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Date Created: 11/16/15
MGT 498 Final Exam Answers 1 In a survey of 50 corporations which of the following was rated as a bene t of strategic management A Clearer sense of vision for the rm B Higher levels of employee motivation C Higher levels of job satisfaction D Improved productivity E Lower employee turnover 2 Research suggests that strategic management evolves through four sequential phases in corporations The rst phase is A externallyoriented planning B basic nancial planning C internallyoriented planning D forecastbased planning E strategic management 3 Strategic management is that set of managerial decisions and actions that determine the longrun performance of a corporation Which one of the following is NOT one of the basic elements of the strategic management process A Strategy formulation B Strategy implementation C Statistical process control D Evaluation and control E Environmental scanning 4 The relationship among the board of directors top management and shareholders is referred to as A corporate synergy B corporate management C corporate governance D corporate strategy E corporate responsibility 5 The concept that proposes private corporations have responsibilities to society that extend beyond making a pro t is known as A exible responsibility B social responsibility C social exibility D managerial responsibility E pro t maximization 6 Who said that the social responsibility of business is a quotfundamentally subversive doctrinequot and that the one social responsibility of business is quotto use its resources and engage in activities designed to increase its pro ts so long as it stays with the rules of the gamequot A Adam Smith B Edward Freeman C Archie Carroll D William C Norris E Milton Friedman 7 Which of the following is NOT descriptive of external environmental scanning A Used as a tool to ensure a corporation39s longterm health B Used to monitor evaluate and disseminate information from the external environment to key people within the corporation C Used to identify opportunities and threats D It is a tool that corporations use to avoid strategic surprise E Used to identify strengths and weaknesses 8 According to Porter the corporation is most concerned with A the intensity of competition within its indu y B the aggregate level of demand for a product line C a market39s position on its life cycle D the amount of pressure from the societal environment E the level of government action in an industry 9 When a company determines a competency39s competitive advantage Barney refers to this issue as A value B rareness C imitability D organization E durability 10 An acronym for the assessment of the external and internal environments of the business corporation in the process of strategy formulationstrategic planning is A PET B MBO C SWOT D SBU E RO 11 In the development of a SFAS matrix the rst step is to A enter the ratings of how the company39s management is responding to each of the strategic factors B calculate the weighted scores C list the most important EFAS and IFAS items D indicate shortterm for the duration E enter the weights for all of the internal factors 12 The technique that illustrates how management can match the external opportunities and threats with its strengths and weaknesses to yield four sets of strategic alternatives is called a an A IFAS Table B EFAS Table C SFAS Table D TOWS Matrix E Issues Priority Matrix 13 Which strategy speci es the rm39s overall direction in terms of its general orientation toward growth the industries or markets in which it competes and the manner in which it coordinates activities and transfers resources among business units A Corporate BFuncUonal C Divisional D Organizational E Business 14 Continuous improvement is an operations concept developed in A the United States B Sweden C Japan D Germany ECanada 15 The process by which a rm approaches its crossborder activities and those of competitors and plans to approach them in the future is called A staging B international strategy C competitive strategy D crossborder con guration 16 What question must managers ask concerning the relationship between economic logic and international strategy A Which geographic areas will we enter B How does our international strategy contribute to the economic logic of our business and corporate strategies C How does being international make our products more attractive to our customers D Which international marketentry strategies will we use 17 Which strategy is developed to pull together the various activities and competencies of each department so that corporate and business unit performance improves and resource productivity is maximized A Business strategy B Competitive strategy C Generic strategy D Enterprise strategy E Functional strategy 18 The strategy that deals with product and process innovation and improvement is known as a strategy A Marketing B RampD C operations D nancial E human resource management 19 The hiring of new people with new skills ring of people with inappropriate or substandard skills andor training existing employees to learn new skills are included the process of A training B staf ng C structuring D operating E nancing 20 The strategy implementation tool used to determine what actions are going to be taken by whom during what time frame and with what expected results is called an A mission statement B action plan C MBO D TQM E succession plan 21 Executives with a particular mix of skills and experiences may be classi ed as an executive type and paired with A a speci c personal characteristic B a speci c corporate strategy C a certain educational background D a speci c experience background E a speci c industry 22 According to the text what is the quotkeyquot to effective management of change in culture A Planning B Operationalization C Evaluation D Staffing E Communication 23 The sum total of the activities and choices required for the execution of a strategic plan is known as in A strategic formulation B environmental scanning C strategy implementation D evaluation and control E strategic development 24 Who typically implements strategy in large multiindustry corporations A The board of directors B Top management C Middle management D First level management E Everyone in the organization 25 Which one of the following is NOT a part of the evaluation and control of performance A Establish corporate strateg B Determine what to measure C Establish standards for performance D Measure actual performance E Take corrective actions 26 The end result of activity is known as A measurement B gratuity C performance D return on equity E achievement 27 Which is the MOST commonly used measure of corporate performance in terms of pro t A EPS B ROE C DPS DRO E ROVA 28 Because of the belief that accountingbased numbers such as ROI ROE and EPS are not reliable indicators of a corporation39s economic value which method of corporate performance is now preferred A Shareholder value B Basic earning power C Priceearnings ratio D Pro t margin on sales E Return on assets 29 Which company experienced a tarnished reputation and scandal after experiencing behavior substitution when employees altered their behavior on the job to t the reward system A Sears Roebuck amp Co B JC Penney C Neiman Marcus DSaks E Macy39s 30 Suboptimization occurs when A a division or functional unit views itself as a separate entity and refuses to cooperate with other divisions or units to the detriment of the organization as a whole B there is a failure to produce at or near full capacity C individuals are placed into positions not suited to their abilities D managers tend to focus more of their attentions on those aspects which are measurable than on those which are not E managers concentrate too much on shortterm performance objectives
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