Question 1

Typical sources of benchmarking information include
A)willing rival firms.
B)creditors,shareholders,and lobbyists.
C)suppliers,distributors,customers,and partners.
D)published reports and trade publications.
E)all the above

Accepted Answer

All the sources listed are typical sources of benchmarking information.

Question 2

Managers seek to maximize strengths and minimize weaknesses while effectively seizing opportunities and avoiding or neutralize threats.

Accepted Answer

This statement summarizes the strategic management process, which involves analyzing the internal and external environment of an organization to determine its strengths, weaknesses, opportunities, and threats (SWOT analysis) and using this information to make decisions and take actions that maximize strengths, minimize weaknesses, and capitalize on opportunities while mitigating threats.

Question 3

Which of the following would not be classified as a supplier cost for a typical manufacturing firm?
A)Raw materials
B)Transportation
C)Fuel and energy
D)Trucking
E)Truck drivers and truck maintenance

Accepted Answer

Trucking is a vague term that could refer to multiple aspects of the supply chain, such as transportation, fuel and energy, truck drivers, or truck maintenance. Therefore, it is not specific enough to be classified as a supplier cost.

Question 4

Value chains tend to be similar across different industries and firms.

Accepted Answer

Value chains can vary greatly across different industries and even within firms in the same industry. Each industry and firm has its unique set of activities that add value to the final product or service.

Question 5

The basic premise of the research- based view is that the mix,type,amount and nature of a firm's internal resources should be considered first and foremost in devising strategies that can lead to sustainable competitive advantage.

Accepted Answer

The answer of The basic premise of the research- based...

Question 6

Which of the following is not true about Arab managers?
A)Arabs have a tendancy to compromise and are easily persuaded to offer concessions once they feel that their counterparts are willing to reciprocate.
B)Arabs are less inclined to gather detailed information about the subject under negotiation,so will subsequently spend less time than their American counterparts on preparation and planning platforms.
C)Arabs may delay scheduled meetings or often reschedule them,because personal matters,often family ones,take priority.
D)As a sign of respect,Arabs tend to stand approximately 1 meter from their counterparts when engaged in business conversations.

Accepted Answer

Arabs typically stand closer than 1 meter during conversations as a sign of respect and to establish a personal connection.

Question 7

Organizational culture is the product of various factors,including
A)values,norms and beliefs.
B)accumulated experience.
C)government rules and regulations.
D)the founder's aspiration.
E)all the above

Accepted Answer

Organizational culture is influenced by a variety of factors, including the values, norms, and beliefs that are shared by employees, as well as the accumulated experience of the organization. It may also be influenced by government rules and regulations, as well as the aspirations of the organization's founder or leaders. Therefore, all of the options provided (values, norms and beliefs; accumulated experience; government rules and regulations; and founder's aspiration) are factors that may contribute to an organization's culture.

Question 8

An organization's culture compares to an individual's personality in the sense that no two organizations have the same culture and no two individuals have the same personality.

Accepted Answer

Both an organization's culture and an individual's personality are unique and shaped by various internal and external factors. Therefore, it is true that no two organizations or individuals have the exact same culture or personality.

Question 9

What are historical narratives describing the unique accomplishments of a group and its leaders,usually in heroic terms?
A)Sagas
B)Myths
C)Stories
D)Folktales
E)Rites

Accepted Answer

Sagas are typically historical narratives that describe the unique accomplishments of a group and its leaders, often in heroic terms. They often focus on the lives and exploits of legendary or mythological figures, and may incorporate elements of myth and legend into their storytelling. Examples of sagas include the Icelandic sagas and the Germanic sagas of the Vikings.

Question 10

Who should perform an internal analysis?
A)A team of top- level managers and lower- level employees
B)The chief executive officer
C)A private auditing firm
D)The organization's accounting department
E)Managers from different units of the organization

Accepted Answer

Managers from different units of the organization should perform an internal analysis as they have the best understanding of their specific areas and can provide valuable insights into the organization's strengths, weaknesses, opportunities, and threats. Additionally, involving managers from different units ensures a comprehensive and diverse perspective during the analysis process.

Question 11

Benchmarking is an analytical tool used to determine whether a firm's value chain activities are competitive compared to rivals.

Accepted Answer

Benchmarking involves comparing a firm's value chain activities with those of its competitors to identify areas of improvement and determine whether the activities are competitive or not.

Question 12

A value chain analysis is not so important for a firm in monitoring whether its prices and costs are competitive.

Accepted Answer

A value chain analysis involves examining all the activities a firm undertakes to produce a product or service, from raw material acquisition to final delivery to customers. It helps a firm to identify areas where it can reduce costs or increase value, including pricing strategies. Therefore, a value chain analysis is important for a firm in monitoring whether its prices and costs are competitive.

Question 13

The RBV theorists say if many firms cannot easily obtain or imitate particular resources then those resources will ensure a competitive advantage.

Accepted Answer

According to the Resource-Based View (RBV) theory, resources that are valuable, rare, inimitable, and non-substitutable (VRIN) can provide a competitive advantage as they are difficult for competitors to obtain or imitate. Therefore, the statement is true.

Question 14

The International Benchmarking Clearinghouse provides guidelines to help prevent which of the following improper business activities?
A)Bid rigging
B)Price fixing
C)Restraint of trade
D)Bribery
E)All the above

Accepted Answer

The International Benchmarking Clearinghouse provides guidelines to prevent all of the mentioned improper business activities such as bid rigging, price fixing, restraint of trade, and bribery.

Question 15

Within large organizations,each division has certain strengths and weaknesses.

Accepted Answer

Each division within a large organization has its own unique set of strengths and weaknesses that contribute to the overall performance of the organization as a whole.

Question 16

Ignoring the effect that culture can have on business relationships can result in all of the following except
A)difficulty accessing company facilities.
B)lack of coordination.
C)inability to adapt to changing conditions.
D)barriers to communication.

Accepted Answer

Ignoring the effect that culture can have on business relationships may result in barriers to communication, lack of coordination, and inability to adapt to changing conditions. However, it is unlikely to result in difficulty accessing company facilities.

Question 17

The internal resource categories used in the resource- based approach are physical resources,human resources and
A)financial resources.
B)shareholder resources.
C)organizational resources.
D)technological resources.
E)natural resources.

Accepted Answer

Organizational resources are considered a key category in the resource-based approach, alongside physical and human resources.

Question 18

Organizational resources include all of the following except
A)planning processes.
B)copyrights.
C)employee training.
D)information systems.
E)firm structure.

Accepted Answer

The answer of Organizational resources include all of the following...

Question 19

The process whereby a firm determines the costs associated with organizational activities is called
A)the internal factor evaluation matrix.
B)cost- benefit analysis.
C)value chain analysis.
D)the resource- based approach.
E)strategic cost analysis.

Accepted Answer

Value chain analysis is the process where a firm identifies and evaluates the costs associated with its organizational activities to understand how they contribute to the firm's value creation.

Question 20

The process of performing an internal assessment,compared to the external assessment,provides more opportunity for participants to understand how their jobs,departments and divisions fit into the whole organization.

Accepted Answer

An internal assessment focuses on evaluating the organization's internal operations, structure, and resources. This process involves the participation of individuals at various levels and provides them with a better understanding of the organization's overall functioning. On the other hand, an external assessment focuses on evaluating the external environment, competition, stakeholders, and market trends. This process may involve less participation from internal employees and instead rely on external consultants or industry experts. Therefore, an internal assessment provides more opportunity for participants to understand their roles and contributions within the organization.

Quiz 4: The Internal Assessment

Typical sources of benchmarking information include

Managers seek to maximize strengths and minimize weaknesses while effectively seizing opportunities and avoiding or neutralize threats.

Which of the following would not be classified as a supplier cost for a typical manufacturing firm?

Value chains tend to be similar across different industries and firms.

The basic premise of the research- based view is that the mix,type,amount and nature of a firm's internal resources should be considered first and foremost in devising strategies that can lead to sustainable competitive advantage.

Which of the following is not true about Arab managers?

Organizational culture is the product of various factors,including

An organization's culture compares to an individual's personality in the sense that no two organizations have the same culture and no two individuals have the same personality.

What are historical narratives describing the unique accomplishments of a group and its leaders,usually in heroic terms?

Who should perform an internal analysis?

Benchmarking is an analytical tool used to determine whether a firm's value chain activities are competitive compared to rivals.

A value chain analysis is not so important for a firm in monitoring whether its prices and costs are competitive.

The RBV theorists say if many firms cannot easily obtain or imitate particular resources then those resources will ensure a competitive advantage.

The International Benchmarking Clearinghouse provides guidelines to help prevent which of the following improper business activities?

Within large organizations,each division has certain strengths and weaknesses.

Ignoring the effect that culture can have on business relationships can result in all of the following except

The internal resource categories used in the resource- based approach are physical resources,human resources and

Organizational resources include all of the following except

The process whereby a firm determines the costs associated with organizational activities is called

The process of performing an internal assessment,compared to the external assessment,provides more opportunity for participants to understand how their jobs,departments and divisions fit into the whole organization.