MBA 540 4-3 Quiz: Milestone Two Pre-Check Questions & Answers.

MBA 540 4-3 Quiz: Milestone Two Pre-Check Question 1 1.5 / 1.5 points Which of the following accurately defines a firm’s values? Select one. Question options: They refer to procedures, processes, and routines that continuously expand existing resources or improve operating capabilities. They refer to its leaders’ beliefs about what is right and wrong, good and bad, desirable and undesirable. They refer to factors of production that create economic value for the firm when employed. They refer to a firm’s ranking of what is most important. Hide question 1 feedback A company’s values are reflected in the beliefs and actions of its leaders. Question 2 1.5 / 1.5 points Which of the following can be categorized as a market risk associated with entering a new foreign, non-US market? Question options: The distribution process being different from that in the United States The currencies of countries fluctuating significantly when compared to the U.S. dollar The local government requiring a certain percentage of managers to be locals The local government introducing tariffs on foreign products Questio n 3 1.5 / 1.5 points With respect to distance between a foreign and a domestic market, administrative distance is likely to be more when the new market _________. Question options: does not belong to a different trade block has not been part of the colonizer/colony network uses the same currency as the domestic market uses the common law system used in the Anglo sphere Hide question 3 feedback When the new market has not been part of the colonizer/colony network, administrative distance between foreign and domestic market is likely to be more. Question 4 1.5 / 1.5 points True or false: The shared actions, values, and beliefs in an organization that guide the behavior of its members are collectively called organizational culture. Question options: True False Hide question 4 feedback An organization’s culture comprises shared actions, values, and beliefs that guide behavior. Question 5 1.5 / 1.5 points All assets, capabilities, organizational processes, firm attributes, information, knowledge, and so on controlled by a firm that enable the firm to conceive of and implement strategies that improve its efficiency and effectiveness are called which of the following? Select one. Question options: Priorities Capabilities Functions Resources Hide question 5 feedback Resources is a broad term including all internal assets, capabilities, organizational processes, attributes, information, knowledge, etc. These resources are what enable the organization to achieve strategic goals and objectives. Question 6 1.5 / 1.5 points Research finds that most organizational cultures are identical to one another. Question options: True False Hide question 6 feedback There are some shared cultural elements across organizations, but organizational cultures tend to be diverse and unique. Question 7 1.5 / 1.5 points A visual description of the steps required to turn raw materials into finished products or services most accurately defines which of the following? Select one. Question options: Value chain Virtuous circle Product line Culture chain Hide question 7 feedback Many steps are required to take a product from raw materials to a finished product or service. This process is referred to as the value chain, defining where and how the company creates value. Question 8 1.5 / 1.5 points Which of the following statements best describes a firm’s priorities? Select one. Question options: They represent how firms do things. They depict the production processes a firm uses. They explain why firms allocate critical resources to achieve key objectives. They refer to what a firm employs to create value and competitive advantage. Hide question 8 feedback Critical resource allocation is determined by priorities. The most critical goals and objectives will receive priority when it comes to resources needed to achieve them. Question 9 1.5 / 1.5 points LittleHut Inc., an international food company, has several resources to its credit. Over the years, the company has acquired factories, machinery, in-depth knowledge, and a stable reputation. The elements mentioned in this scenario can be best categorized as which of the following? Select one. Question options: Equipment Personnel Assets Capabilities Hide question 9 feedback An asset is a type of valuable resource that the company owns, creates, or benefits from. Question 10 1.5 / 1.5 points Question options: They should be addressed only when many customers have similar needs that require attention. Understanding them can be very helpful in defining the boundaries of an industry. Companies that meet the need for communication by manufacturing mobile handsets or mobile ham radios are considered part of the same industry. Two firms cannot be considered part of the same industry even if their products do the same job for customers. Hide question 10 feedback Understanding customer needs can be very helpful in defining the boundaries of an industry.