Management Questions
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New entrants to an industry are more likely when (i.e., entry barriers are low when...)a. it is difficult to gain access to distribution channels.b. economies of scale in the industry are high.c. product differentiation in the industry is low.d. capital requirements in the industry are high.
What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives?a. Strategy formulationb. Strategy evaluationc. Strategy implementationd. Strategic managemente. Strategic leading
Firms with few competitive resources are more likelya. to not respond to competitive actions.b. respond quickly to competitive actions.c. delay responding to competitive actions.d. respond to strategic actions, but not to tactical actions
ST Strategies is an important strategy toa. Match weakness with opportunities of the firmb. Overcome external threatsc. Obtain benefit from its resourcesd. Overcome its weakness and reducing threats
Which of the following is not a cultural product?a. Ritesb. Emotionsc. Ritualsd. Sagase. Symbols
The process of performing an external audit needs to include:a. only top level managers, as it's a planning function.b. as many managers and employees as possible.c. primarily front-line supervisorsd. between 15 to 20 managers for it to be valide. stockholders and external government agencies
Of the following, which one would NOT be considered one of the components of a mission statement?a. The target market for XYZ is oil and gas producers as well as producers of chemicals.b. XYZ shall hire only those individuals who have with sufficient educational levels so as to be ofbenefit to our customersc. The customers of XYZ shall include global and local consumers of gas and oil products anddomestic users of nontoxic chemicalsd. The technologies utilized by XYZ shall focus upon development of alternative sources of gas and oilso as to remain competitive within the industry
An analysis of the economic segment of the external environment would include all of the following EXCEPT a. interest rates. b. international trade. c. the strength of the U.S. dollar. d. the move toward a contingent workforce
Switching costs refer to the: a. cost to a producer to exchange equipment in a facility when new technologies emerge. b. cost of changing the firm's strategic group. c. one-time costs suppliers incur when selling to a different customer. d. one-time costs customers incur when buying from a different supplier
The immediate external environment includes:a. Divisionsb. S. B. U. sc. Competitorsd. Management
Which of the following is an example of competing on quick response?a. a firm produces its product with less raw material waste than its competitorsb. a firm offers more reliable products than its competitorsc. a firm's products are introduced into the market faster than its competitors'd. a firm's research and development department generates many ideas for new products
The task of strategy choice involves:a. developing plans and activities which will improve the organisation's performance and competitive positionb. determining how the organisation can be more market and efficiency orientedc. monitoring whether the organisation is achieving good financial performanced. keeping the organisation free of debt
The strategic management process isa. a set of activities that will assure a temporary advantage and average returns for the firm.b. a decision-making activity concerned with a firm's internal resources, capabilities, andcompetencies, independent of the conditions in its external environment.c. a process directed by top-management with input from other stakeholders that seeks to achieveabove-average returns for investors through effective use of the organization's resources.d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness.
The three organizational levels are: a. corporate level, business level, functional level b. corporate level, business unit level, functional level c. corporate strategy level, business unit level, functional level d. corporate strategy level, business level, specialist level
The corporate level is where top management directs:a. all employees for orientationb. its efforts to stabilize recruitment needsc. overall strategy for the entire organizationd. overall sales projections
Which one of the following is not a primary task of strategic managers?a. Establishing strategic objectivesb. Developing the steps to follow in implementing operational level plansc. Defining the business and developing a missiond. Developing a strategye. Implementing and evaluating the chosen strategy
Which one of the following is at the core of strategic management?a. Choosing which organisational objectives to focus onb. Being alert for opportunities to change work responsibilitiesc. Adapting the organisation to a changing external environmentd. Choosing whether to make decisions autocratically or on the basis of participation
Which one of the following is NOT included in the Porter's Five Forces model:a. Potential development of substitute productsb. Bargaining power of suppliersc. Rivalry among stockholdersd. Rivalry among competing firms
The fundamental purpose for the existence of any organization is described by itsa. policiesb. missionc. proceduresd. strategy
Which of the following is NOT a characteristic of Strategic Mgt that makes it different : A. It is interdisciplinary B. It has an external focus C. It has an internal focus D. It is concerned with the present direction of the Organisation