BUSI595 exam

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Question 1(2.5 points)

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Strategic management differs from business policy through its heavier emphasis on

Question 1 options:

historical concerns

scanning the internal environment

scanning the external environment

formulating general guidelines

efficient utilization of assets

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Question 2(2.5 points)

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When an organization is evaluating its strategic position, which is NOT of the strategic questions that an organization must ask itself?

Question 2 options:

If the evaluation is negative, what specific actions whould management take?

Where is the organization now?

If no changes are made, where will the organization be in 10 years?

How can functional and operational areas by improved?

If no changes are made, where will the organization be in one year?

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Question 3(2.5 points)

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Strategic management is that set of managerial decisions and actions that determine the longrun performance of a corporation. Which one of hte following is NOT included in the strategtic management process?

Question 3 options:

statistical process control

strategy forumulation

environmental scanning

strategy implementation

evaluation and control

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Question 4(2.5 points)

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The monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation is referred to as

Question 4 options:

environmental opportunity scanning

environmental scanning

external scanning

internal scanning

none of the above

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Question 5(2.5 points)

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The Strategic Management Model presents the following process of strategy formulation:

Question 5 options:

Policies – Strategies-Objectives-Mission

Mission-Policies-Strategies-Objectives

Mission-Objectives-Strategies-Policies

Objectives-Policies-Strategies-Mission

Policies-Mission-Strategies-Objectives

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Question 6(2.5 points)

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The corporate mission is best described by which one of the following?

Question 6 options:

a description of top management’s responsibilities

the philosophy of the founder

the purpose or reason for the corporation’s existence

a description of the activities carried out by organization

a statement of corporate objectives

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Question 7(2.5 points)

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The combination of the degree of complexity and the degree of change existing in an organization’s external environment is/are called

Question 7 options:

strategic issues

strategic fit

scenarios

strategic factors

environmental uncertainty

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Question 8(2.5 points)

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What are the two interacting environments that provide the variables and forces affecting how an organization operates and exists?

Question 8 options:

competitive and task environment

government and competitive environment

task and societal environment

resource and economic environment

economic and local environment

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Question 9(2.5 points)

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Which of the following is NOT a member of the organization’s task environment?

Question 9 options:

governments

special interest groups

trade associations

technological developments

local communities

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Question 10(2.5 points)

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Which of the following is NOT a force in the societal environment?

Question 10 options:

labor forces

political-legal forces

economic forces

technological forces

sociocultural forces

Question 11(2.5 points)

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According to the text, which one of the following is NOT a factor in why few firms successfully monitor strategic issues?

Question 11 options:

the personal values of a corporation’s top managers bias their perception of the external environment

There are too many uncontrollable an extenuating factors which affect the external environment.

Different interpretation of what their strategic managers perceive to be important in the external environment.

Different ability of their strategic managers to recognize and understand strategic issues and factors.

Different companies often respond differently to the same environmental changes.

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Question 12(2.5 points)

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What are the environmental strategic issues that are judged to have a high probability of occurrence and a high probability of impact on the corporation?

Question 12 options:

external strategic factors

industry forces

scenarios

historical concerns

strategic issues

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Question 13(2.5 points)

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The collective strength of the interaction of potential entrants, buyers, substitutes, suppliers, firm rivalry, and other stakeholders determine

Question 13 options:

the level of government action in an industry

the aggregate level of demand for a product line

the probable industry attractiveness and business strength position

the amount of pressure from the societal environment

the ultimate profit potential in the industry measured in terms of longrun return on invested capital.

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Question 14(2.5 points)

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According to the Porter model, a strong force can be regarded as a(n)

Question 14 options:

advantage

threat

risk

benefit

opportunity

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Question 15(2.5 points)

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According to the Porter model, a low force can be regarded as a(n)

Question 15 options:

risk

benefit

advantage

threat

opportunity

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Question 16(2.5 points)

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Which force places a ceiling on the price firms in an industry can probably charge?

Question 16 options:

threat of substitutes

threat of new entrants

bargaining power of buyers

bargaining power of suppliers

rivalry among existing firms

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Question 17(2.5 points)

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Those critical strengths and weaknesses that are likely to determine if a firm will be able to take advantage of opportunities while avoiding threats are called

Question 17 options:

factor analysis

competitive forces

internal strategic factors

quality accounting

S.W.O.T

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Question 18(2.5 points)

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A corporation’s ability to exploit its resources is referred to as its

Question 18 options:

key performance factors

resources

critical success factors

core competencies

capabilities

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Question 19(2.5 points)

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Things that a corporation can do exceedingly well are called

Question 19 options:

core competencies

distinctive competencies

resources

key performance factors

critical success factors

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Question 20(2.5 points)

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When a company’s core competencies are superior to those of competitors, these are known as

Question 20 options:

critical success factors

resources

distinctive competencies

core competencies

key performance factors

Question 21(2.5 points)

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A competitors attempt to imitate another company’s competency , what was once a distinctive competency becomes

Question 21 options:

a weakness

a minimum requirement to compete in the industry

a critical sucess factor

unimportant to compete

all of the above

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Question 22(2.5 points)

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The rate at which a firm’s underlying resources, capabilities, or core competencies can be duplicated by others is called

Question 22 options:

replicability

transparency

transferability

durability

imitability

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Question 23(2.5 points)

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Knowledge that can easily articulated and communicated is known as

Question 23 options:

durable knowledge

tacit knowledge

imitable knowledge

explicit knowledge

transferable knowledge

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Question 24(2.5 points)

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______ is more valuable because it can provide companies with a sustainable competitive advantage that is harder for competitors to imitate.

Question 24 options:

Imitable knowledge

Tacit knowledge

Transferable knowledge

Durable knowledge

Explicit knowledge

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Question 25(2.5 points)

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The approach to internal scanning and organizational analysis which examines the nature and extent of the synergies that do or do not exist between the internal activities of a corporation is called

Question 25 options:

corporate value chain analysis

7-S framework

S.W.O.T

functional analysis

PIMS

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Question 26(2.5 points)

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Which of the following is NOT a function of corporate culture?

Question 26 options:

keeps people guessing about what to do next

conveys a sense of identity for employees

adds to the stability of the organization as a social system

helps generate employee commitment to something greater than themselves

serves as a frame of reference for employees to use as a guide for appropriate behavior

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Question 27(2.5 points)

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Which of the following statements is true concerning a corporate reputation?

Question 27 options:

A good corporate reputation can be a strategic resource.

It is a widely held perception of a company by the general public.

Reputation tends to be long-lasting and hard for others to duplicate.

It can serve in marketing as both a signal and as an entry barrier.

ALL of the above

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Question 28(2.5 points)

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The concept that advocates management’s attempt to find a strategic fit between external opportunities and internal strengths while working around external threats and internal weaknesses is called

Question 28 options:

position analysis

situational analysis

strategic analysis

objective analysis

environmental analysis

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Question 29(2.5 points)

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The particular capabilities and resources a firm possesses and the and the superior way in which they are used is called

Question 29 options:

distinctive competencies

differentiating capabilities

distinctive characteristics

situational profeciency

core competencies

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Question 30(2.5 points)

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A corporation’s specific competitive role which is so well-suited to the firm’s iternal and external environment that other corporations are NOT likely to challenge or dislodge it.

Question 30 options:

common thread

propitious niche

implicit strategy

business screen

strategic fit

Question 31(2.5 points)

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According to the text, unique market opportunities that are available for only a particular time are called

Question 31 options:

situational occasions

crucial moments

business opportunisms

strategic windows

critical openings

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Question 32(2.5 points)

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Which of the following is NOT one of the reasons why the corporation’s current mission and objectives should be periodically reexamined?

Question 32 options:

Inappropriate mission statement may cause performance problems.

Objectives and strategies might conflict with one another.

A corporation’s objectives could be inappropriately stated or outdated.

The mission statement can be too narrow, thus limiting its effectiveness.

Changing the mission or objectives could interrupt the continuity of the organization’s operation.

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Question 33(2.5 points)

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In a TOWS matrix, SO strategies

Question 33 options:

are basically defensive and primarily act to minimalize weaknesses and avoid threats.

are ways to get strategies to think “out of the box.”

consider a company’s or unit’s strengths as a way to avoid threats.

attempt to take advantage of opportunities by overcoming weaknesses.

are generated by thinking of ways in which a company or business unit could use it strengths to take advantage of opportunities.

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Question 34(2.5 points)

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In a TOWS matrix, ST Strategies

Question 34 options:

consider a company’s or unit’s strengths as a way to avoid threats

attempt to take advantage of opportunities by overcoming weaknesses.

are generated by thinking of ways in which a company or business unit could use its strengths to take advantage of opportunities.

are ways to get strategists to think “out of the box.”

are basically defensive and primarily act to minimize weaknesses and avoid threats.

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Question 35(2.5 points)

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In a TOWS matrix, WO Strategies

Question 35 options:

attempt to take advantage of opportunities by overcoming weaknesses

consider a company’s or unit’s strengths as a way to avoid threats.

are basicially defensive and primarily act to minimize weaknesses and avoid threats.

are generated by thinking of ways in which a company or business unit could use its strengths to take advantage of opportunities.

are ways to get strategists to think “out of the box.”

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Question 36(2.5 points)

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In TOWS Matrix, WT Strategies

Question 36 options:

are basically defensive and primiarily act to minimize weaknesses and avoid threats.

consider a company’s or unit’s strengths as a way to avoid threats.

attempt to take advantage of opportunities by overcoming weaknesses.

are ways to get strategists to think “out of the box.”

are generated by thinking of ways in whihc a company or business unit could use its strengths to take advantage of opportunities.

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Question 37(2.5 points)

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Which of the following is NOT one of the questions that development of a competitive strategy should raise?

Question 37 options:

Should we compete by garnering political support of influential leaders?

Should we compete on the basis of cost?

Should we differentiate our products or services on some basis other than cost?

Should we compete in a niche market that we can satisfy which is superior to that of the competition?

Should we compete head-to-head with major competitors?

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Question 38(2.5 points)

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When lower cost and differentiation strategies have a broad mass-market target, they are simply called

Question 38 options:

competitive scope and focused differentiation

cost focus and focused differentiation

concentration and differentiation

cost leadership and differentiation

diversification and concentration

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Question 39(2.5 points)

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When lower cost and differentiation strategies have a narrow focus on a market niche they are simply called

Question 39 options:

concentration and differentiation

diversification and concentraton

competitive scope and focused differentiation

cost leadership and differentiation

cost focus and differentiation focus.

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Question 40(2.5 points)

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Which of the following is NOT one of the risks of a cost leadership strategy?

Question 40 options:

Proximity in differentiation is lost.

The technology that the organization has been using changes.

Achieving excessive sucess causing jealously amoungst competitors.

Cost focuses achieve even lower cost in niche market segments.

Competitors can achieve viable imitations.

Question 41(2.5 points)

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Porter recommends that a division with tight cost control, frequent detailed control reports, a well structured organization, and quantitatively-based incentives is required for which of the following generic competitive strategies?

Question 41 options:

vertical growth

differentiation

concentration

focus

overall cost leadership

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Question 42(2.5 points)

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If it is to be successful, Porter advises that a division with strong marketing abilities, product engineering, a creative flair, strong capability in basic research and a corporate reputation for quality or technological leadership, is required for which one of hte following generic competitive strategies?

Question 42 options:

vertical growth

differentiation

concentration

focus

overall cost leadership

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Question 43(2.5 points)

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If it is to be successful, Porter advises that a division with strong marketing abilities, product engineering, a creative flair, strong capability in basic research and a corporate reputation for quality or technological leadership, is required for which one of the following generic competitive strategies?

Question 43 options:

differntiation

concentration

overall cost leadership

vertical growth

focus

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Question 44(2.5 points)

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Which strategy specifics the firm’s 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?

Question 44 options:

functional

divisional

corporate

business

organizational

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Question 45(2.5 points)

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Which kind of corporate strategy deals with the firm’s overall orientation toward growth?

Question 45 options:

directional strategy

functional strategy

parenting strategy

portfolio strategy

cooperative strategy

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Question 46(2.5 points)

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Which kind of corporate strategy deals with the manner in which the firm coordinates activities and transfers resources and cultivates capabilities among product lines and business units?

Question 46 options:

portfolio strategy

directional strategy

functional strategy

cooperative strategy

parenting strategy

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Question 47(2.5 points)

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Which one of the following directional strategies is most frequently used in corporations?

Question 47 options:

consolidation

retrenchment

growth

expansion

stability

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Question 48(2.5 points)

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Which of the following strategies was being used when Allied Corporation and Signal Companies formed Allied Signal?

Question 48 options:

concentration

strategic alliances

mergers

diversification

acquisitions

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Question 49(2.5 points)

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Which external growth strategy occurs when a corporation is completely absorbed as an operating subsidiary or division of the acquiring firm?

Question 49 options:

strategic alliances

mergers

diversification

concentration

acquisitions

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Question 50(2.5 points)

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Which of the following is NOT a reason why the growth strategy is so seductive?

Question 50 options:

A corporation that experiences successful growth is thought of positively by the marketplace and potential investors.

There are more opportunities for advancement and promotion.

A large and growth-oriented corporation has more clout and influence.

A large and growing firm attracts more acquisition offers.

A growing firm can cover up mistakes and inefficiencies because of the increase in cash flow revenue.

Question 51(2.5 points)

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The purpose of vertical growth is to

Question 51 options:

aquire a company of a similar objective

take over a function previously supplied by a former employer.

expand to countries with strong trade alliances.

take over a function previously provided by a supplier or by a distributor

sell a company encumbered with debt.

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Question 52(2.5 points)

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A disadvantage of vertical integration is that it

Question 52 options:

improves coordination of activities.

increases the cost of improvement of coordination and control.

avoids time consuming tasks.

creates exit barriers.

creates entry barriers.

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Question 53(2.5 points)

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A firm’s expansion into other geographic locations and/or increasing the range of products and services offered to current markets is called

Question 53 options:

diversification

backward and vertical growth

captive company strategy.

forward vertical growth.

horizontal growth.

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Question 54(2.5 points)

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When resources are purchased from outsiders through long-term contracts instead of being made in-house, this process is referred to as

Question 54 options:

resource building.

resource allocation.

resource placement.

outsourcing.

insourcing.

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Question 55(2.5 points)

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As defined by the text, synergy is the concept

Question 55 options:

that supports the acquisition of one corporation by another.

that two firms can generate more profits together than seperately.

the two functional areas of a corporation can coordinate their work as a team.

that a corporation can enter one or more businesses that are necessary to manufacture its own product.

that involves adding different products or divisions to the corporation.

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Question 56(2.5 points)

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Adding a related or complementary product to a corporation’s business units is called

Question 56 options:

conglomerate diversification.

concentration.

concentric diversificaton.

vertical growth.

horizontal growth.

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Question 57(2.5 points)

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With conglomerate diversification, the focus is on

Question 57 options:

market demand.

employee satisfaction.

similiar product offerings.

financial considerations.

product-market synergy.

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Question 58(2.5 points)

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The stability strategy is appropriate for all BUT which one of the following circumstances?

Question 58 options:

useful in the short-run but can be dangerous if followed too long.

appropriate when the industry is in decline.

most appropriate for reasonably successful corporations in a reasonably predictable environment.

popular with small business owners who have found a niche and are happy with their success.

appropriate when the industry is facing modest or no-growth potential

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Question 59(2.5 points)

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Which strategy is descriptive of a corporation in a mature industry facing a drop in its attractiveness, option to decrease short-term discretionary expenses to maintain profits at a certain level?

Question 59 options:

profit strategy

horizontal integration strategy

no change strategy

retrenchment strategy

pause/proceed with caution strategy

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Question 60(2.5 points)

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Which strategy is most appropriate for a corporation having a weak competitive position regardless of the industry’s attractiveness, resulting in poor performance, decreased sales and lost profits?

Question 60 options:

pause strategy

retrenchment strategy

no change strategy

profit strategy

proceed with caution strategy

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