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Management
Q:
Peter Senge, of MIT, recognized three types of leaders. __________ are individuals that, although having little positional power and formal authority, generate their power through the conviction and clarity of their ideas.
A. Local line leaders
B. Executive leaders
C. Internal networkers
D. Shop floor leaders
Q:
The text argues that a strategic perspective in an organization should be emphasized:
A. at the top of the organization
B. at the middle of the organization
C. throughout the organization
D. from the bottom up
Q:
Strategy formulation and implementation is a challenging ongoing process. To be effective, it should not involve:
A. the CEO and the board of directors
B. the board of directors, CEO, and CFO
C. competitors
D. line and staff managers
Q:
Many organizations have a large number of functional areas with very diverse and sometimes competing interests. Such organizations will be most effective if:
A. each functional area focuses on achieving their own goals
B. functional areas work together to attain overall goals
C. goals are defined at the bottom and implemented at the top
D. management and employees have separate goals
Q:
According to the text, the triple bottom line approach to corporate accounting includes three components:
A. financial, environmental, and customer
B. financial, organizational, and customer
C. financial, environmental, and social
D. financial, organizational, and psychological
Q:
Firms must be aware of goals other than short-term profit maximization. One area of concern should be social responsibility which is:
A. the expectation that business will strive to improve the overall welfare of society
B. the idea that organizations are solely responsible to local citizens
C. the fact that court costs could impact the financial bottom line
D. the idea that businesses are responsible to maintain a healthy social climate for their employees
Q:
Managers should do more than just focus on short-term financial performance. One concept that helps managers do this is stakeholder symbiosis. This means that:
A. stakeholders are dependent on each other for their success
B. stakeholders look out for their individual interests
C. one can only gain at the expense of someone else
D. all stakeholders want to maximize shareholder returns
Q:
There are several perspectives of competition. One perspective is zero-sum thinking. Zero-sum thinking means that:
A. all parts of the organization gain at no loss
B. in order for someone to gain others must experience no gain or benefit
C. one can only gain at the expense of someone else
D. everyone in the organization shares gains and losses equally
Q:
Procter and Gamble has perfected a technique for compacting cleaning powder into a liquid concentration. Consumers, retailers, shipping and wholesalers, and environmentalists all have benefited from the resulting change in consumer shopping habits and the revolution in industry supply-chain economics. According to the text, this is an example of __________.
A. zero-sum relationship among stakeholders
B. stakeholder symbiosis
C. rewarding stakeholders
D. emphasizing financial returns
Q:
Stakeholders are:
A. a new way to describe stockholders
B. individuals, groups, and organizations who have a stake in the success of the organization
C. creditors who hold a lien on the assets of the organization
D. attorneys and their clients who sue the organization
Q:
An organization is responsible to many different entities. In order to meet the demands of these groups, organizations must participate in stakeholder management. Stakeholder management means that:
A. interests of the stockholders are not the only interests that matter
B. stakeholders are second in importance to the stockholders
C. stakeholders and managers inevitably work at cross-purposes
D. all stakeholders receive financial rewards
Q:
Members of boards of directors are:
A. appointed by the Securities and Exchange Commission
B. elected by the shareholders as their representatives
C. elected by the public
D. only allowed to serve one term of four years
Q:
While working to prioritize and fulfill their responsibilities, members of the board of directors of an organization should:
A. represent their own interests
B. represent the interests of the shareholders
C. direct all actions of the CEO
D. emphasize the importance of short-term goals
Q:
The three participants in corporate governance are:
A. the shareholders, board of directors, and employees
B. the shareholders, labor unions, and employees
C. the shareholders, board of directors, and management
D. the shareholders, banks and lending institutions, and management
Q:
__________ involves ensuring proper strategic controls and organizational designs.
A. Corporate governance
B. Corporate-level strategy
C. Strategy implementation
D. Business-level strategy
Q:
__________ may be considered the advance work that must be done in order to effectively formulate and implement strategies.
A. Goal setting
B. Corporate entrepreneurship
C. Strategy analysis
D. Organizational design
Q:
According to Henry Mintzberg, decisions following from the strategic analysis of the firm are its:
A. emergent strategy
B. deliberate strategy
C. intended strategy
D. realized strategy
Q:
According to Henry Mintzberg, the realized strategies of a firm:
A. are a combination of deliberate and emergent strategies
B. are a combination of deliberate and differentiation strategies
C. must be based on the strategic plan of the company
D. must be kept confidential for competitive reasons
Q:
All of the following are ambidextrous behaviors EXCEPT:
A. taking initiative and being alert to opportunities beyond the confines of one's own job
B. being cooperative and seeking opportunities to combine one's efforts with others
C. intensely focusing on the responsibilities of one individual and maximizing the output of the department in the organization in which that individual works
D. being brokers, always looking to build internal linkages
Q:
Effectiveness is often defined as:
A. doing things right
B. stakeholder satisfaction
C. doing the right thing
D. productivity enhancement
Q:
The four key attributes of strategic management include all of the following EXCEPT:
A. including multiple stakeholder interests in decision making
B. incorporating both short-term and long-term perspectives
C. recognizing the trade-offs between effectiveness and efficiency
D. emphasis on the attainment of short-term objectives
Q:
The four key attributes of strategic management include the idea that:
A. strategy must be directed toward overall organizational goals and objectives
B. strategy must be focused on long-term objectives
C. strategy must be focused on one specific area of an organization
D. strategy must focus on competitor strengths
Q:
The organizational versus the individual rationality perspective suggests that:
A. what is good for a functional area is always good for the organization
B. what is good for the organization is always good for a functional area
C. what is best for a functional area may not be best for the organization
D. the incremental perspective may be best for functional areas while the "rational" perspective may be best for the organization
Q:
Management innovations such as total quality, benchmarking, and business process reengineering cannot lead to sustainable competitive advantage because:
A. companies that have implemented these techniques have lost money
B. there is no proof that these techniques work
C. they cost too much money and effort to implement
D. every company is trying to implement them and hence it does not make a company different from others
Q:
According to the text, the strategic management process entails three ongoing processes:
A. analyses, actions, and synthesis
B. analyses, decisions, and actions
C. analyses, evaluation, and critique
D. analyses, synthesis, and antithesis
Q:
A CEO made a lot of mistakes in assessing the market and the competitive conditions and improperly redesigning the organization into numerous business units. Such errors led to significant performance declines. According to the text, this example illustrates the __________ perspective of leadership.
A. external control
B. romantic
C. internal mechanism
D. operational
Q:
The text addresses two perspectives of leadership as well as their implications. These two perspectives are:
A. romantic and unromantic
B. romantic and internal control
C. external control and unromantic
D. romantic and external control
Q:
Organizational goals and objectives should be vague in order to allow for changes in strategy.
Q:
Strategic management should only include short-term objectives. Long-term objectives are covered in the vision statement of the organization.
Q:
Objectives in organizations should be clear, stated, and known by employees throughout the organization.
Q:
Much research has supported the notion that individuals work much harder when they are asked to do their best rather than when they are striving toward a specific goal.
Q:
Strategic objectives should be measurable, specific, appropriate, and realistic, but not constrained by time deadlines.
Q:
Some excellent examples of mission statements are: To be the happiest place on earth (Disneyland) and Restoring patients to full life (Medtronic).
Q:
A mission statement encompasses both the purpose of the organization as well as its basis of competition, and the basis of its competitive advantage.
Q:
According to the text, a mission statement is an overarching statement that is massively inspiring, long term, and only discusses the purpose of the company.
Q:
Strategic objectives are more specific than vision statements.
Q:
The vision of an organization is the top level of its hierarchy of organizational goals. The vision statement should be massively inspiring, overarching, and long term.
Q:
The strategic management process should be addressed only by top-level executives. Mid-level and low-level employees are best equipped to implement the strategies of the organization.
Q:
Shell, NEC, and Procter and Gamble have been measuring their performance according to what has been called a triple bottom line. This technique involves an assessment of financial, social, and environmental performance.
Q:
The concept of shared value redefines the purpose of the corporation as creating shared value in order to create a more even distribution of the profits to all employees, not just top level executives.
Q:
Social responsibility is the idea that organizations are not only accountable to stockholders but also to the community-at-large.
Q:
Procter and Gamble developed a laundry detergent compaction technique that appeals to consumers, retailers, shipping and wholesalers, and environmentalists. This is an example of stakeholder symbiosis.
Q:
Symbiosis is the ability to recognize interdependencies among the interests of multiple stakeholders within and outside an organization.
Q:
Stockholders, employees, and the community-at-large are among the stakeholders of a firm.
Q:
Stockholders in a company are the only individuals with an interest in the financial performance of the company.
Q:
Former Chrysler vice chairman Robert Lutz observed that companies exist to serve the shareholder and create shareholder value. He insisted that the only person who owns the company is the person who paid good money for it. This is an example of a symbiotic approach to stakeholder management.
Q:
Decisions by boards of directors are always consistent with shareholder interests.
Q:
The three primary participants in corporate governance are: (1) the shareholders, (2) the management (led by the chief executive officer), and (3) the employees.
Q:
Effective leadership can play a large role in fostering corporate entrepreneurship. Corporate entrepreneurship can have a very positive impact on the bottom line of a firm.
Q:
Corporate-level strategy addresses how firms compete and outperform their rivals as well as achieve and sustain competitive advantages.
Q:
Business-level strategy focuses on (1) what businesses to compete in, and (2) the management of the business portfolio to create synergy among its businesses.
Q:
According to the text, formulating strategy includes taking into consideration strategy at the business, corporate, and international levels.
Q:
According to Henry Mintzberg, a management scholar, most firms realize their original intended strategy.
Q:
Strategic management recognizes the trade-offs between effectiveness and efficiency.
Q:
Management innovations such as total quality, just-in-time, benchmarking, business process reengineering, and outsourcing are important, but not enough for building sustainable competitive advantage.
Q:
According to the textbook, strategic management does not consist of the analyses that an organization undertakes in order to create and sustain competitive advantages.
Q:
The three interrelated and principal activities of strategic management are: strategy analysis, strategy formulation, and strategy implementation.
Q:
Strategic management consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages.
Q:
The success Apple, Inc. achieved over the past decade was a direct result of the creative and forceful leadership of its late CEO, Steve Jobs. According to the text, this would be an example of the "romantic" perspective of leadership.
Q:
Define a boundaryless organization and discuss the effects of rapid IT development on organizations.
Q:
Define e-commerce and differentiate between B2B and B2C.
Q:
Define an enterprise resource planning ERP system and discuss its benefits.
Q:
Define artificial intelligence and expert systems. List the requirements for IT to sufficiently mimic human expertise.
Q:
Discuss the meaning of decision-support system, the different types of decision-support systems, and how they are useful to managers.
Q:
List the six types of management information systems. Define any three of these management information systems.
Q:
What is a computer network? Briefly explain the different components of a network.
Q:
List and briefly explain the different stages of a product life cycle.
Q:
Discuss the four steps of the "control process" that managers use within organizations. Give a specific business example of each of these steps in a business decision situation.
Q:
Define information technology and management information system. Briefly explain the three primary reasons why managers need information.
Q:
Briefly explain the four factors that determine the usefulness of information to a manager and define real-time information.
Q:
Define data and information and say something about their importance to managers. With an example, differentiate data and information. Author: Asking students to define "its" importance to managers will likely confuse them. You need to specify "its" and tell students what to dolikely not "define." I wrote in an example revision. Please revise.
Q:
A(n) _____ is a company-specific virtual information system that systematizes the knowledge of its employees and facilitates sharing and integrating their expertise.
A. expert system
B. knowledge management system
C. enterprise resource planning system
D. knowledge economy
E. knowledge market
Q:
Which of the following statements is true about the effects of IT on the organizational hierarchy?
A. Advances in IT have popularized the idea of a boundaryless organization.
B. Advances in IT have been associated with the creation of taller organizational hierarchies.
C. Advances in IT have been associated with the establishment of centralized decision-making in organizations.
D. Advances in IT have been associated with an increase in vertical or top-down information flows within organizations.
E. Management information systems have increased the need for tall management hierarchies.
Q:
Modern information systems _____ an organization's need for hierarchy and _____ its efficiency.
A. decrease; decrease
B. decrease; increase
C. increase; increase
D. increase; decrease
E. increase; do not affect
Q:
Rapid advances in IT have been associated with a flattening of the organizational hierarchy which results in:
A. an increase in establishment of boundaryless organizations.
B. a move toward vertical information flow.
C. a move toward greater centralization.
D. a decrease in the organization's efficiency.
E. an increase in the establishment of tall management hierarchies.
Q:
Members of a _____ are linked to an organization's centralized database by computers, faxes, computer-aided design systems, and video teleconferencing and who rarely, if ever, see one another face-to-face.
A. boundaryless organization
B. B2B marketplace
C. strategic alliance
D. local area network
E. virtual organization
Q:
A(n) _____ is a formal series of global strategic alliances that one or several organizations create with suppliers, manufacturers, and distributors to produce and market a product.
A. boundaryless organization
B. B2B network structure
C. ERP system
D. expert system
E. B2B marketplace
Q:
When two organizations pool resources, know-how, rewards, and risk in order to produce and market a product, they are:
A. forming a coalition.
B. forming a strategic alliance.
C. forming a business-to-business network.
D. outsourcing.
E. forming a boundaryless organization.
Q:
Trade that takes place between a company and individual purchasers using IT and the Internet is called:
A. enterprise resource planning.
B. business-to-business commerce.
C. business-to-customer commerce.
D. business-to-business marketplace.
E. business-to-business network structure.
Q:
A _____ is an Internet-based trading platform set up to connect buyers and sellers in an industry.
A. business-to-customer commerce
B. intranet
C. group decision-support system
D. business-to-business marketplace
E. mainframe