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Business Mid-Term MCQs

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Question;Midterm Exam: Please review each question carefully before selecting an answer. Eachquestion is worth 2 points. The exam consists of series of multiple choice and short answerquestions.Chapter one1. Define and briefly describe any five components of the strategic management model? Pleaserefer 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 sinceA. Stockholders demand itB. The mission statement must express how the company intends to contribute to the societiesthat sustain itC. It increases a company's profitsD. It helps make decisions3. Analysis of the quantity and quality of the company's financial, human and physical resourcesis a part ofA. Internal analysisB. Mission statementC. External environment analysisD. Corporate goals4. The external environment consists of:A. The operating environmentB. ManagersC. EmployeesD. Owners5. Which one of the following is NOT an interactive segment of a firm's external environment?A. FunctionalB. RemoteC. IndustryD. Operating6. Which of these is NOT true about the behavioral effect of strategic management?A. Strategy formulation activities enhance the firm's ability to prevent problemsB. Resistance to change is reducedC. Gaps and overlaps in activities among individuals and groups are increased to ensure thechecks and balanceD. The employee involvement is strategy formulation improves their understanding of theproductivity reward relationship in every strategy plan7. The behavioral consequences of strategic management are similar to those ofA. authoritative decision makingB. centralizeddecision makingC. autocratic decision makingD. participative decision making8. Which of the following is a major function of the strategic management model?A. It helps make profits for the firmB. It helps in identifying key issues faced by the firmC. It helps in deciding which products to sellD. It depicts the sequence and relationships of the major components of the strategicmanagement process9. Strategic management compromises nine critical tasks. Which of the following is NOT one ofthe tasks?A. Development of annual objectives compatible with grand strategiesB. Assessment of the company's external environmentC. Selection of a particular set of long-term objectives and grand strategiesD. Evaluate the success of the strategic process10. Strategic management involves the _____, directing, _____ and controlling of a company'sstrategy-related decisions and actions.A. Financing, marketingB. Planning, financingC. Marketing, planningD. Planning, organizing11. When the dominance of the CEO approaches autocracy, the effectiveness of the form'sstrategic planning and management processes are likely to:A. Enhance strategic planning but diminish its processesB. Be greatly enhancedC. Have no effectD. Be diminishedChapter 212. Differentiate between company philosophy and public image. Why should organizations careto have either or both of these in its mission?13. What is meant by company self-concept? Why is it an important mission statementcomponent?14. Which one of the following is NOT an outcome designed to be accomplished by a companymission?A. To provide a unifying purpose for the organizationB. To provide a basis for strategic objective settingC. To provide a basis for decision makingD. To reward stockholders15. In general terms, the mission statement addresses all of the following questions EXCEPTA. 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 understoodbyA. Thinking about the business at its inceptionB. Looking at the industry attributesC. Analyzing the regulatory requirements of what to include in a missionD. Analyzing the most successful competitors in the marketplace18. In deriving a mission statement, which of the following should be included?A. Tax advantagesB. Secondary markets to be servedC. Concern for survival through growthD. Employee rules and policies19. When should a company redefine its mission?A. When the competition have failedB. When the board meets with top management annuallyC. When the business is forced by competitive pressures to alter its products of marketD. When the government requires the business to redefine it20. A mission statement should include all of these components EXCEPTA. Basic types of products or services to be offeredB. The firm's managerial philosophyC. The public image the firm seeksD. The government regulations the firm must meet21. Three indispensable components of the mission statements are:A. Basic product or service, primary markets and principal technologyB. Self-concept, managerial philosophy and public imageC. Concern for survival through growth, self-concept and primary marketsD. Economic goals, core competencies and primary and secondary customers22. Growth means:A. ChangeB. StabilityC. EffectivenessD. Efficiency23. Growth means change, and _____ change is required in a _____ business environment.A. proactive, dynamicB. reactive, dynamicC. proactive, stableD. reactive, uncertain24. In a dynamic business environment, ______ is essential.A. Status quoB. Compromising ethics in decision makingC. Proactive changeD. Adverse selection25. The company's philosophy is sometimes also called the:A. Company creedB. Corporate profileC. Corporate mottoD. Corporate symbolChapter 326. Individuals and groups who are stockholders or employees of firms are called:A. OutsidersB. InsidersC. Internal stakeholdersD. A special interest group27. Which of these are NOT outside stakeholders?A. CustomersB. StockholdersC. CreditorsD. Union28. Which of these represent a pollution prevention strategy in an organization?A. Automation of manufacturing facilityB. Transforming business from manufacturing to service operationsC. Changing the materials used or redesigning how operations are bid outD. Creating a pollution pit and putting all waste in it monthly29. Each firm regardless of ____ must decide how to meet its perceived social responsibility.A. IndustryB. National originC. ProfitabilityD. Size30. Which of the following is NOT a type of social commitment that strategic managers need toconsider?A. EconomicB. PoliticalC. LegalD. Ethical31. Which of these represents the most basic responsibilities of business?A. EconomicB. PoliticalC. LegalD. Ethical32. The duty of managers, as agents of the company owners, to maximize stockholder wealth isreferred to as ________ responsibilities.A. LegalB. DiscretionaryC. EconomicD. Ethical33. Public relations activities and good citizenship are examples of which responsibilities of abusiness organization?A. LegalB. EthicalC. DiscretionaryD. Economic34. Brand identity is a determinant of which of these forces driving industry competition?A. EntryB. RivalryC. Buyer powerD. Supplier power35. Differentiation of inputs represents a determinant ofA. EntryB. RivalryC. Buyer powerD. Supplier power36. In the economists' "perfectly competitive" industry jockeying for position is unbridled andentry to the industry isA. Very easyB. Prohibited by regulationsC. Moderated due to national security concernsD. Very hard37. Access to distribution channels is a major source of which competitive force?A. Bargaining power of buyersB. Threat of entryC. Threat of substitute productsD. Bargaining power of suppliers38. New entrants to an industry bring:A. New capacityB. New customersC. Few resourcesD. Bigger margins39. Economies of scale in an industry refers to:A. Savings that companies within the industry achieve due to increased volumeB. Declining average short run costs per unitC. Improved contractual agreements with suppliers in the near termD. Decreased barriers to entry to new firms attempting to enter the industry40. Which of the following is a factor that does NOT foster brand identification?A. AdvertisingB. Customer serviceC. Product differencesD. Price41. 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 afirm.Chapter 543. Repatriation of profits to home country represents which orientation of a global firm?A. EthnocentricB. RegiocentricC. GeocentricD. Polycentric44. Host country culture is a dominant factor in which orientation of a global firm?A. EthnocentricB. RegiocentricC. GeocentricD. Polycentric45. Global personnel development and placement occurs in which orientation of a global firm?A. EthnocentricB. RegiocentricC. GeocentricD. Polycentric46. Top-down governance structure is evident in which orientation of a global firm?A. EthnocentricB. RegiocentricC. GeocentricD. PolycentricChapter 647. What is the product life cycle? What are its different stages?48. Patents and trademarks are examples ofA. Tangible assetsB. Intangible assetsC. CapabilitiesD. Competencies49. Which of the following is NOT an example of an intangible asset?A. Financial resourcesB. Brand namesC. Company reputationD. Organizational moraleChapter 750. Few innovative ideas prove to be profitable because of:A. Low development costsB. Low pre-marketing costsC. High research costsD. High post-marketing costsBonus Questions51. The acquisition of one or more businesses operating at the same stage of the productionmarketing chain is an example of:A. Market developmentB. Product developmentC. InnovationD. Horizontal acquisition52. When the long-term strategy of a firm is based on growth through the acquisition of one ormore similar businesses operating at the same stage of the production-marketing chain, this iscalled:A. Vertical integrationB. ConglomerationC. Horizontal acquisitionD. Liquidation53. If a donut corporation acquires a flour company, this strategy would be called:A. Vertical acquisitionB. DiversificationC. ConglomerationD. Joint venture

 

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