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BUS101 - Chapter 5 Test Bank fully solved & updated
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BUS101 - Chapter 5 Test Bank fully solved & updated
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BUS101 - Chapter 5 Test Bank fully solved& updated
Business strategy focuses on improving the company's competitive position. -
ANSWER-TRUE
Strategic management is the process of helping an organization maintain an
effective alignment with its environment. One specific type is business, or
competitive, strategy.
Contingency planning seeks to identify how a company will respond to change. -
ANSWER-TRUE
Contingency planning is planning for change: It seeks to identify in advance
important aspects of a business or its market that might change.
When a sales manager compares actual sales to the quarterly sales quota, she is
performing the controlling function of management. - ANSWER-TRUE
Controlling is the process of monitoring a firm's performance to make sure that it
is meeting its goals.
The first step in the control process is to compare actual performance to
standards. - ANSWER-FALSE
The first step in the control process occurs when managers establish standards.
Operations managers are responsible for production, inventory, and quality
control. - ANSWER-TRUE
,In general, operations refer to the systems by which a firm produces goods and
services.
Information managers are responsible for getting products from producers to
consumers. - ANSWER-FALSE
Information managers design and implement systems to gather, organize, and
distribute information.
The last step in the decision-making process is the selection of the best
alternative. - ANSWER-FALSE
Implementing the chosen alternative is the last step in the process.
Changes in technology will result in a decrease in the amount of information that
managers will use to make decisions. - ANSWER-FALSE
In today's world, the amount of information has reached staggering proportions.
The starting point in effective management is setting goals. - ANSWER-TRUE
In addition, managers must consider what actions will and will not achieve.
Goal setting helps managers assess performance. - ANSWER-TRUE
For example, if a unit sets a goal of increasing sales by 10 percent in a given year,
managers in that unit who attain or exceed the goal can be rewarded.
Long-term goals are derived directly from a firm's mission statement. - ANSWER-
TRUE
Long-term goals relate to extended periods of time, typically five years or more;
long-term goals are strategic goals that are directly related to the firm's mission
statement.
Doubling the number of merchants participating in a sales program over the next
10 years is an example of a long-term goal. - ANSWER-TRUE
Long-term goals relate to extended periods of time, typically five years or more.
,Increasing sales by 4 percent in the next six months would be an example of an
intermediate goal. - ANSWER-FALSE
Increasing sales by 4 percent over six months would be an example of a short-
term goal; short-term goals are set for up to a year.
When IBM analyzes its internal strengths and weaknesses, it is conducting an
organizational analysis. - ANSWER-TRUE
In addition to analyzing external factors by performing an environmental analysis,
managers can examine internal strengths and weaknesses via organizational
analysis.
Corporate culture is largely a result of state and local laws and regulations. -
ANSWER-FALSE
Corporate culture refers to the shared experiences, stories, beliefs, and norms
that characterize an organization.
A strong corporate culture directs employees' efforts and helps everyone work
toward the same goals. - ANSWER-TRUE
Managers must carefully consider the kind of culture they want for their
organizations and then work to nourish that culture by communicating with
everyone who works there.
It is not possible to change an organization's corporate culture. - ANSWER-
FALSE
Organizations must sometimes change their corporate culture.
Many managers spend as much as four hours a day in meetings. - ANSWER-
TRUE
Meetings are one of the four most common causes of wasted time in
organizations.
The effectiveness of managers in using time can be undermined by frequent
phone calls. - ANSWER-TRUE
, Because of the frequency with which managers are interrupted by phone calls,
experts suggest having an assistant screen all calls and setting aside a certain
block of time each day to return the important ones as an effective time
management tool.
A firm first sets its strategies and then focuses attention on goals to accomplish
them. - ANSWER-FALSE
After a firm has set its goals, it then focuses attention on strategies to
accomplish them.
Strategy has a wider scope than planning. - ANSWER-TRUE
Planning is often concerned with the nuts and bolts of setting goals, choosing
tactics, and establishing schedules; strategy tends to have a wider scope.
An organization retrenches by increasing its investment in a particular area. -
ANSWER-FALSE
Retrenching is a corporate strategy that involves reducing investment in a
particular area.
SWOT analysis is usually conducted before strategic goals have been
established. - ANSWER-FALSE
Strategic goals are established first; THEN the internal strengths and weaknesses
and the external opportunities and threats are evaluated through SWOT analysis.
Which business constituents analyze their competitive environments and plan,
organize, direct, and control the operations of their organizations? - ANSWER-
managers
Management itself is the process of planning, organizing, leading, and controlling
an organization's financial, physical, human, and information resources to
achieve its goals. Managers oversee the use of all these resources in their
respective firms.
Which aspect of the management process involves determining what the
organization needs to do and how best to get it done? - ANSWER-planning
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