Questions and Answers
What is the primary purpose of an organization?
What is the main focus of the 'Manager's job' section in the introduction to management?
What is the term for the process of analyzing and adapting to changes in the environment?
What is the primary objective of the planning phase in management?
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What is the term for the process of creating new ideas and solutions?
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What is the primary purpose of organizational structure?
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What is the term for the process of allocating tasks and responsibilities to individuals or teams?
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What is the term for the process of bringing about positive change in an organization?
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What is the primary characteristic of a tall organizational structure?
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What is the process of significantly reducing the layers of middle management and increasing the spans of control?
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What is the primary advantage of centralization in an organization?
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What is the opposite of centralization in an organization?
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What is the primary advantage of decentralization in an organization?
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What is restructuring in an organization?
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What is a characteristic of a flat organizational structure?
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What is the term used to describe the process of reducing the layers of middle management and increasing the spans of control, as well as shrinking the size of the work force?
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What is the main goal of managers when conducting benchmarking?
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What is a source of information for benchmarking competitors' value chain activities?
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What is an advantage of benchmarking?
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What is an essential element for the success of benchmarking?
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What is a benefit of the staff involved in the benchmarking process?
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What is the outcome of incorporating the essential elements of benchmarking?
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What is a reason why consultancy firms collect information and make benchmarking studies?
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What can benchmarking lead to?
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What is the primary purpose of Competitive Benchmarking?
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What is the final step in the process of evaluating external factors?
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Which of the following is NOT a key external factor?
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What is the primary purpose of Porter's Five-Forces Model of Competition?
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What is the outcome if one of Porter's Five Forces exhibits higher intensity compared to others?
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What is the significance of relationships with suppliers or distributors in achieving success?
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What is the primary purpose of assimilating and evaluating information?
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What type of data can companies acquire by directly contacting the corporation?
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At which level of strategy formulation are functional strategies developed?
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What is a potential source of competitive advantage for a company?
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What is a characteristic of a firm that adopts a cost leadership strategy?
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Which of the following is an example of a company that has adopted a cost leadership strategy?
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What is a potential target market for a firm that adopts a cost leadership strategy?
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What is a limitation of a firm that adopts a cost leadership strategy?
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What is the level of strategy formulation at which a firm decides which businesses to compete in?
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What is the term for the strategy that focuses on offering standardized goods or services at the lowest cost?
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What happens when the industry is dominated by a limited number of suppliers?
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What is the first step in the EFE matrix method?
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What does a rating of 1 in the EFE matrix indicate?
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What is the purpose of allocating a weight to each factor in the EFE matrix?
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Which industry is an example of one where suppliers have significant power?
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What is the outcome of multiplying the weight of each factor by its corresponding rating in the EFE matrix?
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Why is it important to consider supplier power when analyzing an industry?
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What is the purpose of the EFE matrix?
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What is the primary purpose of evaluating the effectiveness of implemented strategies?
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What is the primary focus of the external environment in strategic management?
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What is included in the general environment in strategic management?
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What is an example of a political and legal force that may impact an organization?
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Why is it important for firms to assess the potential impact of political variables on competitive strategies?
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What is the impact of the imposition of high taxes on an organization?
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What is the primary purpose of monitoring the business landscape and internal operations?
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What is the outcome of ineffective strategies in an organization?
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What is the primary benefit of the strategic alliance between Spotify and Uber?
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What is the outcome of MasterCard's partnership with Apple Pay?
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What is the potential threat to the sustainability and trust between partners in a strategic alliance?
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What is the result of the partnership between Chevrolet and Disney?
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What is a key aspect to consider when choosing a partner for a strategic alliance?
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What is a common goal of strategic alliances?
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What is the role of MasterCard's expertise in the Apple Pay system?
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What is the benefit of the strategic alliance between Uber and Spotify to Spotify?
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What type of organizational characteristics are typically found in firms that operate in a stable environment?
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What is the primary focus of Strategic Management?
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What is the outcome of differentiation within an organization?
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What is the primary goal of integration within an organization?
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What type of organizational characteristics are typically found in firms that operate in a highly unstable and uncertain environment?
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What is the outcome of an organization's strategic management process?
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What is the primary benefit of organizations operating in a highly unstable and uncertain environment adopting organic characteristics?
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What is the primary purpose of Strategic Management in relation to an organization's resources?
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What is the primary purpose of Strategic Group Mapping?
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What is a guideline for constructing Strategic Group Maps?
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What determines the relative size of each strategic group?
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What is the first step in the construction of a Strategic Group Map?
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Why should different competitive variables be used as axes for the Strategic Group Map?
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What can Strategic Group Mapping help firms to recognize?
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What is a characteristic of a strategic group?
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What can Strategic Group Mapping guide firms in determining?
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What is the definition of management according to Frederick Winslow Taylor?
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What is the core part of management, according to the contemporary approach?
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What is the origin of the word 'management'?
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Who is credited with defining the major components of management?
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What is the primary purpose of management?
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What is the primary advantage of a matrix structure in an organization?
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What are the four functions of management?
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What is the definition of management according to Bartol and Martin?
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What is the primary disadvantage of a matrix structure in an organization?
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What is the primary focus of contingency factors in determining the best organizational structure?
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What is the etymology of the word 'management'?
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What is the primary characteristic of unit and small-batch production technology?
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What is the primary focus of technological interdependence in organizational structure?
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What is the primary characteristic of continuous-process production technology?
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What is the primary advantage of considering contingency factors in organizational structure?
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What is the primary disadvantage of a high level of technological interdependence in an organization?
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What is the primary purpose of strategic group mapping in business analysis?
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What is the outcome of performing an internal audit in an organization?
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What is the primary characteristic of tangible resources?
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What is the primary benefit of involving representative managers and employees in internal environment analysis?
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What is the primary purpose of internal environment analysis?
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What is the primary benefit of internal audit in an organization?
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What is the primary characteristic of intangible resources?
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What is the primary outcome of conducting internal environment analysis?
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What percentage of the information a firm needs to make strategic decisions is available and accessible to the public?
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What is the primary purpose of a competitive intelligence program?
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Which of the following sources of strategic information involves disassembling products to gain insights?
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What is the primary focus of defensive competitive intelligence?
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Why is competitive intelligence gathering not considered corporate espionage?
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Which of the following sources of strategic information provides valuable data, but often requires an excessive lead time?
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What is the primary purpose of gathering competitive intelligence?
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What is the primary advantage of searching online databases for competitive intelligence?
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What is the primary purpose of Inbound Logistics in the Value Chain?
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Which of the following is NOT a primary activity in the Value Chain?
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What is the purpose of Technological Development in the Value Chain?
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What is the primary purpose of Outbound Logistics in the Value Chain?
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Which of the following Value Chain activities is focused on facilitating the means by which customers can purchase products?
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What is the primary purpose of Support activities in the Value Chain?
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What is the primary purpose of Procurement in the Value Chain?
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Which of the following Value Chain activities is focused on enhancing or maintaining a product's value?
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What is the main basis for grouping positions in a functional structure?
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What is the primary advantage of a functional structure?
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Which of the following is NOT a common function in an organization?
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What is the total value of the strengths of a company in the given scenario?
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What is a disadvantage of a functional structure?
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What is the primary purpose of benchmarking?
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What is the primary responsibility of the Research and Development (R&D) function?
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What is the value of the strength 'Diversified income'?
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Which of the following is a characteristic of a functional structure?
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What is the primary benefit of a functional structure in terms of employee development?
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What is the weakness with the highest rating in the given scenario?
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What is the primary characteristic of a tall organizational structure?
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What is the main advantage of decentralization in an organization?
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What is the primary reason why functional structure can lead to slow response time on multifunctional problems?
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What is the total value of the weaknesses of a company in the given scenario?
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What is the primary purpose of identifying the strengths and weaknesses of a company?
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What is the primary goal of downsizing in an organization?
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What is the primary advantage of centralization in an organization?
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What is the value of the strength 'Brand reputation valued at $35 billion'?
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What is the key difference between downsizing and restructuring?
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What is the primary benefit of benchmarking?
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What is the primary characteristic of a flat organizational structure?
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What is the outcome of decentralization in an organization?
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What is the primary reason why companies downsize?
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At which level of strategy formulation is a firm's strategy established to compete in a specific business?
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What is a characteristic of a firm that adopts a cost leadership strategy?
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What is a potential source of competitive advantage for a company?
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What is the primary purpose of formulating a strategy at the firm level?
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What is an example of a company that has adopted a cost leadership strategy?
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What is a limitation of a firm that adopts a cost leadership strategy?
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What is a potential target market for a firm that adopts a cost leadership strategy?
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What is a characteristic of a firm that adopts a differentiation strategy?
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What is the term for the strategy that focuses on offering standardized goods or services at the lowest cost?
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What can be a competitive risk of a differentiation strategy?
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What is an example of a company that has adopted a differentiation strategy?
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What can be a way to differentiate a product or service?
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What is the primary purpose of a focus strategy?
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What is a characteristic of a product or service that is differentiated?
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What can be a result of imitation by rivals in a differentiation strategy?
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What is a common target market for a firm that adopts a differentiation strategy?
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What is the primary responsibility of a line position in an organization?
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What is the term for the authority of staff departments over others in the organization in matters related directly to their respective functions?
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What is the primary purpose of lateral relations in an organization?
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What is the term for the linking of activities across departments at similar levels?
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Decentralization leads to which of the following?
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What is the main reason for individuals at lower levels being in a better position to make good decisions?
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What type of authority do staff departments have in an organization?
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What is the primary difference between responsibility and authority?
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What is the primary purpose of information systems in an organization?
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What is the result of decentralization leading to the establishment of relatively independent units?
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What type of authority do line departments have in an organization?
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What is the relationship between delegation and responsibility?
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What is the primary purpose of slack resources in an organization?
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Which of the following is a reason why decentralization occurs?
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What is accountability related to?
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What is the benefit of decentralization in terms of employee development?
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In a functional structure, which department is responsible for producing unique ideas and methods that will lead to new and/or improved products and services?
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What is an advantage of a functional structure?
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Which of the following is a disadvantage of a functional structure?
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In a functional structure, which department is concerned with obtaining and managing financial resources?
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What is a benefit of a functional structure in terms of career development?
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Which of the following is NOT a characteristic of a functional structure?
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What is a potential drawback of a functional structure in terms of decision-making?
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Which of the following is a common function in a functional structure?
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What is the primary driver of tall organizational structures?
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What is the primary advantage of decentralization in an organization?
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What is the primary difference between downsizing and restructuring?
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What is the primary advantage of centralization in an organization?
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What is the primary characteristic of a flat organizational structure?
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What is the primary purpose of directly contacting a corporation for data?
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What is the primary goal of downsizing in an organization?
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What is the outcome of having one of Porter's Five Forces exhibiting higher intensity compared to others?
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What is the primary outcome of decentralization in an organization?
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What is the primary purpose of assimilating and evaluating information?
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What is the primary reason why organizations adopt a flat structure?
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What is a common external factor considered by organizations?
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What is the primary purpose of Porter's Five-Forces Model of Competition?
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What is the outcome of effective communication of key external factors within an organization?
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What type of relationships can significantly impact an organization's success?
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What is an essential element in analyzing key external factors?
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