Question 1

Sara and Dan are working on a statement for a start-up organic farm.One statement reads: "To become the southeast region's number one choice for supplying organically-grown fruits and vegetables." Sara and Dan are writing:
A)mission statement.
B)a vision statement.
C)a speech.
D)a business plan.

Accepted Answer

The statement is a clear indication of the company's long-term goal and aspirations, which is to become the top choice for supplying organically-grown fruits and vegetables in the southeast region. This aligns with the definition of a vision statement, which expresses the company's desired future state or what it hopes to achieve in the long term. A mission statement, on the other hand, outlines the company's purpose, values, and goals in the short to medium term. A speech is a verbal presentation of ideas, while a business plan is a written document outlining a company's strategy for achieving its objectives.

Question 2

_____________ is an example of society pressuring businesses to make changes in the way it conducts its business.
A)Limiting water and air pollution
B)Developing more commercial products.
C)Building additional commercial properties.
D)Setting higher wages

Accepted Answer

Limiting water and air pollution is an example of society pressuring businesses to make changes in the way it conducts its business. This is because businesses are being held accountable for their impact on the environment and are being pressured to reduce their emissions and waste. This pressure is coming from consumers, activists, and government regulations, forcing businesses to change their practices to be more environmentally friendly.

Question 3

Computer companies such as Dell may actually fight over the opportunity to purchase limited volumes of Intel CPU chips.This is an example of power from which of Porter's forces?
A)Buyer
B)Substitutes
C)New entrants
D)Competitive rival
E)Supplier

Accepted Answer

This scenario represents the power of suppliers from Porter's Five Forces as the limited supply of Intel CPU chips puts them in a position of power, which may lead to companies fighting over them.

Question 4

__________ have more power to affect today's businesses today,partly due to purchasing power.
A)Competitors
B)Customers
C)Managers
D)Investors

Accepted Answer

Customers have more power to affect today's businesses due to their purchasing power. Customers can choose to either buy from a business or not, thereby affecting the business's revenue and overall success. Competitors, managers, and investors also have some power, but not to the same extent as customers.

Question 5

HRM is an important strategic business function that influences the performance of _______.
A)small firms
B)large firms
C)large and small firms
D)large and small firms during times of economic uncertainty

Accepted Answer

HRM influences the performance of both large and small firms, as it is a crucial factor in managing the human resources and ensuring effective utilization of talent. It is important for organizations of all sizes to have effective HRM practices to enhance their performance and achieve their strategic objectives. HRM becomes even more critical during times of economic uncertainty, as it helps organizations to manage their workforce, adapt to changing market conditions, and improve their competitive position.

Question 6

Businesses sometimes compete with other businesses for:
A)customers.
B)customers,employees,and suppliers.
C)natural resources in their region.
D)tax incentives

Accepted Answer

While businesses may compete for tax incentives and natural resources in their region, the primary sources of competition are customers, employees, and suppliers. Businesses want to attract and retain customers who are willing to purchase their products or services, as well as talented employees and quality suppliers who can help them produce their goods or services efficiently and effectively.

Question 7

In the early days of Apple,managers would constantly relate to employees how the company was formed in a garage in Cupertino,California to instill a sense of being different from large competitor corporations.This is an example of how culture is transferred through:
A)Stories
B)Symbols
C)Slogans
D)Ceremonies
E Heroes

Accepted Answer

This is an example of how culture is transferred through stories, as the managers were sharing a narrative about the company's origins to reinforce the culture of being unique and innovative.

Question 8

An environmental "opportunity" for Newman Corporation,a small manufacturing firm,might be which of the following?
A)Available technological advances that can help the firm work with larger customers.
B)New large competitors in markets they currently serve.
C)Highly trained shop-floor employees.
D)Current competitors entering new markets that Newman cannot compete in.
E)Providing their sales force with detailed training on Newman's product lines.

Accepted Answer

The available technological advances can help Newman Corporation work with larger customers and expand their reach, while also potentially reducing their environmental impact through more efficient processes or sustainable technologies.

Question 9

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.

Accepted Answer

Vision and mission statements are critical components of successful corporate strategy because they provide a clear sense of direction and purpose for the organization. They serve as a guide for decision-making, goal-setting, and resource allocation, and help align the efforts of employees and stakeholders towards a shared vision of success. Profit and loss, customers and suppliers, government regulation and tax obligation are all important considerations for corporate strategy, but they are not the only or most critical components.

Question 10

__________ are needed for businesses to adjust to changes caused by the external environment.
A)Strategic responses
B)Delegations
C)Analysts
D)Competitors

Accepted Answer

Strategic responses are a necessary tool for businesses to adapt to changes in the external environment. This involves making intentional and proactive decisions to keep the business competitive and relevant in the face of external factors such as technological advances or changes in consumer preferences. Delegations, analysts, and competitors may also play a role in this process, but they are not the primary solution.

Question 11

Jane took a job at the local factory as an assembler.Jane is a real go-getter by nature,but the company culture was to work at a slow steady pace.Soon Jane started to get subtle hints from her co-workers that she needed to slow down her work.Jane is getting _______ to modify her performance.
A)Compliance boundaries
B)Group obstinacy
C)Peer pressure
D)Organizational inference
E)Forced mediation

Accepted Answer

The situation described suggests that Jane is receiving subtle hints from her co-workers to slow down her work. This type of social pressure from one's peers is referred to as peer pressure. The other options (compliance boundaries, group obstinacy, organizational inference, and forced mediation) do not accurately describe the situation.

Question 12

Employees in companies with a differentiation strategy would need to have all of the following qualities except:
A)Comfortable with change and adaptable
B)Customer-focused
C)Innovative and able to create new processes
D)Comfortable with incentives based on creativity
E)Strongly concerned with maximizing efficiency

Accepted Answer

Employees in companies with a differentiation strategy are typically focused on creating unique and valuable products or services that set them apart from competitors. Maximizing efficiency may be important, but it is not necessarily a top priority, as the focus is on creating something different and better, not just doing things faster or cheaper.

Question 13

__________ are the resource that gives us a powerful competitive advantage over our rival firms.
A)Finances
B)Specialty
C)Reputation
D)People

Accepted Answer

The answer of __________ are the resource that gives us...

Question 14

_______ is a plan of action used to achieve a particular set of objectives.
A)Strategy
B)SWOT analysis
C)A contract
D)An adaptation

Accepted Answer

A strategy is a plan of action designed to achieve specific goals or objectives. It involves outlining the steps or tactics needed to reach the desired outcome. SWOT analysis is a tool used to identify strengths, weaknesses, opportunities, and threats, which can inform the development of a strategy. A contract is a legally binding agreement between parties, while an adaptation refers to the process of adjusting to changes in a new situation.

Question 15

Dotmar Engineering and many other firms have the ability to replace original metal parts in many manufacturing operations with high strength and/or high thermal capacity plastic parts at a much lower cost.This would illustrate the power of _______ in Porter's Five-Forces model.
A)Buyer
B)Substitutes
C)New entrants
D)Competitive rival
E)Supplier

Accepted Answer

The ability to replace original metal parts with plastic parts at a lower cost illustrates the power of substitutes in Porter's Five-Forces model. The availability of substitutes can affect industry competition by limiting the pricing power of existing firms in the industry, and by increasing the pressure on firms to improve their products and services.

Question 16

ARC Consulting is a highly decentralized organization,so if the president of the company (an operations expert) received a request for a Compensation Review from a client,her most likely course of action would be to:
A)tell her "least-busy" employee to handle it
B)decide to work on it herself
C)form a task team of both HR and non-HR consultants
D)ask her leading compensation expert to determine what needed to be done
E)tell the client that she couldn't help them with their request

Accepted Answer

In a highly decentralized organization, the president is likely to delegate tasks to the most appropriate individual or department. Asking the leading compensation expert to determine what needed to be done leverages specialized expertise and aligns with decentralized decision-making.

Question 17

The "implementing,monitoring and evaluating" step in strategic management uses the process of _______,which creates mechanisms to ensure that objectives are achieved.
A)Processing
B)Investigating
C)Controlling
D)Appraising
E)Reviewing

Accepted Answer

The process of controlling is used in the "implementing, monitoring and evaluating" step of strategic management to create mechanisms that ensure objectives are achieved. Controlling involves establishing performance standards, comparing actual performance to those standards, and making necessary adjustments to ensure goals are met. Processing, investigating, appraising, and reviewing are not specific processes used in controlling or strategic management.

Question 18

Centralization of decision-making in an organization tends to create:
A)greater control
B)poor decisions,in general
C)higher operating costs
D)less control
E)higher levels of job satisfaction throughout the company

Accepted Answer

Centralization of decision-making allows for greater control over the decision-making process, as decisions are made by a select few individuals at the top of the organization. This can be beneficial in ensuring consistency and alignment with the organization's goals and objectives. However, it can also limit creativity and innovation, resulting in poor decisions in certain situations. The other options, such as higher operating costs and lower levels of control, may result from centralization in some cases but are not always the case. Higher levels of job satisfaction throughout the company are unlikely under a centralized decision-making structure as employees may feel disempowered and undervalued.

Question 19

William,the HR director,has begun to review his company's HPWS alignment with the overall company strategy in order to determine what value HR is providing to the firm.William is most likely working on a(n):
A)HR Return on Investment
B) HR Economic Value-added
C)HR Scorecard
D)HRIS
E)Incentive system

Accepted Answer

William is reviewing the alignment of the company's High-Performance Work System (HPWS) with the overall company strategy to determine the value that HR is providing to the firm. This suggests that he is working on an HR Scorecard, which measures HR's contribution to the company's strategic objectives. A and B relate to financial metrics that assess the financial impact of HR initiatives, but this is not necessarily what William is doing. D is an HR information system that supports HR activities, but it is not relevant to William's current task. E is a tool used to motivate and reward employees, but it is not directly related to William's review of HR's alignment with the company's strategy.

Question 20

Strategy involves:
A)adopting a global approach to business.
B)analyzing only the external environment.
C)analyzing only the internal environment.
D)analyzing both the internal and external environment.

Accepted Answer

The answer of Strategy involves:
A)adopting a global approach to business.
B)analyzing...

Quiz 2: Strategy-Driven Human Resource Management

Sara and Dan are working on a statement for a start-up organic farm.One statement reads: "To become the southeast region's number one choice for supplying organically-grown fruits and vegetables." Sara and Dan are writing:

_____________ is an example of society pressuring businesses to make changes in the way it conducts its business.

Computer companies such as Dell may actually fight over the opportunity to purchase limited volumes of Intel CPU chips.This is an example of power from which of Porter's forces?

__________ have more power to affect today's businesses today,partly due to purchasing power.

HRM is an important strategic business function that influences the performance of _______.

Businesses sometimes compete with other businesses for:

In the early days of Apple,managers would constantly relate to employees how the company was formed in a garage in Cupertino,California to instill a sense of being different from large competitor corporations.This is an example of how culture is transferred through:

An environmental "opportunity" for Newman Corporation,a small manufacturing firm,might be which of the following?

Two critical components of successful corporate strategy include:

__________ are needed for businesses to adjust to changes caused by the external environment.

Jane took a job at the local factory as an assembler.Jane is a real go-getter by nature,but the company culture was to work at a slow steady pace.Soon Jane started to get subtle hints from her co-workers that she needed to slow down her work.Jane is getting _______ to modify her performance.

Employees in companies with a differentiation strategy would need to have all of the following qualities except:

__________ are the resource that gives us a powerful competitive advantage over our rival firms.

_______ is a plan of action used to achieve a particular set of objectives.

Dotmar Engineering and many other firms have the ability to replace original metal parts in many manufacturing operations with high strength and/or high thermal capacity plastic parts at a much lower cost.This would illustrate the power of _______ in Porter's Five-Forces model.

ARC Consulting is a highly decentralized organization,so if the president of the company (an operations expert) received a request for a Compensation Review from a client,her most likely course of action would be to:

The "implementing,monitoring and evaluating" step in strategic management uses the process of _______,which creates mechanisms to ensure that objectives are achieved.

Centralization of decision-making in an organization tends to create:

William,the HR director,has begun to review his company's HPWS alignment with the overall company strategy in order to determine what value HR is providing to the firm.William is most likely working on a(n) :

Strategy involves: