Management BSG Chapters 1-12 Test | 100 Questions with 100% Correct Answers | Verified | U, Exams of Engineering management

Download Management BSG Chapters 1-12 Test | 100 Questions with 100% Correct Answers | Verified | U and more Exams Engineering management in PDF only on Docsity! Management BSG Chapters 1-12 Test | 100 Questions with 100% Correct Answers | Verified | Updated 2023 | 18 Pages 1. A company's strategy✔✔️c️onsists of the competitive moves and business approaches that managers employ to attract and please customer, compete successfully, capitalize on opportunities to grow the business, respond to changing market conditions, conduct operations, and achieve the targeted financial and market performance. 2. According to Figure 1.1, which of the following is not something to look for in identifying a company's strategy?✔✔️A️ctions to strengthen the company's competitive position by hiring one or more new top executives or laying off a portion of its work force or paying down its long-term debt. 3. In endeavoring to craft an ethical strategy, company managers✔✔️h️ave to go beyond what strategic actions and behaviors are deemed legal and address whether all the various elements of the company's strategy can pass the test of moral scrutiny. 4. Which of the following is not a reason that a company's strategy evolves over time?✔✔️T️he ongoing need to frequently pursue entirely new ways to cut costs and boost profitability 5. Excellent execution of an excellent strategy✔✔️i️s the best test of managerial excellence 6. A company's strategy can be considered "ethical"✔✔️i️f it does not entail actions or behaviors that cross the moral line from "can do" to "should not do" (because such actions are unsavory, unconscionable, injurious to others, or unnecessarily harmful to the environment). 7. A company's strategy evolves from one version to the next because of✔✔️t️he proactive efforts of company managers to improve this or that aspect of the strategy, a need to respond to changing customer requirements and expectations, and a need to react to fresh strategy maneuvers on the part of rival firms 8. A portion of a company's strategy is always developed on the fly because✔✔️m️anagers must always be willing to supplement or modify various proactive strategy elements with as-needed reactions to unanticipated happening in the surrounding environment. 9. The two crucial elements of a company's business model are✔✔️i️ts customer value proposition (the buyer wants and needs it seeks to satisfy and whether customers will consider the price charged to be a "good value") and its "profit formula" (the business approach, the mean of generating revenues, and the principal resources and operation systems that will be employed to create and deliver the intended customer value in a cost-efficient and profitable manner). 10.Which of the following is not a frequently used dependable strategic approach to setting a company apart from rivals, delivering superior value, achieving competitive advantage, and converting buyers into loyal customers? ✔✔️O️utcompeting rivals by having the most unique and economically priced product offering of any firms in the industry. 11.A winning strategy is one that✔✔️f️its the company's internal and external situations, helps achieve sustainable competitive advantage, and produces good company performance. 12.The difference between a company's business model and a company's strategy is that✔✔️i️ts business model relates to management's blueprint for delivering a 25.According to figure 4.1, which of the following is not pertinent in identifying a company's present strategy?✔✔️t️he company's strategic intent and the moves it has made to build an attractive value chain 26.When a company performs a competitively important activity better than its rivals, it is said to have✔✔️a️ distinctive competence in performing that activity 27. two useful tools for determining whether a company's customer value proposition, prices, and costs are competitive are✔✔️v️alue chain analysis and benchmarking 28.SWOT analysis✔✔️i️s a simple and powerful tool for evaluating the competitive power of a company's resources and capabilities and whether a company's overall situation is fundamentally healthy or unhealthy. 29.which one of the following is not park of the task of identifying the strategy- related issues and problems that merit the front-burner attention of company managers✔✔️d️etermining what strategic actions to take and which strategic moves to make 30.which of the following statements about company value chains is false✔✔️i️dentifying the primary and secondary activities that comprise a company's value chain and comparing these activities to the value chain activities of rivals is called benchmarking 31.According to figure 4.5, for a company to translate its performance of value chain activities into competitive advantage, it must✔✔️b️eat rivals in performing value chain activities more proficiently (thus creating a differentiation-based competitive advantage keyed to delivering what customers preview as a superior product offering) or beat rivals in performing value chain activities more cheaply (thus achieving a cost-based competitive advantage). 32.As shown in Figure 4.2, the three steps of SWOT analysis include✔✔️(️1) identifying the company's resource strengths and weaknesses, its market opportunities, and the external threats to its future well-being, (2) drawing conclusions from the SWOT listings about the company's overall business situation, and (3) translating these conclusions into strategic actions for improving the company's strategy 33.Which one of the following is not something that can be learned from doing a competitive strength assessment (as illustrated in Table 4.3 and explained in the accompanying discussion)?✔✔️W️hich of the rated competitors are employing offensive strategies and which are employing defensive strategies 34. In Table 4.2, which of the following is not an example of a potential external threat to a company's future profitability?✔✔️T️he company's lack of a well-known brand name 35.Which of the following is not an option for lowering the costs of distribution- related activities?✔✔️I️mplementing an activity-based cost accounting system for all distribution-related activities and ceasing to perform all those distribution- related activities having unacceptably high costs 36.The most appealing approaches to differentiation are those that✔✔️a️re hard or expensive for rivals to duplicate - east to copy differentiating features cannot produce sustainable competitive advantage 37.Which of the following is not one of the five generic type of competitive strategy? ✔✔️A️ best-value strategy 38.Which of the following is not an action that a company can take to do a better job than rivals of performing value chain activities most cost- effectively✔✔️O️utsourcing all production related activities 39. for a company to do a more cost-efficient job of managing its value chain than rivals, managers must✔✔️s️earch out cost-saving opportunities in every part of the value chain and pay particular attention to a set of factors known as cost drivers that have a strong effect on a company's costs and can be used as level to lower costs 40.a low cost leader can translate its low cost advantage over rivals into superior profit performance by✔✔️e️ither using its low cost edge to underprice competitors and attract price sensitive buyers in large enough numbers to increase total profits or else by refraining from price-cutting and using the low-cost advantage to earn a bigger profit margin on each unit sold thereby boosting the firm's total profits and return on investment 41.broad differentiation strategies are well suited for market circumstances where✔✔️t️here are many ways to differentiate the product or service that have value to buyers 42. the chief difference between a low cost provider strategy and focused low cost strategy is✔✔️t️he size of the buyer group that a company is trying to appeal to 43.Which of the following is not one of the pitfalls of a low cost provider strategy✔✔️n️ot cutting prices far enough below what rivals are charging to achieve dramatically large gains in sales volumes and market shares 44.A company achieves best-cost provider status by✔✔️u️sing its resources and capabilities to incorporate attractive upscale attributes at a lower cost than those rivals with comparable upscale product offerings regulations that make the business climate more favorable in some countries than in others 57.which of the following is not among the important strategic issues associated with competing across national boundaries✔✔️w️hich foreign country markets will prove to be the best and most well-protected profit sanctuary 58.which of the following statements regarding multi country competitions is false? ✔✔️w️ith multi country competition, the competitive arena among rival companies involves several neighboring countries rather than either a single country or the world market as a whole 59.because buyer tastes for a particular product or service sometimes differ substantially from country to country✔✔️c️ompanies operating in a global marketplace must wrestle with whether and how much to customize their offerings in each different country market to match the tastes and preferences of local buyers or whether to pursue a strategy of offering a mostly standardized product worldwide. 60.according to figure 7.2, which of the following does not accurately characterize the differences between localized multi country strategy and a global strategy✔✔️a️ global strategy involves striving to minimize worldwide shipping costs whereas a multi country strategy entails a willingness to tolerate high shipping costs in the interest of minimizing overall production costs 61.which one of the following is not a reason why a company decides to enter foreign markets?✔✔️t️o build the profit sanctuaries necessary to wage guerrilla offensives against global challengers endeavoring to invade its home market 62. the advantages of using an export strategy to build a customer base in foreign markets includes✔✔️b️eing a conservative way to testing the merits of pursuing international sales and limiting the amount of capital required to being competing internationally. 63.when the Brazilian real declines in value against the euro, a European-based company that makes all of its goods at a plant in Brazil and then exports the Brazilian-made goods to those European countries where the currency is euros✔✔️i️s in better position to compete against the makers of the same good whose plants are located in the euro-based European countries 64.Which of the following is not a potential benefit of collaborative strategies involving alliances and/or joint ventures with foreign partners?✔✔️g️reater ability to employ offensive strategies and build well-protected santuaries 65.which of the following is the most unlikely element of a "think global, act global" approach to crafting a global strategy?✔✔️h️aving relatively small plants in many countries, with each plant producing product versions for local area markets 66.which of the following is not one of the primary strategy options for competing in the markets of foreign countries?✔✔️a️ multiple cross-country strategy involving strategic alliances, joint ventures, and other cooperative agreements with foreign companies 67. in which of the following situations is employing a "think local, act local" multi country strategy highly questionable?✔✔️w️hen a company is striving to build a globally recognized brand name for one of its products or services 68.which of the following qualifies as an offensive strategy for companies competing internationally or globally?✔✔️d️umping goods at cut-rate prices in the markets of rivals 69.profit sanctuaries✔✔️a️re country markets (or geographic regions) in which a company derives substantial profits because of its strong or protected market position 70.a firm can endeavor to gain competitive advantage or counteract disadvantages in foreign country markets by✔✔️d️oing a better job than rivals of sharing and transferring competitively valuable resources and capabilities across the boarders of the countries in which it competes 71.which of the following is the best example of unrelated diversification?✔✔️a️ producer of men's apparel acquiring a maker of golf equipment 72. the top-level executive task of crafting a diversified company's overall or corporate strategy includes which one of the following?✔✔️e️valuating the growth and profitability prospects for each business and then investing aggressively in the most promising businesses with the best prospects, investing cautiously in businesses with just average prospects, and divesting businesses with unacceptable prospects 73.calculating quantitative competitive strength ratings for each of a diversified company's business units involves✔✔️s️electing a set of competitive strength measures, weighting the importance of each measure, rating each business on each strength measure, multiplying the strength ratings by the assigned weight to obtain a weighted rating, summing the weighted rating for each business unit to obtain an overall competitive strength score, and using the overall competitive strength scores to evaluate the competitive strength of the businesses units, both individually and as a group. 74.what makes related diversification an attractive strategy is✔✔️t️he opportunity to convert cross-business strategic fits into competitive advantage over 88.which one of the following is not something that corporate executives must do to succeed in using a strategy of unrelated diversification to produce companywide financial results above and beyond what the businesses could generate operating as stand-alone entities?✔✔️f️ocus on acquiring businesses that offer the best opportunities for achieving global market leadership (thereby satisfying the industry attractiveness and competitive strength tests) 89.once a company has diversified into a collection of related or unrelated businesses and concluded that some strategy adjustments are needed, which one of the following is not one of the main strategy options that a company can pursue?✔✔️h️ave all of the company's businesses operate under a common brand name and craft new initiatives to build/enhance the reputation of this brand name worldwide 90.diversification becomes a prime strategic option in all but which one of the following situations?✔✔️w️hen a company has more resource deficiencies than resource strengths in tis principal business 91.according to integrative social contracts theory✔✔️u️niversal ethical principles or norms based on the collective views of multiple cultures and societies combines to form a "social contract" that all individuals, groups, organizations, and businesses in all situations have a duty to observe; however, within the boundaries of this social contract, local cultures or groups have the "moral space" to specify what other actions may or may not be ethically permissible. 92.when it comes to the practice of some businesses paying bribes and kickbacks to secure government contracts, obtain a license or permit from government agencies, or win/retain the business of customers, it is fair to say that✔✔️i️t is very difficult for a multinational company to ethically justify such payments when it does business in countries where such payments are illegal and/or when the company's code of ethics forbids such payments 93. the school ethical relativism holds that✔✔️b️ecause there are meaningful variations in what societies generally agree to be ethically right and wrong in the conduct of business activities, it is appropriate for there to be differing standards of what constitutes ethical business behavior and what constitutes unethical business behavior and further, for local ethical standards to take precedence over the ethical standard that exist elsewhere 94. the use of child labor✔✔️m️ay be ethically permissible according to the school of ethical relativism (based on the rule of "when in Rome do as the Romans do") but does not qualify as ethically permissible business behavior according to the school of ethical universalism because in most societies, especially modern industrialized countries, such a practice is not in keeping with generally acceptable standard of business behavior. 95.which of the following are major drivers of unethical managerial behavior? ✔✔️o️verzealous pursuit of wealth and other selfish interests, head pressures on campy managers to meet or beat performance targets, and a company culture that puts profitability and good business performance ahead of ethical behavior. 96.a company's strategy needs to be ethical because✔✔️a️ strategy that is unethical in while or in part is morally incorrect and the "wrong thing to do" pursuit of an unethical strategy reflects baldy on the character of the company personnel involved 97.multinational companies✔✔️t️he forbid the payment of bribes and kickbacks in their codes of ethical conduct and that are serious about enforcing this prohibition are acting in accord with the principles of the school of ethical universalism and are rejecting the principles underlying the school of ethical relativism 98.which one of the following is not among the good business reasons why companies should be public-spirited and devote time and resources to social responsibility initiatives, environmental sustainability, and being good corporate citizens?✔✔️a️ business is obligated to act as a responsible citizen and do its fair share to promote the general welfare; otherwise it is in violation of its implied contract with society and subject to both heavy fines and excess profits tax. 99.as depicted in figure 9.2 which one of the following is not a component of a social responsibility strategy?✔✔️a️ctions to reduce corruption in business activities worldwide and to promote greater adherence to a worldwide code of ethics 100. business ethics concerns✔✔️t️he application of general ethical principles and standards to the actions and decisions of businesses and the conduct of their personnel 101. according to the school of ethical universalism✔✔️t️he most important standards of what if right and what is wrong resonate the peoples of most societies regardless of local traditions and cultural norms - hence, common ethical standards can be used to judge the conduct of personnel at companies operating in all countries and cultural circumstances 102. according to the data in table 9.1✔✔️t️he CPI scores in such countries as Finland, Denmark, New Zealand, Sweden, Netherlands and Switzerland is higher (indicating lower received levels of corruption)than in such countries as the US, France, South Korea, China, India, Russia and Brazil. 103. moral managers✔✔️s️ee themselves as stewards of ethical behaviors and believe it is important to exercise ethics leadership; they are ethically principled and pursue success in business within the confines of both the letter and spirit of what is ethical and legal.