Deck 4: The Internal Assessment

Question 1

A(n) ________ ideally supports the collective commitment of an organization's people to a common purpose.

A) strategy
B) plan
C) law
D) culture
E) order

Answer 1

D

Question 2

What is the essential bridge between the present and the future that increases the likelihood of achieving desired results?

A) Motivating
B) Planning
C) Controlling
D) Staffing
E) Organizing

Answer 2

B

Question 3

Opportunities are a firm's distinctive competencies that cannot be easily matched or imitated by competitors.

Answer 3

False

Question 4

________ captures the subtle, elusive, and largely unconscious forces that shape a workplace.

A) Organizational culture
B) Business model
C) Organizational strategy
D) Organizational mandate
E) Regulation

Question 5

The strategic-management process takes place largely within a particular organization's ________.

A) business model
B) culture
C) finances
D) supplier base
E) customer base

Question 6

Successful strategy formulation generally rests upon the ability of an organization to sell some product or service.

Question 7

For a resource to be valuable, it must be either rare, hard to imitate, or not easily substitutable.

Question 8

A firm's strengths that cannot be easily matched or imitated by competitors are called

A) internal audits.
B) distinctive competencies.
C) external audits.
D) interrelated properties.
E) internal properties.

Question 9

The basic premise of the research-based view is that the mix, type, amount, and nature of a firm's internal resources should be considered first and foremost in devising strategies that can lead to sustainable competitive advantage.

Question 10

Proponents of the resource-based view argue that external factors are more important than internal factors for a firm in achieving and sustaining competitive advantage.

Question 11

Explain the resource-based view and its relation to strategic management.

Question 12

Which of the following does the text call an up-front investment in success?

A) Planning
B) Organizing
C) Motivating
D) Staffing
E) Controlling

Question 13

A pattern of behavior developed by an organization as it learns to cope with its problems of external adaptation and internal integration, and that has worked well enough to be considered valid and to be taught to new members as the correct way to perceive, think, and feel is called

A) dysfunctional behavior.
B) groupthink.
C) behavior modification.
D) organizational culture.
E) internal audit effect.

Question 14

A resource is valuable if it is rare, hard to imitate, or

A) expensive.
B) inexpensive.
C) easily substitutable.
D) not easily substitutable.
E) inefficient.

Question 15

All of the following are basic activities of management EXCEPT

A) staffing.
B) planning.
C) consolidating.
D) organizing.
E) motivating.

Question 16

2 + 2 = 5 is the mathematical expression of the concept of

A) motivation.
B) synergy.
C) empowerment.
D) delegation.
E) organizational culture.

Question 17

Since ________ resources can more easily be bought and sold, ________ resources are often more important for gaining and sustaining competitive advantages.

A) tangible; intangible
B) intangible; tangible
C) tangible; organizational
D) intangible; external
E) internal; external

Question 18

Land is an example of a(n) ________ resource.

A) financial
B) shareholder
C) tangible
D) intangible
E) technological

Question 19

Culture and ________ must work together.

A) finances
B) strategy
C) suppliers
D) customers
E) business model

Question 20

The functions of management can be performed best when a firm's ________ and culture are integrated.

A) finances
B) business model
C) profits
D) external environment
E) strategy

Question 21

An organization's culture compares to an individual's personality in the sense that no two organizations have the same culture and no two individuals have the same personality.

Question 22

Which management function includes breaking tasks into jobs, combining jobs to form departments, and delegating authority?

A) Motivating
B) Staffing
C) Organizing
D) Controlling
E) Planning

Question 23

The controlling function of management is especially important for effective strategy evaluation.

Question 24

________ can result in powerful competitive advantages.

A) Profits
B) Tangible resources
C) Suppliers
D) Customers
E) Synergy

Question 25

The subtle, elusive and largely unconscious forces that shape the workplace are captured by the organizational culture.

Question 26

Linkages between a firm's culture and strategies often determine success.

Question 27

A culture ideally supports the collective commitment of its people to a common purpose.

Question 28

The purpose of organizing is to achieve coordinated effort by defining task and authority relationships.

Question 29

Organizing is the cornerstone of effective strategy formulation.

Question 30

While interesting, organizational culture does not significantly affect business decisions.

Question 31

Organizational culture must foster competence and enthusiasm among managers and employees.

Question 32

Which function of management includes areas such as job design, job specifications, job analysis, and unity of command?

A) Planning
B) Organizing
C) Motivating
D) Staffing
E) Controlling

Question 33

Which function of management includes all of those activities undertaken to ensure actual operations conform to planned operations?

A) Planning
B) Organizing
C) Motivating
D) Staffing
E) Controlling

Question 34

Which function of management is concerned with span of control and chain of command?

A) Planning
B) Organizing
C) Controlling
D) Staffing
E) Motivating

Question 35

Allocating resources is one of the four basic activities (functions) performed by managers.

Question 36

The management function that is most important for strategy implementation is

A) planning.
B) rewarding.
C) organizing.
D) controlling.
E) training.

Question 37

Culture is formed within an organization's strategy.

Question 38

Organizational culture is not enduring.

Question 39

An organization can develop synergy through planning.

Question 40

Which of the following is the process of influencing people to accomplish specific objectives?

A) Staffing
B) Motivating
C) Planning
D) Controlling
E) Organizing

Question 41

The management function of organizing is included in human resource management.

Question 42

The controlling function of management is synonymous with strategy formulation.

Question 43

Define organizational culture and examine its relation to strategy.

Question 44

What marketing function includes test marketing?

A) Selling products and services
B) Pricing
C) Customer analysis
D) Product and service planning
E) Distribution

Question 45

There are five basic functions of marketing: marketing research and target market analysis, product planning, promoting products, pricing products, and placing or distributing products.

Question 46

In determining the ________, marketers often make decisions related to areas such as warehousing, distribution channels, and retail site locations.

A) place
B) product
C) price
D) promotion
E) profit

Question 47

All of the following are basic functions of marketing EXCEPT

A) value chain analysis.
B) product planning.
C) promoting products.
D) pricing products.
E) distributing products.

Question 48

Pricing is one of the basic functions of

A) marketing.
B) finance/accounting.
C) management information systems.
D) production/operations.
E) research and development.

Question 49

Distribution includes

A) customer analysis.
B) pricing.
C) warehousing.
D) advertising.
E) test marketing.

Question 50

Describe the controlling function of management. Include the four basic steps that comprise this function in your description.

Question 51

Selling includes all of these marketing activities EXCEPT

A) advertising.
B) dealer relations.
C) customer analysis.
D) publicity.
E) sales promotion.

Question 52

Identify the four basic functions of management, and describe each function.

Question 53

The extent to which a manufacturing plant's output reaches its potential output is called capacity utilization.

Question 54

Which of the following is NOT a key question that can reveal internal strengths and weaknesses regarding a firm's marketing function?

A) Does the firm have an effective sales organization?
B) Has the firm's market share been increasing?
C) Are markets segmented effectively?
D) Are the firm's products and services priced appropriately?
E) Does the firm have good liquidity?

Question 55

According to Roger Schroeder, there are five basic functions or decision areas in production. Describe these five functions.

Question 56

The Robinson-Patman Act affects a company's

A) pricing.
B) product/service planning.
C) customer analysis.
D) marketing research.
E) distribution.

Question 57

Increasingly in marketing settings, a new breed of robots called collaborative machines, are working alongside people.

Question 58

Motivation can explain why some people work hard and others do not.

Question 59

Research and Development (R&D) Management is focused on managing inputs, transformations, and outputs that vary across industries and markets.

Question 60

Marketing research is the systematic gathering, recording, and analyzing of data to identify and define opportunities and problems relating to the marketing of goods and services.

Question 61

What category of ratios measures a firm's ability to meet its short-term obligations?

A) Profitability
B) Liquidity
C) Leverage
D) Activity
E) Growth

Question 62

What category of ratios includes return on total assets and return on stockholders' equity?

A) Leverage
B) Activity
C) Profitability
D) Growth
E) Liquidity

Question 63

Explain briefly the marketing function of promotion.

Question 64

Marketing research is the systematic gathering, recording and analyzing, of data about problems relating to the marketing of goods and services.

Question 65

"Showrooming" is when shoppers check out products in stores, but buy them online.

Question 66

The ________ decision is the allocation and reallocation of capital and resources to projects, products, assets, and divisions of an organization.

A) investment
B) dividend
C) financing
D) restructuring
E) benchmark

Question 67

Collaborative machines are a new breed of robots.

Question 68

Which of the three finance and accounting decisions involves determining the best capital structure for the firm?

A) Investment
B) Dividend
C) Financing
D) Capital budgeting
E) Implementation

Question 69

Issuance of stock is a(n) ________ decision.

A) investment
B) capital budgeting
C) financing
D) dividend
E) planning

Question 70

Test marketing is used more frequently by industrial companies than consumer goods companies.

Question 71

Digital advertising is expected to reach nearly $280 billion in 2020.

Question 72

Firms pursuing a cost leadership strategy need to have a strong R&D orientation.

Question 73

Worldwide advertising expenditures are expected to reach $700 billion in 2021.

Question 74

The times-interest-earned ratio would be classified as a(n)

A) activity ratio.
B) leverage ratio.
C) profitability ratio.
D) liquidity ratio.
E) growth ratio.

Question 75

What category of ratios measures how effectively a firm can maintain its economic position in the growth of the economy and industry?

A) Profitability
B) Liquidity
C) Leverage
D) Revenue Growth
E) Growth

Question 76

Which ratio is calculated by dividing profits before interest and taxes by total interest charges?

A) Inventory turnover
B) Fixed assets turnover
C) Total assets turnover
D) Debt-to-equity ratio
E) Times-interest-earned ratio

Question 77

Most producers today sell their goods directly to consumers.

Question 78

What are the five basic functions of marketing?

Question 79

Distribution becomes especially important when a firm is striving to implement a product development or diversification.

Question 80

Which ratio would be considered an activity ratio?

A) Debt-to-equity
B) Net profit margin
C) Average collection period
D) Earnings per share
E) Current ratio