Management Studies
Final Test Solutions
Course Introduction
Management Studies is an interdisciplinary course that explores the theory and practice of managing organizations in a rapidly evolving global environment. The course covers fundamental concepts such as planning, organizing, leading, and controlling, while delving into areas like human resource management, organizational behavior, strategic management, and decision-making processes. Students learn to analyze business challenges, develop managerial strategies, and effectively communicate within diverse teams. By combining case studies, real-world scenarios, and key management frameworks, the course equips students with critical thinking and leadership skills essential for effective management in both public and private sector organizations.
Recommended Textbook Strategic Management and Business Policy 15th Global Edition by J. David Hunger
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Chapter 1: Basic Concepts in Strategic Management
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) According to Mintzberg,the entrepreneurial mode of strategy formulation
A) is characterized by reactive solutions to existing problems.
B) assumes major responsibilities for strategy formulation.
C) is focused on opportunities; problems are secondary.
D) includes the proactive search for new opportunities and reactive solutions to existing problems.
E) assumes the environment is unresponsive to input.
Answer: C
Q2) The integrated internationalization of markets and corporations is called A) normalization.
B) economic integration.
C) globalization.
D) nationalization.
E) regionalization.
Answer: C
Q3) Strategic flexibility is the ability to shift from one dominant strategy to another. A)True
B)False
Answer: True
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Page 3
Chapter 2: Corporate Governance
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99 Verified Questions
99 Flashcards
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Sample Questions
Q1) A direct interlocking directorate occurs when two corporations have directors who also serve on the board of a third firm.
A)True
B)False
Answer: False
Q2) Individuals such as Phil Knight at Nike and Steve Jobs at Apple who energized their companies and provided change and movement by providing a vision for that change are known as
A) transformational leaders.
B) strategic implementers.
C) strategists.
D) corporate governors.
E) directors.
Answer: A
Q3) Succession planning for the board and top management team is one of the five responsibilities of the board of directors.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Social Responsibility and Ethics in Strategic Management
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) The concept of social responsibility proposes that a corporation has responsibilities to society that extend beyond making a profit.
A)True
B)False
Answer: True
Q2) The justice approach to ethics proposes that actions and plans should be judged by their consequences.
A)True
B)False
Answer: False
Q3) Cultural norms and values seldom guide ethical behavior in business.
A)True
B)False
Answer: False
Q4) According to Carroll,legal responsibilities are defined by governments in laws that management is expected to obey.
A)True
B)False
Answer: True
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Chapter 4: Environmental Scanning and Industry Analysis
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119 Verified Questions
119 Flashcards
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Sample Questions
Q1) The societal environment includes the economic,technological,political-legal,and sociocultural forces.
A)True
B)False
Q2) Industry analysis was popularized by Michael Porter.
A)True
B)False
Q3) NutraSweet can serve as a product substitute for sugar satisfying the same need.
A)True
B)False
Q4) Which of the following is not descriptive of intense rivalry among firms?
A) slow industry growth
B) high fixed costs
C) high exit barriers
D) few competitors or competitors that are roughly equal in size and power
E) product offerings that are highly differentiated
Q5) To combat the increasing theft of company secrets,the U.S.government passed the Economic Espionage Act in 1996.
A)True
B)False
Page 6
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Chapter 5: Organizational Analysis and Competitive Advantage
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110 Verified Questions
110 Flashcards
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Sample Questions
Q1) The particular combination of product,place,promotion,and price is called
A) marketing position.
B) product life cycle.
C) market segmentation.
D) marketing mix.
E) marketing leverage.
Q2) ________ suggests that unit production costs decline by some fixed percent each time the total accumulated volume of production in units doubles.
A) The experience curve
B) The R&D mix
C) Technological competence
D) Economy of scale
E) Economy of scope
Q3) Knowledge that can be easily articulated and communicated is known as
A) tacit knowledge.
B) explicit knowledge.
C) imitable knowledge.
D) transferable knowledge.
E) durable knowledge.
Q4) Define a value chain and the significance of the center of gravity.
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Chapter 6: Strategy Formulation: Business Strategy
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113 Verified Questions
113 Flashcards
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Sample Questions
Q1) What are the three generic competitive strategies that Porter promotes as the means for outperforming other corporations in a particular industry?
A) competitive scope, differentiation, and focus
B) diversification, concentration, and competitive scope
C) cost, competitive scope, and focus
D) concentration, cost leadership, and differentiation
E) cost leadership, differentiation, and focus
Q2) Walmart,as a discount retailer,is an example of a company following which of Porter's competitive strategies?
A) differentiation
B) cost leadership
C) differentiation focus
D) competitive advantage
E) cost focus
Q3) A cost leader's lower costs allow it to continue to earn profits during times of heavy competition.
A)True
B)False
Q4) What are the common elements of a well-crafted mission statement?
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Chapter 7: Strategy Formulation: Corporate Strategy
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) According to the BCG Growth-Share Matrix,question marks are also known as "problem children."
A)True
B)False
Q2) The stability strategy is appropriate for all of the following circumstances EXCEPT
A) useful in the short-run but can be dangerous if followed too long.
B) most appropriate for reasonably successful corporations in a reasonably predictable environment.
C) when a firm is continuing its current activities without a significant change in direction.
D) appropriate when the industry is in decline.
E) popular with small business owners who have found a niche and are happy with their success.
Q3) The probability of succeeding by moving into a related business is a function of a company's position in its core business.
A)True
B)False
Q4) Define a retrenchment strategy.Discuss the more popular options.
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Chapter 8: Strategy Formulation: Functional Strategy and Strategic Choice
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) The evaluation of alternative strategies and selection of the best alternative is referred to as
A) alternative generation.
B) strategic implementation.
C) strategic choice.
D) strategic selection.
E) evaluation.
Q2) A company that keeps up by imitating a leading company's strategy while ignoring its own strengths and weaknesses is an example of which strategy to avoid?
A) follow the leader
B) hit another home run
C) arms race
D) do everything
E) losing hand
Q3) Distinguish between a market development and a product development strategy.
Q4) Two suppliers are the sole suppliers of two different parts,but they are also backup suppliers for each other's parts in parallel sourcing.
A)True
B)False
10
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Chapter 9: Strategy Implementation: Global Strategy
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) An MNC uses which international strategy for entering a foreign market by simply shipping goods produced in the company's home country to other countries for marketing to minimize risk and to experiment with a specific product?
A) licensing
B) joint ventures
C) exporting
D) production sharing
E) acquisitions
Q2) A key driver for strategic fit between international alliance partners is that both partners must contribute core competencies.
A)True
B)False
Q3) Global considerations dominate organizational design in which stage of international development?
A) Stage 1
B) Stage 2
C) Stage 3
D) Stage 4
E) Stage 5
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Chapter 10: Strategy Implementation: Organizing and Structure
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) According to Goold and Campbell,when companies coordinate the flow of products or services of one unit with that of another unit to reduce inventory,the synergistic effect is known as
A) pooled negotiating power.
B) shared know-how.
C) coordinated strategies.
D) economies of scale or scope.
E) new business creation.
Q2) Which form of synergy was demonstrated when P&G purchased Gillette to combine P&G's knowledge of the female consumer with Gillette's knowledge of the male consumer?
A) shared tangible resources
B) shared know-how
C) coordinated strategies
D) economies of scale
E) new business creation
Q3) Those who implement strategy will probably be a much more diverse set of people than those who formulate it.
A)True
B)False
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Chapter 11: Strategy Implementation: Staffing and Directing
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110 Verified Questions
110 Flashcards
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Sample Questions
Q1) Assessment centers have been able to accurately predict subsequent A) job satisfaction.
B) job performance and career success.
C) organizational commitment.
D) organizational attachment.
E) management longevity.
Q2) Which type of chief executive officer who is highly knowledgeable in other industries and can manage diverse product lines would be appropriate for a corporation following a diversification strategy?
A) professional liquidator
B) dynamic industry expert
C) turnaround specialist
D) analytical portfolio manager
E) cautious profit planner
Q3) IHOP's CEO,Julia Stewart,built a reputation as a turnaround specialist.
A)True
B)False
Q4) To successfully downsize,companies must invest in the remaining employees.
A)True
B)False
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Chapter 12: Evaluation and Control
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114 Verified Questions
114 Flashcards
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Sample Questions
Q1) One of the key reasons for the success of Walmart has been management's use of the company's sophisticated information system to control purchasing decisions.
A)True
B)False
Q2) Distinguish between behavior and output controls.Provide examples of each.
Q3) An odd twist to benchmarking in the arena of international trade is
A) counterfeiting/piracy.
B) repatriation of profits.
C) freakonomics.
D) RFID.
E) transfer pricing.
Q4) An electronic tagging technology used in a number of companies to improve supply-chain efficiency with contactless communication between devices is A) RFID.
B) ERP.
C) MBO.
D) TQM.
E) ROE.
Q5) What is the difference between EVA and MVA?
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Chapter 13: Suggestions for Case Analysis
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103 Flashcards
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Sample Questions
Q1) Which financial ratio measures the utilization of plant and equipment?
A) days of inventory
B) asset turnover
C) average collection period
D) fixed asset turnover
E) inventory turnover
Q2) All of the following represent liquidity ratios EXCEPT
A) cash ratio.
B) inventory to net working capital.
C) quick ratio.
D) gross profit margin.
E) current ratio.
Q3) The calculation of ratios from financial data is referred to as A) SWOT analysis.
B) ratio analysis.
C) receivables analysis.
D) integration analysis.
E) diversification analysis.
Q4) What are common-size statements?
Q5) What ratios are recommended for financial ratio analysis?
Page 15
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