Question 1

The knowledge application component of knowledge management deals with workers improving their job activities.

Accepted Answer

The knowledge application component of knowledge management focuses on applying knowledge and best practices to improve job activities, processes, and overall organizational performance. It involves sharing knowledge and transferring it into action, so that employees can use the information to make better decisions and perform their tasks more efficiently.

Question 2

Systems thinking in relation to organizational learning means that workers learn best by linking their computers together.

Accepted Answer

Systems thinking in relation to organizational learning means that individuals within an organization understand how their actions impact the overall system and can use that understanding to continuously learn and improve the organization's performance. It is not limited to connecting computers.

Question 3

The business strategy of differentiation involves making a product or service unique by offering it at an unusually low price.

Accepted Answer

The business strategy of differentiation involves making a product or service unique by offering features that set it apart from competitors, not by offering it at a low price. This can often lead to a higher price point than competitors who do not offer such unique features.

Question 4

A little over 40 percent of corporate knowledge is stored in employees' brains, according to one survey.

Accepted Answer

According to a survey conducted by software company Panopto, a little over 40 percent of corporate knowledge is stored in employees' brains.

Question 5

An aspect of effective knowledge management is when organization members acquire power by hoarding and acquiring knowledge.

Accepted Answer

Hoarding and acquiring knowledge may lead to individuals having power, but this is not an aspect of effective knowledge management. Effective knowledge management focuses on sharing and disseminating knowledge throughout the organization to improve overall performance and productivity. Hoarding knowledge can actually hinder the organization's success by limiting collaboration and innovation.

Question 6

An example of capitalizing on internal strengths took place when Hewlett-Packard decided to compete better with Dell by concentrating on retail rather than direct sales.

Accepted Answer

This statement describes how Hewlett-Packard identified a strength (their retail distribution channels) and used it to gain an advantage over a competitor (Dell).

Question 7

The business strategy of acquisition is often used to acquire new technology that the firm needs to broaden its product line.

Accepted Answer

Acquiring new technology through acquisition is a common business strategy used to expand a firm's product line or improve existing products.

Question 8

Organizational learning is facilitated when workers use political skills to make connections with others and influence them in relation to useful knowledge.

Accepted Answer

Organizational learning often involves sharing and acquiring knowledge among employees, and political skills can help individuals build relationships and influence others to engage in this process. By leveraging their social networks and persuasive abilities, workers can help facilitate the exchange of useful information and support ongoing learning within the organization.

Question 9

The knowledge creation component of knowledge management is used to spur innovation.

Accepted Answer

The knowledge creation component of knowledge management is focused on encouraging and facilitating the generation of new ideas and insights, which can then be used to drive innovation and improve performance within an organization. This involves a range of activities, such as brainstorming sessions, research and development efforts, and ongoing learning and training programs, all of which are designed to foster creativity and encourage the sharing of knowledge and expertise. By embracing a culture of continuous learning and innovation, organizations can stay ahead of the competition and adapt more quickly to changing market conditions and customer needs.

Question 10

An example of the business strategy create demand by solving problems would be for a pharmaceutical company to recognize that drug delivery was a problem, and then provide equipment to help deliver drugs.

Accepted Answer

This strategy involves identifying a problem in the market and offering a solution to meet the needs of customers, which in turn generates demand for the company's products or services. In this example, the pharmaceutical company recognizes the problem of drug delivery and provides equipment to improve it, which can create demand for their drugs as they become easier and more effective to administer.

Question 11

A major contribution of knowledge management programs is that the electronic storage and retrieval of information makes it almost unnecessary for people to develop ideas by talking face to face.

Accepted Answer

Knowledge management programs do not eliminate the need for face-to-face interaction in idea development. While electronic storage and retrieval of information can be helpful in accessing existing knowledge, new ideas often arise from collaboration and conversation between individuals.

Question 12

An advanced approach to knowledge management is to deliver useful information to workers just at the point when the information is needed.

Accepted Answer

This approach is known as "just-in-time" knowledge management and involves providing relevant information to employees at the exact moment they need it to complete a task or solve a problem. This can improve efficiency and reduce errors, as well as ensure that knowledge is retained and reused in the future.

Question 13

An effective vision statement is usually about 100 words long.

Accepted Answer

An effective vision statement is typically concise and easy to remember. It should be short enough to be easily communicated and remembered by all members of the organization. Therefore, a vision statement is usually a few words or a sentence long, rather than 100 words.

Question 14

A clever vision statement has been known to help a startup attract funding even before the company has started conducting business.

Accepted Answer

A clear and inspiring vision statement can demonstrate the potential of a startup and attract funding from investors who share the same values and aspirations.

Question 15

An example of a strategic alliance would be a train manufacturer and an airplane manufacturer working jointly to build a train that traveled without touching the rails.

Accepted Answer

A strategic alliance involves two or more companies collaborating on a project to achieve a common goal, such as developing new technology or products, which fits the scenario described.

Question 16

As a business owner, you are using the Hedgehog concept when you diversify into several unrelated businesses.

Accepted Answer

The Hedgehog concept is focused on finding and pursuing a singular, unique focus for a business that aligns with its strengths and passions, not diversifying into unrelated businesses.

Question 17

A major criticism of leadership at Coca-Cola and McDonald's is that they have failed to successfully execute a brand leadership strategy.

Accepted Answer

Both Coca-Cola and McDonald's are often cited as successful examples of brand leadership, maintaining strong global brand recognition and market presence.

Question 18

The purpose of the strategy of competitive advantage through hiring talented people is to hire people away from competitors so you can acquire some competitive advantage.

Accepted Answer

The strategy of competitive advantage through hiring talented people is to hire the best people in the market, not just those who are already working for competitors.

Question 19

An external threat in SWOT analysis refers primarily to laws that would be broken by implementing a particular strategy.

Accepted Answer

An external threat in SWOT analysis refers to factors outside the organization's control that could negatively impact its performance, such as economic conditions, competition, or changes in consumer behavior. It does not primarily refer to laws that would be broken by implementing a particular strategy. Laws would fall under the category of legal/regulatory factors, which could also be considered external factors but are typically analyzed separately from external threats in a SWOT analysis.

Question 20

According to the honest conversation approach to refining organizational strategy, a task force of managers discusses problems they have uncovered with implementing strategy.

Accepted Answer

The honest conversation approach involves a task force of managers discussing the problems they have uncovered with implementing strategy, in order to refine and improve the organization's strategy.

Quiz 13: Strategic Leadership and Knowledge Management