MGMT 339 Bateman 4 Practice Quiz – Flashcards
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The immediate environment surrounding a firm including suppliers, customers, rivals, and new entrants is called the _____.
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A) business atmosphere B) relational environment C) competitive environment D) macroenvironment E) business situation
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Which of the following is categorized under the internal environment of an organization?
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A) Customers B) Values C) Economy D) Buyers E) New entrants
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_____ are specific government organizations in a firm's immediate task environment that have the power to investigate company practices and take legal action to ensure compliance with laws.
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A) Patent offices B) Custom services C) Law enforcement agencies D) Regulators E) Revenue systems
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The age, education, and occupation of those in the workforce are important _____ measures for managers.
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A) social B) demographic C) benchmarking D) supply chain E) biological
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The components of Porter's competitive environment model include rivalry among current competitors and the impact of the new entrants, customers, suppliers, and _____.
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A) demographics B) substitute and complementary products C) societal trends D) government agencies E) divisions and business units
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According to Porter's competitive environment model, suppliers are powerful when:
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A) the buyers have many other sources of supply. B) they have few alternate buyers. C) the switching costs for buyers are high. D) the organizations are not overly dependent on their supply. E) they provide poor quality goods at higher prices.
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In deciding to expand or downsize a business, firms may try to predict future levels of demand for a product, which is an example of _____.
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A) environmental planning B) scenario development C) benchmarking D) forecasting E) dynamism
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_____ refers to an organization's conscious efforts to change the boundaries of its task environment.
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A) Strategic maneuvering B) Competitive intelligence C) Cooperative strategy D) Domain selection E) Organizational moderation
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Which of the following refers to the set of important assumptions about an organization and its goals and practices that members of the company share?
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A) Cooperative strategy B) Strategic maneuver C) Organizational structure D) Business incubator E) Organization culture
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Which of the following is a dominant attribute of rational culture?
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A) Sense of family B) Participation C) Competitiveness D) Rules and regulations E) Cohesiveness
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_____ is similar to the decision-making process in that both have a series of steps that are typically repeated as a cycle.
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A) Tactical alignment B) FORMAL PLANNING C) Strategy mapping D) Goal setting E) Environmental analysis
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Which of the following is one of the five specific characteristics of effective goals that together form the acronym SMART?
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A) Special B) Marketable C) Aggressive D) RELEVANT E) Tactical
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Once managers have assessed the various goals and plans, they will:
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A) evaluate the advantages and disadvantages of each alternative goal and plan. B) generate alternative goals that may be pursued in the future. C) implement the plans designed to achieve the goals. D) perform a thorough situational analysis. E) SELECT the one that is most appropriate and feasible.
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The planning level with the longest time horizon is known as _____ planning.
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A) tactical B) operational C) developmental D) functional E) STRATEGIC
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One among the six components of strategic management is:
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A) technology assessment. B) stakeholder analysis. C) stockholder reporting. D) skill improvement plan. E) SWOT ANALYSIS
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Which of the following is included when analyzing an organization's external opportunities and threats?
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A) Financial analysis B) MACROECONOMIC ANALYSIS C) Marketing audit D) Operations analysis E) Human resources assessment
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The letter "S" in SWOT analysis stands for _____.
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A) STRENGTHS B) sustainability C) specific D) sellers E) shares
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Conglomerate diversification is a corporate strategy that involves:
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A) expansion into UNRELATED BUSINESSES to minimize risks. B) moving into new businesses with similar organizational activities. C) expanding the domain of an organization into supply channels. D) focusing on a single business competing in a single industry. E) eliminating uncertainties and reducing costs associated with distributors.
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The generic business strategy that is associated with efficiency and a standard, no-frills product is known as a(n):
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A) LOW COST STRATEGY B) scaled-down strategy. C) conglomerate diversification strategy. D) differentiation strategy. E) integrated strategy.
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Which of the following stages of the strategic management process includes a budget?
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A) Analysis of external opportunities and threats B) Analysis of internal strengths and weaknesses C) Strategy formulation D) Establishment of mission, vision, and goals E) STRATEGIC CONTROL
