Strategic Management
Midterm Exam
Course Introduction
Strategic Management is a comprehensive course that explores the formulation, implementation, and evaluation of strategies in organizations to achieve long-term objectives and sustain competitive advantage. The course covers essential concepts such as industry analysis, resource-based perspectives, corporate-level and business-level strategies, and the influence of internal and external environments on strategic decision-making. Through case studies and practical frameworks, students learn to apply analytical tools, assess organizational strengths and weaknesses, and make informed strategic decisions, preparing them for leadership roles in dynamic business settings.
Recommended Textbook Management 1st Edition by Ranjay Gulati
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Page 2
Chapter 1: Introduction to Management
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Q1) After hiring a consultant,a senior management team realized that the organizations's structure did not enable proper usage of its resources and the culture was not reinforcing employee performance.Which of the following pillars of management has the organization failed to consider?
A) Strategic positioning
B) Organizational design
C) Individual leadership
D) Organizational climate
Answer: B
Q2) The factor that distinguishes human relations movement from scientific management is that human relations movement:
A) focuses on how jobs could be designed to improve productivity.
B) emphasized the importance of informal social relations at work.
C) views the firm as a machine and the manager as a machine operator.
D) shifted emphasis from the social side of the firm to the output of the firm.
Answer: B
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3
Chapter 2: The Global Business Environment
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Q1) Outline the components of a firm's internal environment.
Answer: A firm's internal environment consists of several dimensions that affect the firm from within its boundaries.The typical components of a firm's internal environment include owners,the board of directors,employees,and culture.Each of these dimensions can directly impact a firm's performance and competitive position.The owners of a firm are the people or institutions that maintain legal control of the organization.The board of directors is a group of individuals elected by the shareholders and charged with overseeing the general direction of the firm.A firm's employees are an extremely important component of a firm's internal environment.The firm's employees are the people who make the products and provide the services that allow the firm to exist.Culture is a pattern of basic assumptions about the way an organization should work and the manner in which individuals in an organization should interact with each other.
Q2) A firm's employees are the people who make the products and provide the services that allow the firm to exist.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Ethics and Corporate Social Responsibility
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Q1) Virtue ethics claims that morality's primary function is to develop virtuous character,similar to the way people develop skills such as creativity and conflict management.
A)True
B)False
Answer: True
Q2) A firm's ethical responsibilities are:
A) behaviors enforced on the firm.
B) implemented to meet financial obligations.
C) behaviors the general population expects.
D) defined by the federal government.
Answer: C
Q3) Corporate social responsibility activities that are directly related to business activities so that they can combine social welfare with financial welfare are known as
A) accountable CSR
B) strategic CSR
C) inventive CSR
D) ethical CSR
Answer: B
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Chapter 4: Introduction to Strategy
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Q1) An emergent component of a firm's strategy:
A) involves the systematic assessment of the external and internal environments.
B) includes the creation of plans to react to or impact environmental factors.
C) makes it flexible and adaptable to changing environmental conditions.
D) establishes the objectives or benchmarks the firm hopes to achieve.
Q2) Which of the following statements best describes the function of a firm's strategy?
A) It states the firm's standardized rules and procedures.
B) It specifies how the firm intends to achieve its goals.
C) It provides information for stakeholder mapping.
D) It classifies the internal business environmental factors.
Q3) What are the three elements a manager should consider while developing a strategy?
Q4) In developing a strategy,a manager must realize that competitive strategy is primarily about operational efficiency.
A)True
B)False
Q5) Briefly describe the use of strategy by the Roman military leaders.
Q6) Outline the features of exporting.
Q7) Describe the business-level strategy.
Page 6
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Chapter 5: Business-Level Strategy
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Q1) Managers must view the firm's value chain in the context of a larger value system that includes the value chains of suppliers and distribution channels.
A)True
B)False
Q2) Which of the following belongs to the primary activities of a firm's value chain?
A) Technological development
B) Human resource management
C) Firm infrastructure
D) Marketing and sales
Q3) Which of the following is one of the fundamental questions a manager must answer in developing a business-level strategy?
A) Who do we serve?
B) Who are our competitors?
C) What are our objectives?
D) Where to do business?
Q4) Outline the features of SWOT analysis.
Q5) Describe the three strategies of competitive advantage.
Q6) Briefly describe the 5-forces model.
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Chapter 6: Corporate-Level Strategy
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Q1) The ultimate goal of developing a corporate-level strategy is to build _____.
A) employee commitment
B) a corporate advantage
C) customer relationship
D) a wholly-owned subsidiary
Q2) _____ costs refer to the costs a firm incurs to coordinate activities between business units.
A) Franchising
B) Administrative
C) Outsourcing
D) Transaction
Q3) Firms diversify internationally to achieve economies of scale.
A)True
B)False
Q4) Briefly explain the international scope test.
Q5) Transaction costs refer to the costs a firm incurs to coordinate activities between business units.
A)True
B)False
Q6) Discuss the results of diversification.
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Chapter 7: Organizational Design
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Q1) Behaviorists are those who support a more open organizational structure where roles and responsibilities are loosely defined.
A)True
B)False
Q2) Which of the following is a disadvantage of a divisional structure?
A) It is not suited to competitive situations where coordinated action is needed for innovation.
B) This structure does not allow for much accountability.
C) It is not suited to business environments marked by high degrees of uncertainty.
D) Core functions are duplicated,preventing the development of economies of scale.
Q3) Which of the following statements is true of the organizational design and the life-cycle of a firm?
A) Once a firm reaches maturity,the emphasis on coordination generally increases.
B) The nature of leadership should remain stable as the firm keeps evolving.
C) As a firm matures,it tends to emphasize division of labor.
D) Start-up firms are characterized by more job specialization.
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Chapter 8: Organizational Culture
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Q1) Which of the following statements is true of the role of founders in influencing culture?
A) The founders take the least risk and therefore do not feel as much anxiety as their employees.
B) In allowing values to trump economics,founders tend to have a weak influence on the company's culture.
C) A founder cannot make any risky decisions as he is required to account to everyone in the organization.
D) Founders are uniquely situated to be innovative and to exemplify innovation to their employees.
Q2) Once a behavior has become an assumption,it is even more visible.
A)True
B)False
Q3) Which of the following best describes an organization's artifacts?
A) Day-to-day behaviors that can be observed
B) The underlying essence of why members of an organization act as they do
C) Relational factors between an organization's culture and its performance
D) Aspects deemed important by members of an organization
Q4) Evaluate the importance of culture in mergers and acquisitions.
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Chapter 9: Managing Human Capital
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Q1) Of the five stages of organizational growth,strategic integration involves:
A) technical specialization and increased formality.
B) concentrating on controlled growth and developing more formal procedures and increasing focus on professional management.
C) developing multiple product groups and integrating various functional aspects like accounting to provide more autonomy to divisions.
D) focusing on flexibility,adaptability,and incorporation across business functions.
Q2) A-Recruitz is an organization that allows its employees to work from home.Most of the interaction between the employees and the organization takes place through email.Moreover,the organization is able to maintain increased employee performance and satisfaction.Identify the work option offered by A-Recruitz to its employees.
A) Variable work schedules
B) Flexible work schedules
C) Telecommuting
D) Job sharing
Q3) Outline the different methods of training.
Q4) What are the benefits of internal recruitment?
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Chapter 10: Performance Management
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Q1) Which of the following is the most valuable benefit of the balanced scorecard?
A) Its usefulness in creating the vision,mission,and objectives of a firm
B) Its creation of a strong culture which provides role clarity to employees
C) Its facilitation of communication about strategy throughout an organization
D) It flexibility toward employees allowing them to make their own decisions
Q2) Which of the following statements is true about the financial perspective of a balanced scorecard?
A) Economic value added refers to a measure of the value a company provides to its shareholders.
B) During the growth stage,profitability outweighs investment.
C) When an organization introduces a new product,business is in the sustain phase.
D) The harvest stage is the stage of business where the company is investing and extracting money.
Q3) What is a balanced scorecard? Briefly describe its perspectives.
Q4) While a business is in the harvest stage,investment outweighs profitability.
A)True
B)False
Q5) Discuss TQM,Six Sigma and ISO 9000.
Q6) Describe benchmarking.
Page 12
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Chapter 11: Organizational Change
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Q1) Which of the following is a most cited reason why organizations initiate change?
A) To satisfy customers
B) To motivate employees
C) To improve performance
D) To avoid monotony
Q2) Which of the following helps change leaders build dissatisfaction?
A) Creating proper alignment between an organization and its strategy
B) Improving experimentation while simultaneously reinforcing efficiency and cost effectiveness
C) Reducing the involvement of pivotal individuals in the process and concealing the vision for change.
D) Engaging in benchmarking or internal and external performance/opportunity gap analyses
Q3) Organizations that focus on both sustainable and disruptive technologies often make bad decisions concerning disruptive innovations.
A)True
B)False
Q4) Outline the different approaches to change.
Q5) Discuss the factors causing resistance to organizational change.
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Chapter 12: Leadership in Organizations
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Q1) According to the leader-member exchange theory,leaders treat each member differently.
A)True
B)False
Q2) Briefly describe task-oriented and relations-oriented leadership styles.
Q3) Define transactional and transformational leadership styles.Identity their components.
Q4) Which of the following aspects characterizes transformational leaders?
A) Extreme task orientation
B) Time and resource management
C) Passive management-by-exception
D) Individualized consideration
Q5) The most effective leaders:
A) display both transactional and transformational leadership behaviors.
B) tend to adopt a more task-oriented than relations-oriented leadership style.
C) adopt a leadership style that makes them relations-oriented charismatic leaders.
D) show extreme active and passive management-by-exception behavior patterns.
Q6) Explain trait-based leadership theory.
Q7) Discuss the darker side of charismatic leaders.
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Chapter 13: Becoming a Leader: Knowing Yourself
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Q1) _____ is defined as the ability to combine or link ideas in new ways to generate novel and useful alternatives.
A) Contextual intelligence
B) Analytical thinking
C) Lateral thinking
D) Emotional intelligence
Q2) Which of the following statements about locus of control is true?
A) Personal ability and effort are externally generated.
B) The outcome of effort and luck are less predictable.
C) Personal ability and task difficulty are more unstable.
D) Stability refers to an individual's ability to control events.
Q3) Outline the components of emotional intelligence.
Q4) Define self-awareness and interpersonal effectiveness,and describe their relationship.
Q5) Emotional intelligence is defined as the ability to shape and be shaped by the external environment.
A)True
B)False
Q6) Identify some of the characteristics of people with internal and external locus of control.
Page 15
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Chapter 14: Power and Influence
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Q1) Influence refers to the:
A) means by which an employee becomes a leader.
B) ability of leaders to achieve organizational goals.
C) vehicle by which leaders exercise their power.
D) potential of groups to impact others behavior.
Q2) According to Robert Cialdini's principle of scarcity:
A) people should repay in the future what another person has done for them in the present.
B) someone will be more willing to say yes to an individual whom they like.
C) someone will follow orders based on the other person's position in the formal organizational hierarchy.
D) opportunities seem more valuable when it feels like a "once-in-a-lifetime situation".
Q3) A core network includes:
A) people who provide career guidance and help in obtaining visible assignments.
B) the exchange of specific job-related resources such as information and expertise.
C) people who share a common background or interest.
D) relationships that are characterized by close bonds and reciprocity.
Q4) Outline the different forms of interpersonal power.
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Page 16
Chapter 15: Decision Making
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Q1) Peter is a senior manager in an organization that is currently laying off its employees.It is Peter's responsibility to convey this message to the laid off employees.Harry is one among them with whom Peter had a conflict a year ago.Therefore,in an attempt to avoid any such conflicts again,Peter requested a human resources representative to convey the message instead.In this case,Peter uses the _____ heuristic.
A) intuitive
B) availability
C) representativeness
D) adjustment
Q2) Which of the following is the first step in rational decision making?
A) Identifying possible courses of action
B) Identifying the objectives
C) Defining a problem or opportunity
D) Computing the optimal decision
Q3) Identifying a few possible courses of action is the first step involved in the rational decision making process.
A)True
B)False
Q4) Outline heuristics and its types.
Page 17
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Chapter 16: Conflict and Negotiation
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Q1) Which of the following situations is the best example of an intergroup conflict?
A) Sam tends to argue a lot with his colleague Tom over minor issues and at an extreme situation both started attacking each other physically and were suspended for a weak.
B) The employees in an organization had a conflict with their employer for not improving their work environment which is highly hazardous and unhygienic.
C) Jane and Jack,executives of a firm's finance department,had a conflict with their teammate,John,who failed to submit an important report on time.
D) An organization's marketing team had a conflict with the production team due to the delay in the arrival of finished products.
Q2) Which of the following statements is true of agreements that create value?
A) They involve a distributive negotiation process.
B) They weaken the relationship between negotiators.
C) They involve bargaining over interests.
D) They often result in higher-quality agreements.
Q3) Describe affective and cognitive conflict.
Q4) List the steps involved in an effective negotiation process.
Q5) How are disagreements resolved?
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Page 18
Chapter 17: Leading Teams
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Q1) Which of the following statements about team size is true?
A) The optimal size of a team ranges from 20-30.
B) It is generally better to have too many than too few members.
C) As the size of a team increases beyond 20 members,the tendency to collaborate increases.
D) Team size should reflect the nature of the task.
Q2) Which of the following statements is true of diverse teams?
A) Diverse team members generally lack complementary information and expertise.
B) Collocated teams tend to be more diverse than geographically distributed teams.
C) Dysfunctional conflicts are less likely to be experienced by diverse teams.
D) Diverse team members tend to produce more creative and innovative solutions.
Q3) The extent to which group members need to work with and rely on each other to produce the collective work of the group is referred to as _____.
A) task complexity
B) individual accountability
C) task interdependence
D) conformity
Q4) Discuss the different dimensions by which teams are defined.
Q5) Identify the behaviors of effective team leaders.
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Chapter 18: Motivation
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Q1) Outline the content theories of motivation.
Q2) According to Douglas McGregor,managers who conform to Theory X:
A) believe that employees are not slackers,but are motivated to do their best and to work to their potential.
B) are more inclined to focus on participatory rather than command-and-control styles of leadership.
C) seek consensus and try to create an open atmosphere where employees are free to experiment and innovate.
D) tend to believe that employees are principally motivated by extrinsic rewards,especially compensation.
Q3) Which of the following is a characteristic of an organization's climate with high employee engagement?
A) Negative reinforcement
B) Training and development
C) High power distance
D) Centralized decision making
Q4) Discuss the process theories of motivation.
Q5) Identify the characteristics of managers who conform to Douglas McGregor's Theory Y.
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Chapter 19: Communication
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Q1) Men are more successful than women when they are advocating for the needs of their team members or partners.
A)True
B)False
Q2) Which of the following statements about nonverbal communication is true?
A) It involves giving physical attention to a communication partner.
B) Space and objects do not impact the interpretation of communication.
C) Nonverbal communication consists of letters,pictures,and symbols.
D) Body language includes the dress and appearance of the individuals.
Q3) In productive situations,individuals engaged in the communication process ask for clarification when they have misunderstood.
A)True
B)False
Q4) Which of the following statements is true about communication channels?
A) In horizontal channels,media are sent up and down the chain of command.
B) Downward communication is used for giving instructions and training.
C) Organizations that seek to save time use vertical communication channels.
D) Employees who engage in upward communication are always dissatisfied.
Q5) Define interpersonal communication.List the core components of communication.
Page 21
Q6) Define persuasion.List the principles for enhancing persuasion.
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Chapter 20: Networking
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Q1) Advice networks in organizations allows employees to:
A) share sensitive information and support one another in times of crisis.
B) get help from others to solve problems and to receive information.
C) formally exchange work-related information with others to achieve their goals.
D) transfer information from one department to another following standard procedures.
Q2) Which of the following terms refers to the value that an individual can derive from his or her contacts?
A) Social value
B) Synergy
C) Social capital
D) Value chain
Q3) The act of leveraging network position to connect people who are not otherwise connected to one another to generate and control information is called _____.
A) redundancy
B) social loafing
C) brokerage
D) framing
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