50. Which of the following is one of the key elements that make the current business landscape different from the past?
B. Collaboration across organizational boundaries
D. Cost competitiveness
51. Successful CEO’s know that the change from a local to a global marketplace is
A. irrelevant to today’s business environment.
E. no different than it has been over the last three decades.
52. Globalization is an issue primarily for
A. large transnational firms.
B. medium-sized transnational firms.
C. small transnational firms.
D. domestic firms with overseas sales.
E. all firms.
53. Which of the following statements about the Internet is true?
A. The Internet always makes things easier.
B. The Internet drives down costs.
C. The Internet’s only impact is on business as a whole.
D. All email messages are emergencies.
E. People connected to the Internet should respond to email messages immediately.
54. _________ is the set of practices aimed at discovering and harnessing an organization’s intellectual resources—fully utilizing the intellects of the organization’s people.
A. Knowledge management
D. Service management
E. Communication management
55. Which of the following statements about collaboration is true?
A. Collaboration occurs only within the boundaries of the organization.
B. It is unrealistic to think that the company can collaborate with its customers.
C. Disclosing your plans by collaborating with potential investors in your firm is not a good idea.
D. Collaboration is an important process of knowledge management.
E. Collaboration outside of the organization is out of the question because of the risk of disclosing trade secrets.
56. __________ is the introduction of new goods and services.
E. Production life cycle
57. __________ is the excellence of your product.
58. Which of the following is a way to measure quality?
A. Product performance
B. Customer service
E. All of the above can be used to measure quality.
59. __________ means giving customers what they want or need, when they want it.
60. __________–rapid execution, response, and delivery of results—often separates the winners from the losers.
61. Cost competitiveness means that you
A. sacrifice quality to keep costs low.
B. carefully monitor costs mainly during the start-up of business.
C. price your product or service at a level attractive to consumers.
D. manage your costs by being effective.
E. offer a high quality product at a higher price.
62. Managing your costs and keeping them down requires being
C. mindful of high service requirements.
63. Which of the following statements about the sources of competitive advantage is true?
A. The best companies choose one source of competitive advantage and perfect it.
B. Managing the sources of competitive advantage is a zero-sum game where one source improves at the expense of the other.
C. It is possible to improve quality and also enhance speed.
D. Outsourcing certain functions is likely to decrease innovation.
E. The faster the product is provided the more innovation suffers.
64. ______________ is the process of working with people and resources to accomplish organizational goals.
D. Decision making
65. The key management functions include
A. planning, leading, controlling and organizing.
B. marketing, finance, accounting and production.
C. planning, operations, labor and contracting.
D. hiring, training, appraising and firing.
E. marketing, management, finance and accounting.
66. Planning involves which of the following?
A. Analyzing current situations
B. Determining rewards for goals achievement
C. Attracting people to the organization
D. Motivating employees
E. Implementing necessary changes
67. _______________ is specifying the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals.
68. The Quilt Shop, Inc. periodically reviews the goals of the company. During the process, the Quilt Shop managers analyze their current strategies as compared to their competitors, determine goals that they will pursue and decide upon specific actions for each area of the company to take in pursuit of these goals. With these actions the Quilt Shop managers are engaged in the management function of
C. goal coordination.
69. Planning in the new business environment can also be described as
A. creating conditions so that people and things work together to achieve maximum success.
B. delivering strategic value.
C. stimulating people to be high performers.
D. monitoring performance and implementing needed changes.
E. motivating workers to do their jobs effectively.
70. Building a dynamic organization is another way of describing which function of management?