Intro to business chapter 5 quiz

Intro To Management Course

To be effective, goals need to meet five specific characteristics which may be remembered with the acronym:

CAPEX.

NOPAT.

SMART.

LIBOR.

GEICO.
2.

Piece-Wise Parts, a manufacturing company, developed a strategic plan for 2008 that assumed improved growth in its industry. Additionally, it generated several _____ for different economic settings. When recession started, Piece-Wise Parts quickly implemented the plan based on those conditions. As a consequence, it survived more easily than other firms in the industry.

projection statements

roadmaps

financial reports

annual reports

scenarios
3.

Which of the following is one of the six components of the strategic management process?

Strategy implementation

Stakeholder analysis

Skill improvement plan

Technology assessment

Stockholder reporting

4.

_____ are inputs to production that can be accumulated over time to enhance the performance of a firm.

Resources

Core capabilities

Portfolios

Framing effects

Plans
5.

_____ is the process of assessing how well one company's basic functions and skills compare with those of another company or set of companies.

Satisficing

Situational analysis

Benchmarking

Strategic planning

Brainstorming
6.


_____ refers to the acquisition or development of new businesses that produce parts or components of the organization’s product .

Insourcing

Vertical integration

Concentration

Horizontal integration

Greenfield venturing
7.

A competitive advantage typically results from a low-cost business strategy or a(n) _____ business strategy.

high-cost

dominant

concentrated

integrated

differentiation
8.


In the context of the influence of psychological biases in decision making, _____ refers to a belief that one can influence events even when one has no control over what will happen.

illusion of control

satisficing

discounting the future

groupthink

framing effect
9.


Which of the following is a potential advantage of using a group to make a decision?

Due to the phenomenon of groupthink, a positive team spirit can be maintained.

Participation in problem solving increases commitment to decisions.

Following a given set of rules can keep employees out of trouble.

A group produces a satisficing decision that is adequate for its needs.

Goals get continually displaced as new ideas emerge.
10.


In the context of decision making, what is the role of a devil's advocate in constructive conflict?

To always agree with the group leader

To find consensus among participants

To criticize ideas and point out problems

To suggest new ideas

To consolidate previously suggested ideas