Archive for December 2018

One difference between CPM and EFE is that

One difference between CPM and EFE is that



A) CPM includes both internal and external issues.
B) the weights and total weighted scores have different meanings.
C) CPM ratings range from 1 to 10.
D) CPM is performed only for the company, whereas EFE is performed for both the company and its competitors.
E) CPM is only used in small firms.


Answer: A) CPM includes both internal and external issues.

What is the first step in designing an EFE Matrix?

What is the first step in designing an EFE Matrix?



A) Identifying key external factors in the industry
B) Summing the weighted score for each competitor
C) Calculating the sales of each competitor
D) Drawing the horizontal and vertical lines for the matrix
E) Determining four competitors


Answer: A) Identifying key external factors in the industry

Without assumptions, planning would be

Without assumptions, planning would be



A) impossible.
B) easier.
C) difficult.
D) inexpensive.
E) intuitive.


Answer: A) impossible.

A company website ________ information about a firm.

A company website ________ information about a firm.



A) is a good place to start to find
B) is not a reliable source of
C) is only acceptable as a last resort for
D) should not be used as the first place to look for
E) is a waste of time when searching for


Answer: A) is a good place to start to find

According to Porter, what is usually the most powerful of the five competitive forces?

According to Porter, what is usually the most powerful of the five competitive forces?



A) Potential development of substitute products
B) Bargaining power of suppliers
C) Bargaining power of consumers
D) Rivalry among competing firms
E) Potential entry of new competitors


Answer: D) Rivalry among competing firms

What is NOT one of Michael Porter's five competitive forces?

What is NOT one of Michael Porter's five competitive forces?



A) New entrants
B) Rivalry among existing firms
C) Bargaining power of unions
D) Bargaining power of suppliers
E) Bargaining power of buyers


Answer: C) bargaining power of unions

Market commonality can be defined as

Market commonality can be defined as



A) the number and significance of markets that a firm competes in with rivals.
B) the number and significance of points in common a firm has with its rivals.
C) the extent to which the type of a firm's internal resources are comparable to a rival.
D) the extent to which the amount of a firm's internal resources are comparable to a rival.
E) none of the above


Answer: A) the number and significance of markets that a firm competes in with rivals.

The responsibilities of a director of competitive analysis include all of the following EXCEPT

The responsibilities of a director of competitive analysis include all of the following EXCEPT



A) researching special issues.
B) disseminating information on a timely basis.
C) recognizing what information is important and who needs to know.
D) conducting corporate espionage.
E) analyzing data.


Answer: D) conducting corporate espionage.

Which statement about business intelligence is accurate?

Which statement about business intelligence is accurate?



A) Intelligence gathering is an unethical business practice.
B) Running an intelligence program requires many people.
C) Running an intelligence program requires many computers and other resources.
D) Collecting intelligence about competitors violates antitrust laws.
E) Business intelligence is not equal to espionage.


E) Business intelligence is not equal to espionage.

________ is NOT a basic mission of a competitive intelligence program.

________ is NOT a basic mission of a competitive intelligence program.



A) Providing a general understanding of an industry
B) Providing a general understanding of a company's competitors
C) Identifying industry executives who could be hired by the firm
D) Identifying areas in which competitors are vulnerable and assessing the impact strategic actions would have on competitors
E) Identifying potential moves a competitor might make that would endanger a firm's position in the market


Answer: C) Identifying industry executives who could be hired by the firm

A systematic and ethical process for gathering and analyzing information about the competition's activities and general trends to further a business' own goals is called

A systematic and ethical process for gathering and analyzing information about the competition's activities and general trends to further a business' own goals is called



A) unethical business practices.
B) artificial intelligence.
C) competitive intelligence.
D) industrial espionage.
E) competitive advantage.


Answer: C) competitive intelligence.

Which of the following is NOT a characteristic that describes the most competitive companies in America?

Which of the following is NOT a characteristic that describes the most competitive companies in America?



A) Divestiture is essential to growth.
B) Hire and retain the best employees and managers possible.
C) Continually adapt, innovate, improve—especially when the firm is successful.
D) Strive to stay cost-competitive on a global basis.
E) Whether it's broke or not, fix it.


Answer: A) Divestiture is essential to growth.

Competition in virtually all industries is

Competition in virtually all industries is



A) nonexistent.
B) intense.
C) never cutthroat.
D) easily avoidable.
E) insignificant.


Answer: B) intense.

Not all sectors of the economy are equally affected by technological developments; the ________ industry is much more volatile than the ________ industry.

Not all sectors of the economy are equally affected by technological developments; the ________ industry is much more volatile than the ________ industry.



A) textile; communications
B) pharmaceutical; forestry
C) metals; electronics
D) forestry; communications
E) textile; pharmaceutical


Answer: B) pharmaceutical; forestry

All of the following are political, governmental, and legal variables that can represent key opportunities or threats to organizations EXCEPT

All of the following are political, governmental, and legal variables that can represent key opportunities or threats to organizations EXCEPT



A) special tariffs.
B) environmental protection laws.
C) world oil, currency, and labor markets.
D) legislation on equal employment.
E) population changes by race, age, sex, and level of affluence.


Answer: E) population changes by race, age, sex, and level of affluence.

According to the U.S. Bureau of Labor Statistics, which of the following is TRUE?

According to the U.S. Bureau of Labor Statistics, which of the following is TRUE?



A) The percent of wage and salary workers who were members of a union in the USA increased from 2010 to 2011.
B) Workers in education, training and library occupations had the highest unionization rate.
C) Black workers were less likely to be union members than were white, Asian, or Hispanic workers.
D) Private sector workers had a union membership rate more than five times higher that of public-sector workers.
E) Among states, North Carolina had the highest union membership rate.


Answer: B) Workers in education, training and library occupations had the highest unionization rate.

The historical trend of people moving from ________ has dramatically slowed.

The historical trend of people moving from ________ has dramatically slowed.



A) the Northeast to the Sunbelt
B) the West to the Midwest
C) the Northeast to the Midwest
D) the Sunbelt to the West
E) the West to the Northeast


Answer: A) the Northeast to the Sunbelt

The United States' population is

The United States' population is



A) getting younger and less white.
B) getting younger and more white.
C) getting older and less white.
D) getting older and more white.
E) remaining stable as to age and racial make up.


Answer: C) getting older and less white.

What happens when interest rates rise?

What happens when interest rates rise?



A) Discretionary income increases.
B) The demand for discretionary goods increases.
C) Discretionary income is unchanged.
D) The demand for discretionary goods decreases.
E) Discretionary income increases and the demand for discretionary goods decreases.


Answer: D) The demand for discretionary goods decreases.

Freund emphasizes that key external factors should be all of these EXCEPT

Freund emphasizes that key external factors should be all of these EXCEPT



A) important to achieving long-term and annual objectives.
B) measurable.
C) relatively few in number.
D) applicable to all competing firms.
E) hierarchical in the sense that some will pertain to the overall company while others will be more narrowly focused.


Answer: C) relatively few in number.

To perform an external audit, a company first must

To perform an external audit, a company first must



A) get an approval from the Securities and Exchange Commission.
B) perform an internal audit.
C) gather competitive intelligence and information about external trends.
D) hire a consultant to develop a comprehensive strategic plan.
E) all of the above


Answer: C) gather competitive intelligence and information about external trends.

The process of performing an external audit needs to include

The process of performing an external audit needs to include



A) only top level managers, as it is a planning function.
B) as many managers and employees as possible.
C) primarily front-line supervisors.
D) between 15 to 20 managers for it to be valid.
E) stockholders and external government agencies.


Answer: B) as many managers and employees as possible.

________ is NOT part of an external audit.

________ is NOT part of an external audit.



A) Analyzing competitors
B) Analyzing financial ratios
C) Analyzing available technologies
D) Studying the political environment
E) Analyzing social, cultural, demographic and natural environment forces


Answer: B) Analyzing financial ratios

Regardless of the number of key opportunities and threats included in an External Factor Evaluation Matrix, the highest possible total weighted score for an organization is 4.0, and the lowest possible total weighted score is 0.0.

Regardless of the number of key opportunities and threats included in an External Factor Evaluation Matrix, the highest possible total weighted score for an organization is 4.0, and the lowest possible total weighted score is 0.0.



Answer: False

Regardless of the number of key opportunities and threats included in an External Factor Evaluation Matrix, the highest possible total weighted score for an organization is 4.0, and the lowest possible total weighted score is 0.0.

Regardless of the number of key opportunities and threats included in an External Factor Evaluation Matrix, the highest possible total weighted score for an organization is 4.0, and the lowest possible total weighted score is 0.0.



Answer: False

According to Michael Porter, five competitive forces create vital opportunities and threats to organizations: 1) rivalry among competing firms, 2) potential entry of new competitors, 3) potential development of substitute products, 4) bargaining power of suppliers, and 5) bargaining power of consumers.

According to Michael Porter, five competitive forces create vital opportunities and threats to organizations: 1) rivalry among competing firms, 2) potential entry of new competitors, 3) potential development of substitute products, 4) bargaining power of suppliers, and 5) bargaining power of consumers.



Answer: True

Five major categories of external variables are: 1) economic forces, 2) social, cultural, demographic, and natural environment forces, 3) political, governmental, and legal forces, 4) technological forces and 5) demographic forces.

Five major categories of external variables are: 1) economic forces, 2) social, cultural, demographic, and natural environment forces, 3) political, governmental, and legal forces, 4) technological forces and 5) demographic forces.



Answer: True

Maslow's levels of needs, in order from lowest (most basic) to highest level, are _____.

Maslow's levels of needs, in order from lowest (most basic) to highest level, are _____. 



A. self-actualization, esteem, love, safety, and physiological
B. safety, love, esteem, self-actualization, and physiological
C. physiological, safety, self-actualization, esteem, and love
D. safety, physiological, esteem, love, and self-actualization
E. physiological, safety, love, esteem, and self-actualization


Answer: E. physiological, safety, love, esteem, and self-actualization

Which of the following is the best way to manage virtual teams?

Which of the following is the best way to manage virtual teams? 



A. When beginning with a virtual team, set the final deadline and reprimand any virtual team members who don't make the deadline.
B. Focus on what is accomplished, not hours or locations.
C. Because you don't have face-to-face contact, relay instructions via phone.
D. Require each team member to keep his or her own personal record of the work that's been done as a team.
E. Utilize employees on a global team around the clock


Answer: B. Focus on what is accomplished, not hours or locations

Which of the following is most likely to be considered an action team that requires people with specialized training and a high degree of coordination?

Which of the following is most likely to be considered an action team that requires people with specialized training and a high degree of coordination? 



A. a group of scientists working on a new cancer drug
B. an airline cockpit crew
C. an advisory council on teacher development for a school district
D. all workers on the night shift of a plastics manufacturing facility
E. an information-technology improvement task force


Answer: B. an airline cockpit crew

Which of the following is true of informal groups?

Which of the following is true of informal groups? 



A. Informal groups have appointed leaders.
B. A temporary committee is an example of an informal group.
C. Members of an informal group are assigned to it by the skills they possess.
D. Informal groups can advance or undercut the plans of formal groups.
E. Informal groups are primarily created to solve an organizational problem


Answer: D. Informal groups can advance or undercut the plans of formal groups

Research indicates that women tend to display more _____, while men tend to display more ______.

Research indicates that women tend to display more _____, while men tend to display more ______. 



A. autocratic leadership/ democratic leadership
B. task leadership/ social leadership
C. democratic leadership/ servant leadership
D. social leadership/ task leadership
E. ineffective leadership/ effective leadership


Answer: D. social leadership/ task leadership

Which of the following is a process perspective on motivation?

Which of the following is a process perspective on motivation? 



A. self-determination theory
B. job characteristics model
C. two-factor theory
D. goal-setting theory
E. acquired needs theory


Answer: D. goal-setting theory

If you have a(n) ____________, you believe you control your own destiny.

If you have a(n) ____________, you believe you control your own destiny. 



A. tolerance for ambiguity
B. low level of self-efficacy
C. external locus of control
D. internal locus of control
E. high level of learned helplessness


Answer: D. internal locus of control

A _______ is defined as a small group of people with complementary skills who are committed to a common purpose, performance goals, and approach for which they hold themselves mutually accountable.

A _______ is defined as a small group of people with complementary skills who are committed to a common purpose, performance goals, and approach for which they hold themselves mutually accountable. 



A. quality circle
B. group
C. panel
D. collaborative unit
E. team


Answer: E. team
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