal mergers
C) Franchising
D) Diversification
E) Chaining
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Chapter 7: Strategy and Technology
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Q1) Which of the following economic benefits result from the use of standards?
A) Compatibility
B) Reduction in confusion
C) Reduction in production costs
D) Reduction of risk in supplying complementary products
E) All of these
Q2) Consumers will bear the costs of switching technologies when
A) the benefits of adopting the new technology outweigh the costs of switching.
B) switching costs are substantial.
C) switching costs are reimbursed by makers of a product.
D) all of these choices.
E) none of these choices.
Q3) The various strategies that companies should adopt to win format wars revolve around
A) getting the federal government to intercede.
B) making network effects work in their favor and against their competitors.
C) effective use of advertising.
D) driving competitors out of business.
E) joint ventures.
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Chapter 8: Strategy in the Global Environment
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Q1) List and briefly descibe each of the four basic global strategies.
Q2) When a company licenses its technology it can quickly lose control over it.
A)True
B)False
Q3) For a hotel company whose competitive advantage is based on high brand-name recognition,which of the following ways of serving an overseas market makes the most sense?
A) Franchising
B) Licensing
C) Exporting
D) Entering into a joint venture with a foreign company
E) Setting up a wholly owned subsidiary
Q4) Attaining a credible commitment from a potential partner
A) is a step in partner selection.
B) requires the ability to share skills with partners.
C) requires the ability to learn from alliance partners.
D) is a way to minimize opportunism.
E) requires the ability to share skills with and learn from alliance partners.
Q5) What are the potential benefits and risks of global strategic alliances? What actions can a firm take to minimize the risks and maximize the benefits?
Page 10
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Chapter 9: Corporate-Level Strategy: Horizontal Integration,
Vertical Integration, and Strategic Outsourcing
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Q1) Rachel is a new mom who was shopping for products to use on her baby.She noticed that the company Johnson & Johnson often packaged together baby shampoo,baby lotion,and other similar products such as bottles and baby wipes.Johnson & Johnson is utilizing which of the following?
A) Product bundling
B) Cross-selling
C) Hostage taking
D) Strategic outsourcing
E) Parallel sourcing
Q2) Consider the case of a manufacturing firm that purchases subassemblies from a supplier,creates a finished product,and then sells that product to a wholesale distributor.What advantages might this firm gain from forward integration? From backward integration? What potential pitfalls of vertical integration might the firm face?
Q3) Product bundling occurs when a firm offers a range of products that are sold together at a single price.
A)True
B)False
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Chapter 10: Corporate-Level Strategy: Related and Unrelated
Diversification
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Q1) Which of the following statements is false?
A) Acquisitions are preferable to joint ventures when the new business is unrelated to the existing business.
B) Acquisitions are preferable to new ventures when speed is important.
C) Joint ventures are generally preferable to acquisitions when entry barriers are high.
D) Acquisitions can be both a reason for corporate decline and part of a turnaround strategy.
E) New ventures are preferable to acquisitions in the embryonic stage of the industry life cycle.
Q2) Which of the following entry strategies should be used when speed is an important consideration?
A) Internal new venture
B) Acquisition
C) Joint venture
D) Unrelated diversification
E) Related diversification
Q3) Differentiate between joint venture and aquisition as a method to enter new industries.Discuss the advatages and disadvanatges associated with each.
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Chapter 11: Corporate Performance, Governance, and Business Ethics
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Q1) Consider a national chain of company-owned fast-food restaurants.For this firm,list the important stakeholders.Then describe how each stakeholder group can affect the firm's profitability.
Q2) A company's stakeholders include which of the following?
A) Stockholders
B) Creditors
C) Employees
D) Customers
E) All of these
Q3) Thinking of it in its simplest terms,the balanced scorecard approach may be viewed as the
A) dashboard on an automobile.
B) touchpad on a cell phone.
C) keyboard for a computer.
D) dials and indicators in an airplane cockpit.
E) none of these choices.
Q4) Business ethics are concerned with accepted principles of right or wrong governing the conduct of businesspeople.Identify and discuss the common examples of unethical decisions that businesspeople have made.
Page 13
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Chapter 12: Implementing Strategy in Companies That
Compete in a Single Industry
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Q1) 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.
Q2) When decision-making responsibilities are decentralized,benefits include all of the following except
A) increased motivation and accountability.
B) lower bureaucratic costs from flattened hierarchy.
C) reduced information overload.
D) easier coordination.
E) all of these are benefits of decentralization.
Q3) Span of control refers to the number of subordinates who report directly to one supervisor.
A)True
B)False
Q4) Describe the roles that organizational structure,strategic control systems,and organizational culture play in strategy implementation.
Q5) Identify and discuss the three building blocks of organizational structure.
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Chapter 13: Implementing Strategy in Companies That
Compete Across Industries and Countries
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Q1) Companies pursue a localization strategy when they want to maximize responsiveness to the unique needs of customers in each country.
A)True
B)False
Q2) Unfortunately,different divisions in a firm with a multidivisional structure are not given authority to adopt their own organizational structures.
A)True
B)False
Q3) It is important for corporate managers to be able to identify high-performing and underperforming divisions and to take corrective action as necessary.
A)True
B)False
Q4) The organizational hierarchy is flatter in a multidivisional structure than in a product or functional structure.
A)True
B)False
Q5) How can information technology (IT)help in the implementation of a multibusiness model?
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