Strategic Management
Exam Solutions
Course Introduction
Strategic Management is a comprehensive course that explores the formulation, implementation, and evaluation of cross-functional decisions that enable organizations to achieve their long-term objectives. The course covers essential concepts such as competitive analysis, industry dynamics, resource allocation, and the role of leadership in strategy development. Students learn to analyze internal and external environments, understand various strategic frameworks, and develop recommendations for businesses facing complex challenges. Emphasis is placed on real-world case studies and strategic thinking to equip students with the skills necessary to make informed and effective decisions in a global business landscape.
Recommended Textbook
Management Leading and Collaborating in the Competitive World 10th edition by Thomas Bateman
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18 Chapters
2478 Verified Questions
2478 Flashcards
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Chapter 1: Managing and Performing
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137 Verified Questions
137 Flashcards
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Sample Questions
Q1) Today customers value both the quality of physical goods and the quality of services.
A)True
B)False
Answer: True
Q2) A manager's ability to stimulate people to be high performers is referred to as
A) Planning.
B) Organizing.
C) Leading.
D) Controlling.
E) Monitoring.
Answer: C
Q3) Successful managers know that the change from a local to a global marketplace is
A) Irrelevant to today's business environment.
B) Irreversible.
C) Unchanging.
D) Slowing.
E) No different than it has been over the last three decades.
Answer: B
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Chapter 2: The External and Internal Environments
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Sample Questions
Q1) Margarita and her team are using __________ when they learn from Good Cans about its canning process.
A) forecasting
B) competitive intelligence
C) environmental scanning
D) benchmarking
E) scenario development
Answer: D
Q2) While the stock market can impact a firm, it has no effect on the behavior of individual managers.
A)True
B)False
Answer: False
Q3) An organization's macroenvironment includes its customers and suppliers.
A)True
B)False
Answer: False
Q4) Discuss how immigration patterns influence the management of the U.S. labor force. Answer: Answers will vary.
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Chapter 3: Managerial Decision Making
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144 Flashcards
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Sample Questions
Q1) Managers often ignore challenges for which of the following reasons?
A) They don't agree with the outcome.
B) It's not the managers' job to solve problems, so they typically refer issues to HR.
C) Getting involved won't impress their bosses.
D) Employees actually prefer a hands-off boss who lets them handle conflict on their own.
E) Managers cannot be sure how much time, energy, or trouble lie ahead once they start working on a problem.
Answer: E
Q2) ____________ is the concept that decision makers cannot be truly rational because decisions are complex and complete information is unavailable.
A) Bounded rationality
B) Incremental decision making
C) Cognitive rationality
D) Coalitional decision making
E) Affective rationality
Answer: A
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Page 5
Chapter 4: Planning and Strategic Management
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Sample Questions
Q1) An organization's strategic, operational, and tactical goals must be
A) Aligned.
B) Consistent.
C) Mutually supportive.
D) Focused on a common purpose.
E) All of these.
Q2) A vertical integration strategy involves expanding the domain of the organization into supply channels and to distributors.
A)True
B)False
Q3) Which of these scenario facts would most likely present a threat for Barefoot?
A) More and more home owners are concerned about the environment; it is expected that this trend will continue for decades.
B) As compared to its competitors, its management team is by far the best in the industry.
C) It has fallen behind in turf research and development over the last few years.
D) The company has adequate financial resources to invest in its operations.
E) New home building has fallen off due to a difficult recession.
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6
Chapter 5: Ethics, Corporate Responsibility, and Sustainability
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130 Flashcards
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Sample Questions
Q1) ___________ considers acceptable behavior to be that which maximizes benefits for the individual.
A) Egoism
B) Deontology
C) Relativism
D) Universalism
E) Utilitarianism
Q2) Which of the following levels of corporate social responsibility of business includes meeting societal expectations that are not written as law?
A) Economic.
B) Legal.
C) Social.
D) Philanthropic.
E) Ethical.
Q3) Most people have unconscious biases that give others the benefit of the doubt while simultaneously giving themselves little credit.
A)True
B)False
Q4) Discuss ecocentric management. How can it be beneficial to organizations?
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) Inpatriates are foreign nationals that are sent abroad for a short period.
A)True
B)False
Q3) Steps for establishing and reinforcing the codes of conduct for international business include which of the following?
A) Communicating the company's values.
B) Taking action when standards are violated.
C) Measuring ethical performance.
D) Rewarding people for meeting ethical standards.
E) All of the above are steps for establishing and reinforcing international codes of conduct.
Q4) Explain the consequences of the increasing integration of the global economy.
Q5) Summarize the skills and knowledge managers need to manage globally.
Page 8
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Chapter 7: Entrepreneurship
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Sample Questions
Q1) If, after the current assessment, Ashok still believes in the potential of the venture, he should proceed with which step of the planning process?
A) An environmental analysis.
B) A SWOT analysis.
C) A promotional plan.
D) An opportunity analysis.
E) A business plan.
Q2) Svyt worked in a hospital for several years before starting a medical equipment company. He was successful because he understood the problems that existed in the hospital environment, had clever solutions from which his customers benefited, and worked hard every day to find more. Which of the following characteristics does Svyt have?
A) Leadership.
B) Commitment and determination.
C) Opportunity obsession.
D) Creativity, self-reliance, and ability to adapt.
E) Motivation to excel.
Q3) Identify some of the events and trends currently unfolding in which individuals can potentially spot opportunities. Provide examples.
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Page 9
Chapter 8: Organization Structure
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Sample Questions
Q1) In the situation at Puffin's, to complete Kenneth's scheduling assignment, he will have to rely more on
A) Accountability.
B) Responsibility.
C) Authority.
D) Informal influence.
E) Span of control.
Q2) In a centralized organization, decisions are made based on a founding document, much as the Constitution is used in the United States.
A)True
B)False
Q3) Discuss the concepts of responsibility, authority, and accountability. What should a manager do when he or she has more responsibility than authority?
Q4) In a network, the role of a manager becomes more like that of a broker, someone who assembles and coordinates participants.
A)True
B)False
Q5) Compare and contrast centralized and decentralized organizations.
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Chapter 9: Organizational Agility
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Sample Questions
Q1) Learning organizations are good at
A) Problem diagnosis.
B) Coming to consensus based on gut feelings.
C) Containing knowledge.
D) Discouraging new approaches.
E) Shamelessly stealing ideas from other organizations.
Q2) Managers who want to strengthen their firms' competitiveness via core competencies need to focus on which of the following issues?
A) Assigning specific tasks to specific workers.
B) Purchasing more capital assets.
C) Writing a strategic plan.
D) Extending capabilities to find new applications and opportunities.
E) Maintaining and growing the stock price.
Q3) Compare and contrast organizing for flexible manufacturing versus organizing for speed. Include the appropriate organizational concepts that are applied in each.
Q4) The organic structure stands in stark contrast to the mechanistic organization. Do you agree or disagree? Explain.
Q5) Explain the key features of mass customization.
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Chapter 10: Human Resources Management
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Sample Questions
Q1) A thorough job analysis may help organizations successfully defend themselves in lawsuits involving employment practices.
A)True
B)False
Q2) It is a good idea to allow some time for debate during a termination interview.
A)True
B)False
Q3) To develop the Chevy Volt, General Motors had to determine how many engineers and designers it needed to ensure that such a complex product was ready for a December 2010 U.S. launch. According to the text, this is an example of GM's
A) Demand forecasts.
B) Internal labor supply.
C) External labor supply.
D) Job analysis.
E) Job specifications.
Q4) What are the three activities that make up the staffing function? What are the main activities involved in each activity?
Q5) Summarize how labor laws and unions influence human resources management.
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Chapter 11: Managing the Diverse Workforce
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Sample Questions
Q1) One of every four married women in two-income households earns more than her husband does.
A)True
B)False
Q2) Which of the following is a strength of communication between diverse parties?
A) Understanding.
B) Accuracy.
C) Efficiency.
D) Different points of view.
E) Speed.
Q3) Less restrictive policies and procedures and fewer standardized operating methods are approaches to
A) Organizational flexibility.
B) Limits of control.
C) Span of control.
D) Organization hierarchy.
E) Creativity.
Q4) Discuss the competitive advantage gained by employing a diverse workforce.
Q5) What are some of the tools used to attract and retain a diverse group of qualified employees? Why are they necessary or desirable?
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Chapter 12: Leadership
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Sample Questions
Q1) Level 5 leadership is a combination of strong professional will and intense personal pride.
A)True
B)False
Q2) Describe the three components that are present in the most effective leadership development experiences, and provide examples illustrating how they are useful.
Q3) _______ power is dominant when subordinates are obliged to comply by virtue of a boss's authority.
A) Legitimate
B) Reward
C) Coercive
D) Referent
E) Expert
Q4) Which of these describes a vision as it pertains to leadership?
A) A long-term goal of an organization.
B) A mental image of a future state of an organization.
C) The method through which leaders achieve goals.
D) An operational plan for a specific department.
E) None of the above.
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Chapter 13: Motivating for Performance
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Sample Questions
Q1) Briefly describe Edward Thorndike's law of effect, and discuss the theory that uses it to alter employee behavior.
Q2) Herzberg's theory describing hygiene and motivators as factors affecting people's work motivation and satisfaction is referred to as
A) Equity theory.
B) Expectancy theory.
C) Path-goal theory.
D) Two-factor theory.
E) The hierarchy of needs.
Q3) A difference between Maslow's need hierarchy and Alderfer's ERG theory is that
A) ERG theory states that various needs operate simultaneously.
B) Maslow's hierarchy has more scientific validity.
C) Maslow's hierarchy reminds managers that even if one need seems to motivate people, other needs may still need attention.
D) ERG theory focuses on five levels of need.
E) Only Maslow's theory serves to remind managers of the types of reinforcers that can be used to motivate people.
Q4) Describe several important categories of a QWL program using examples.
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Page 15
Chapter 14: Teamwork
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140 Flashcards
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Sample Questions
Q1) Another name for a self-managed team is an autonomous work group.
A)True
B)False
Q2) Which of the following types of teams has the most freedom regarding decisions and execution of tasks and about the team itself?
A) Self-managing teams.
B) Parallel teams.
C) Traditional work groups.
D) High-performance work teams.
E) Self-designing teams.
Q3) When a creative solution is needed and commitment to the solution is vital to implementation, which of these is the ideal approach to managing conflict?
A) Avoidance.
B) Smoothing.
C) Accommodation.
D) Compromise.
E) Collaboration.
Q4) Discuss the conflict management strategies. When is each most appropriate?
Q5) Describe the process by which groups become real teams.
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Chapter 15: Communicating
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Sample Questions
Q1) Research suggests that facial expression and tone of voice can account for as much as 25 percent of the communication between two people.
A)True
B)False
Q2) Advantages of oral communication include that it can be revised and it provides a permanent record.
A)True
B)False
Q3) Nonverbal messages can support or undermine the stated message.
A)True
B)False
Q4) The more information or cues a medium sends to the receiver, the _________ the medium is considered.
A) quicker
B) more comprehensive
C) wider
D) richer
E) more complex
Q5) Describe the ways in which GE is breaking down boundaries.
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Chapter 16: Managerial Control
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Sample Questions
Q1) Yiheng was new to his organization but quickly noticed a pattern at the annual budgeting session. Midlevel managers were asking for unrealistically high budgets while top management was attempting to require budgets under last year's actual expenditures. Both parties were using strategies that are referred to as
A) Budget breakdowns.
B) Bureaucratic budgeting.
C) Budget resistance.
D) Tactical behaviors.
E) Rigid behaviors.
Q2) Which control system does Mid-Atlantic Health utilize?
A) Bureaucratic.
B) Market.
C) Clan.
D) Feedforward.
E) Concurrent.
Q3) Return on investment is a profitability ratio.
A)True
B)False
Q4) Describe feedforward, feedback, and concurrent control. Give an example of each.
Q5) List and give an example of each of the four types of performance standards.
Page 18
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Chapter 17: Managing Technology and Innovation
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Sample Questions
Q1) An innovation will spread faster if which of the following is true?
A) It is perceived as similar to its predecessor.
B) It is compatible with existing systems and procedures.
C) It has more rather than less complexity.
D) It requires a significant commitment to try or test.
E) It is difficult to copy.
Q2) The three fundamental types of innovation are
A) Process innovations, business model innovations, and scientific technologies.
B) Product innovations, business model innovations, and efficiency mechanisms.
C) Process innovations, business model innovations, and product innovations.
D) Scientific technologies, product technologies, and product innovations.
E) Scientific technologies, product technologies, and efficiency mechanisms.
Q3) In this scenario, Saul is an example of
A) A laggard.
B) The late majority.
C) The early majority.
D) An early adopter.
E) An innovator.
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) Even after MP3 players became an accepted technology, some people still resisted using them because they were comfortable with their old ways of listening to music. The reason for this type of resistance to change might be
A) Surprise.
B) Peer pressure.
C) Differing assessments.
D) Inertia.
E) Timing.
Q2) Organizational _________ refers to being able to achieve multiple objectives at the same time.
A) strategy
B) development
C) ambidexterity
D) behavior
E) multitasking
Q3) Discuss the learning cycle of explore, discover, and act. How can you use this model to build your own career?
Q4) Explain the difference between the "tyranny of the or" and the "genius of the and."
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