MGT 2050 MIDTERM QUESTIONS AND VERIFIED
ANSWERS
The managerial tools for ______ include a SWOT analysis, forecasting, and VRIO
analysis.
organizational assessment
A SWOT analys
is is asearch for the strengths, weaknesses, opportunities, and threats affecting an
organization
In order, the steps of the strategic-management process are
establish the mission, vision, and values statements; assess the current reality;
formulate the grand strategy; implement the strategy; and maintain strategic control
Which aspect of the VRIO framework examines whether a firm has the control systems,
policies, and financing needed to compete
organization
Mango Whip, a company that makes an ice cream-like treat using mangos, sells its
branding, production techniques, and proprietary flavors to other companies for a fee
and a share of the profits. Mango Whip is engaged in
franchising
An import quota is a(n) ______ that limits ______
trade barrier: the numbers of a product that can be imported
During the Cold War, the United States had a(n) ______ with anyone importing Cuban
cigars and sugar
embargo
Tammie works for the State Department and is being sent to the U.S. Embassy in Paris,
France to work on a project for at least the next year. In preparation for her move to
France, she wants to take some basic steps to become more knowledgeable of the
French language and culture. What advice would you give her
Do several of these: watch French films, try French food, follow French news, learn
about French traditions
ANSWERS
The managerial tools for ______ include a SWOT analysis, forecasting, and VRIO
analysis.
organizational assessment
A SWOT analys
is is asearch for the strengths, weaknesses, opportunities, and threats affecting an
organization
In order, the steps of the strategic-management process are
establish the mission, vision, and values statements; assess the current reality;
formulate the grand strategy; implement the strategy; and maintain strategic control
Which aspect of the VRIO framework examines whether a firm has the control systems,
policies, and financing needed to compete
organization
Mango Whip, a company that makes an ice cream-like treat using mangos, sells its
branding, production techniques, and proprietary flavors to other companies for a fee
and a share of the profits. Mango Whip is engaged in
franchising
An import quota is a(n) ______ that limits ______
trade barrier: the numbers of a product that can be imported
During the Cold War, the United States had a(n) ______ with anyone importing Cuban
cigars and sugar
embargo
Tammie works for the State Department and is being sent to the U.S. Embassy in Paris,
France to work on a project for at least the next year. In preparation for her move to
France, she wants to take some basic steps to become more knowledgeable of the
French language and culture. What advice would you give her
Do several of these: watch French films, try French food, follow French news, learn
about French traditions
