Strategic Management Exam Preparation Guide
Course Introduction
Strategic Management is a comprehensive course that explores the formulation, implementation, and evaluation of strategies that enable organizations to achieve long-term objectives and maintain competitive advantage. Students will examine the internal and external factors influencing organizational decisions, analyze strategic choices through real-world case studies, and apply frameworks such as SWOT, Porters Five Forces, and the Value Chain. The course emphasizes critical thinking, strategic planning, and decision-making, equipping students with the skills necessary to analyze complex business environments and develop effective strategies for diverse industries.
Recommended Textbook Management Leading and Collaborating in the Competitive World 10th edition by Thomas Bateman
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Page 2
Chapter 1: Managing and Performing
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Sample Questions
Q1) "My job, for some part of each day, is to empower our employees to think of things in new and different ways, not just to come to work and complete the tasks on a list."
A) Planning.
B) Organizing.
C) Leading.
D) Controlling.
E) Decision making.
Answer: C
Q2) Developing countries are becoming hotbeds of innovation, delivering new goods and services more cheaply than Western counterparts.
A)True
B)False
Answer: True
Q3) Social capital is the goodwill stemming from your social relationships.
A)True
B)False
Answer: True
Q4) Briefly describe each of the four key management functions. Answer: Answers will vary.
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Chapter 2: The External and Internal Environments
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Q1) While the stock market can impact a firm, it has no effect on the behavior of individual managers.
A)True
B)False
Answer: False
Q2) Candace recently stepped into a managerial role at her very bureaucratic organization. The industry had been changing dramatically, and Candace suggested that the management team encourage employees to develop more confidence by sharing power with them in order to create a more flexible, adaptable organization. Here Candace is suggesting the use of __________ with employees.
A) smoothing
B) benchmarking
C) empowerment
D) kanban
E) buffering
Answer: C
Q3) Strategy is an example of an input to an organization.
A)True
B)False
Answer: False
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Chapter 3: Managerial Decision Making
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Sample Questions
Q1) Which of the following is an element of an effective plan for crisis management?
A) A communication plan that indicates that the company is in complete control.
B) Competitive actions to bounce back immediately.
C) Psychological and cultural actions for the human and emotional toll.
D) A template for a press statement, to be released before details are learned.
E) A method to quickly distance the company from the crisis.
Answer: C
Q2) Of the possibilities here, the most constructive type of conflict is __________ conflict.
A) the absence of B) emotional C) cognitive
D) affective
E) dialectic
Answer: C
Q3) Explain the three requirements of effectively managing group decision making. Answer: Answers will vary.
Q4) Compare and contrast three models of organizational decision processes thought to occur when bounded rationality conditions hold.
Answer: Answers will vary.
Page 5
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Chapter 4: Planning and Strategic Management
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Sample Questions
Q1) Contingency plans might be called "what if" plans.
A)True
B)False
Q2) Discuss the strategic management process. Be sure to define it and list its components in your answer.
Q3) Carson is advocating which corporate strategy?
A) Concentration.
B) Vertical integration.
C) Concentric diversification.
D) Differentiation.
E) Conglomerate diversification.
Q4) In the ________ stage of the planning process, managers should pay careful attention to the cost of any initiative and the investment return that is likely to result.
A) goal and plan evaluation
B) goal and plan selection
C) implementation
D) monitor and control
E) situational analysis
Q5) Summarize the basic steps in any planning process.
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Chapter 5: Ethics, Corporate Responsibility, and Sustainability
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Sample Questions
Q1) Option 2 employs which ethical approach?
A) Universalism.
B) Egoism.
C) Utilitarianism.
D) Relativism.
E) Virtue ethics.
Q2) Principles, rules, and values that people use in deciding what is right and wrong are called
A) Business ethics.
B) Corporate social responsibility.
C) Moral philosophy.
D) Business philosophy.
E) Caux Principles.
Q3) One who is both a moral person and a moral manager influencing others' ethical behavior is referred to as a(n)
A) Ethical leader.
B) Ethics chairperson.
C) VP of ethics.
D) Transitional leader.
E) Transformational leader.
Page 7
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Chapter 6: International Management
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Sample Questions
Q1) Which of the following is an advantage of a wholly owned subsidiary as a global entry strategy?
A) The company may gain access to new knowledge or technologies.
B) The partner will share the costs of operating overseas.
C) This method has the highest transportation costs for finished goods.
D) This method minimizes the risks of overseas operations.
E) This method gives a company tight control over operations in other countries.
Q2) The grid used for identifying the best strategy for competing in a global marketplace measures what two dimensions?
A) Pressures for global integration and pressures for local responsiveness.
B) Pressure for local interaction and pressures for global responsiveness.
C) Financial viability and employee satisfaction.
D) Employee satisfaction and management credibility.
E) Pressures for global systems capacity and pressures for local financial success.
Q3) North America, South America, and Asia are the three regions that are most dominant in the global economy.
A)True
B)False
Q4) Explain the consequences of the increasing integration of the global economy.
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Chapter 7: Entrepreneurship
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Sample Questions
Q1) Which of the following is an important reason why entrepreneurs start their own firms?
A) Entrepreneurs are lone wolves and cannot work with others.
B) Entrepreneurs want the whole show to themselves.
C) Entrepreneurs seek long-term security and stability.
D) Entrepreneurs are interested in the challenge and the potential for satisfaction.
E) Entrepreneurs seek power and control over others.
Q2) There is a difference between a small business and an entrepreneurship venture.
A)True
B)False
Q3) Fit after Fifty is an example of a business that was created as a result of
A) Technological discoveries.
B) Demographic changes.
C) Economic dislocations.
D) Calamities.
E) Government initiatives and rule changes.
Q4) Describe the five tendencies of the entrepreneurial orientation that allow some organizations to be very successful in launching new ventures.
Q5) Why would an individual want to become an entrepreneur? Explain.
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Chapter 8: Organization Structure
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Sample Questions
Q1) In a matrix organization, each employee reports to a functional and a(n)
__________ manager.
A) mechanistic
B) organic
C) divisional
D) centralized
E) virtual
Q2) Creating slack resources means that
A) A manager limits the availability of resources to some units.
B) Nonperforming employees are assigned to easier tasks.
C) More resources are made available to each unit in case they need them in a pinch.
D) Each unit is differentiated by functional specialty.
E) Time, money, and other resources are tightly budgeted.
Q3) Phil's company is set up as a _________ structure.
A) functional
B) divisional
C) geographic divisional
D) customer divisional
E) matrix
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Chapter 9: Organizational Agility
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Sample Questions
Q1) Deming suggested that an organization should eliminate ________ since they are contrary to the idea of continuous improvement.
A) numerical quotas
B) training programs
C) leaders
D) inspections
E) specified work methods
Q2) The strategic triangle includes three key players: the organization, the suppliers, and the distributors.
A)True
B)False
Q3) Christine defines "economy" in a manufacturing context as avoiding
A) Diseconomies of scale.
B) Diseconomies of scope.
C) Economies of scale.
D) Economies of scope.
E) Economies of size.
Q4) Downsizing is the elimination of jobs through transfers or attrition.
A)True
B)False
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Chapter 10: Human Resources Management
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Sample Questions
Q1) Pierson University requires all applicants to their Masters of Business Administration Program to take the GMAT exam. This exam measures the test taker's aptitude for management by measuring things like verbal comprehension, mathematical calculations, and other necessary management skills. This type of test is considered a(n)
A) Personality test.
B) Performance test.
C) Integrity test.
D) Cognitive ability test.
E) Background test.
Q2) The planning process of human resources management begins with
A) Recruiting individuals that will assist the organization to realize its business plans.
B) Hiring the types of people that can assist the organization to realize its business plans.
C) Determining the number and types of people needed to realize the organizational plans.
D) Evaluating an organization's present employees and their capabilities to fulfill the organization's business plans.
E) None of the above.
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Chapter 11: Managing the Diverse Workforce
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Sample Questions
Q1) According to the text, which of the following companies is among the top 10 for recruitment and retention of diverse employees?
A) Exxon Mobile.
B) Ernst & Young.
C) Pfizer.
D) Citigroup.
E) Google.
Q2) An organization that is marked by an absence of prejudice and discrimination and by low levels of intergroup conflict is known as a
A) Pluralistic organization.
B) Mechanistic organization.
C) Multicultural organization.
D) Monolithic organization.
E) Diverse organization.
Q3) A multicultural workforce can provide a company with greater knowledge of the preferences and consuming habits in this diverse marketplace.
A)True
B)False
Q4) Discuss the challenges of a diverse workforce.
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Chapter 12: Leadership
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Sample Questions
Q1) On the LPC scale of Fiedler's contingency model, leaders with negative attitudes toward others score low, meaning they are likely to exhibit what type of leadership?
A) Facilitation.
B) Delegation.
C) Control.
D) Task-motivated.
E) Relationship-motivated.
Q2) Whether a decision should be made autocratically or democratically depends on the characteristics of
A) The corporate mission.
B) The governing laws.
C) The situation.
D) The competitors.
E) All of the above.
Q3) Today having a vision for the future and communicating that vision to others are known to be essential components of great leadership.
A)True
B)False
Q4) What do employees and organizations want from their leaders?
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Chapter 13: Motivating for Performance
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Sample Questions
Q1) Ashton recently took an employee off probation because his performance had greatly improved, which is an example of
A) Positive reinforcement.
B) Negative reinforcement.
C) Punishment.
D) Extinction.
E) encouragement.
Q2) Option 2 in this scenario is an example of
A) Positive reinforcement.
B) Punishment.
C) Negative reinforcement.
D) Extinction.
E) Psychological contract.
Q3) In job enrichment, workers are given additional tasks at the same level of responsibility.
A)True
B)False
Q4) Distinguish between negative reinforcement, punishment, and extinction. Provide examples of each.
Q5) Describe several important categories of a QWL program using examples.
Page 15
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Chapter 14: Teamwork
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Sample Questions
Q1) When teams are geographically dispersed, team members tend to experience more trust and less conflict.
A)True
B)False
Q2) As part of a team, the gatekeeper stays abreast of current information in scientific and other fields and informs the group of important developments.
A)True
B)False
Q3) The informing strategy is used by teams to stay abreast of changes and information from outside of the group.
A)True
B)False
Q4) A key element of effective teamwork is
A) Commitment to a common purpose.
B) Adequate compensation.
C) Strong presentation skills.
D) Homogeneity among workers.
E) Striving for perfection.
Q5) Discuss the conflict management strategies. When is each most appropriate?
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Chapter 15: Communicating
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Sample Questions
Q1) When people have performance problems or exhibit behaviors that need to be changed, _______ is often the best way to help the person change and succeed.
A) coaching
B) feedback
C) criticism
D) open-book management
E) horizontal communication
Q2) Advertisers often incorporate entertaining stories about a company's history into a straight-forward message about why someone should buy. They do this because they
A) Are new to advertising.
B) Are trying to be persuasive.
C) Are addressing a hostile audience.
D) Are attempting to mislead the audience.
E) Want to establish their credibility.
Q3) A blog can be used as a team's central location for project updates and interactions.
A)True
B)False
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Chapter 16: Managerial Control
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Sample Questions
Q1) Which of the following types of control system did this organization most likely use in the past?
A) Clan.
B) Market.
C) Bureaucratic.
D) Subjective.
E) Feedforward.
Q2) Control has been called one of the Siamese twins of management. The other twin is
A) Planning.
B) Organizing.
C) Leading.
D) Directing.
E) Empowerment.
Q3) Return on investment is a profitability ratio.
A)True
B)False
Q4) Discuss the downside of bureaucratic control and describe an example of rigid bureaucratic behavior.
Q5) List and give an example of each of the four types of performance standards.
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Chapter 17: Managing Technology and Innovation
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Sample Questions
Q1) One advantage of technology leadership is a first-mover advantage.
A)True
B)False
Q2) It was recently announced that a state university had agreed to develop (or try to develop) a new hybrid seed for northern climates. The company that has provided the funding for this project hopes to sell the hybrid in the former Soviet Union. The company is attempting to acquire technology through
A) State funding.
B) Internal development.
C) Technology trading.
D) Licensing.
E) Contracted development.
Q3) The sociotechnical systems approach to job design attempts to redesign tasks to optimize operation of a new technology while preserving employees' interpersonal relationships and other human aspects of the work.
A)True
B)False
Q4) List and explain the six rules for an innovative corporate culture as developed by 3M.
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Chapter 18: Creating and Leading Change
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Sample Questions
Q1) Strategic, technostructural, human resources management, and human process are types of
A) Force-field analyses.
B) Performance gaps.
C) OD interventions.
D) Innovation freezing.
E) Shapers.
Q2) Briefly explain the eight steps to leading change.
Q3) In managing resistance to organizational changes, facilitation and support refer to
A) Gaining employee participation and ideas about the change.
B) Giving a resisting individual a role in the change process.
C) Using force to make people comply with the change.
D) Making the change as easy as possible for employees.
E) Offering concrete incentives for cooperation.
Q4) Pursuing both purpose beyond profit and pragmatic pursuit of profit, as recommended by Collins and Porras, is an example of "the genius of the and."
A)True
B)False
Q5) Define and discuss organizational development.
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