Question 1

Which of the following is true about using forecasts?

Accepted Answer

A) Multiple forecasts are best, and their predictions can be averaged. 
B) Forecasts become more accurate while predicting further into the future. 
C) Forecasts are useless when the future will look radically different from the past. 
D) The more complex the forecast, the more accurate are the predictions. 
E) The accuracy of forecasts does not vary from one application to another. 
A) Multiple forecasts are best, and their predictions can be averaged. 
B) Forecasts become more accurate while predicting further into the future. 
C) Forecasts are useless when the future will look radically different from the past. 
D) The more complex the forecast, the more accurate are the predictions. 
E) The accuracy of forecasts does not vary from one application to another.

Question 2

The goal of _____ is having the right product in the right quantity at the right place at the right cost.

Accepted Answer

A) barriers to entry 
B) benchmarking 
C) supply chain management 
D) empowerment 
E) open systems 
A) barriers to entry 
B) benchmarking 
C) supply chain management 
D) empowerment 
E) open systems

Question 3

_____ occurs when a firm invests in different types of businesses or products or when it expands geographically to reduce its dependence on a single market or technology.

Accepted Answer

A) Domain selection 
B) Diversification 
C) Acquisition 
D) Divestiture 
E) Empowerment 
A) Domain selection 
B) Diversification 
C) Acquisition 
D) Divestiture 
E) Empowerment

Question 4

Environmental uncertainty refers to the lack of information needed to understand or predict the future.

Accepted Answer

A) True 
 B)False

Question 5

What is the purpose of benchmarking?

Accepted Answer

A) To save money 
B) To reduce the workforce 
C) To adopt best practices 
D) To expand internationally 
E) To diversify products 
A) To save money 
B) To reduce the workforce 
C) To adopt best practices 
D) To expand internationally 
E) To diversify products

Question 6

What are demographics?

Accepted Answer

A) Trends regarding how the people within a society think and behave 
B) Conditions that prevent new companies from entering an industry 
C) Measures of various characteristics of the people who make up social units 
D) The fixed costs that buyers face if they change suppliers 
E) The lack of information needed to understand or predict the future 
A) Trends regarding how the people within a society think and behave 
B) Conditions that prevent new companies from entering an industry 
C) Measures of various characteristics of the people who make up social units 
D) The fixed costs that buyers face if they change suppliers 
E) The lack of information needed to understand or predict the future

Question 7

A more diverse workforce presents managers with challenges as well as opportunities.

Accepted Answer

A) True 
 B)False

Question 8

Conditions that may prevent new firms from entering an industry are referred to as _____.

Accepted Answer

A) barriers to entry 
B) strategic maneuvers 
C) unfair trade practices 
D) industry regulators 
E) entry inhibitors 
A) barriers to entry 
B) strategic maneuvers 
C) unfair trade practices 
D) industry regulators 
E) entry inhibitors

Question 9

Which of the following was designed to help managers analyze the competitive environment and adapt to or even influence the nature of competition?

Accepted Answer

A) Dell's IdeaStorm 
B) Michael Porter's model 
C) B2B selling 
D) Peter Drucker's theory 
E) Organizational smoothing 
A) Dell's IdeaStorm 
B) Michael Porter's model 
C) B2B selling 
D) Peter Drucker's theory 
E) Organizational smoothing

Question 10

The spreadsheet that Lupe uses gives her a chance to examine different projections, which is a form of _____.

Accepted Answer

A) divestiture 
B) strategic maneuvering 
C) domain selection 
D) benchmarking 
E) scenario development 
A) divestiture 
B) strategic maneuvering 
C) domain selection 
D) benchmarking 
E) scenario development

Question 11

Raw materials are an example of inputs.

Accepted Answer

A) True 
 B)False

Question 12

Environmental _____ refers to the degree of discontinuous change that occurs within the industry.

Accepted Answer

A) complexity 
B) dysfunction 
C) contracting 
D) cooptation 
E) dynamism 
A) complexity 
B) dysfunction 
C) contracting 
D) cooptation 
E) dynamism

Question 13

Which of the following was introduced as the result of an evolving societal trend?

Accepted Answer

A) Shares of stock 
B) Hourly wages 
C) Levels of management 
D) Offshoring 
E) Family leave 
A) Shares of stock 
B) Hourly wages 
C) Levels of management 
D) Offshoring 
E) Family leave

Question 14

Venus was a low-cost airline that operated in the 1980s. Industry analysts state that although Venus was able to provide all the services the customers wanted, it was thrown out of business because of aggressive pricing from larger airline firms. Which of the following aspects of the competitive environment does this scenario illustrate?

Accepted Answer

A) Customers 
B) Rivals 
C) Regulators 
D) The economy 
E) Social trends 
A) Customers 
B) Rivals 
C) Regulators 
D) The economy 
E) Social trends

Question 15

_____ are fixed costs buyers face if they change suppliers.

Accepted Answer

A) Changing costs 
B) Switching costs 
C) Renewable costs 
D) Exchange costs 
E) Sunk costs 
A) Changing costs 
B) Switching costs 
C) Renewable costs 
D) Exchange costs 
E) Sunk costs

Question 16

Organizations are at an advantage if they depend on a single powerful supplier because such dependency ensures consistency.

Accepted Answer

A) True 
 B)False

Question 17

Titan and Spencer-Fields are the two leading online booksellers. Recently, Titan engaged in an online price war with Spencer-Fields in order to gain greater market share. This is an example of _____ on the part of Titan.

Accepted Answer

A) cooptation 
B) voluntary action 
C) competitive pacification 
D) competitive aggression 
E) environmental scanning 
A) cooptation 
B) voluntary action 
C) competitive pacification 
D) competitive aggression 
E) environmental scanning

Question 18

NBIC (National Bicycle Industrial Company) of Japan specializes in mass customization in order to cater to the changing demands of its customers. Customers can choose the frame and other parts of the bicycle and it is made according to their order. This is one example of how NBIC uses _____.

Accepted Answer

A) cooptation 
B) flexible processes 
C) smoothing techniques 
D) benchmarking 
E) diversification 
A) cooptation 
B) flexible processes 
C) smoothing techniques 
D) benchmarking 
E) diversification

Question 19

A failure to develop a strategy that incorporates _____ may doom a firm to obsolescence.

Accepted Answer

A) hierarchical bureaucracy 
B) many layers of middle management 
C) classic production methods 
D) technological advances 
E) closed communication systems 
A) hierarchical bureaucracy 
B) many layers of middle management 
C) classic production methods 
D) technological advances 
E) closed communication systems

Question 20

List the elements of a firm's macroenvironment and illustrate how each affects the firm.

Accepted Answer

The answer of List the elements of a firm's macroenvironment...

Which of the following is true about using forecasts?

The goal of _____ is having the right product in the right quantity at the right place at the right cost.

_____ occurs when a firm invests in different types of businesses or products or when it expands geographically to reduce its dependence on a single market or technology.

Environmental uncertainty refers to the lack of information needed to understand or predict the future.

What is the purpose of benchmarking?

What are demographics?

A more diverse workforce presents managers with challenges as well as opportunities.

Conditions that may prevent new firms from entering an industry are referred to as _____.

Which of the following was designed to help managers analyze the competitive environment and adapt to or even influence the nature of competition?

The spreadsheet that Lupe uses gives her a chance to examine different projections, which is a form of _____.

Raw materials are an example of inputs.

Environmental _____ refers to the degree of discontinuous change that occurs within the industry.

Which of the following was introduced as the result of an evolving societal trend?

_____ are fixed costs buyers face if they change suppliers.

Organizations are at an advantage if they depend on a single powerful supplier because such dependency ensures consistency.

Titan and Spencer-Fields are the two leading online booksellers. Recently, Titan engaged in an online price war with Spencer-Fields in order to gain greater market share. This is an example of _____ on the part of Titan.

NBIC (National Bicycle Industrial Company) of Japan specializes in mass customization in order to cater to the changing demands of its customers. Customers can choose the frame and other parts of the bicycle and it is made according to their order. This is one example of how NBIC uses _____.

A failure to develop a strategy that incorporates _____ may doom a firm to obsolescence.

List the elements of a firm's macroenvironment and illustrate how each affects the firm.

Managing and Performing

Managerial Decision Making

Planning and Strategic Management

Ethics, Corporate Responsibility, and Sustainability

International Management

Entrepreneurship

Organization Structure

Organizational Agility

Human Resources Management

Managing the Diverse Workforce

Leadership

Motivating for Performance

Teamwork

Communicating

Managerial Control

Managing Technology and Innovation

Creating and Leading Change

Filters

Exam 2: The External and Internal Environments

Which of the following is true about using forecasts?

The goal of _____ is having the right product in the right quantity at the right place at the right cost.

_____ occurs when a firm invests in different types of businesses or products or when it expands geographically to reduce its dependence on a single market or technology.

Environmental uncertainty refers to the lack of information needed to understand or predict the future.

What is the purpose of benchmarking?

What are demographics?

A more diverse workforce presents managers with challenges as well as opportunities.

Conditions that may prevent new firms from entering an industry are referred to as _____.

Which of the following was designed to help managers analyze the competitive environment and adapt to or even influence the nature of competition?

The spreadsheet that Lupe uses gives her a chance to examine different projections, which is a form of _____.

Raw materials are an example of inputs.

Environmental _____ refers to the degree of discontinuous change that occurs within the industry.

Which of the following was introduced as the result of an evolving societal trend?

_____ are fixed costs buyers face if they change suppliers.

Organizations are at an advantage if they depend on a single powerful supplier because such dependency ensures consistency.

Titan and Spencer-Fields are the two leading online booksellers. Recently, Titan engaged in an online price war with Spencer-Fields in order to gain greater market share. This is an example of _____ on the part of Titan.

NBIC (National Bicycle Industrial Company) of Japan specializes in mass customization in order to cater to the changing demands of its customers. Customers can choose the frame and other parts of the bicycle and it is made according to their order. This is one example of how NBIC uses _____.

A failure to develop a strategy that incorporates _____ may doom a firm to obsolescence.

List the elements of a firm's macroenvironment and illustrate how each affects the firm.

Managing and Performing

Managerial Decision Making

Planning and Strategic Management

Ethics, Corporate Responsibility, and Sustainability

International Management

Entrepreneurship

Organization Structure

Organizational Agility

Human Resources Management

Managing the Diverse Workforce

Leadership

Motivating for Performance

Teamwork

Communicating

Managerial Control

Managing Technology and Innovation

Creating and Leading Change

Filters