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Terms in this set (45)One of the principal factors that helps increase shareholder value is:
a. profitability. b. risk factors.
c. low brand awareness.
d. government regulations. e. high production costs. A Which of the following statements is true about
competitive advantage?
a. It is unaffected by the strategies taken by the company.
b. It is considered to be sustained when it lasts for three months.
c. It exists only when the company's profitability is greater than the ten highest grossing firms in the world.
d. It exists only when the company's profitability is greater than the average profitability and profit growth of its rivals.
e. It is seldom affected by the business model of the company. D
Which of the following best defines shareholder value?
a. It refers to the returns that shareholders earn from purchasing shares in a company.
b. It refers to the capital invested in a company by the shareholders.
c. It refers to the efforts taken by a company to sell its shares to prospective shareholders. d. It refers to the efforts taken by a company to buy back its shares from its shareholders.
e. It refers to the non-monetary benefits that
a company provides to its shareholders. A Daryl works for Delta Corp. He is involved in all the important decision-making processes of the company and is also responsible for the overall performance of the company. In the context of strategic management, Daryl is most likely to be a .
a. line manager
b. functional manager
c. general manager
d. production supervisor
e. project manager
C Which of the following dimensions is encompassed by a company's business model?
a. Configuring resources
b. Avoiding focus on acquiring new customers
c. Reducing emphasis on product quality
d. Maintaining high costs
e. Restricting growth A Between 2005 and 2011, Blue Drinks, a multinational beverage corporation,
increased its return on investment from
$5 million to $25 million. The company was able to do this by expanding its product line to include a wider variety of flavors. The $20 million increase in its return on investment between 2005 and 2011 can be referred to as which of the following?
a. Shareholder value
b. Dividend payment
c. Profit growth
d. Profitability turnover
e. Risk capital C Which
of the following statements is true about nonprofit organizations?
a. They compete with each other for resources.
b. Their ultimate aim is to maximize shareholder value in order to attract risk capital.
c. Their mangers needn't develop careful strategies, since making profit is not the organization's goal.
d. They do not have to worry about exceeding budgets.
e. They seldom set any performance goals like profit-making organizations do. A
Which of the following statements is true about strategic leadership?
a. It is the primary responsibility of the functional managers of an organization. b. It does not take into account the task of maximizing shareholder value.
c. It is involved with taking decisions regarding how to create a competitive advantage.
d. It is a concept that does not apply to multidivisional companies that have several business units.
e. It is essentially about
supervising workers at a manufacturing unit of an organization. C refers to the investment that shareholders make in a company that cannot be recovered if the company fails and goes bankrupt.
a. Profitability
b. Shareholder value
c. Debt
d. Risk capital
e. Dividend payments D Which of the following is the
organization's principal general manager?
a. Line manager
b. Marketing division head
c. CFO
d. CEO
e. Sales manager D Within a diversified company, the responsibilities of corporate-level strategic managers include:
a. supervising production at the manufacturing units of the company.
b. compiling sales reports, company costs, employee productivity and calculating the employee turnover rate.
c. responding to employee complaints on a daily basis.
d. providing leadership for the entire organization and allocating resources among its different business areas.
e. maintaining records of transactions with suppliers. D In the context of strategic management of a company, ________ have profit-and-loss responsibility for a product, a business, or the company as a whole.
a. line managers
b.
functional managers
c. general managers
d. government regulators
e. marketing managers C Philip oversees the processes of the research and development department of his company. He is responsible for all the activities and tasks undertaken by the department. In the context of strategic management, Philip is most likely to be a
a. corporate-level general manager
b. functional manager
c.
managing director
d. CEO
e. business development manager B Which of the following statements is true about functional-level managers?
a. They oversee the operation of an entire company or division.
b. Their sphere of responsibility is generally confined to one organizational activity.
c. Their activities and roles have no importance in realizing the strategic goals of an organization.
d. They
provide a link between the people who oversee the strategic development of a firm and those who own it.
e. They occupy the apex of decision making within an organization. B Roza Munoz oversees the overall operations of Maxwell Coffee House which is one of the divisions of Kraft Foods Company. Roza is also responsible for the overall performance of the business division. Which of the following is not likely to
be one ofRoza's responsibilities?
a. Turning corporate-level strategy into action
b. Defrning Kraft Food's mission statement
c. Deciding how to compete in the coffee industry
d. Supervising functional-level managers
e. Developing a business-level strategy B The first component of the strategic management process is:
a. crafting the organization's mission statement.
b. corning up with a
damage control plan.
c. analyzing the macroenvironment.
d. determining the firm's employee turnover rate.
e. deciding on a fit between the organization's strengths and weaknesses and the environment's opportunities and threats. A Strategy formulation refers to the:
a. task of executing corporate- and business-level plans. b. process by which strategies are put into action.
c. task of designing
organizational structures and control systems.
d. task of implementing emergent strategies.
e. task of analyzing an organization's external and internal environment and then selecting an appropriate strategy. E An important first step in the process of formulating a company's mission is to answer the question:
a. What is our budget for advertising?
b. What are the government regulations that are most
likely to impact our business?
c. What is our business?
d. How do we persuade shareholders to provide risk capital?
e. How many employees should we hire? C Beta Corp., a gaming software company, had recently launched a new game. The target audience identified by the company was the age group of 12-18 years. The advertising and marketing strategies were desigued exclusively to target this age group.
However, it was noticed that individuals who belong to the age bracket 18-25 years were the ones who would actually buy the game. The managers at Beta Corp. decided to redesigu their marketing strategies to position the game as something that people of all age would enjoy. The company's decision to modify its product positioning demonstrates:
a. downsizing strategy.
b. emergent strategy.
c. deliberate strategy.
d. concurrency control strategy.
e. unrealized
strategy.
B Which of the following is not a characteristic of well-constructed goals?
a. They are provide a means by which the performance of managers can be evaluated.
b. They are lengthy and wordy.
c. They specify a time period.
d. They are challenging but realistic.
e. They address critical issues. B Which of the following
statements is true about emergent strategies?
a. They are essentially the strategies that arise from the feedback loops.
b. They are also influenced by the kind of culture that the organization's structure and control systems foster.
c. They are the strategies that require the least amount of evaluation and strategic thinking from the managers.
d. They cannot be combined with intended strategies of an organization.
e. They are the product of formal top-down planning
mechanisms. B A company, at its inception, states that its goal is "to provide the best customer service possible." Which of the following best describes this objective?
a. The company's emergent strategy
b. The company's corporate structure
c. The company's HR strategy
d. The company's mission statement
e. The company's damage control plan D
A component of strategy implementation is: a. designing the best organization structure, culture, and control systems to put a strategy into action.
b. providing the number and kind of periodic reports that must be submitted by functional-level managers.
c. defrning the goals and objectives of the organizations.
d. answering the question, "\Vhat is our business?" e. eliminating the feedback loop. A
Which of the following statements is true about the feedback loop in the context of strategy implementation?
a. It provides managers the input for the next round of strategy formulation and implementation.
b. It emerges within an organization without prior planning, and in response to unforeseen circumstances.
c. It cannot reveal whether or not a business model is working.
d. It carries information from the corporate level to the functional level
management..
e. It indicates that the strategy implementation process has ended. A Which of the following statements is true about SWOT analysis?
a. It does not encompass the analysis of an organization's external environment.
b. It essentially results in the generation of one single strategy that deals with one particular internal function of
an organization.
c. It does not encompass
functional-level strategies directed at improving the effectiveness of operations within a company.
d. It essentially produces strategies that are incongruent with each other.
e. It is a methodology for choosing between competing business models. E The scenario approach to strategic planning involves:
a. devising plans for coping with a number of different possible future states of the world.
b.
designing the best organization structure and the best culture and control systems to put a chosen strategy into
action.
c. functional managers setting key corporate objectives.
d. anticipating the reoccurrence of problems that were previously encountered and designing solutions accordingly.
e. designing plans for problems that the company believes will most certainly face in the near future A A
company's mission: a. describes the marketing strategies the company intends to use to sell its products.
b. outlines the manner in which employees and managers should conduct themselves.
c. defines the manner in which strategies will be developed and attained.
d. describes what the company does.
e. describes the benefits offered to the shareholders. D In the typical scenario planning
exercise:
a. managers entirely depend on employee feedback.
b. managers try to come up with alternative plans when a business model has failed.
c. managers formulate plans upon 'what-if situations about the future.
d. managers do a 'postmortem' to understand what went wrong with a strategy.
e. the corporate-level management sets targets for functional-level managers. C Scenario-based planning is
a technique for coping with the problem of:
a. uncertainty.
b. planning equilibrium.
c. bottom-up planning.
d. strategic fit.
e. cognitive bias. A Which of the following cognitive biases occurs when decision makers allocate even more resources to a project if
they receive feedback that the project is failing?
a. Prior hypothesis bias
b. Reasoning by analogy
c. Illusion of
control
d. Escalating commitment
e. Representativeness D Feelings of personal responsibility for a project are most likely to lead to:
a. prior hypothesis biases.
b. escalating commitment.
c. reasoning by analogy.
d. representativeness.
e. ivory tower planning. B More people seem to fear a snake bite than
a dog bite, and yet statistically one is more likely to be bitten by a dog than by a snake. This is because people tend to estimate the probability of an outcome based on how easy the outcome is to imagine. This represents which of the following cognitive biases?
a. Escalating commitment
b. Hypothesis bias
c. Availability error
d. Representativeness
e. Illusion of control C Devil's
advocacy:
a. involves generating a plan and a counter-plan that reflects plausible conflicting courses of action.
b. is an example of ivory tower planning.
c. hides the possible perils of a recommended course of action.
d. involves generating a plan, and a critical analysis of that plan.
e. involves downplaying the problems that could result from implementing a particular plan. D Systematic
errors in the decision-making process are caused by:
a. inadequate information.
b. information overload.
c. cognitive biases of decision makers.
d. poor data collection procedures.
e. the devil's advocacy method. C Which of the following cognitive biases refers to the fact that decision makers who have strong pre-existing beliefs about the relationship between two variables tend to make
decisions on the basis of these beliefs, even when presented with evidence that their beliefs are wrong?
a. Prior hypothesis bias
b. Reasoning by analogy
c. Illusion of control
d. Escalating commitment
e. Representativeness A Holly owns a landscape company and is thinking about expanding her services to include outdoor water features (waterfalls, streams, ponds). If, before making this decision,
she looks at the experience of similar firms that have added outdoor water features, she is employing:
a. cognitive bias.
b. illusion of control.
c. devil's advocacy.
d. outside view.
e. dialectic inquiry. D Which of the following is not a cognitive bias?
a. Escalating commitment
b. Reasoning by analogy
c. Ivory tower thinking
d. Representativeness
e. Illusion of
control C Mike, the CEO of a retail chain, wanted to keep costs low. To set an example for others, he drove his own car and furnished his office with plain, metal desks. In this case, Mike was displaying:
a. commitment.
b. ego.
c. astute use of power.
d. devil's advocacy.
e. autocratic leadership. A Edward
Wrapp's ideas about the astuteness of power suggest that successful strategic managers:
a. act as members of a coalition or its democratic leaders rather than as dictators.
b. usually have little control over resources that are important to the organization.
c. maintain tight control over as many decisions as possible by demanding complete obedience.
d. publicly commit themselves to bold strategic agendas whether or not they are rational.
e. recognize the futility of pursuing
intended strategies. A Jeffrey Ffeffer believes that a manager's power comes from his or her:
a. ability to prioritize the well-being of the company over personal well-being.
b. ability to be unemphatic toward the feelings and emotions of the subordinates. c. control over the important organizational resources.
d. ability to cut overhead costs.
e. personal rapport with the senior
management. C Good strategic leaders:
a. possess a willingness to delegate and empower subordinates.
b. control all facets of decision making.
c. make decisions without consulting others.
d. ensure uniformity of purpose through the authoritarian exercise of power.
e. are usually inconsistent in their approach A Which
of the following is not a characteristic of emotional intelligence?
a. Self-awareness b. Self-regulation
c. Escalating commitment
d. Empathy
e. Social skills C Karen, a manager at Libra Inc, had noticed that her subordinates were experiencing a lot of stress. After conducting a meeting with her subordinates, Karen realized that they were extremely overworked and daunted by close deadlines. Determined
to reduce their stress, she introduced a new process that eliminated time-consuming activities and gave them more flexibility with regard to work timings. The action taken by Karen demonstrates which of the following aspects of emotional intelligence?
a. Availability error
b. Self-awareness
c. Self-regulation
d. Motivation
e. Empathy E Rebecca, a manager, was very annoyed after noticing several
negligent errors in a critical report. However, while talking to the subordinate who created the report, Rebecca was calm and composed; she did not act impulsively and lose her temper. Which of the following aspects of emotional intelligence is illustrated in this scenario? a. Self-awareness
b. Self-regulation
c. Motivation
d. Empathy
e. Social skills B Ralph is a well-liked manager at Aries
Inc. He eloquently communicates the goals of the organization and has even been successful in making the organization's vision part of its culture. Which of the following characteristics of good strategic leaders can be observed in Ralph?
a. Authoritarian leadership
b. Devil's advocacy
c. Eloquence
d. Inconsistency
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What are cognitive biases quizlet?
Cognitive biases are tendencies to think in certain ways. Cognitive biases can lead to systematic deviations from a standard of rationality or good judgment, and are often studied in psychology and behavioral economics.
Confirmation bias is the tendency to seek out and prefer information that supports our preexisting beliefs. As a result, we tend to ignore any information that contradicts those beliefs.
Which of the following best describes the confirmation bias?
confirmation bias, the tendency to process information by looking for, or interpreting, information that is consistent with one's existing beliefs. This biased approach to decision making is largely unintentional and often results in ignoring inconsistent information.
What is the typical result of cognitive limitations?
Cognitive limitations lead to skewed perception of probability that can cause disastrous decisions, researchers say. But we also compensate to get by. Our cognitive limitations lead to probability distortions and to subsequent errors in decision-making, according to new research.
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