Question 1

After a current product-market profile has been assessed, the next step is to

Accepted Answer

After assessing the current product-market profile, the next step is to identify sources of competitive advantage and disadvantage in the main product-market segments. This step helps in developing a strategic plan to address the identified competitive issues and gain a competitive edge in the market. Emphasizing interactions between the organization and customers and conducting an external assessment of competitors are also important steps, but they come after identifying sources of competitive advantage and disadvantage. Therefore, option A is the best choice.

Question 2

Northland Designs' ability to stay on the cutting edge of home interior trends throughout the company is called

Accepted Answer

The ability to stay on the cutting edge of home interior trends is a unique talent or skill possessed by Northland Designs that enables it to gain competitive advantage over its rivals. This feature is usually referred to as a core competency.

Question 3

Explain the characteristics of distinctive organizational capabilities.

Accepted Answer

The answer of Explain the characteristics of distinctive organizational capabilities....

Question 4

Which of the following is not an organizational function that internal audit looks at?

Accepted Answer

Internal audit typically looks at all major organizational functions, including production-operations, marketing, research and development, and financial-accounting. Therefore, none of the answer choices is correct as they are all functions that internal audit may examine.

Question 5

Northland Designs always seems to combine styles in compelling ways that distinguishes this company from its competitors. This ability is called

Accepted Answer

The term "distinctive" means something that sets a person, company, or thing apart from others, which perfectly describes Northland Designs' ability to combine styles in compelling ways. This distinguishes them from their competitors and is a distinctive organizational capability. The other answer choices do not accurately describe this ability.

Question 6

Ms. Krisak studies the internal audit to determine the availability or lack of critical ________ and the level of ________.

Accepted Answer

The internal audit is used to determine the availability or lack of critical resources and the level of capabilities. Option B correctly captures both of these aspects. Option A is incorrect as internal audit focuses on resources available to the organization and not on its capital. Option C is incorrect as internal audit is aimed at identifying the availability of resources and not at managing them. Option D is not correct as it reverses the order of the two main aspects considered in internal audit. Hence, the best choice is B.

Question 7

The question, "Does the capability provide tangible customer benefits?" occurs under what step of the capabilities assessment profile which identifies distinctive organizational capabilities?

Accepted Answer

The question "Does the capability provide tangible customer benefits?" is part of Step 1: Sort the core capabilities and competencies according to strategic importance. This step involves identifying which capabilities are most essential to achieving the organization's strategic goals and objectives. One aspect of strategic importance is determining whether a capability provides tangible benefits to the customer, which is why this question is asked in this step.

Question 8

The internal audit answers the questions of

Accepted Answer

The answer of The internal audit answers the questions of
...

Question 9

The second step in identifying distinctive organizational capabilities through a capabilities assessment profile is

Accepted Answer

The answer of The second step in identifying distinctive organizational...

Question 10

The key to using an ________ is to determine how well or poorly organizational functions are being performed.

Accepted Answer

An internal audit evaluates the effectiveness of an organization's risk management, control, and governance processes. By assessing the organization's functions, an internal audit determines whether they are performing well or poorly. The other options (B, C, D, E) are also useful tools in organizational assessment, but they do not specifically focus on evaluating organizational functions.

Question 11

One criterion used to judge organizational strengths and weaknesses is

Accepted Answer

All of the answer choices can be used to judge organizational strengths and weaknesses. However, it is important to use multiple criteria and not rely solely on personal opinions. Past performance trends, comparison against competitors, and specific goals or targets are all useful in evaluating an organization.

Question 12

Which of the following is one of the basic organizational functions managers should examine during an internal audit?

Accepted Answer

All of the answer choices are basic organizational functions that managers should examine during an internal audit. Production-operations, marketing, financial-accounting, and information systems are all crucial areas of a company that need to be regularly reviewed to ensure efficiency and effectiveness.

Question 13

Performance of ________ activities would not be possible without ________ activities.

Accepted Answer

Primary activities in a business are directly related to the creation or delivery of a product or service, while support activities help enhance the efficiency and effectiveness of primary activities. Without support activities, primary activities cannot be performed efficiently.

Question 14

Ms. Krisak asks the question, "Does the ability to stay on the cutting edge of home interior trends provide our customer tangible benefits?" Under which step of the capabilities assessment profile are distinctive organizational capabilities identified?

Accepted Answer

The answer of Ms. Krisak asks the question, "Does the...

Question 15

The internal audit concentrates on the availability or lack of critical ________ and the level of ________.

Accepted Answer

The internal audit focuses on assessing the availability or lack of resources and capabilities, which are critical for achieving the organization's objectives. This includes factors such as staffing, funding, technology, infrastructure, and other resources necessary to carry out the operations effectively. By identifying areas where resources and capabilities are insufficient, internal auditors can provide recommendations to management for improving efficiency, effectiveness, and risk management. Therefore, option B is the correct answer.

Question 16

Which of the following is not a criterion mentioned in the text for determining whether or not resources and capabilities are strengths or weaknesses?

Accepted Answer

The answer of Which of the following is not a...

Question 17

Why is an internal analysis important?

Accepted Answer

An internal analysis is important because it helps identify an organization's strengths and weaknesses, which in turn assists in making good strategic decisions. Therefore, both answer options B and D are correct.

Question 18

Statements of desired outcomes are known as

Accepted Answer

Statements of desired outcomes are known as organizational goals. Core competencies refer to the unique strengths and capabilities that give a company a competitive advantage. Distinctive competencies are similar to core competencies but are unique to an organization in the market. Management vision is a broad proclamation of what the company hopes to achieve in the future. Directed action refers to taking specific steps to achieve desired outcomes.

Question 19

All of the following reflect questions asked of the management function during the internal audit except

Accepted Answer

The question about whether the organization is able to raise long-term capital is a financial question and does not specifically relate to the management function. The other questions are more directly related to management practices such as job design, employee turnover, employee treatment, and the use of work teams.

Question 20

According to the value chain analysis, the process connected to the acquisition and utilization of resources is known as

Accepted Answer

The process connected to the acquisition and utilization of resources is known as purchasing, which is a primary activity in the value chain analysis. Choices A, B, and C are also primary activities in value chain analysis, but they are not directly related to the acquisition and utilization of resources. Therefore, the best choice is D, purchasing.

Quiz 4: Assessing Strengths and Weaknesses: Doing an Internal Analysis