Strategic Management
Exam Answer Key
Course Introduction
Strategic Management is a comprehensive course that explores the principles, frameworks, and tools essential for formulating and implementing effective strategies within organizations. Students will examine how external environments and internal resources influence decision-making processes, and analyze the roles of leadership, competitive advantage, and organizational change. The course emphasizes case studies and real-world applications to develop strategic thinking, critical analysis, and problem-solving skills, preparing students to manage and lead organizations in dynamic and competitive markets.
Recommended Textbook Management 3rd Edition by Michael A. Hitt
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Chapter 1: The Nature of Management
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Sample Questions
Q1) Rick was hired as the director of a company manufacturing refrigerators at a time when the company was financially unstable.After analyzing the market carefully,Rick decided to change their marketing strategy.Rick's sound judgment did the trick,and the company turned around and became profitable within two years.What managerial skill did Rick show?
A) interpersonal skills
B) communication skills
C) technical skills
D) conceptual skills
Answer: D
Q2) Managers at ________ establish goals and formulate a strategy for the firm to achieve those goals.
A) the top of the organization
B) all levels of the organization
C) operational levels of the organization
D) functional levels of the organization
Answer: A
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Chapter 2: Social Responsibility and Managerial Ethics
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Sample Questions
Q1) Which aspect of the justice approach to ethical decision making is concerned with the impartial administration of decision-making processes?
A) procuratory justice
B) distributive justice
C) procedural justice
D) restorative justice
Answer: C
Q2) Which of the following is an example of an anticipator firm?
A) The Hardley Accounting Firm changes its accounting practices after the introduction of the Sarbanes-Oxley Act in 2002.
B) A biotech company fights government efforts that will restrict its ability to import raw materials.
C) A petrochemical company takes preventive measures to protect employees from harmful chemicals within the workplace even before anyone suffers negative side effects.
D) Ramen's retail store decides to stop using plastic bags after customers threatened to boycott its products.
Answer: C
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Chapter 3: International Management and Globalization
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Sample Questions
Q1) Chucks' Eggs is a company that distributes eggs in Latin America and is planning to enter the North American market.As the risks are greater when entering new markets,Chucks' decides to join hands with another firm that has mutually desirable goals.This way,they can share the costs and have access to each other's resources.Which of the following ways is Chucks' implementing to enter a new market?
A) exporting
B) creating a strategic alliance
C) licensing
D) purchasing a local firm
Answer: B
Q2) People who live in countries that score high on individual orientations tend to ________.
A) value collective decisions
B) emphasize group membership
C) emphasize and reward individual achievement
D) exhibit emotional dependence on organizations
Answer: C
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Chapter 4: Strategic Management
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Sample Questions
Q1) Which of the following would lead to lower profits for an industry?
A) low entry barriers
B) many suppliers
C) few substitutes
D) quality-based competition
Q2) Managers need to focus on two basic dimensions of the technology environment: product and process changes.
A)True
B)False
Q3) According to Michael Porter,primary value chain activities involve ________.
A) planning, finance, accounting, legal activities, and government relations
B) acquiring, training, evaluating, compensating, and developing human resources
C) expertise and the tools or equipment related to the exercise of that expertise
D) creating a product or service and distributing it to customers
Q4) Unless an organization translates its strategic intent and mission into specific goals,they will remain statements of good intentions and unrealized achievements.
A)True
B)False
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Chapter 5: Planning
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Sample Questions
Q1) Identify the organizational level where managers would focus on how to facilitate the achievement of the competitive plan of a business.
A) strategic level
B) corporate level
C) functional level
D) business level
Q2) Business-level managers typically are not involved in developing operational plans.
A)True
B)False
Q3) ________ typically identify key factors that could affect the desired results and specify what different actions will be taken if changes in key events occur.
A) Strategic plans
B) Operational plans
C) Contingency plans
D) Tactical plans
Q4) What tactical plans are evident in this scenario?
Q5) Are Metal Craft's goals effective?
Q6) What strategic plans are evident in this scenario?
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Chapter 6: Organizational Structure and Design
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Sample Questions
Q1) ABC Corp.produces widgets.Timely delivery to XYZ Corp.is critical since the widgets are essential to the production of XYZ Corp.'s gadgets.This is an example of ________.
A) pooled interdependence
B) reciprocal interdependence
C) sequential interdependence
D) cross-functional interdependence
Q2) Which of the following statements characterizes a firm that operates within a "high-networked" structure?
A) It uses outside organizations for only a limited number of minor value chain activities.
B) It has little contact with firms to which work has been outsourced.
C) It owns and executes most of its primary and support value chain activities.
D) It has more value chain activities networked to external organizations than it owns and executes internally.
Q3) Intensifying globalization has contributed to increased outsourcing; flatter,more flexible organizational structures; and increased integration.
A)True
B)False
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Chapter 7: Managing Diverse Human Resources
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Sample Questions
Q1) What does "valid selection technique" mean in the context of job selection?
Q2) In graphic rating scales,the characteristics being evaluated are clearly defined and are not left to individual interpretation.
A)True
B)False
Q3) Which of the following selection techniques is the least useful predictor of how a candidate will do in a particular job?
A) written tests
B) work simulation
C) work sampling
D) assessment centers
Q4) Employee referrals are least effective as a recruiting strategy when ________.
A) employees are friends with the potential applicants
B) the firm seeks candidates who are significantly different from current employees
C) employees are not as well compensated as the new recruits will be
D) the firm seeks candidates who can perform the same functions as current employees
Q5) What is job sharing?
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Chapter 8: Leadership
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Sample Questions
Q1) Chris manages a team of legal content developers at Spartal,a legal process outsourcing company.In order to meet an important deadline,Chris wants the employees to work for a few extra hours every day.Chris offers special incentives to the employees for finishing the job on time and for putting in extra work hours.Which of the following influence tactics is used here?
A) collaboration
B) ingratiation
C) coalition
D) exchange
Q2) Edwin manages a small team of knowledge workers.He often faces tight deadlines and other work pressures.Despite this,Edwin remains a calm and composed leader.He is often praised for his ability to handle things with maturity.He is also receptive to healthy criticism.Which of the following attributes of leadership is most evident in Edwin's actions?
A) drive to succeed
B) integrity
C) emotional maturity
D) self-confidence
Q3) Briefly differentiate between personal power and position power.
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Chapter 9: Motivation
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Sample Questions
Q1) Discuss the co-supervisory role of Sandoz and Coyle within the context of the "core job characteristics" of the job characteristics model.
Q2) McClelland,in his acquired needs theory,considered ________ needs to be extremely important.
A) esteem, achievement, and recognition
B) affiliation, power, and achievement
C) existence, power, and growth
D) existence, relatedness, and growth
Q3) Positive reinforcements used to motivate people in organizational settings are said to be equitable if they have some capacity to affect future performance.
A)True
B)False
Q4) The basic components of ________ are effort,performance,and outcomes.
A) equity theory
B) goal-setting theory
C) expectancy theory
D) social cognitive theory
Q5) What is equity theory?
Q6) Explain Maslow's need hierarchy.
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Chapter 10: Groups and Teams
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Sample Questions
Q1) ________ conflict arises when group members possess divergent ideas or approaches to attaining goals.
A) Task
B) Substantive
C) Relationship
D) Process
Q2) "Status" refers to a group's shared standards that guide the behavior of its individual members.
A)True
B)False
Q3) What are the characteristics of group norms?
Q4) ________ conflict focuses on differences in ideas about the nature of issues facing a group and the group's objectives.
A) Task
B) Affective
C) Relationship
D) Process
Q5) What are the different types of formal groups?
Q6) Define cohesion.What factors may help create group cohesion?
Q7) Refer to the scenario above.What type of formal group is this?
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Chapter 11: Communication and Negotiation
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Sample Questions
Q1) Culture cannot exist without communication,and human communication only occurs within a cultural context.
A)True
B)False
Q2) Which of the following barriers to communication occurs at the organizational level?
A) language
B) ethnocentrism
C) frame of reference
D) hierarchical barriers
Q3) Individuals in high-context cultures tend to pay little attention to the situational factors surrounding the communication process.
A)True
B)False
Q4) Within the context of negotiation,positions represent a party's concerns and desires,whereas,interests are a party's stance regarding those positions.
A)True
B)False
Q5) What is the difference between formal and informal communication channels?
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Chapter 12: Individual and Group Decision Making
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Sample Questions
Q1) Rather than using explicit criteria and weights to evaluate alternatives,the bounded rationality model argues that people use ________.
A) holism
B) experience
C) heuristics
D) perception
Q2) The administrative model is also known as the ________.
A) bounded rationality model
B) retrospective decision model
C) implicit favorite model
D) rational model
Q3) The classical model argues that managers will choose the alternative that maximizes the desired outcome.
A)True
B)False
Q4) While the rational model shows how decisions should be made,it falls short of describing how decisions are actually made.
A)True
B)False
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Chapter 13: Operations Management
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Sample Questions
Q1) Which of the following production processes is the most flexible?
A) job shop
B) small batch
C) assembly line
D) continuous flow
Q2) The total quality management philosophy emphasizes that ________.
A) separate teams of experts should inspect products or services for defects or errors after completion
B) empowered employees will take responsibility for their individual output as well as that of the whole organization
C) operations management is a specialized function without organizational or strategic importance
D) organizations should operate at the maximum capacities at all times
Q3) What is a "reverse supply chain"?
Q4) What are the typical objectives of managers working in operations?
Q5) Managers use the economic order quantity (EOQ)model to minimize total inventory costs.
A)True
B)False
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Chapter 14: Control
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Sample Questions
Q1) Department A shows an annual after-tax profit of $400,000 from invested assets of $12 million.Department B shows an annual after-tax profit of $400,000 from invested assets of $8 million.Which unit had the best financial performance?
A) Department A performed the best.
B) Department B performed the best.
C) Both departments had the same financial performance.
D) Performance cannot be determined from these statistics.
Q2) Supervisory structure is a type of strategic control based on the organization's overall approach to utilizing its human resources.
A)True
B)False
Q3) A strategic control system is likely to be useful when environmental turbulence is ________ and it is ________ to specify and measure precise strategic objectives.
A) high; easy
B) low; difficult
C) high; difficult
D) low; easy
Q4) Differentiate between precontrol and postcontrol of operations.
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Chapter 15: Organizational Change and Development
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Sample Questions
Q1) Managers must evaluate the change outcomes to know whether additional changes are needed and to understand if the particular approaches implemented should be used again in similar circumstances.
A)True
B)False
Q2) According to the 2005 "Consumer Choice" report sponsored by Autobytel.com,consumers' preference for smaller SUVs with decent gas mileage had increased.Which of the following forces for change probably caused this increase?
A) economic conditions
B) competitors' actions
C) technology developments
D) legal developments
Q3) Discuss proactive recognition,reactive recognition,and diagnosis within the context of recognizing and assessing the need for change.
Q4) The actions of direct competitors can trigger changes inside a given organization,even when that organization would prefer not to make any changes.
A)True
B)False
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