Question 1

A standardized set of behaviors used to manage anxieties is called a
A) folktale.
B) rite.
C) metaphor.
D) ritual.
E) value.

Accepted Answer

A standardized set of behaviors used to manage anxieties is called a ritual. Rituals are often repetitive actions or behaviors performed in a specific way that provide a sense of comfort or control in times of stress or anxiety. Examples of rituals can include things like saying a prayer before a big event, performing a specific set of actions before bed every night, or engaging in certain behaviors to avoid negative outcomes.

Question 2

A firm's strengths that cannot be easily matched or imitated by competitors are called
A) internal audits.
B) distinctive competencies.
C) external audits.
D) interrelated properties.
E) internal properties.

Accepted Answer

Distinctive competencies are specific strengths that a firm possesses and that differentiate it from its competitors. These strengths cannot be easily matched or imitated, giving the firm a competitive advantage.

Question 3

Which of the following are NOT mentioned as an example of cultural products?
A) Rites
B) Emotions
C) Rituals
D) Sagas
E) Symbols

Accepted Answer

Emotions are not examples of cultural products. They are universal human experiences that are not specific to any particular culture. The other options (A, C, D, and E) are all examples of cultural products.

Question 4

Explain the resource-based view and its relation to strategic management.

Accepted Answer

The answer of Explain the resource-based view and its relation...

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

This statement accurately describes the basic premise of the research-based view in strategic management.

Question 6

The three all-encompassing internal resource categories used in the resource-based view are physical resources, human resources, and
A) financial resources.
B) shareholder resources.
C) organizational resources.
D) non-renewable resources.
E) technological resources.

Accepted Answer

Organizational resources are considered one of the three main categories in the resource-based view, alongside physical and human resources.

Question 7

A pattern of behavior developed by an organization as it learns to cope with its problems of external adaptation and internal integration, and that has worked well enough to be considered valid and to be taught to new members as the correct way to perceive, think, and feel is called
A) dysfunctional behavior.
B) groupthink.
C) behavior modification.
D) organizational culture.
E) internal audit effect.

Accepted Answer

The description provided here matches the definition of organizational culture, which is the set of shared values, beliefs, customs, and practices that characterize an organization and guide its behavior. Organizational culture helps members to make sense of their environment, to solve problems in a consistent way, and to identify with the organization's goals and mission. This culture can be transmitted through formal and informal channels, such as stories, rituals, symbols, or language, and can shape individual behavior and performance. Dysfunctional behavior refers to actions or attitudes that are counterproductive or harmful to the organization's interests. Groupthink is a phenomenon where group members tend to conform or suppress dissenting opinions for the sake of consensus or harmony, which may lead to flawed decisions. Behavior modification is a technique that uses positive or negative reinforcement to encourage or discourage certain behaviors. The internal audit effect refers to the tendency of organizations to behave differently or to report differently when they know they are monitored or evaluated internally.

Question 8

What is the term for a historical narrative describing the unique accomplishments of a group and its leaders?
A) Rite
B) Saga
C) Story
D) Myth
E) Folktale

Accepted Answer

A saga is a historical narrative that tells the story of a group and its leaders, often including their heroic or unique accomplishments. Rites are ceremonial actions or customs, stories and myths are often more focused on supernatural or mythical beings, and folktales may not be rooted in historical events or figures. "Story" is a general term that can encompass all of these options, but "saga" specifically fits the given description.

Question 9

Successful strategy formulation generally rests upon the ability of an organization to sell some product or service.

Accepted Answer

The answer of Successful strategy formulation generally rests upon the...

Question 10

Life-directing attitudes that serve as behavioral guidelines are called
A) values.
B) rites.
C) beliefs.
D) metaphors.
E) legends.

Accepted Answer

The attitudes that serve as behavioral guidelines are known as values. Values are deeply held beliefs about what is important, desirable, and worthwhile. They serve as guiding principles for behavior and decision-making, and they help individuals to prioritize and make choices that are consistent with their beliefs and goals. Rites, beliefs, metaphors, and legends all play important roles in shaping culture and guiding behavior, but they are not specifically focused on directing individual behavior in the way that values are.

Question 11

For a resource to be valuable, it must be either rare, hard to imitate, or not easily substitutable.

Accepted Answer

This statement is true. For a resource to have sustained value, it must possess at least one of these characteristics. If a resource is common, easily replicated, and easily replaced, it is unlikely to possess lasting value or competitive advantage.

Question 12

Proponents of the resource-based view argue that external factors are more important than internal factors for a firm in achieving and sustaining competitive advantage.

Accepted Answer

Proponents of the resource-based view argue that internal factors, specifically a firm's unique resources and capabilities, are more important than external factors such as industry conditions or market trends in achieving and sustaining competitive advantage.

Question 13

Who should perform an internal audit?
A) A private auditing firm
B) The organization's accounting department
C) Representative managers and employees from throughout the firm
D) A small team of top-level managers
E) The chief executive officer

Accepted Answer

An internal audit is typically performed by representative managers and employees from throughout the firm. This ensures that there is no bias or conflict of interest, and that a diverse range of perspectives are considered. The accounting department may have an important role in supporting the audit, but they should not be solely responsible for performing it. Using a private auditing firm or a small team of top-level managers may also introduce potential conflicts of interest or bias. Ultimately, the goal of an internal audit is to provide an independent, objective assessment of the organization's operations, controls, and risks, and this is best achieved by involving a diverse range of stakeholders from within the organization. The CEO may have a role in overseeing the audit process, but should not perform the audit themselves.

Question 14

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

Accepted Answer

An internal audit is conducted by employees or departments within the organization and focuses on evaluating and improving internal controls and operations, which allows for more engagement and understanding of the organization's overall functioning. In contrast, an external audit is conducted by independent auditors and focuses on the accuracy and completeness of financial statements, which may not provide the same level of understanding of the organization's internal workings.

Question 15

According to William King, a task force of managers from different units of the organization should be charged with determining the 20 most important strengths and weaknesses that should influence the future of the organization.

Accepted Answer

William King suggests that a task force of managers from different units of the organization should be charged with determining the 20 most important strengths and weaknesses that should influence the future of the organization.

Question 16

________ exemplifies the complexity of relationships among the functional areas of business.
A) Government auditing
B) External auditing
C) Financial ratio analysis
D) Environmental scanning
E) Distribution strategy

Accepted Answer

The answer of ________ exemplifies the complexity of relationships among...

Question 17

A resource is valuable if it is rare, hard to imitate, or
A) expensive.
B) inexpensive.
C) easily substitutable.
D) not easily substitutable.
E) inefficient.

Accepted Answer

A resource is valuable if it is not easily substitutable by other resources. If it is easily substitutable, then its value is decreased. Rarity and difficulty to imitate are also important factors, but they alone do not make a resource valuable. Cost is not necessarily an indicator of value. Efficiency is not a relevant factor in determining the value of a resource.

Question 18

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

Accepted Answer

Employee training is considered a process or activity aimed at developing skills and competencies within the workforce rather than a resource. Resources in an organization typically refer to tangible and intangible assets such as firm structure, planning processes, information systems, and copyrights, which can be utilized or leveraged to achieve strategic goals or competitive advantage.

Question 19

Opportunities are a firm's distinctive competencies that cannot be easily matched or imitated by competitors.

Accepted Answer

Opportunities are external conditions that favor strengths of a firm, while distinctive competencies are internal capabilities that set a firm apart from competitors and cannot be easily matched or imitated.

Question 20

Any object, act, event, quality, or relation used to convey meaning is known as a
A) myth.
B) rite.
C) value.
D) symbol.
E) metaphor.

Accepted Answer

Symbols are objects, acts, events, qualities or relations that convey meanings beyond their literal sense. They are widely used in various cultures and languages to represent ideas or concepts.

Quiz 4: The Internal Assessment

A standardized set of behaviors used to manage anxieties is called a

A firm's strengths that cannot be easily matched or imitated by competitors are called

Which of the following are NOT mentioned as an example of cultural products?

Explain the resource-based view and its relation to strategic management.

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.

The three all-encompassing internal resource categories used in the resource-based view are physical resources, human resources, and

A pattern of behavior developed by an organization as it learns to cope with its problems of external adaptation and internal integration, and that has worked well enough to be considered valid and to be taught to new members as the correct way to perceive, think, and feel is called

What is the term for a historical narrative describing the unique accomplishments of a group and its leaders?

Successful strategy formulation generally rests upon the ability of an organization to sell some product or service.

Life-directing attitudes that serve as behavioral guidelines are called

For a resource to be valuable, it must be either rare, hard to imitate, or not easily substitutable.

Proponents of the resource-based view argue that external factors are more important than internal factors for a firm in achieving and sustaining competitive advantage.

Who should perform an internal audit?

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

According to William King, a task force of managers from different units of the organization should be charged with determining the 20 most important strengths and weaknesses that should influence the future of the organization.

________ exemplifies the complexity of relationships among the functional areas of business.

A resource is valuable if it is rare, hard to imitate, or

Organizational resources include all of the following EXCEPT

Opportunities are a firm's distinctive competencies that cannot be easily matched or imitated by competitors.

Any object, act, event, quality, or relation used to convey meaning is known as a