a cost leadership strategy requires a firm to ________.

Question 1 2.5 / 2.5 points

Which of the following is NOT one of Miles and Snow's adaptive strategies?

Question options:

 

Defender

 

Prospector

 

Cost leader

 

Analyzer

Question 2 2.5 / 2.5 points

In Porter's cost leadership strategy, the main goal of the cost leader is to have the lowest ________ in the industry.

Question options:

 

profits

 

prices

 

costs

 

products

Question 3 2.5 / 2.5 points

________ refer(s) to the process of creating and providing goods and services.

Question options:

 

Marketing

 

Production-operations

 

High-performance work practices

 

Information system

Question 4 2.5 / 2.5 points

If Mr. Carol wanted to introduce high-performance work practices in his organization, which of the following practices would he adopt?

Question options:

 

Centralized decision making

 

Fixed job assignments

 

Limited communication

 

Self-managed work teams

Question 5 2.5 / 2.5 points

When an organization competes by providing unique products with features that customers value, perceive as different, and are willing to pay a premium price for, it is using a strategy of:

Question options:

 

cost leadership.

 

focus.

 

differentiation.

 

niche.

Question 6 2.5 / 2.5 points

Which of the following is a possible production-operations management strategy?

Question options:

 

Selective specialization

 

Inventory management systems

 

User positioning

 

Market logistics

Question 7 2.5 / 2.5 points

The ________ point(s) to the strategic issues organizational decision makers need to address in their pursuit of sustainable competitive advantage and high levels of performance.

Question options:

 

portfolio analysis

 

distinctive capabilities

 

strengths

 

SWOT analysis

Question 8 2.5 / 2.5 points

The ________ works hard to establish brand loyalty.

Question options:

 

differentiator

 

cost leader

 

defender

 

reactor

Question 9 2.5 / 2.5 points

The marketing mix is commonly known as the

Question options:

 

4Ps

 

5Ps

 

7Ss

 

4Ss

Question 10 2.5 / 2.5 points

The role of top-level decision makers in the strategic management process is to:

Question options:

 

establish the overall operational goals.

 

develop the overall goal that the organization hopes to achieve.

 

establish functional strategies.

 

supervise line managers.

Question 11 2.5 / 2.5 points

________ is when organizations battle or vie for some desired object or outcome.

Question options:

 

Competition

 

Strategy

 

Goal

 

Objective

Question 12 2.5 / 2.5 points

Francesca has had a higher than desirable level of server turnover in her restaurant. She decided that she needs to pay better attention to which strategies?

Question options:

 

Marketing

 

Human resources

 

Information

 

Financial-accounting

Question 13 2.5 / 2.5 points

The ________ strategy is one in which an organization continually innovates by finding and exploiting new product and market opportunities.

Question options:

 

prospector

 

defender

 

analyzer

 

reactor

Question 14 2.5 / 2.5 points

Which of the following is included under the product functional strategies?

Question options:

 

Supervision

 

Management

 

Marketing

 

Leadership

Question 15 2.5 / 2.5 points

When a company builds a profitable business by "stealing" ideas from other successful peers, it is following a(n) ________ strategy.

Question options:

 

prospector

 

defender

 

analyzer

 

reactor

Question 16 2.5 / 2.5 points

Designing which of the following systems involves making sure we have the information we need, when the information is needed, and in the form needed?

Question options:

 

Marketing

 

Human resources

 

Information

 

Financial-accounting

Question 17 2.5 / 2.5 points

One of the two strategic decisions most associated with the organization's information system is:

Question options:

 

optimum equity mix.

 

creating an approved vendor list.

 

selecting the correct marketing mix.

 

the choice of system technology.

Question 18 2.5 / 2.5 points

One factor that would lead to high-performance work practices is

Question options:

 

using contingent pay.

 

forming problem-solving groups.

 

conducting attitude surveys.

 

All of the answer choices are correct.

Question 19 2.5 / 2.5 points

Product design strategies typically involve an organization's ________ functional area.

Question options:

 

finance

 

R&D

 

accounting

 

HR

Question 20 2.5 / 2.5 points

The ________ strategy is one in which an organization continually innovates by finding and exploiting new product and market opportunities.

Question options:

 

prospector

 

defender

 

analyzer

 

reactor

Online Exam 7

Question 21 2.5 / 2.5 points

Efficiency is:

Question options:

 

the organization's ability to complete or reach goals.

 

a specific measure, typically used in the production-operations-manufacturing area, of how many inputs it took to produce outputs.

 

the ability of the organization to minimize the use of resources in achieving organizational goals.

 

the search for the best practices from other leading organizations.

Question 22 2.5 / 2.5 points

One of the risks associated with a horizontal integration strategy is:

Question options:

 

a potential violation of antitrust laws.

 

exponential growth.

 

increased market exposure.

 

increase in sales.

Question 23 2.5 / 2.5 points

The types of renewal strategies include:

Question options:

 

retrenchment strategy.

 

turnaround strategy.

 

diversification strategy.

 

retrenchment and turnaround strategies.

Question 24 2.5 / 2.5 points

The ________ strategy is one in which the organization maintains its current size and current level of business operations.

Question options:

 

stability

 

concentration

 

diversification

 

backward integration

Question 25 2.5 / 2.5 points

Examples of portfolio analyses include:

Question options:

 

the BCG matrix.

 

the McKinsey-GE stoplight matrix.

 

the product-market evolution matrix.

 

All of the answer choices are correct.

Question 26 2.5 / 2.5 points

Diversifying into a completely different industry from the organization's current operations is referred to as:

Question options:

 

concentric diversification.

 

vertical diversification.

 

conglomerate diversification.

 

horizontal diversification.

Question 27 2.5 / 2.5 points

One of the major disadvantages of the McKinsey matrix is that of:

Question options:

 

simplicity.

 

uniqueness.

 

subjectivity.

 

All of the answer choices are correct.

Question 28 2.5 / 2.5 points

Related diversification is ________ unrelated diversification.

Question options:

 

less effective than

 

more effective than

 

just as effective as

 

less profitable than

Question 29 2.5 / 2.5 points

A business unit with low relative market share and low industry growth rate is referred to as a:

Question options:

 

dog.

 

cash cow.

 

cat.

 

question mark.

Question 30 0 / 2.5 points

All of the following are reflective of restructuring efforts except:

Question options:

 

spin-off.

 

liquidation.

 

reengineering.

 

cost cutting.

Question 31 2.5 / 2.5 points

The _______ strategy establishes the overall direction that the organization hopes to go.

Question options:

 

business

 

functional

 

corporate

 

competitive

Question 32 2.5 / 2.5 points

The main causes of corporate performance include all the following except:

Question options:

 

inadequate financial controls.

 

uncontrollable costs or too high costs.

 

new competitors.

 

underexpansion or too slow growth.

Question 33 2.5 / 2.5 points

A concentration strategy:

Question options:

 

does not enable an organization to become very good at what it does.

 

cannot cause the organization to become vulnerable to industry and other external environmental shifts.

 

allows the firm to diversify into new industries.

 

is a growth strategy in which the organization concentrates on its primary line of business and looks for ways to meet its growth objectives through expanding its activities or operations in its core business.

Question 34 2.5 / 2.5 points

________ are usually "friendly."

Question options:

 

Mergers

 

Acquisitions

 

Takeovers

 

Buyouts

Question 35 2.5 / 2.5 points

Developing different uses for a product is an example of a ________ concentration option.

Question options:

 

product-market diversification.

 

market development

 

product-market exploitation

 

product development

Question 36 2.5 / 2.5 points

Mr. Wilson is thinking about concentrating on his primary line of business, Italian furniture, and looking for ways to meet its growth goals by expanding its core business. Which of the below strategies is Mr. Wilson following here?

Question options:

 

International

 

Vertical integration

 

Diversification

 

Concentration

Question 37 2.5 / 2.5 points

Both the product-market evolution and McKinsey matrices have the disadvantage of:

Question options:

 

simplicity.

 

complexity.

 

individuality.

 

subjectivity.

Question 38 2.5 / 2.5 points

Mr. Wilson, a successful importer of Italian furniture, is considering combining operations by exchanging stock with a competitor, Italian Delights, to create a new store, Supremo Italiano. Which of the following growth strategies is Mr. Wilson following here?

Question options:

 

Merger

 

Acquisition

 

Hostile takeover

 

Internal development

Question 39 2.5 / 2.5 points

Starting a business from the ground up is referred to as:

Question options:

 

product development.

 

market development.

 

strategic development.

 

internal development.

Question 40 2.5 / 2.5 points

A long-term contract is usually an agreement between:

Question options:

 

two organizations in the same industry.

 

an organization and its suppliers.

 

two organizations in unrelated industries.

 

a domestic and international organization.