Question 1

Acme Global Corporation had to put its plans to build a new plant on hold when interest rates went up and the organization was not able to borrow enough money to build the plant.This represents the influence of _______ in the external environment on the organization.
A)shareholders
B)society
C)the economy
D)competition
E)suppliers

Accepted Answer

The rise in interest rates is a result of changes in the economy and specifically in the financial markets. This external environmental factor has impacted the ability of the organization to finance its plans for building a new plant.

Question 2

Two critical components of successful corporate strategy include:
A)vision and mission.
B)profit and loss.
C)customers and suppliers.
D)government regulation and tax obligation.
E)mission and goals

Accepted Answer

Vision and mission are critical components of successful corporate strategy because they provide a clear direction and purpose for the organization. A well-defined vision and mission statement help the company to define its long-term goals, objectives, and strategies. These statements also provide a common language and a shared understanding of what the organization stands for, and what it hopes to achieve. Without a clear vision and mission, a company may struggle to identify its purpose, target market, or value proposition, which could ultimately lead to a lack of focus, competitive disadvantage, and poor financial performance.

Question 3

Which major external business force requires organizations to continually improve their products to create value?
A)Suppliers
B)Labor force
C)Customers
D)Governments
E)Competition

Accepted Answer

C

Question 4

__________ is a statement laying out our expectation of what we are going to do in order to become the organization that we have envisioned.
A)Objective statement
B)Formalization
C)Organizational structure
D)Mission statement
E)Complexity

Accepted Answer

A mission statement outlines the purpose and primary objectives of an organization, detailing what it aims to do to achieve its vision.

Question 5

The Acme Global organization tries to be a good neighbor to the people who live and work in the cities where the organization's plants are located.In one neighborhood, citizens asked Acme Global to reveal the location of all its suppliers.When it was discovered that Acme Global used suppliers who were 1,000 miles from the plant, the citizens asked Acme Global to consider using more local suppliers.Acme Global agreed and found similar suppliers closer to its plant.This represents the influence of _______ in the external environment on the organization.
A)suppliers
B)society
C)technology
D)competition
E)governments

Accepted Answer

The citizens' request for Acme Global to consider using more local suppliers is an example of the influence of society in the external environment on the organization. This suggests that the organization is sensitive to the needs and concerns of the community and is willing to adjust its practices accordingly.

Question 6

What major external business force to a significant extent determines what acceptable business practices are for the organization?
A)Customers
B)Suppliers
C)Governments
D)Shareholders
E)Society

Accepted Answer

Society, including cultural and ethical norms, plays a significant role in determining acceptable business practices for an organization. As businesses operate within society, they are expected to follow ethical and legal guidelines that align with societal expectations. Failure to do so can result in negative consequences for the organization, such as a damaged reputation and loss of customers. Therefore, businesses must consider societal expectations when making decisions about their practices and operations. While other external forces such as customers, suppliers, governments, and shareholders also play a role in shaping acceptable business practices, society as a whole ultimately drives these expectations.

Question 7

The Acme Global Corporation is asking questions like "Do our products satisfy our customers' current needs?" and "Do we have the right kind of workforce in place at this time?" From these questions, it is clear that Acme Global is trying to answer which of the following major strategic question?
A)What is our present situation?
B)Where do we want to go?
C)How do we plan to get there?
D)What should our strategy be?
E)Where have we been?

Accepted Answer

The questions being asked by Acme Global Corporation are focused on understanding their present situation, which is the major strategic question related to assessing one's current position.

Question 8

_______________ is a plan of action to achieve a particular set of objectives.
A)Vision
B)Strategic advantage
C)Strategy
D)"Managing Up"
E)"Vision + Mission = FOCUS"

Accepted Answer

A strategy is a plan of action that outlines the steps an organization needs to undertake to achieve a particular set of objectives. It includes a thorough analysis of the current situation, identification of goals, formulation of a plan, and execution of the plan. It is an essential tool for organizations to allocate resources effectively, focus on key priorities, and achieve success.

Question 9

The Acme Global Corporation recently won a bid to provide a large number of widgets for a government contract.To complete the order, the organization will need to order more raw materials.This will require that the organization recognize the influence of _______ in the external environment on the organization.
A)suppliers
B)shareholders
C)technology
D)competition
E)governments

Accepted Answer

The organization will need to recognize the influence of suppliers in the external environment because they are responsible for providing the raw materials necessary to complete the order.

Question 10

Firm performance is not just a function of a company's own actions but must also be understood with relation to the actions of what major external business force?
A)Labor force
B)Customers
C)The economy
D)Competition
E)Society

Accepted Answer

The external business force that has a major influence on a firm's performance is competition. Companies must take into consideration the actions of their competitors, such as pricing strategies, product offerings, and marketing tactics, in order to stay competitive and maintain their market share. Failure to do so can result in lost customers and ultimately lower performance. While labor force, customers, the economy, and society can also impact a firm's performance, they are not as directly related as competition.

Question 11

Acme Global Corporation created an application that allows customers to send in orders quickly and easily.Since rolling out the new app, orders have increased by 20 percent.This represents the influence of _______ in the external environment on the organization.
A)labor force
B)shareholders
C)technology
D)competition
E)governments

Accepted Answer

The increase in orders is directly attributed to the new application, which is a result of technological advancement. This demonstrates the impact of technology on the organization's external environment.

Question 12

Inflation, interest rates, and foreign exchange rates all are part of which major external business force?
A)Shareholders
B)Economy
C)Society
D)Customers
E)Technology

Accepted Answer

Inflation, interest rates, and foreign exchange rates are all part of the economy, which is a major external business force impacting organizations.

Question 13

In the past few years, the Acme Global Corporation has been fortunate to have a strong talent pool available from which it can draw employees.This represents the influence of _______ in the external environment on the organization.
A)society
B)shareholders
C)labor force
D)competition
E)governments

Accepted Answer

The availability and quality of the labor force represent an external environmental factor that can affect an organization's ability to attract and retain employees with the necessary skills and talent. In this case, the strong talent pool available to Acme Global Corporation indicates a favorable labor force environment. The other options (society, shareholders, competition, and governments) may also have an impact on an organization but are not directly related to the labor force's availability and quality.

Question 14

__________are statements of what is to be accomplished in singular, specific, and measurable terms, with a target date.
A)Mission statements
B)Objectives
C)Centralization
D)Strategy
E)Economic Value Added (EVA)

Accepted Answer

Objectives are statements that are measurable and specific, with a target date. Mission statements are broader statements that describe a company's purpose and values. Centralization refers to the consolidation of decision-making authority within a particular group or individual. Strategy refers to a company's overall plan for achieving its objectives. Economic Value Added (EVA) is a financial measure that assesses a company's profitability.

Question 15

Acme Global is working on a statement about what it expects to become as an organization at a particular point in time in the future.Acme Global is working on its ________.
A)complexity
B)organizational structure
C)mission statement
D)strategy
E)vision

Accepted Answer

A statement about what an organization expects to become in the future is its vision. Therefore, Acme Global is working on its vision statement.

Question 16

At the Acme Global Corporation, the top manager reports to the board of directors.The board is not involved in the day-to-day operations of the organization, but it can hire or fire top management.This represents the influence of _______ in the external environment on the organization.
A)shareholders
B)society
C)technology
D)economics
E)governments

Accepted Answer

The board of directors represents the shareholders of the organization, who hold the ultimate ownership and decision-making power. They have the authority to hire or fire top management, indicating their significant influence on the organization's external environment.

Question 17

Acme Global has decided on a statement that identifies what they expect their business to become within 6 years.Acme Global is identifying its:
A)Goals
B)Mission
C)Vision
D)Environmental awareness
E)Occupational direction

Accepted Answer

The statement that Acme Global has decided on is identifying their future aspirations and what they want to become within 6 years. This is a vision statement that provides direction and purpose for the company's future growth and development. The other options do not fit the context described.

Question 18

Acme Global hired a director of safety to help the organization ensure proper compliance with the Occupational Safety and Health Act.This represents the influence of _______ in the external environment on the organization.
A)the economy
B)customers
C)the government
D)suppliers
E)competition

Accepted Answer

The hiring of a director of safety to comply with Occupational Safety and Health Act regulations suggests that the government's regulations and requirements are influencing and affecting the organization's decisions and actions. Therefore, the correct answer is C - the government.

Question 19

The Acme Global Corporation seeks to hire skilled employees who are willing to use their creativity to improve the organization's products and services.Acme Global does this because the organization recognizes the influence of _______ in the external environment on the organization.
A)suppliers
B)shareholders
C)technology
D)customers
E)governments

Accepted Answer

The answer of The Acme Global Corporation seeks to hire...

Question 20

Which major external business force is not involved with the day-to-day operations of the firm, but does vote for the directors of the company?
A)Customers
B)Suppliers
C)Society
D)Shareholders
E)Government

Accepted Answer

Shareholders are not involved with the day-to-day operations of the firm but can vote for directors of the company. Customers, suppliers, society, and government can have an impact on the day-to-day operations of the company.

Quiz 2: Strategy-Driven Human Resource Management

Acme Global Corporation had to put its plans to build a new plant on hold when interest rates went up and the organization was not able to borrow enough money to build the plant.This represents the influence of _______ in the external environment on the organization.

Two critical components of successful corporate strategy include:

Which major external business force requires organizations to continually improve their products to create value?

__________ is a statement laying out our expectation of what we are going to do in order to become the organization that we have envisioned.

What major external business force to a significant extent determines what acceptable business practices are for the organization?

The Acme Global Corporation is asking questions like "Do our products satisfy our customers' current needs?" and "Do we have the right kind of workforce in place at this time?" From these questions, it is clear that Acme Global is trying to answer which of the following major strategic question?

_______________ is a plan of action to achieve a particular set of objectives.

Firm performance is not just a function of a company's own actions but must also be understood with relation to the actions of what major external business force?

Acme Global Corporation created an application that allows customers to send in orders quickly and easily.Since rolling out the new app, orders have increased by 20 percent.This represents the influence of _______ in the external environment on the organization.

Inflation, interest rates, and foreign exchange rates all are part of which major external business force?

In the past few years, the Acme Global Corporation has been fortunate to have a strong talent pool available from which it can draw employees.This represents the influence of _______ in the external environment on the organization.

__________are statements of what is to be accomplished in singular, specific, and measurable terms, with a target date.

Acme Global is working on a statement about what it expects to become as an organization at a particular point in time in the future.Acme Global is working on its ________.

At the Acme Global Corporation, the top manager reports to the board of directors.The board is not involved in the day-to-day operations of the organization, but it can hire or fire top management.This represents the influence of _______ in the external environment on the organization.

Acme Global has decided on a statement that identifies what they expect their business to become within 6 years.Acme Global is identifying its:

Acme Global hired a director of safety to help the organization ensure proper compliance with the Occupational Safety and Health Act.This represents the influence of _______ in the external environment on the organization.

The Acme Global Corporation seeks to hire skilled employees who are willing to use their creativity to improve the organization's products and services.Acme Global does this because the organization recognizes the influence of _______ in the external environment on the organization.

Which major external business force is not involved with the day-to-day operations of the firm, but does vote for the directors of the company?