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PEST-analysis is useful because it: describes profitability situation for a firm describes the profitability situation in an industry describes the competitive situation in an industry describes the macro-environment for a business (correct answer) The value chain is he...

PEST-analysis is useful because it: describes profitability situation for a firm describes the profitability situation in an industry describes the competitive situation in an industry describes the macro-environment for a business (correct answer) The value chain is helpful when you: want to analyze the value creating activities in the organization (correct answer) want to analyze the values expected by customers want to analyze a chain of event in the company want to analyze the value delivered from the organization The CSR concept: focus on corporate responsibilities as profits is a distracting “problem” view the firm as a donor for social activities (Corporate Support Responsibility) focus on a wider definition of return of investment (Corporate Social Returns) view the firm as embedded in, and dependent on, an ecosystem it needs to adapt to (correct answer) One major reason that firms need strategy is? It provides a coherent theme that simplifies decision-making within the firm (correct answer) It is crucial for recruitment It provides crucial material to show investors It is crucial for legal permissions Using product design as a driver of cost advantage means that: products are designed to ease production and keep production costs low (correct answer) only established product designs available to buy in the market are used the design costs are kept low products are designed to avoid standardized concepts Sustainable competitive advantage can be generated by: having access to many different resources having access to at least one unique capability (correct answer) something else. It is never depending on a particular capability having access to many different capabilities The concept of corporate strategy is about: how to raise capital for a business how to grow a business what industries to compete in? (correct answer) how to compete within a particular industry The only sustainable way to make a differentiation strategy successful is by: signaling clearly that this year’s model is new having different outlets to meet the market having a unique feature in your product offering (correct answer) being the market leader and have the highest volume in the industry In an industry the Key Success Factors (KSF) describes: the competitive advantages of the market leader what customers want and what the firm needs to do to survive competition (correct answer) actors neutralizing competitors factors driving growth Competitor analysis will help the company to: foresee competitors strategies, decisions and reactions (correct answer) neutralize the external forces that drives down profits analyze competitors’ value-creating resources analyze which competitor is the most profitable The only sustainable way to make a low cost strategy successful is by: signaling clearly that this is a low quality product having the lowest prices in the market having the lowest costs in the industry (correct answer) being the market leader and have the highest volume in the industry One major reason to that firms need strategy is? It is crucial for recruitment It provides a coherent theme that simplifies decision-making within the firm (correct answer) It provides crucial material to show investors It is crucial for legal permissions A stakeholder approach to the firm implies that: the owners of the business enterprise never formally approach the company the business enterprise needs no governance the firm business enterprise represents high stakes for the holders of owners’ rights the business enterprise is viewed as a coalition of interest groups whose needs are to be balanced by top management (correct answer) A strategic group analysis identifies: groups of strategies with government permissions a group of companies pursuing a strategy along the same central dimensions (correct answer) the joint profit level in a group of companies strategies that can be shared in the supply chain High replicability of a resource or a capability  is a good base to create new resources is a good base for creating growth is a good base for competitive advantage is not a good base for creating competitive advantage (correct answer) The concept of Business strategy is about: how to grow a business how to choose a business to compete in? how to raise capital for a business how to compete within a particular industry (correct answer) Stuck-in-the-middle is a problem because: it is difficult to classify what industry the products are in it means that sales are stagnated it generates a weak position in the market (correct answer) it is well known that the middle market is always the smallest The concept of “Strategic fit” is about: the alignment of a firm’s strategy and its organizational structure the alignment of a firm’s strategy and the competitive situation the alignment of the business environment and the firm’s resources and capabilities (correct answer) the alignment of a firm’s products/services and the demand from customers In the five forces model, the bargaining power of buyers, drives down profitability in the industry if: the cost for changing between products is high the customers have different types of needs the product is differentiated the customers are well-informed about the product and the production conditions (correct answer) In the five forces model, the rivalry between established companies, drives down profitability in the industry if: there is excess capacity from the suppliers there is excess production capacity (correct answer) there is a lack of production capacity there is a lack of production equipment Week 2: Organization Module Quiz Maslow’s Hierarchy of Needs model Assumes that lower-level needs must be fulfilled before higher-level needs can be fulfilled. (correct answer) Identifies esteem need as the highest human need Has been scientifically validated Identifies love as the most basic human need What concept is defined as “the way we do things around here”? Culture (correct answer) Metaphor Values Myth The primary supporting disciplines for the symbolic frame is: Anthropology, dramaturgy and institutional theory (correct answer) Anthropology, dramaturgy and political science Sociology and political science Sociology and psychology Mary Follett and Elton Mayo argued that Workers’ skills, attitudes, energy, and commitment are vital resources that can make or break an enterprise. (correct answer) Workers need organizations much more than organizations need workers. Workers rarely work as hard as they should. It is the duty of the employee to work hard and follow orders. Stories carry history, values and ___________________. Myths (correct answer) Group identity Examples Ritual Which team configuration is extensively used at the White House to free the president to focus on mission and external relations while leaving operational details to the chief of staff? Simple hierarchy (correct answer) One boss All-channel network Dual authority The political frame sees organisations as... Jungles (correct answer) Families  Carnivals Factories Personal power... Rests on one’s attractiveness and social adeptness. (correct answer) Rests on the ability to reward, such as jobs, money, and political support. Rests on one’s occupation of a position that has legitimate authority. Rests on the ability to constrain, block, interfere, or punish. Bolman and Deal discuss four basic characteristics of organizations that challenge managers. Organizations are: Complex, surprising, deceptive, ambiguous (correct answer) Free-flowing, flawed, frenetic, far-flung Aimless, ambling, awkward, apraxic Dysfunctional, disappointing, disorganized, demoralizing If, as a manager, you encounter an important problem that seems almost impossible to solve; Bolman and Deal would likely suggest that you: Try using different lenses to analyze the problem and develop strategies. (correct answer) Stand out of the way and let someone else work on the issue. Call a meeting of everyone who knows about the issue and make a group decision about what to do. Hire a consultant who brings the right knowledge and expertise to the problem. Studies have shown that employee participation… Increases productivity and morale (correct answer) Increases morale but not productivity Increases productivity but not morale Increases neither productivity nor morale In “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Michael Jensen and William Meckling espouse that the primary value of stock analysts is... To provide insight on organization optimal structure Their ability to accurately pick stocks Their ability to accurately value stocks To provide oversight that puts heat on managers to serve shareholders’ interest (correct answer) The example of United Parcel Service (UPS) was used to illustrate that... People prefer being controlled by organizations Loosely structured organizations create environments that enhance innovation Formal structure enhances morale if it helps organizational members complete their work (correct answer) People prefer organizational structures with more choice and latitude The symbolic view…  Dictates that structural patterns align with purpose. Dictates that structural patterns are determined by goals, technologies, and environment. Depicts the workplace as a formalized network of interdependent roles and units coordinated through a variety of horizontal and vertical linkages. Approaches structure as stage design. (correct answer) The political frame emphasizes that organizational goals are... Evolved through an ongoing process of negotiation and bargaining. (correct answer) Set by edict at the top of the organization. Set through a process of consensus. Mutually agreed upon by the organization’s coalitions. As conceptualised by Mintzberg, what does a simple structure consist of? A loose, flexible, self-renewing organic form tied together mostly through lateral means. A strategic apex and an operating level. (correct answer) An operating core that is large relative to its other structural parts and few managerial layers exist between the strategic apex and operating core. A large support staff and a sizeable technostructure, with many layers between the apex and operating levels. Decisions are made at the strategic apex, and day- to-day operations are controlled by managers and standardized procedures. I choose not to answer this question. Which of the following structural configurations responds slowly to external change? The adhocracy The divisionalized form The simple structure The professional bureaucracy (correct answer) I choose not to answer this question. Which frame is based on the assumption that organizations exist to achieve established goals and objectives, and devise strategies to reach these goals? The political frame The symbolic frame The structural frame (correct answer) The human resource frame I choose not to answer this question. Within the Human Resource frame, the basic image of leadership is: Inspiration Advocacy Empowerment (correct answer) Social architecture Which of the following are key skills of the manager as politician? Agenda-setting, mapping the terrain, networking, bargaining (correct answer) Mutuality, sensitivity, openness, caring Ambition, vision, tenacity, and a thick skin Stakeholder analysis, ratio analysis, goal setting, systems design Week 3: Accounting/management control The balance sheet is balanced as the value of the assets is equal to the value of equity and liabilities. (correct answer) because shareholders receive dividends. by the profit or loss coming from the income statement. by the net cashflow. Which of the following statements is false? Responsibility centers do not relate to financial performance. (correct answer) Responsibility centers apply to controlling the behavior of people One type of responsibility center is the "profit center". One type of responsibility center is the "cost center". When following up actual results, deviations from budgeted numbers imply corrective actions. Corrective action is aimed primarily at: changing behavior of people in the organisation. (correct answer) holding people accountable. challenging budgeted numbers. maintaining status quo. Budgeting is best described as: a medium-term operational financial plan. (correct answer) a financial legal obligation. a contract. a long-term strategic plan. Transfer pricing can be determined in several different ways. Which of these are not a transfer pricing variant? share of fixed cost. (correct answer) full cost. market price. variable costs only. Capital expenditure evaluation is NOT done in one of the following ways:  identifying the level of financial costs in the income statement. (correct answer) the determination of net present value of an investment. estimating the payback time of an investment. calculating the residual income in a business unit. Cash flow relates directly to the: payments from or to the bank account of the organization. (correct answer) balance sheet. income statement. non-current assets. When an organization works at full capacity, the analysis of bottleneck throughput may be used for: ranking products for prioritization. (correct answer) meeting customer demands. decreasing the cost of capital. increasing the cost of capital. Accounting fulfills three functions. Which of the ones below is NOT one of them? Financing (correct answer) Problem solving. Scorekeeping. Attention directing. The main difference between financial and management accounting is: the stakeholders addressed with the accounting information. (correct answer) that only financial accounting provides information to hold people accountable. that only financial accounting deals with money. that only management accounting deals with costs. What of the following statements is false? Contribution is the sum of a product's selling price and its variable cost. (correct answer) The fixed cost divided by the contribution per unit equals the break-even point expressed in volume for the production and sales in an organization. Contribution could be seen as the individual product's gross profit  Contribution is the difference between a product's selling price and its variable cost. Which statement of the following is false? Within a given relevant range, fixed costs are unaffected by changes in production volume. Within a given relevant range, fixed cost per unit is unaffected by changes in production volume. (correct answer) The sum of fixed and variable costs is equal to the total sales in the break-even point. Within a given relevant range, variable cost per unit is unaffected by changes in production volume. By ”control” is meant mainly reporting the financial status of the organisation. the use of information to reach set goals. (correct answer) the legal authority of decision-making. preparing the annual report. The break-even volume is the point where total sales start to increase where the organization shows neither a profit nor a loss (correct answer) where fixed costs are equal to the sum of the variable costs. where the safety margin is adequate. Week 4: Marketing Wholesalers and retailers typically intermediate: business channels consumer channels (correct answer) short channels sharing-economy channels A firm’s marketing mix (4P) consists of all of the following EXCEPT: product place process (correct answer) price Among the different segmentation variables, gender is considered as: psychographic behavioral  geographic demographic (correct answer) Choose the right statement: customer value-based prices are typically lower than break-even prices cost-plus prices are typically higher than customer value-based prices cost-plus prices are typically lower than break-even prices cost-plus prices are typically higher than break-even prices (correct answer) Which is the process of creating a perception in a consumer's mind about the nature of a company and its products relative to competitors? market targeting market differentiation market positioning (correct answer) market segmentation Among the different characteristics affecting consumer behaviour, age is considered as: cultural psychological social personal (correct answer) What reflects the amount of goods or services that consumers will purchase at various price levels? Demand (correct answer) desires wants needs I choose not to answer this question. Cleaning products and standard repair tools are examples of: capital items MRO supplies (correct answer) component materials heavy equipment I choose not to answer this question. The extent to which a product is produced according to specifications is referred to as which of the following concepts? aesthetics conformance quality (correct answer) performance quality durability I choose not to answer this question. A company that only offers 6 detergents, 2 toothpastes, and 4 paper products has an average product length of:  12 2 4 (correct answer) 6 I choose not to answer this question. What is a limitation of television advertising? a. Low appeal to the senses b. Bad mass-marketing coverage c. Less audience selectivity (Correct Answer) d. High cost per exposure Which category has unique characteristics like variability and perishability? a. Consumer products b. Services (Correct Answer) c. Industrial goods d. Specialty goods The AMA defines marketing as: a. Only value for clients b. Only value creation c. Only business decisions d. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (Correct Answer) When segmenting a market, which category does gender fall under? a. Geographic b. Behavioral c. Psychographic d. Demographic (Correct Answer) Choose the correct statement: Products aim to satisfy only core needs Product in marketing can refer to anything that can be offered to a market (correct answer) Information and events cannot be included in the general definition of product Physical goods are the only type of product Specifying the identifiable market segment that a company seeks to reach is:  Market positioning Market segmentation Market targeting (correct answer) Market differentiation The consumer behaviour process typically follows this sequence: Value capture and value creation Perception, attitude and behaviour (correct answer) Increase share, design marketing mix, and research customers Behaviour, attitude and perception Stores that are exclusively focused on products for tourists typically use: Penetration pricing Optional-product pricing Captive-product pricing Skimming pricing (correct answer) Based on shopping habits, the most frequent goods are: Shopping goods Unsought goods Specialty goods Convenience goods (correct answer) Platform ecosystems are characterized by: absence of subsidizing pricing irrelevance of compatibility aspects linear value chain modularity and network effects (correct answer) Variability and perishability are unique characteristics of: specialty goods industrial goods services (correct answer) consumer products The promotion mix includes all of the following EXCEPT: advertising personal selling direct marketing  physical attributes (correct answer)