Management Consulting
Exam Answer Key
Course Introduction
This course provides an in-depth exploration of management consulting, examining the critical roles consultants play in diagnosing organizational challenges and proposing actionable solutions. Students learn key consulting frameworks, problem-solving techniques, and client engagement strategies while developing essential skills in project management, data analysis, and communication. Through case studies, interactive projects, and discussions, the course prepares students to navigate the dynamic consulting environment, address real-world business problems, and deliver value-driven recommendations to a wide variety of clients.
Recommended Textbook
Strategic Management Creating Competitive Advantages 4th Edition by Gregory Dess
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12 Chapters
745 Verified Questions
745 Flashcards
Source URL: https://quizplus.com/study-set/3056
Page 2
Chapter 1: Strategic Management: Creating Competitive Advantages
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56 Verified Questions
56 Flashcards
Source URL: https://quizplus.com/quiz/60690
Sample Questions
Q1) Leadership is a necessary (but not sufficient)condition for organizational success.Leaders should emerge at which level(s)of an organization?
A) Only at the top
B) In the middle
C) Throughout the organization
D) Only during times of change
Answer: C
Q2) Operational effectiveness includes all except A) benchmarking.
B) performing different activities than rivals.
C) business process re-engineering.
D) just-in-time.
Answer: B
Q3) Social responsibility for Suncor Energy of Calgary means accountability to customers but NOT to employees.
A)True
B)False
Answer: False
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Chapter 2: Analyzing the External Environment of the Firm
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70 Verified Questions
70 Flashcards
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Sample Questions
Q1) The power of a buyer group is increased if the buyer group has less concentration than the supplier group.
A)True
B)False
Answer: False
Q2) Which is considered a force in the "Five Forces model"?
A) Increased deregulation in an industry
B) The threat of government intervention
C) Rivalry among competing firms
D) Recent technological innovation
Answer: C
Q3) Which of the following would be considered part of a firm's general environment?
A) Decreased entry barriers
B) Increased trade deficit
C) Increased bargaining power of the firm's suppliers
D) Increased competitive intensity
Answer: B
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Chapter 3: Assessing the Internal Environment of the Firm
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67 Verified Questions
67 Flashcards
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Sample Questions
Q1) Financial analysis provides an accurate way to assess the relative strengths of firms and can be used as a complete guide to study companies.
A)True
B)False
Answer: False
Q2) Leverage ratios provide measures of a firm's capacity to meet its long-term financial obligations.
A)True
B)False
Answer: True
Q3) The balanced scorecard enables managers to consider their business from all of the following perspectives except A) customer perspective.
B) internal business perspective.
C) innovation and learning perspective.
D) ethical perspective.
Answer: D
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Chapter 4: Recognizing a Firms Intellectual Assets: Moving
Beyond a Firms Tangible Resources
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71 Verified Questions
71 Flashcards
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Sample Questions
Q1) Developing social capital is risky for an organization because social capital is specific to individuals and remains with the employee if he or she leaves the organization.
A)True
B)False
Q2) Recently,in developed countries,a knowledge worker's loyalty to his or her employing firm has _____________ compared to his or her loyalty to his or her profession and colleagues.
A) increased
B) decreased
C) remained the same
D) no correlation when
Q3) Discuss how technology has impacted the attraction,training,and retention of professionals.How has technology helped firms to enhance their human capital and social capital?
Q4) ____________ includes creativity and problem solving ability.
A) Physical capital
B) Human capital
C) Social capital
D) Emotional capital
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Chapter 5: Business-Level Strategy: Creating and Sustaining Competitive Advantages
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54 Verified Questions
54 Flashcards
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Sample Questions
Q1) All of the following are potential pitfalls of an integrated overall low cost and differentiation strategy except:
A) firms that fail to attain both strategies may end up with neither and become "stuck-in-the-middle."
B) targeting too large a market that causes unit costs to increase.
C) underestimating the challenges and expenses associated with coordinating value-creating activities in the extended value chain.
D) miscalculating sources of revenue and profit pools in the firm's industry.
Q2) All of the following are potential pitfalls of a focus strategy except
A) erosion of cost advantages within the narrow segment.
B) all rivals share a common input or raw material.
C) even product and service offerings that are highly focused are subject to competition from new entrants and from imitation.
D) focusers can become too focused to satisfy buyer needs.
Q3) Which of the following is not a potential pitfall of a differentiation strategy?
A) perceptions of differentiation may vary between buyers and sellers
B) too high a premium price
C) it is easily imitated
D) highly valued uniqueness
Page 7
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Chapter 6: Corporate-Level Strategy: Creating Value Through Diversification
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) __________ reflect the collective learning in organizations,such as,how to coordinate production skills,integrate multiple streams of technologies,and market and merchandise diverse products and services.
A) Primary value chain activities
B) Cultures
C) Core competencies
D) Horizontal integrations
Q2) Strategic alliances are arrangements in which two firms join forces and form a cooperative partnership.Discuss the potential advantages of strategic alliances.
Q3) Options exist when the owner of the option has
A) the obligation, but not the right to engage in a transaction.
B) the right, but not the obligation to engage in a transaction.
C) the right and obligation to engage in a transaction.
D) neither the right nor the obligation to engage in a transaction.
Q4) What are the primary benefits associated with related diversification?
Q5) What are some of the key issues to take into account when considering whether or not to vertically integrate?
Page 8
Q6) What are the primary benefits associated with unrelated diversification?
Q7) Briefly explain the advantages of vertical integration.
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Chapter 7: International Strategy: Creating Value in Global Markets
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64 Verified Questions
64 Flashcards
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Sample Questions
Q1) An advantage of international expansion is that it can enable a firm to optimize the location of every activity in its value chain.
A)True
B)False
Q2) With regard to "factor conditions," the pool of resources that a firm (or nation)has is much more important than the speed and efficiency with which these resources are deployed.
A)True
B)False
Q3) Which of the following describes the most typical order of entry into foreign markets?
A) franchising, licensing, exporting, joint venture, and wholly owned subsidiary
B) exporting, licensing, franchising, joint venture, and wholly owned subsidiary
C) licensing, exporting, franchising, joint venture, and wholly owned subsidiary
D) exporting, franchising, licensing, joint venture, and wholly owned subsidiary
Q4) All of the following are limitations of a global strategy except
A) limited ability to adapt to local markets.
B) the ability to locate activities in optimal locations.
C) the concentration of activities may increase dependence on a single facility.
D) single locations may lead to higher tariffs and transportation costs.
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Chapter 8: Entrepreneurial Strategy and Competitive Dynamics
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59 Verified Questions
59 Flashcards
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Sample Questions
Q1) Price cutting,imitating successful products,or expanding production capacity are examples of competitive actions that might provoke competitors to react.
A)True
B)False
Q2) Typically,the generic strategy of cost-leadership is adopted during the introduction stage.
A)True
B)False
Q3) Explain the "action-response" processes that create competitive dynamics within an industry.
Q4) The turnaround strategy used by Stephen M.Bennett at Intuit could be described as A) streamlining operations.
B) selective product and market pruning.
C) piecemeal productivity improvements.
D) asset and cost surgery.
Q5) Radical change is most likely to occur under non-threatening conditions.
A)True
B)False
10
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Chapter 9: Strategic Control and Corporate Governance
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67 Verified Questions
67 Flashcards
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Sample Questions
Q1) Describe the attributes of a matrix organizational structure.What are the disadvantages associated with using the matrix organizational form?
Q2) An advantage of the barrier-free form of organizing is that internal cooperation and shared objectives are not required for it to work.
A)True
B)False
Q3) Outsourcing relieves companies of the requirement to maintain skill levels needed to manufacture essential components.
A)True
B)False
Q4) Outline the three main contingencies that seem to influence the structure adopted by firms with international operations.
Q5) An ambidextrous organization achieves both adaptability and alignment.
A)True
B)False
Q6) Discuss the basic idea of the modular organizational structure.
Q7) How do organizational structures change as organizations grow and mature? What are the dominant patterns of growth?
Page 11
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Chapter 10: Creating Effective Organizational Designs
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58 Verified Questions
58 Flashcards
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Sample Questions
Q1) What are the three key means to align the interests of owners (shareholders)and managers in a corporation?
Q2) In firms with related diversification strategies,the culture should foster _____ levels of interdependence and rewards should be based primarily on _____ measures of output.
A) low; financial
B) low; behavioural
C) high; financial
D) high; behavioural
Q3) Which of the following approaches to behavioural strategic control should be utilized least in an organization in which there is a great need for innovation and a high degree of autonomy?
A) Culture
B) Rewards
C) Boundaries
D) All of the choices are equally important
Q4) Discuss at least three external control mechanisms.
Q5) Why is it important to have a balance among the three behavioural controls?
Q6) What are the four characteristics of effective contemporary control systems?
Q7) What are the "traditional" approaches to strategic control?
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Chapter 11: Strategic Leadership: Creating a Learning
Organization and an Ethical Organization
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64 Verified Questions
64 Flashcards
Source URL: https://quizplus.com/quiz/60688
Sample Questions
Q1) Organizational learning and change typically involve ongoing questioning of an organization's
A) need for employees.
B) head office location.
C) status quo or method of procedure.
D) leadership ability.
Q2) Organizational learning works best when an organization's leaders gather information and teach it to employees who are like their students.
A)True
B)False
Q3) Briefly discuss the three interdependent activities that are critical for effective leadership.
Q4) All of the following statements about ethical organizations are true except
A) the potential benefits of an ethical organization are few but direct.
B) ethical values shape the search for opportunities.
C) organizational ethics define what a company is and what it stands for.
D) ethics provide a common frame of reference that serves as a unifying force.
Q5) Identify the five components of emotional intelligence (EI).Discuss how each of these factors contributes to the success of a leader or manager.
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Chapter 12: Managing Innovation and Fostering Corporate
Entrepreneurship
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55 Verified Questions
55 Flashcards
Source URL: https://quizplus.com/quiz/60687
Sample Questions
Q1) Business risk taking refers to the risk associated with entering untested markets or committing to unproven technologies.
A)True
B)False
Q2) The discovery phase refers to the period when one becomes aware of a new business concept.
A)True
B)False
Q3) One of the key factors that makes it difficult for new ventures to be successful as differentiator is
A) strategic renewal.
B) internal development is challenging.
C) mergers and acquisitions are a threat.
D) enacting HYPERLINK "" the strategy is expensive.
Q4) Type of entry strategies include all of the following except
A) imitative.
B) adaptive.
C) pioneering.
D) generic.
Q5) Explain what is meant by the term "entrepreneurial orientation" or EO.
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