Principles of Management Test Questions with Correct Answers

Principles of Management Test Questions with Correct Answers A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with? a. Delivery of products or services b. Supply and demand c. Operations and logistics d. Outsourcing and insourcing - Answer-Delivery of products and services What happens when an effective value chain is created? a. A mission statement is developed b. Profit margins are increased c. Customized products are standardized d. Total quality management is not required - Answer-Profit margins are increased Industry and market, competitor analysis, and social analysis are examples of which step in strategic planning process? a. Analysis of external opportunities and threats b. Analysis of mission, vision, and goals c. Analysis of internal strengths and weaknesses d. Analysis of management implementation - Answer-Analysis of external opportunities and threats Skilled management, positive cash flow, and well known brands are examples of which component of the SWOT analysis? a. Strengths b. Weaknesses c. Opportunities d. Threats - Answer-Strengths What denotes skill or expertise in an activity that constitutes the roots of competitiveness in an organization? a. Products and services b. Strategic values c. Opportunities and threats d. Core competencies - Answer-core competencies