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Question
Question 1 Question text
Anything that a firm does especially well compared to rival firms is referred to as Select one: a. unsustainable advantage. 
b. Anything that a firm does especially well compared to rival firms is referred to as c. Competitive advantage 
d. an external opportunity. 
e. opportunity cost. 
Question 2 Question text
Long-term objectives should be all of the following EXCEPT Select one: 
a. consistent 
b. reasonable. 
c. challenging. 
d. measurable. 
e. continually changing. 
Question 3 Question text
According to your text, backward integration is effective in all of these cases except Select one: 
a. when an organization competes in an industry that is growing rapidly. 
b. when present suppliers have high profit margins. 
c. when an organization needs to acquire a needed resource quickly. 
d. when an organization has both capital and human resources to manage the new
business of supplying its own raw materials. 
e. when the advantages of stable prices are not important. 
Question 4 Question text 
The ideal length of a vision statement is Select one: 
a. several paragraphs. 
b. one page. 
c. several sentences. 
d. as long as is necessary to convey the message. 
e. one sentence. 
Question 5 Question text
Which of the following is not part of an external audit? Select one: 
a. Analyzing financial ratios 
b. Studying the political environment 
c. Analyzing competitors 
d. Analyzing social, cultural, demographic and natural environment forces 
e. Analyzing available technologies 
Question 6 Question text
From an economical standpoint and in general, what happens to American goods in overseas
markets when there is a strong dollar? Select one: 
a. They are cheaper. 
b. They are desirable. 
c. They are more expensive. 
d. They are more attractive 
e. They are less expensive. 
Question 7 Question text
What is defined as the number and significance of markets that a firm competes in with rivals.
Select one: 
a. entry of new rivarly 
b. market commonality 
c. market development 
d. market development 
e. market competition 
Question 8 Question text
According to your text, a systematic and ethical process for gathering and analyzing information
about the competition's activities and general trends to further a business' own goals is called Select one: 
a. competitive intelligence. 
b. industrial espionage. 
c. unethical business practices. 
d. artificial intelligence. 
e. competitive advantage. 
Question 9 Question text 
Horizontal integration be an especially effective strategy in which of the following situations? Select one: 
a. when decreased economies of scale provide major competitive advantages 
b. when competitors are succeeding due to managerial expertise or having particular resources an organization possesses 
c. when an organization has neither the capital nor human talent needed to successfully manage an expanded organization 
d. when an organization can gain monopolistic characteristics in a particular area or region without being challenged by the federal government for " tending substantially & quot; to reduce competition 
e. when an organization competes in a slowing industry
Question 10 Question text
According to your text, how does life in Mexico compare to life in the United States? Select one: a. It is faster. 
b. It is more hectic. 
c. It is more competitive. 
d. It is more punctuality-driven. 
e. It is slower.
Question 11 Question text
The first step in developing an IFE Matrix is: Select one: 
a. Listing key internal strengths and weaknesses 
b. Determining the organization's structure 
c. Summing the weighted scores for each variable 
d. Assigning a weight to each factor 
e. Identifying the organization's functions of business 
Question 12 Question text
Which one of the following is usually the most powerful regarding Porter's the five competitive
forces? Select one: 
a. Bargaining power of suppliers 
b. Potential development of substitute products 
c. Rivalry among employees 
d. Rivalry among competing firms 
e. Bargaining power of consumers 
Question 13 Question text
Internal ________ are controllable activities in an organization that are performed especially well. Select one: 
a. incompetencies 
b. objectives 
c. opportunities 
d. factors 
e. strengths 

Question 14 Question text
When considering the impact of the I/O, theorists agree that the following contributes LEAST to
firm's performance? Select one: 
a. Level of competitiveness 
b. Economies of scale 
c. Barriers to market entry 
d. Product differentiation 
e. Internal resources 
Question 15 Question text
When developing a mission statement, after a draft mission statement has been developed, it is
important to Select one: 
a. ask managers to prepare a mission statement for the organization. 
b. vote on the mission statement. 
c. ask managers to seek support for the mission statement from their subordinates. 
d. request modifications, additions, and deletions to the mission statement. 
e. ask managers to read several articles about mission statements as background
information.
Question 16 Question text
According to the strategic-management model, a clear ________ is needed before long-term
objectives can be established. Select one: 
a. short-term objective 
b. evaluation strategy 
c. mission statement 
d. audit policy 
e. implementation plan 
Question 17 Question text 
During what stage of strategic management are a firm's specific internal strengths and weaknesses determined? Select one: 
a. Evaluation 
b. Implementation 
c. Formulation 
d. Feedback 
e. Goal Setting
Question 18 Question text
Which of the following is a process of doing business worldwide, so strategic decisions are made
based on global profitability of the firm rather than just domestic considerations? Select one: a. World recession 
b. Assimilation 
c. Multinational corporation 
d. Globalization 
e. Protectionism 
Question 19 Question text
Which phase of strategic management is called the action phase? Select one: 
a. Strategy formulation 
b. Strategy implementation 
c. Strategy evaluation 
d. Measuring performance 
e. Competing advantages
 Question 20 Question text
When you consider these two institutions, both business and military organizations must ________ and ________ to be successful. Select one: 
a. adapt to change; continually improve 
b. be impervious to change; stay the course 
c. consider improvement as necessary; do what is best 
d. shun change; stay the course 
e. be impervious to change; continually improve 
Question 21 Question text
Divestiture is a type of strategy that would be classified as Select one: 
a. Conservative 
b. Competitive 
c. Defensive 
d. Aggressive 
e. Offensive 
Question 22 Question text 
When considering an external audit, the process needs to include Select one: 
a. stockholders and external government agencies. 
b. as many managers and employees as possible. 
c. between 15 to 20 managers for it to be valid. 
d. only top level managers, as it is a planning function 
e. primarily front-line supervisors 
Question 23 Question text
Regarding the BCG Matrix, a _________division that has a low relative market share position and competes in a slow-growth industry is referred to as a Select one: 
a. Dog. 
b. Star. 
c. Cowboy 
d. Question Mark. 
e. Cash Cow. 
Question 24 Question text
Consider the following statements and which one is accurate regarding business intelligence? Select one: 
a. Intelligence gathering is an unethical business practice. 
b. Running an intelligence program requires many people. 
c. Business intelligence is not equal to espionage. 
d. Collecting intelligence about competitors violates antitrust laws. 
e. Running an intelligence program requires many computers and other resources. 
Question 25 Question text
According to your text business or military success is Select one: 
a. generally the happy result of accidental strategies. 
b. undermined by the element of surprise. 
c. the product of both attention to changing external and internal conditions and the insightful adaptations to those conditions. 
d. none of the above. 
e. unrelated to external conditions.
Question 26 Question text
Emotions can be a blessing and a curse in business, but in developing a mission statement,
arousing emotion Select one: 
a. is important. 
b. is not a benefit. 
c. is counterproductive. 
d. is futile. 
e. should be avoided if possible. 
Question 27 Question text A mission statement is very important, therefore in the process of developing a mission statement, it is important to involve Select one: 
a. lower-level management only. 
b. upper-level management only. 
c. as many managers as possible. 
d. everyone that is going to be a part of the organization 
e. as few managers as possible to reduce to confusion 
Question 28 Question text
Americans place an exceptionally high priority on ________ whereas many foreigners place more worth on ________. Select one: 
a. time; relationships 
b. relationships; time 
c. silence; relationships 
d. formality; informality 
e. silence; time 
Question 29 Question text
An activity ratio would be considered Select one: 
a. Current ratio 
b. Debt-to-equity 
c. Earnings per share 
d. Net profit margin 
e. Average collection period 
Question 30 Question text
What are enduring declarations of purpose that distinguish one business from other similar firms? Select one: 
a. Objectives 
b. Policies 
c. Mission statements 
d. Rules 
e. Employee conduct guidelines 
Question 31 Question text
In accordance to Michael Porter, which strategy offers products or services to a
niche group of customers at the lowest price available on the market? Select one: 
a. Cost Leadership — Low Cost 
b. Cost Leadership — Best Value 
c. Focus — Low Cost 
d. Focus — Best Value 
e. Differentiation Question 
32 Question text Which of the following does the text call an up-front investment in success? Select one: 
a. Staffing 
b. Controlling 
c. Motivating 
d. Organizing 
e. Planning 
Question 33 Question text
A firm's strengths that cannot be easily matched or imitated by competitors are called Select one: a. internal audits. 
b. distinctive competencies. 
c. interrelated properties. 
d. external audits. 
e. internal properties. 
Question 34 Question text
Regarding tax rates, which of the following nations has the highest corporate tax rate? Select one: 
a. The USA 
b. France 
c. Great Britain 
d. Germany 
e. Ireland 
Question 35 Question text
When designing an EFE Matrix, what is the initial/first step? Select one: 
a. Determining four competitors 
b. Identifying key external factors in the industry 
c. Summing the weighted score for each competitor 
d. Drawing the horizontal and vertical lines for the matrix 
e. Calculating the sales of each competitor