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Exam 1 Quiz Question

Management Exam 1 Quiz Questions

TermDefinition
a firm is bound to fail if it maintains flexibility in formulating strategies false
deciding what a firm if not going to do is just as important to strategy as deciding what it is going to do true
sometimes good strategies simply cannot overcome a stronger adversary true
executives who make assumptions about what an adversary can and cannot do put their organization's performance in jeoparty true
trends and events of the external environment seldom affect the overall state of an organization false
a strategic ____ is a carefully crafted set of steps that a firm intends to follow in order to be successful plan
_____ examines how actions and events involving top executives, firms and industries influence a firm's success or failure strategic movement
economies of _____ refer to a cost advantage that is created when a firm can product a good or service at a lower price per unit due to producing the good or service in large quantities scale
a strategic _____ is a specific move designed to outwit or trick competitors ploy
a company that manufactures cars aims to sell them to customers in the premium market segment; this is an example of strategy as position
an organization is more effective to the extent that its vision and its mission target employees' effort in the same direction true
the most effective goals are those that are specific, measurable, aggressive, realistic, and time-bound true
the triple bottom line framework ignores traditional organization profits as a measure of organizational performance false
a CEO celebrity can serve as an intangible asset for the CEO's firm true
entrepreneurial thinking and doing is limited to those who begin in their garage with a new idea, financed by family members or personal savigns false
an organization's ____ describes what the organization hopes to become in the future vision
an organization's ____ describes the reasons for an organization's existence mission
an automobile manufacturing company wants to be the first company in the world to launch a car that would require no human intervention to run on the road by 2025. the fact that the company has set a target date reflects the _____ dimension of the goal time-bound
a performance ____ is a benchmark used to make sense of an organization's standing along a performance measure referent
_____ refers to an approach to assessing performance that target's managers' attention on four areas: financial, customer, internal business process, and learning and growth the balanced scorecard
a _____ is a general way of positioning a firm within an industry generic strategy
which of the following is NOT a generic business level strategy? BEST COST LEADERSHIP / differentation/ focused cost leadership/ cost leadership/ focused differentiation
a firm following a ____ strategy offers products or services with acceptable quality and features to broad set of customers at a low price cost leadership
which of the following is an advantage of cost leadership? it makes a firm following this strategy well positioned to withstand price competition from rivals
which of the following constitutes an advantage of the differentiation strategy? it creates an ability to obtain premium prices from customers
the board of directors has the power to hire or fire a CEO true
CEO duality is a situation where a single individual acts as both the CEO and the chairman of the board of directors of an organization true
in most publicly traded firms, CEO compensation generally includes guaranteed salary, cash bonuses, and stock options true
taking a poison pill refers to potential takeover firm selling additional stock to existing shareholder, increasing the shares needed for a viable takeover true
a golden parachute refers to a lucrative financial incentive for the newly appointed executives of a firm that's been taken over false
anchoring and adjustment bias occur when individuals react to arbitrary or irrelevant numbers when setting financial or other numerical targets true
the fundamental attribution error occurs when more readily available information is incorrectly assessed to also be more likely false
hindsight bias occurs when mistakes seem obvious after they have already occured true
the interests of the individuals that manage the company (agents such as the CEO) may not align with the interest of the owners (such as stockholders) this separations of interest creates a: agency problem
an ____ refers to a situation where a publicly traded company is purchased and then taken off the stock market leveraged buyout
PESTEL analysis is an important tool for organizing factors within the general environment and identifying how these factors influence industries and the firms within them true
attitudes toward obesity constitute a social factor in the PESTEL framework true
bitter rivalry between an industry's competitors can lead to increase in prices of their products or services, thereby harming customers false
viable substitutes are available in all industries false
backward vertical integration involves a supplier entering the industry that it supplies inputs to false
the general environment, a component of the environment of an organization is also called the: macroenvironment
which segment of PESTEL analysis includes elements such as inflation rates, unemployment rates, and levels of disposable income? economic
rivalry in ____ industries tends to become bitter and fierce fragmented
what is an example of forward vertical integration a supplier firm chooses to enter its customer's business
what group consists of a set of industry competitors that have similar characteristics to each other but differ in important ways from the members of other groups? strategic groups
Created by: hallie999
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