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Business Mid-Term MCQs




Midterm Exam: Please review each question carefully before selecting an answer. Each;question is worth 2 points. The exam consists of series of multiple choice and short answer;questions.;Chapter one;1. Define and briefly describe any five components of the strategic management model? Please;refer to the discussion on "Components of the Strategic management Model" on pages 11-15.;2. Social responsibility is a critical consideration for a company's strategic decision makers since;A. Stockholders demand it;B. The mission statement must express how the company intends to contribute to the societies;that sustain it;C. It increases a company's profits;D. It helps make decisions;3. Analysis of the quantity and quality of the company's financial, human and physical resources;is a part of;A. Internal analysis;B. Mission statement;C. External environment analysis;D. Corporate goals;4. The external environment consists of;A. The operating environment;B. Managers;C. Employees;D. Owners;5. Which one of the following is NOT an interactive segment of a firm's external environment?;A. Functional;B. Remote;C. Industry;D. Operating;6. Which of these is NOT true about the behavioral effect of strategic management?;A. Strategy formulation activities enhance the firm's ability to prevent problems;B. Resistance to change is reduced;C. Gaps and overlaps in activities among individuals and groups are increased to ensure the;checks and balance;D. The employee involvement is strategy formulation improves their understanding of the;productivity reward relationship in every strategy plan;7. The behavioral consequences of strategic management are similar to those of;A. authoritative decision making;B. centralized;decision making;C. autocratic decision making;D. participative decision making;8. Which of the following is a major function of the strategic management model?;A. It helps make profits for the firm;B. It helps in identifying key issues faced by the firm;C. It helps in deciding which products to sell;D. It depicts the sequence and relationships of the major components of the strategic;management process;9. Strategic management compromises nine critical tasks. Which of the following is NOT one of;the tasks?;A. Development of annual objectives compatible with grand strategies;B. Assessment of the company's external environment;C. Selection of a particular set of long-term objectives and grand strategies;D. Evaluate the success of the strategic process;10. Strategic management involves the _____, directing, _____ and controlling of a company's;strategy-related decisions and actions.;A. Financing, marketing;B. Planning, financing;C. Marketing, planning;D. Planning, organizing;11. When the dominance of the CEO approaches autocracy, the effectiveness of the form's;strategic planning and management processes are likely to;A. Enhance strategic planning but diminish its processes;B. Be greatly enhanced;C. Have no effect;D. Be diminished;Chapter 2;12. Differentiate between company philosophy and public image. Why should organizations care;to have either or both of these in its mission?;13. What is meant by company self-concept? Why is it an important mission statement;component?;14. Which one of the following is NOT an outcome designed to be accomplished by a company;mission?;A. To provide a unifying purpose for the organization;B. To provide a basis for strategic objective setting;C. To provide a basis for decision making;D. To reward stockholders;15. In general terms, the mission statement addresses all of the following questions EXCEPT;A. What are our economic goals?;B. What is our operating philosophy in terms of quality, company image and self-concept?;C. What customers do and can we serve?;D. Who are our competitors and how can we collaborate with them?;16. In general terms, which of the following questions is addressed by the mission statement?;A. How should we price our products?;B. What are our economic goals?;C. Which employees should we hire?;D. What leverage structure should we follow?;17. The process of defining the company mission for a specific business can be best understood;by;A. Thinking about the business at its inception;B. Looking at the industry attributes;C. Analyzing the regulatory requirements of what to include in a mission;D. Analyzing the most successful competitors in the marketplace;18. In deriving a mission statement, which of the following should be included?;A. Tax advantages;B. Secondary markets to be served;C. Concern for survival through growth;D. Employee rules and policies;19. When should a company redefine its mission?;A. When the competition have failed;B. When the board meets with top management annually;C. When the business is forced by competitive pressures to alter its products of market;D. When the government requires the business to redefine it;20. A mission statement should include all of these components EXCEPT;A. Basic types of products or services to be offered;B. The firm's managerial philosophy;C. The public image the firm seeks;D. The government regulations the firm must meet;21. Three indispensable components of the mission statements are;A. Basic product or service, primary markets and principal technology;B. Self-concept, managerial philosophy and public image;C. Concern for survival through growth, self-concept and primary markets;D. Economic goals, core competencies and primary and secondary customers;22. Growth means;A. Change;B. Stability;C. Effectiveness;D. Efficiency;23. Growth means change, and _____ change is required in a _____ business environment.;A. proactive, dynamic;B. reactive, dynamic;C. proactive, stable;D. reactive, uncertain;24. In a dynamic business environment, ______ is essential.;A. Status quo;B. Compromising ethics in decision making;C. Proactive change;D. Adverse selection;25. The company's philosophy is sometimes also called the;A. Company creed;B. Corporate profile;C. Corporate motto;D. Corporate symbol;Chapter 3;26. Individuals and groups who are stockholders or employees of firms are called;A. Outsiders;B. Insiders;C. Internal stakeholders;D. A special interest group;27. Which of these are NOT outside stakeholders?;A. Customers;B. Stockholders;C. Creditors;D. Union;28. Which of these represent a pollution prevention strategy in an organization?;A. Automation of manufacturing facility;B. Transforming business from manufacturing to service operations;C. Changing the materials used or redesigning how operations are bid out;D. Creating a pollution pit and putting all waste in it monthly;29. Each firm regardless of ____ must decide how to meet its perceived social responsibility.;A. Industry;B. National origin;C. Profitability;D. Size;30. Which of the following is NOT a type of social commitment that strategic managers need to;consider?;A. Economic;B. Political;C. Legal;D. Ethical;31. Which of these represents the most basic responsibilities of business?;A. Economic;B. Political;C. Legal;D. Ethical;32. The duty of managers, as agents of the company owners, to maximize stockholder wealth is;referred to as ________ responsibilities.;A. Legal;B. Discretionary;C. Economic;D. Ethical;33. Public relations activities and good citizenship are examples of which responsibilities of a;business organization?;A. Legal;B. Ethical;C. Discretionary;D. Economic;34. Brand identity is a determinant of which of these forces driving industry competition?;A. Entry;B. Rivalry;C. Buyer power;D. Supplier power;35. Differentiation of inputs represents a determinant of;A. Entry;B. Rivalry;C. Buyer power;D. Supplier power;36. In the economists' "perfectly competitive" industry jockeying for position is unbridled and;entry to the industry is;A. Very easy;B. Prohibited by regulations;C. Moderated due to national security concerns;D. Very hard;37. Access to distribution channels is a major source of which competitive force?;A. Bargaining power of buyers;B. Threat of entry;C. Threat of substitute products;D. Bargaining power of suppliers;38. New entrants to an industry bring;A. New capacity;B. New customers;C. Few resources;D. Bigger margins;39. Economies of scale in an industry refers to;A. Savings that companies within the industry achieve due to increased volume;B. Declining average short run costs per unit;C. Improved contractual agreements with suppliers in the near term;D. Decreased barriers to entry to new firms attempting to enter the industry;40. Which of the following is a factor that does NOT foster brand identification?;A. Advertising;B. Customer service;C. Product differences;D. Price;41. Identify and briefly describe the different factors comprising the remote environment.;42. Discuss the three profound social changes in the recent years that affect the performance of a;firm.;Chapter 5;43. Repatriation of profits to home country represents which orientation of a global firm?;A. Ethnocentric;B. Regiocentric;C. Geocentric;D. Polycentric;44. Host country culture is a dominant factor in which orientation of a global firm?;A. Ethnocentric;B. Regiocentric;C. Geocentric;D. Polycentric;45. Global personnel development and placement occurs in which orientation of a global firm?;A. Ethnocentric;B. Regiocentric;C. Geocentric;D. Polycentric;46. Top-down governance structure is evident in which orientation of a global firm?;A. Ethnocentric;B. Regiocentric;C. Geocentric;D. Polycentric;Chapter 6;47. What is the product life cycle? What are its different stages?;48. Patents and trademarks are examples of;A. Tangible assets;B. Intangible assets;C. Capabilities;D. Competencies;49. Which of the following is NOT an example of an intangible asset?;A. Financial resources;B. Brand names;C. Company reputation;D. Organizational morale;Chapter 7;50. Few innovative ideas prove to be profitable because of;A. Low development costs;B. Low pre-marketing costs;C. High research costs;D. High post-marketing costs;Bonus Questions;51. The acquisition of one or more businesses operating at the same stage of the productionmarketing chain is an example of;A. Market development;B. Product development;C. Innovation;D. Horizontal acquisition;52. When the long-term strategy of a firm is based on growth through the acquisition of one or;more similar businesses operating at the same stage of the production-marketing chain, this is;called;A. Vertical integration;B. Conglomeration;C. Horizontal acquisition;D. Liquidation;53. If a donut corporation acquires a flour company, this strategy would be called;A. Vertical acquisition;B. Diversification;C. Conglomeration;D. Joint venture


Paper#20006 | Written in 18-Jul-2015

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