CM 4223 PRACTICE EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS | ALREADY GRADED A+RECENT VERSION

CM 4223 PRACTICE EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS | ALREADY GRADED A+RECENT VERSION 1. Generally, external opportunities and threats are: - ANSWER uncontrollable by a single organization 2. The goal of Strategic Management is to: - ANSWER achieve and maintain competitive advantage 3. The Internet has transferred power from ________ to ________. - ANSWER businesses; individuals 4. Long-term objectives should be all of the following EXCEPT - ANSWER continually changing 5. The fact that Apple has no manufacturing facilities of its own - ANSWER has enabled it to remain financially lean. 6. An organization's vision statement - ANSWER answers the question: "What do we want to become?" 7. The strategic-management process represents a(n) ________, ________, and ________ approach for determining an enterprise's future direction. - ANSWER logical; systematic; objective 8. Firms, like organisms, must be "adept at adapting" or they will not survive. - ANSWER True 9. According to Drucker, what is the best time to ask "What do we want to become?" and "What is our business?"? - ANSWER When the firm is successful 10. The general public is especially interested in ________, whereas stockholders are more interested in ________. - ANSWER social responsibility; profitability 11. The purpose of a mission statement is to declare all of these EXCEPT - ANSWER an annual financial plan. 12. The following excerpt from a mission statement illustrates which of the nine essential components of a mission statement? "We believe our first responsibility is to the doctors, nurses, patients, mothers, and all others who use our products and services." - ANSWER Customers 13. According to the comprehensive strategic-management model, which step immediately follows the establishment of long-term objectives? - ANSWER Generating, evaluating, and selecting strategies 14. Customers and creditors are considered stockholders of an organization. - ANSWER False 15. The operating philosophy of organizations should be to develop a product and then try to find a market for it. - ANSWER False 16. What should be the company's stance on workplace romance in terms of guidelines and policies? - ANSWER It should be discouraged. 17. Extensive research has revealed _____________relationships between corporate social responsibility and corporate financial performance. - ANSWER A U-shaped curve 18. A ___________report reveals how a firm's operations impact the natural environment. - ANSWER sustainability report 19. Business ethics, ________, and sustainability issues are interrelated and impact all areas of the comprehensive strategic-management model. - ANSWER social responsibility 20. Firms should strive to engage in social activities that - ANSWER have economic benefits. 21. According to Chapter 10, which of the following actions is unethical? - ANSWER Insider trading and overpricing 22. Ralph Nader believes that big firms like ExxonMobil have an obligation to help society cure its many ills. - ANSWER True 23. After decades of debate and struggle, the business community has finally definitively determined the appropriate social policies. - ANSWER False 24. President Kennedy said, "When wealth is lost, nothing is lost; when health is lost, something is lost; when character is lost, all is lost." - ANSWER False ( Billy Graham) 25. Whistleblowing refers to employees reporting any unethical violations they discover or see in the firm. - ANSWER True 26. A gift bestowed to influence a recipient's conduct. - ANSWER Bribe 27. A form of annual report produced by organizations to reveal their progress and activities aimed at helping, rather than harming, the natural environment. - ANSWER Sustainability Report 28. refers to employees reporting any unethical violations they discover or see in the firm. - ANSWER Whistle blowing 29. A set of standards adopted by thousands of firms worldwide to certify to their constituencies that they are conducting business in an environmentally friendly manner. These standards offer a universal technical standard for environmental compliance that more and more firms are requiring not only of themselves but also of their suppliers and distributors. - ANSWER ISO 14001 30. A series of voluntary standards in the environmental field whereby a firm minimizes harmful effects on the environment caused by its activities and continually monitors and improves its own environmental performance. - ANSWER ISO 14000 31. List five benefits of having workplace romance guidelines in a workplace. - ANSWER Improved work performance, adding a dynamism and energy that translates into enhanced morale, communication, creativity, and productivity. 32. Compare the EEOC with the OCR in terms of mission and scope of operations. - ANSWER EEOC's primary mission is to promote equality of opportunity in the workplace and enforcement of federal laws prohibiting employment discrimination against employees. OCR investigates complaints, enforces rights, promulgates regulations, develops policy, and provides technical assistance and public education to ensure understanding of and compliance with non-discrimination and health information privacy laws among government agencies and federally-funded colleges and universities. 33. strategic management definition - ANSWER the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. 34. what are the sections of strategic management - ANSWER integrating management, marketing, finance and accounting, production and operations, research and development, information systems 35. strategic management is also known as - ANSWER strategic planning 36. another term for strategic management - ANSWER strategy formulation, implementation, evaluation 37. what is the purpose of a strategic management - ANSWER exploit and create new and different opportunities for tomorrow 38. a strategic plan is in essence - ANSWER a company's game plan 39. strategic plan results from - ANSWER tough managerial choices among numerous good alternatives, commitment to specific markets policies, procedure, and operations of other "less desirable" course of action 40. what are the three stages of strategic management process - ANSWER strategy formulation strategy implementation strategy evaluation 41. strategy formulation - ANSWER includes developing a vision and mission, identifying an organization's external opportunities and threats, determining internal strengths and weaknesses, establishing long term objectives, generating alternative strategies, choosing particular strategies to pursue 42. strategy-formulation decisions commit an organization to - ANSWER specific products, markets, resources, and technologies over an extended period of time 43. strategy implementation - ANSWER firm to establish annual objective, devise policies, motivate employees, allocate resources 44. strategy implementation is called - ANSWER action stage 45. strategy implementation includes - ANSWER developing a strategy-supportive culture, preparing budgets, developing and using information systems, linking employee compensation to organizational performance 46. strategy evaluation - ANSWER the final stage in strategic management