ADMN 1000 EXAM UPDATED QUESTIONS AND
CORRECT ANSWERS
Question:
1. What is strategy?
Answer:
The plans made or the actions taken in an effort to help an organization obtain its intended purposes
Question:
2. What are the two basic models to consider when designing a sustainable strategy?
Answer:
-5 Forces Model
-VRIO Model
Question:
3. What are the 5 forces of the 5 forces model?
Answer:
-Bargaining power of suppliers
-Bargaining power of buyers
-Threats of substitute products or services
-Threats of new entrants
-Rivalry among existing firms
Question:
4. What are the limitations of the 5 forces model?
Answer:
-Assumes power relationships are the same in each force.
-The model does not explicitly take the roles of technological change and government regulations into
consideration.
Question:
5. What are the components of the VRIO model?
Answer:
-Value
-Rareness
-Imitability
-Organization
Question:
6. Components of a SWOT analysis?
Answer:
strengths, weaknesses, opportunities, threats
Question:
7. The industry lifecycle model: decline phase caused by....
, Answer:
-Declining sales due to one or more of the following:
• Changes in demographics
• Shifting consumer tastes
-Technological substitution
Question:
8. What is intrafirm dynamics vs interfirm dynamics?
Answer:
INTRA: Having differentiation within different markets
INTER: Having differentiation within one market product
Question:
9. What is the Boston Consulting Group Matrix
Answer:
BCG separates businesses into four categories based on how fast the market growing ( high-growth or
low-growth) and the size of the business share of that market ( Small and large)
Question:
10. What is ethics?
Answer:
the study of morality or moral judgments, standards, and rules of conduct.
Question:
11. What is business ethics?
Answer:
The rules, standards, principles, or codes giving guidelines for morally right behaviour in certain
organizational contexts
Question:
12. Models for making ethical decisions?
Answer:
-Utilitarianism
-Rule ethics
Question:
13. Arguments against fracking
Answer:
-Water contamination
-Overuse of water
-Release of GHG
-Earthquakes
Question:
14. Limitations of Utilitarianism
CORRECT ANSWERS
Question:
1. What is strategy?
Answer:
The plans made or the actions taken in an effort to help an organization obtain its intended purposes
Question:
2. What are the two basic models to consider when designing a sustainable strategy?
Answer:
-5 Forces Model
-VRIO Model
Question:
3. What are the 5 forces of the 5 forces model?
Answer:
-Bargaining power of suppliers
-Bargaining power of buyers
-Threats of substitute products or services
-Threats of new entrants
-Rivalry among existing firms
Question:
4. What are the limitations of the 5 forces model?
Answer:
-Assumes power relationships are the same in each force.
-The model does not explicitly take the roles of technological change and government regulations into
consideration.
Question:
5. What are the components of the VRIO model?
Answer:
-Value
-Rareness
-Imitability
-Organization
Question:
6. Components of a SWOT analysis?
Answer:
strengths, weaknesses, opportunities, threats
Question:
7. The industry lifecycle model: decline phase caused by....
, Answer:
-Declining sales due to one or more of the following:
• Changes in demographics
• Shifting consumer tastes
-Technological substitution
Question:
8. What is intrafirm dynamics vs interfirm dynamics?
Answer:
INTRA: Having differentiation within different markets
INTER: Having differentiation within one market product
Question:
9. What is the Boston Consulting Group Matrix
Answer:
BCG separates businesses into four categories based on how fast the market growing ( high-growth or
low-growth) and the size of the business share of that market ( Small and large)
Question:
10. What is ethics?
Answer:
the study of morality or moral judgments, standards, and rules of conduct.
Question:
11. What is business ethics?
Answer:
The rules, standards, principles, or codes giving guidelines for morally right behaviour in certain
organizational contexts
Question:
12. Models for making ethical decisions?
Answer:
-Utilitarianism
-Rule ethics
Question:
13. Arguments against fracking
Answer:
-Water contamination
-Overuse of water
-Release of GHG
-Earthquakes
Question:
14. Limitations of Utilitarianism
