Business Capstone Test 1 UPDATED
Questions and CORRECT Answers
Scientific Management - CORRECT ANSWER- ✔✔focuses on applying superior principles
over superior employees
To many, planning IS... - CORRECT ANSWER- ✔✔strategy
Early management focused on... - CORRECT ANSWER- ✔✔developing good policies
Today's competitive environment focuses on... - CORRECT ANSWER- ✔✔multiple
strategies, rather than one "single best way"
3 Factors that influence firm performance - CORRECT ANSWER- ✔✔-Industry
Membership
-Unique Organizational Resources
-Decision Making Ability of CEO, Top Management, etc.
Industry Membership - CORRECT ANSWER- ✔✔-Factor that influences firm performance
-Most important environmental condition
-Structural approach largely focuses on industry structure = attractiveness of external
environment, not firm
-AKA "Structure-Conduct-Performance"
Unique Organizational Resources - CORRECT ANSWER- ✔✔-Factor that influences firm
performance
-Resource-based model
, Resource-Based Model - CORRECT ANSWER- ✔✔suggests that above-average returns for
any firm is largely determined by unique internal characteristics of the firm
Organizational Culture - CORRECT ANSWER- ✔✔set of ideologies, strategies, and core
values shared throughout firm and influences business conduct
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