CM 4223 Midterm Exam Study Guide Questions and Answers 2024 with complete solution;LSU

CM 4223 Midterm Exam Study Guide Questions and Answers 2024 with complete solution;LSU 1. What is the primary purpose of a mission statement? A. To define the company's financial goals for the next year B. To describe the company's purpose and reason for existence C. To outline the specific strategies for market penetration D. To list the company's products and services ...Answer... B. To describe the company's purpose and reason for existence 2. A company's decision to enter a new international market is an example of which type of strategy? A. Functional-level strategy B. Business-level strategy C. Corporate-level strategy D. Operational strategy ...Answer... C. Corporate-level strategy 3. The "S" in a SWOT analysis stands for: A. Systems B. Strategies C. Strengths D. Standards ...Answer... C. Strengths 4. Which of the following is an example of an external threat in a SWOT analysis? A. High employee turnover B. Outdated manufacturing equipment C. A new competitor entering the market D. Weak brand image ...Answer... C. A new competitor entering the market 5. Porter's Five Forces model is used to analyze: A. Internal resource capabilities B. The structure and attractiveness of an industry C. Financial ratios and performance D. Employee satisfaction levels ...Answer... B. The structure and attractiveness of an industry 6. The threat of new entrants is high when: A. Capital requirements are high B. Economies of scale are significant C. Government regulations are minimal D. Customer loyalty is strong ...Answer... C. Government regulations are minimal 7. A company that seeks to be the low-cost producer in its industry is pursuing which of Porter's generic strategies? A. Cost Leadership B. Differentiation C. Cost Focus D. Focused Differentiation ...Answer... A. Cost Leadership 8. Which generic strategy involves creating a unique product or service that is valued by customers? A. Cost Leadership B. Differentiation C. Integrated Cost Leadership/Differentiation D. Focus ...Answer... B. Differentiation 9. The concept of "core competencies" was developed by: A. Michael Porter B. Peter Drucker C. Prahalad and Hamel D. Henry Mintzberg ...Answer... C. Prahalad and Hamel 10. A VRIO framework is used to evaluate: A. Industry attractiveness B. The competitive landscape C. Internal resources and capabilities D. Macro-environmental factors ...Answer... C. Internal resources and capabilities 11. In the VRIO framework, the "V" stands for: A. Vision B. Value C. Velocity D. Variety ...Answer... B. Value 12. Which of the following is a element of PESTEL analysis? A. Supply Chain B. Technological C. Competitors D. Organizational Structure ...Answer... B. Technological 13. A stable political environment, low inflation, and high consumer spending are examples of which PESTEL factor? A. Political B. Economic C. Social D. Legal ...Answer... B. Economic 14. The balanced scorecard perspective that focuses on how the company appears to shareholders is the: A. Customer Perspective B. Internal Business Perspective C. Financial Perspective D. Learning and Growth Perspective ...Answer... C. Financial Perspective 15. Strategic objectives are best described as: A. Broad statements of what the organization aims to achieve in the long term B. Specific, measurable goals that support the strategic intent C. The day-to-day tasks performed by employees D. The company's annual budget ...Answer... B. Specific, measurable goals that support the strategic intent 16. Which level of strategy is concerned with how a company will compete in a specific business unit or product line? A. Corporate-level strategy B. Business-level strategy C. Functional-level strategy D. Global strategy ...Answer... B. Business-level strategy 17. A company that acquires one of its suppliers is engaging in: A. Forward integration B. Backward integration C. Horizontal integration D. Unrelated diversification ...Answer... B. Backward integration 18. A vision statement is primarily concerned with: A. What the company is today B. The company's core values and beliefs C. What the company aspires to be in the future D. The company's code of ethics ...Answer... C. What the company aspires to be in the future 19. The "value chain" concept was introduced by: A. Michael Porter B. Peter Drucker C. Henry Mintzberg D. Gary Hamel ...Answer... A. Michael Porter 20. Activities such as marketing, sales, and service are part of which category in the value chain? A. Primary Activities B. Support Activities C. Secondary Activities D. Tertiary Activities ...Answer... A. Primary Activities 21. Human resource management, technology development, and procurement are considered: A. Primary Activities B. Support Activities C. Core Competencies D. Strategic Assets ...Answer... B. Support Activities 22. A situation where a company's strengths align with external opportunities is known as a: A. Weakness B. Threat C. Strategic Fit D. Leverage Point ...Answer... C. Strategic Fit 23. The process of translating strategy into action is known as: A. Strategic Formulation B. Strategic Implementation C. Strategic Analysis D. Strategic Control ...Answer... B. Strategic Implementation 24. Which of the following is NOT a primary activity in Porter's value chain? A. Inbound Logistics B. Operations C. Human Resource Management D. Marketing and Sales ...Answer... C. Human Resource Management 25. The bargaining power of buyers is likely to be high when: A. There are few buyers and many sellers B. The product is unique C. Switching costs are high D. Buyers purchase small volumes ...Answer... A. There are few buyers and many sellers 26. A focused differentiation strategy targets: A. The entire market with a low-cost product B. A narrow market segment with a unique product C. The entire market with a unique product D. A narrow market segment with a low-cost product ...Answer... B. A narrow market segment with a unique product 27. The "stuck in the middle" problem occurs when a company: A. Fails to successfully implement either a cost leadership or differentiation strategy B. Focuses too narrowly on a single market segment C. Diversifies into too many unrelated businesses D. Has a clearly defined competitive advantage ...Answer... A. Fails to successfully implement either a cost leadership or differentiation strategy 28. The BCG Matrix classifies business units based on: A. Market share and profit margin B. Market growth rate and relative market share C. Competitive intensity and industry attractiveness D. Customer loyalty and brand strength ...Answer... B. Market growth rate and relative market share 29. A "Cash Cow" in the BCG Matrix has: A. High market growth and high market share B. High market growth and low market share C. Low market growth and high market share D. Low market growth and low market share ...Answer... C. Low market growth and high market share