1) According to I/O theorists, which of the following contributes least to firm performance?
A) Internal resources
B) Product differentiation
C) Level of competitiveness
D) Barriers to market entry
E) Economies of scale
2) What happens to the demand for discretionary goods when interest rates rise?
A) Stays the same
D) First rises then declines
E) No way to tell
3) In general, what happens to American goods in overseas markets when there is a strong dollar?
A) Less expensive
C) More expensive
E) More attractive
4) Which state has the oldest average population?
5) Americans are on the move in a population shift to
A) the South and West.
B) the Midwest and South.
C) the Northeast and Midwest.
D) the frost belt.
6) When an industry relies heavily on government contracts, which forecasts can be the most
important part of an external audit?
7) The world of biopolitics includes
A) assisted suicide.
D) genetic engineering.
E) all of the above
8) Technological advancements can create new ________ advantages that are more powerful than existing advantages.
9) A systematic and ethical process for gathering and analyzing information about the competi-
tion’s activities and general trends to further a business’ own goals is called
A) artificial intelligence.
B) information sharing.
C) competitive intelligence.
D) competitive advantage.
E) unethical business practice.
10) ________ is not a basic mission of a competitive intelligence program.
A) To identify areas where competitors are vulnerable and to assess the impact strategic actions
would have on competitors
B) To provide a general understanding of an industry
C) To provide a general understanding of a company’s competitors
D) To identify industry executives who could be hired by the firm
E) To identify potential moves a competitor might make that would endanger a firm’s position in
11) What is not one of Michael Porter’s five competitive forces?
A) New entrants
B) Rivalry among existing firms
C) Bargaining power of unions
D) Bargaining power of buyers
E) Bargaining power of suppliers
12) If suppliers are unreliable or too costly, which of these strategies may be appropriate?
A) Backward integration
B) Concentric diversification
C) Forward integration
D) Horizontal integration
E) Market penetration
13) Who does a planning horizon of two to five years apply to?
A) lower management
B) general management
C) middle management
D) top management
E) all levels of management
14) The international challenge faced by U.S. business is twofold
A) how to increase exports to other countries and how to increase imports from other countries.
B) how to defend domestic markets against imported goods while minimizing exports.
C) how to gain and maintain exports to other nations and how to defend domestic markets against
D) how to gain exports to other nations and enhance market share for imported goods in domestic markets.
E) how to enhance imported goods in domestic markets and minimize exports to other nations.
15) Globalization of industries is occurring for all of these reasons except
A) e-commerce and the instant transmission of money and information across continents.
B) a worldwide trend toward different consumption patterns.
C) the emergence of global sellers.
D) a worldwide trend toward similar consumption patterns.
E) the emergence of global buyers.
16) What is the first step in designing an EFE Matrix?
A) Determining four competitors
B) Summing the weighted score for each competitor
C) Identifying key external factors in the industry
D) Calculating the sales of each competitor
E) Drawing the horizontal and vertical lines for the matrix
17) Who should perform an internal audit?
A) The chief executive officer
B) The organization’s accounting department
C) Managers from different units of the organization
D) A team of top-level managers and lower-level employees
E) A private auditing firm
18) Synergy is
A) when a team effort is used to achieve desired results.
B) when financial expectations of the firm are decided upon.
C) synthetic energy.
D) when individuals work separately to achieve desired results.
E) employee energy.
19) Which management function includes breaking tasks into jobs, combining jobs to form departments and delegating authority?
20) Which function of management is concerned with span of control and chain of command?
21) ________ is a major component in motivation.
A) Management development
D) Organizational structure
22) All of the following are key questions that can reveal internal strengths and weaknesses in the management department except:
A) Is the organization’s structure appropriate?
B) Are the organization’s products positioned well among competing products?
C) Do managers delegate authority well?
D) Are reward and control mechanisms effective?
E) Does the firm use strategic management concepts?
23) ________ can reveal the demographic characteristics of an organization’s customers.
A) Market development
B) Test marketing
D) Customer profiling
E) The vision statement
24) The Robinson-Patman Act affects a company’s
A) pricing methods.
C) employee costs.
D) trucking methods.
E) cost of products.
25) What category of ratios measures a firm’s ability to meet maturing short-term obligations?
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