Corporate Social Responsibility and Its Importance

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1. Question :

(Learning Outcome 1) The term ________ refers to any person in an organization without regard to that individual's role in it.

Student Answer: management

member manager

union

Instructor Page Ref: 4

Explanation:

Points Received:

2

of

2

Comments:

Question 2. Question :

(Learning Outcome 1) Effective managers ________.

Student Answer: accept existing resource limits and levels of employee

motivation

use resources to maximize the achievement of the

organization's goals

prefer working alone rather than with groups or other

individuals

let subordinates evaluate people's skills before selecting

	the best candidate
Instructor Explanation:	Page Ref: 6

Points Received:

2

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2

Comments:

3.

(Learning Outcome 1) Douglas McGregor is best known for promoting ________ leadership practices in which positive leadership can bring forth greater efforts and levels of achievement from employees.

Student Answer: Theory Y

Theory X

ERG theory

Theory Z

Instructor Page Ref: 10

Explanation:

Points Received:

2

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2

Comments:

Question 4. Question :

(Learning Outcome 1) Of the four major functions of a manager, ________ involves systematically integrating resources to accomplish tasks.

Student Answer: organizing

directing

planning

auditing

Instructor Page Ref: 11

Explanation:

Points Received:

2

of

2

Comments:

5.

(Learning Outcome 1) According to Mintzberg's theory of managerial functions, ________ roles include acting as an entrepreneur, a disturbance handler, a resource allocator, and a negotiator.

Student Answer: decisional

interpersonal

informational

leader

Instructor Page Ref: 15-16

Explanation:

Points Received:

2

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2

Comments:

Question 6. Question :

(Learning Outcome 1) Which of the following roles is a decisional role?

Student Answer: spokesperson

monitor

negotiator disseminator

Instructor Page Ref: 16

Explanation:

Points Received:

2

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2

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7.

(Learning Outcome 1) According to Rosemary Stewart, ________ involve(s) activities or duties that must be accomplished and standards or levels of minimum performance that must be met.

Student Answer: constraints

planning

demands choices

Instructor Page Ref: 18

Explanation:

Points Received:

2

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2

Comments:

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Question 8. Question :

(Learning Outcome 1) ________ involve having specialized knowledge about procedures, processes, and equipment.

Student Answer: Interpersonal skills

Technical skills

Conceptual skills

Verbal skills

Instructor Page Ref: 19

Explanation:

Points Received:

2

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2

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9.

(Learning Outcome 2) Provide an example of how conditions and events of a particular time period shaped the managerial approaches that emerged during or around that period.

Student Answer:
Instructor Explanation:	Students could cite the new technology that drove the industrial revolution, the need for organization that was emphasized by the railroads as they grew larger and ever more complex, or the different approaches to systems theory – open and closed—that resulted from the different environmental conditions faced by organizations in the 1950 to early 1960s and in from the later 1960s on.

Points Received:

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not graded

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Comments:

Question 10. Question :

(Learning Outcome 3) ________ is the view that your perspective is correct and the views of people in other cultures are inferior.

Student Answer: Ethnocentricity

Universality

Polycentricity

Regiocentricity

Instructor Page Ref: 30

Explanation:

Points Received:

2

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2

Comments:

Question 11. Question :

(Learning Outcome 3) An executive who justifies paying a bribe because it allows his company to provide the greatest good for the greatest number of people adheres to the ________ approach to ethical decision making.

Question Question :

Question Question :

Student Answer: justice

moral rights

universal

utilitarian

Instructor Page Ref: 31

Explanation:

Points Received:

2

of

2

Comments:

Question 12. Question :

(Learning Outcome 3) According to the universal approach to ethical decision making, managers must first determine whether a course of action can apply to all people in all situations, then ask themselves whether ________.

Student Answer: the act has moral significance in the community

the costs and benefits of the act can be equitably

distributed

the rewards of the act can be equitably distributed

they would want the same rule applied to themselves

Instructor Page Ref: 32

Explanation:

Points Received:

2

of

2

Comments:

Question 13. Question :

(Learning Outcome 3) The moral intensity of an issue rises and falls depending on how likely people think the consequences are. This is known as ________.

Student Answer: proximity

temporal immediacy

probability of effect concentration of effect

Instructor Page Ref: 34

Explanation:

Points Received:

2

of

2

Comments:

Question 14. Question :

(Learning Outcome 3) Actions that benefit shareholders but harm the other stakeholders would be viewed as ________ from the efficiency perspective but ________ from the social responsibility perspective.

Student Answer: managerially responsible; socially irresponsible

socially responsible; managerially irresponsible

socially irresponsible; managerially responsible

managerially irresponsible; socially responsible

Instructor Page Ref: 41

Explanation:

Points Received:

2

of

2

Comments:

Question 15. Question :

(Learning Outcome 3) Corporations react to the various pressures and constituencies connected to the topic of social responsibility in different ways. ________ firms make changes when they feel that pressure from constituencies is sufficient such that nonresponsiveness could have a negative economic impact on the firm.

Student Answer: Accommodator

Anticipator

Reactor

Defender

Instructor Page Ref: 41

Explanation:

Points Received:

2

of

2

Comments:

Question 16. Question :

(Learning Outcome 3) When managers look at social issues in general terms of the extent to which they are problematic they are following the ________ approach to strategic corporate social responsibility.

Student Answer: outside-in

inside-out

inside-in

outside-out

Instructor Page Ref: 44

Explanation:

Points Received:

2

of

2

Comments:

Question 17. Question :

(Learning Outcome 3) The Foreign Corrupt Practices Act

prohibit payments to ________.

foreign shareholders

foreign officials

firm partners

competitors

Instructor Page Ref: 49

Explanation:

Points Received:

2

of

2

Comments:

Question 18. Question :

(Learning Outcome 3) What is a globally focused organization?

Student Answer:

Instructor Explanation:

Companies must choose the manner in which they manage their international subsidiaries. These choices carry important meaning for the management and flow of resources and information throughout a company's international operations. Of critical importance is the degree of autonomy granted to individual subsidiaries to develop and implement their own strategies. The home office can choose from three different approaches, one of which is a global focus.

In a globally focused organization, the firm's home office makes major strategic decisions. Thus, the global organization has centralized authority, and the international subsidiaries usually follow the same or a similar strategy in each of their markets. These organizations normally attempt to market a relatively standardized product across geographic markets. Such an approach provides economies of scale and helps to manage costs and thereby enhance profits. Thus, it helps firms to gain returns on innovative products developed in the home country market, especially firms that compete in markets where price is a critical competitive concern. In a globally focused organization, subsidiaries often share resources, allowing the most efficient allocation of resources throughout the company. Page Ref: 69

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Question 19. Question :

(Learning Outcome 4) Describe operational plans and their importance for an organization.

Student Answer:

Instructor Explanation:

Operational plans translate tactical plans into specific goals and actions for small units of the organization. They typically focus on the short term, usually 12 months or less. These plans are less complex than strategic and tactical plans and rarely have a direct effect on other plans outside of the department or unit for which the plan was developed. Research has shown that formal plans for units or teams have effects on the long-range success of these groups. Therefore, as short term and less complex, they remain highly important. Page Ref: 113

Points Received:

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not graded

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Comments:

Question 20. Question :

(Learning Outcome 4) ________ serve as the future "end states" targeted by its managers.

Student Answer: Tactics

Strategies

Objectives

Plans

Instructor Page Ref: 113

Explanation:

Points Received:

2

of

2

Comments:

Question 21. Question :

(Learning Outcome 4) Which of the following business plans

has the broadest scope? strategic plans tactical plans

operational plans

directional plans

Instructor Page Ref: 113

Explanation:

Points Received:

2

of

2

Comments:

Question 22. Question :

(Learning Outcome 4) The planning responsibilities of functional-level managers largely focus on the development of ________ plans.

Student Answer: tactical

strategic

operational corporate

Instructor Page Ref: 116

Explanation:

Points Received:

2

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2

Comments:

Question 23. Question :

(Learning Outcome 4) The final element in the planning

Student Answer:

Student Answer:

process involves ________. monitoring outcomes implementing plans

assessing the firm's external environment

measuring objectives and assigning priorities

Instructor Page Ref: 123

Explanation:

Points Received:

2

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Comments:

Question 24. Question :

(Learning Outcome 4) ________ is a term that refers to the tool used to quantify and allocate resources to specific activities.

Student Answer: Budget

Contingency plan

Benchmarking

Accounting

Instructor Page Ref: 124

Explanation:

Points Received:

2

of

2

Comments:

Question 25. Question :

(Learning Outcome 4) A(n) ________ specifies the amount of money the manager is authorized to spend and what items can be purchased or what expenses are allowed.

proposed budget

approved budget

operational budget

capital budget

Instructor Page Ref: 125

Explanation:

Points Received:

2

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2

Comments:

Question 26. Question :

(Learning Outcome 4) The concept of ________ is the ability of a firm to provide value to customers that exceeds what competitors can provide.

Student Answer: strategic management

distinctive competence

competitive advantage core competence

Instructor Page Ref: 83

Explanation:

Points Received:

2

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2

Comments:

Question 27. Question :

(Learning Outcome 4) Which of the following is the first step in

the strategic management process? determining strategic vision securing interim financing

establishing objectives

formulating strategy

Instructor Page Ref: 85

Explanation:

Points Received:

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2

Comments:

Question 28. Question :

(Learning Outcome 4) ________ involve a country's infrastructure, such as roads, telecommunications, air links, arable land, deep water harbors, mineral resources, forests, and climate.

Student Answer: Physical forces

Institutional forces

Sociocultural forces

Geopolitical forces

Instructor Page Ref: 89

Explanation:

Points Received:

2

of

2

Comments:

Question 29. Question :

(Learning Outcome 4) The "Seven S" approach developed by

McKinsey Consulting ________.

helps managers develop appropriate strategic alliances

allows managers to acquire, train, and develop personnel

provides instant access to and immediate knowledge of

new markets

is perhaps the most widely used strategy implementation

framework

Instructor Page Ref: 101

Explanation:

Points Received:

2

of

2

Comments:

Question 30. Question :

(Learning Outcome 5) What is an organizational chart?

Student Answer:

Instructor An organizational chart uses labeled boxes and connecting lines to

Explanation: illustrate relationships among units and lines of authority among

supervisors and subordinates. While it can provide a view of an organization's structure, an organizational chart does not show the complete organizational structure. Page Ref: 134

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Question 31. Question :

(Learning Outcome 5) ________ occurs when several groups, that are largely independent in their functions, collectively contribute to a common output.

Student Answer: Pooled interdependence

Student Answer:

Student Answer:

Student Answer:

Cognitive interdependence

Sequential interdependence

Reciprocal interdependence

Instructor Page Ref: 136

Explanation:

Points Received:

2

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Comments:

Question 32. Question :

(Learning Outcome 5) ________ occurs when the outputs of one group become the inputs of another group.

Student Answer: Pooled interdependence

Reciprocal interdependence

Cross-functional interdependence

Sequential interdependence

Instructor Page Ref: 136

Explanation:

Points Received:

2

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2

Comments:

Question 33. Question :

(Learning Outcome 5) The ________ consists of the unofficial but influential means of communication, decision making, and control that are part of the habitual way things get done in an organization.

Student Answer: grapevine

informal organization information tunnel

interpersonal channel

Instructor Page Ref: 139

Explanation:

Points Received:

2

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2

Comments:

Question 34. Question :

(Learning Outcome 5) A ________ facilitates the use of modular products, each of which is different but which contain some of the same parts. Thus, modular parts are produced and assembled in different ways to produce several different products.

Student Answer: regional structure

customer structure

matrix structure

division structure

Instructor Page Ref: 146

Explanation:

Points Received:

2

of

2

Comments:

Question 35. Question :

(Learning Outcome 5) Within the context of the increasingly international environment in which organizations compete, contrast the global approach and the local approach to business.

Student

Answer:

Instructor A global approach involves the integration of activities on a coordinated,

Explanation: worldwide basis. Firms are likely to use a global approach if the benefits

gained from worldwide volumes, efficiencies, or economies of scale are significant. These benefits include economies of scale for production, greater leverage of high-cost distribution networks, and higher leverage of expensive R&D activities. In contrast, differences among countries and customer preferences are two key factors that drive companies toward a local approach. A local approach involves the tendency to differentiate activities country-by-country in order to meet the needs of the local markets. Firms often use a local approach when the benefits from location-specific differentiation and adaptation are significant and economies of scale are small. Page Ref: 157-158

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Question 36. Question :

(Learning Outcome 5) Which of the following is a method of generating job candidates?

Student Answer: job sharing

job posting job rotation

job analysis

Instructor Page Ref: 173

Explanation:

Points Received:

2

of

2

Comments:

Question 37. Question :

(Learning Outcome 5) ________ skill development programs include a variety of skills and abilities, such as problem solving, decision making, planning, and organizing.

Student Answer: Technical

Conceptual

Interpersonal

Motor

Instructor Page Ref: 180

Explanation:

Points Received:

2

of

2

Comments:

Question 38. Question :

(Learning Outcome 5) What are graphic rating scales? What are their advantages and disadvantages?

Student Answer:

Instructor Explanation:

One of the most popular methods of providing performance feedback is through graphic rating scales. A graphic rating scale typically lists a set of qualities upon which to evaluate the employee. The employee's level of performance on each of these items is then rated in terms of a graduated scale typically ranging from 1 to 5. The degree of specificity concerning the definition of each point on the scale can range from one-word descriptors (for example, 1 = poor) to complete sentences (for example, 1 = Does not meet the minimum standards).

Advantages: Graphic ratings are popular for two main reasons. First, they are relatively quick and easy for managers to complete. Given that most managers must evaluate many employees and are typically not rewarded for writing up high-quality evaluations, they have a natural incentive to complete the evaluations as quickly as possible. Second, it is easy to quantify the results and compare employees' performance ratings.

Disadvantages: The characteristics being evaluated may not be clearly defined; thus, they are left to individual interpretation. Consequently, one manager might focus her interpretation of "interpersonal skills" on conflict resolution abilities, while another manager might focus his interpretation on listening skills. Given the two different interpretations, it is difficult to compare the employees evaluated by the two different managers. Furthermore, the two different managers might have different interpretations of the rating scale. This answer was given by dissertation writing service professionals.

Page Ref: 182

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Question 39. Question :

(Learning Outcome 5) ________ usually involve(s) the termination of an employee for criminal behavior, such as theft of company property, or for violating the company's policies, such as sharing confidential information with its competitors.

Student Answer: Layoffs

Furloughs

Firing for cause

Voluntary redundancy

Instructor Page Ref: 187

Explanation:

Points Received:

0

of

2

Comments:

Question 40. Question :

(Learning Outcome 5) ________ may use selection criteria regarded as discriminatory, but do not constitute employment discrimination because they have a direct and material impact on job performance and outcomes.

Student Answer: Graphic rating scales

Bona fide occupational qualifications Behaviorally anchored ratings scales

Cross-functional job rotations

Instructor Page Ref: 191

Explanation:

Points Received:

2

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2

Comments:

Question 41. Question :

(Learning Outcome 6) Ibiz is an ad agency that specializes in creating advertisements targeted at kids. After a dip in profits, managers are planning to implement the SWOT analysis approach to understand where they are going wrong. Which of the following, if true, would suggest that the company should concentrate on its strengths?

Student Answer: The barriers to entry for this industry are low and the

bargaining power of suppliers is increasing.

The managers make sure that they get the best talent in

the market, even if they have to pay a high price for it.

With access to technology, the firm is able to produce

some of the best ads in the market.

Employees have become complacent after a few

	successful campaigns, are highly demotivated and lack creativity.
Instructor Explanation:	Page Ref: 96

Question 1. Question :

(Learning Outcome 1) ________ is the process of assembling and using sets of resources in a goal-directed manner to accomplish tasks in an organization.

Student Answer: Accounting

Management

Budgeting

Planning

Instructor Page Ref: 4

Explanation:

Points Received:

1

of

1

Comments:

Question 2. Question :

(Learning Outcome 1) In the context of an organization, members are defined as ________.

Student Answer: members of the labor union

the group of rank-and-file employees

the nonmanagerial employees

all employees

Instructor Page Ref: 4

Explanation:

Points Received:

1

of

1

Comments:

Question 3. Question :

(Learning Outcome 1) The term manager refers to anyone who ________.

Question 1. Question :

(Learning Outcome 3) ________ is concerned with morality and standards of business conduct, especially among individuals.

Student Answer: Social consensus

Managerial ethics

Organizational behavior

Earned value management

Instructor

Explanation:

Page Ref: 29

Points Received:

1

of

1

Comments:

Question 2. Question :

(Learning Outcome 3) The ________ approach to ethical decision making focuses on the equity of processes and outcomes.

Student Answer: universal

utilitarian

justice

moral rights

Instructor Page Ref: 32

Explanation:

Points Received:

1

of

1

Comments:

Question 3. Question :

(Learning Outcome 3) The moral intensity of an issue rises and

falls depending on how likely people think the consequences are. This is known as ________.

Student Answer: proximity

temporal immediacy

probability of effect concentration of effect

Instructor Page Ref: 34

Explanation:

Points Received:

1

of

1

Comments:

(Learning Outcome 3) Corporations react to the various pressures and constituencies connected to the topic of social responsibility in different ways. Companies that are ________ tend to fight efforts that they see as resulting in greater restriction and regulation of their ability to maximize profits.

Explanation:

Points Received:

1

of

1

Comments:

Question

4.

Question :

Student Answer: accommodators

defenders reactors

anticipators

Instructor Page Ref: 41

Question 5. Question :

(Learning Outcome 3) When managers look at social issues in general terms of the extent to which they are problematic they are following the ________ approach to strategic corporate social responsibility.

Student Answer: outside-in

inside-out inside-in outside-out

Instructor Page Ref: 44

Explanation:

Points Received:

1

of

1

Comments:

Question 6. Question :

(Learning Outcome 3) The Foreign Corrupt Practices Act prohibit payments to ________.

Student Answer:

foreign shareholders

foreign officials

firm partners

competitors

Instructor

Explanation:

Page Ref: 49

Points Received:

of

1

1

Comments:

Question 7. Question :

(Learning Outcome 3) Explain the four prominent dimensions of national culture.

Student Answer:

Power distance is the extend to which people accept power and authority differences among people. It is not a measure of the extent to which a group has power and status differences. Uncertainty avoidance is when cultures differ in the extent to which they need things to be clear or ambiguous. Individualism is the extent to which people's identities are selforiented and people are expected to take care of themselves and their immediate families. And Gender focus represents the extent to which people in a country value masculine or feminine traits.

Instructor Explanation:

The four prominent dimensions of national culture are power distance, uncertainty avoidance, individualism versus collectivism, and gender focus.

1. Power distance is the extent to which people accept power andauthority differences among people. Power distance is not a measure of the extent to which a group has power and status differences; most countries have richer and poorer citizens, and more and less powerful citizens. It does not suggest whether status and power differentials exist in a country; instead, it is the extent to which people in the country accept any differences.

2. Cultures differ in the extent to which they need things to be clear or ambiguous. This dimension of culture has been labeled uncertainty avoidance. Groups that are high in uncertainty avoidance create structures and institutions to reduce uncertainty. Groups that are low in uncertainty avoidance are more comfortable in ambiguous situations and prefer fewer rules.

3. Individualism is the extent to which people's identities are selforiented and people are expected to take care of themselves and their immediate families. People from countries with high individual orientations exhibit high emotional independence from organizations or institutions and tend to recognize individual decisions and reward individual achievements. In contrast, collectivism is the extent to which a person's identity is a function of the group(s) to which he or she belongs and the extent to which group members are expected to look after each other. People from countries high in this dimension exhibit emotional dependence on the organizations and institutions to which they belong, emphasize group membership, and value collective decisions.

4. Gender focus represents the extent to which people value masculine or feminine traits. Countries emphasizing masculine traits value activities that lead to success, money, and possessions. Countries emphasizing feminine traits value

activities that involve caring for others and enhancing the quality

of life. Page Ref: 63-64

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Comments:

Question

8.

Question :

(Learning Outcome 3) Define and discuss the term cultural context.

Student Answer:	Cultural context is the degree to which a situation influences behavior or perception of the appropriateness of behaviors. There is high and low context culture. In a high- context culture, the people pay very close attention to any situation and its elements. In low-context culture, situations may or may not affect what we consider appropriate behavior.
Instructor Explanation:	Cultural context is the degree to which a situation influences behavior or perception of the appropriateness of behaviors. In high-context cultures, people pay close attention to the situation and its various elements. Key contextual variables determine appropriate and inappropriate behavior. In low-context cultures,

contextual variables have much less impact on determining appropriate behaviors. In summation, in low-context cultures, the situation may or may not affect what is considered appropriate behaviors; however, in high-context cultures, the context has a significant effect on this judgment. Page Ref: 70

Points Received: (not graded) Comments:

Question 9. Question :		(Learning Outcome 3) What problems can occur if a change does not produce immediate result? Support your answer with an example.
Student Answer:		If a change does not produce immediate result than people will return to their past pattern of habits and/or behavior. If I were to go on a diet where I'm eating healthy and exercising daily and lose 10 pounds in a two weeks. Then, I get excited with my weight and start slacking on my eating and don't exercise as often my old habits come back and I weigh the weight back.
Instructor Explanation:	Lewin's research has confirmed that in the absence of reinforcement people tend to return to their past pattern of habits or behavior. This is especially true if the results from the

change are slow in coming, which is the case with change

initiatives of moderate or greater magnitude. This is in part why people have difficulty changing their diet or exercise habits. They want the envisioned changes in their fitness or appearance, but when those results are slow in coming, people often return to the old habits. The inconvenient truth is that most significant changes do not produce instant, positive consequences. As a consequence, managers that only pay attention to the first two phases of change tend to find that the overall change initiative fails to deliver the desired results because of problems in the third phase. Page Ref: 430

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Comments:

Question

10.

Question :

(Learning Outcome 3) What are the important things to remember while seeking to build support for a change? Write from the point of view of a manager/leader.

Student Answer:

As a manager/leader it is important to be consistent with the change. A manager must determine who will benefit from the change and who will have power or influence over other. People who may be highly influenced by others may not be agreeable to the change at first. People with low influence over others can sometimes be supports.

Instructor Explanation:

While seeking to build up support for a change in the organization a manager must consider a number of factors. First, it involves determining the people who are more likely to be in favor of the change. Second, it involves analyzing who has power or influence over others. The ideal people to build early support with are those who come out high on both criteria of agreeability and influence. This group is often referred to as a leading coalition, a group of early supporters who are both favorably inclined toward the change and can exercise influence over others toward the change. People who have high influence over others but may not be agreeable to the change at first can be potential supporters if they listen to and can be influenced by the "high agreeable, high influence" group. People who have high agreeability but low influence over others can be potential supporters if there are many of them; their sheer numbers can provide support and momentum for the change

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Question 1. Question :

(Learning Outcome 4-5-1) ________ serve as the future "end states" targeted by its managers.

Student Answer:

Tactics

Strategies

Objectives

Plans

Instructor

Explanation:

Page Ref: 113

Points Received:

1

of

1

Comments:

Question

2.

Question :

(Learning Outcome 4-5-2) Which of the following business plans has the broadest scope?

Student Answer: strategic plans

tactical plans

operational plans

directional plans

Instructor Page Ref: 113

Explanation:

Points Received:

1

of

1

Comments:

Question 3. Question :

(Learning Outcome 4-5-2) Describe operational plans and their

importance for an organization.

Student Answer:

Operational plans are plans that translate tactical plans into specific goals and actions for small units of the organization and focus on the near term. Research has shown that the formal plans effects on the long-range success. This plan is usually centered on departments or smaller units of the organization which makes it very important and less complex.

Instructor Explanation:

Operational plans translate tactical plans into specific goals and actions for small units of the organization. They typically focus on the short term, usually 12 months or less. These plans are less complex than strategic and tactical plans and rarely have a direct effect on other plans outside of the department or unit for which the plan was developed. Research has shown that formal plans for units or teams have effects on the long-range success of these groups. Therefore, as short term and less complex, they remain highly important. Page Ref: 113

Points Received:

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not graded

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Comments:

Question 4. Question :

(Learning Outcome 4-5-3) Developing tactical plans is typically the responsibility of ________.

Student Answer: functional-level managers

business-level managers operational-level managers

corporate-level managers

Instructor Page Ref: 116

Explanation:

Points Received:

1

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1

Comments:

5.

(Learning Outcome 4-5-4) ________ typically identify key factors

that could affect the desired results and specify what different actions will be taken if changes in key events occur.

Student Answer: Strategic plans

Operational plans

Contingency plans

Tactical plans

Instructor Page Ref: 118

Explanation:

Points Received:

1

of

1

Comments:

Question 6. Question :

(Learning Outcome 4-5-5) A(n) ________ specifies the amount of money the manager is authorized to spend and what items can be purchased or what expenses are allowed.

Student Answer: proposed budget

approved budget operational budget

capital budget

Instructor Page Ref: 125

Explanation:

Points Received:

1

of

1

Comments:

7.

(Learning Outcome 4-4-1) Products of a company would

________ when no other firms can have the capabilities needed to provide the same quality and quantity of products and services.

Student Answer: have no market value

be a rarity

be difficult to imitate

be substituted easily

Instructor Page Ref: 84

Explanation:

Points Received:

1

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1

Comments:

Question 8. Question :

(Learning Outcome 4-4-2) Which one of the following is NOT included in a firm's mission statement?

Student Answer: company philosophy

sources of revenues

principal products or services

customers and markets

Instructor Page Ref: 86

Explanation:

Points Received:

1

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1

Comments:

9.

(Learning Outcome 4) What is the purpose of a strategic

Question Question :

Question Question :

Question Question :

vision?

Student Answer:

A strategic vision is a plan that focuses on the broad future of the of the organization and incorporate both external and environmental demands and internal resources into managers' actions. It covers the major aspects of the organization including its products, services, technology, and human resources. The time horizon is typically 3-5 years.

Instructor Explanation:

The strategic vision provides a view of the firm over the long term and what it should achieve in the future. It is the heart of the firm's strategy and strategic plan. In practice, an effective statement of strategic vision is short and compelling and provides a general understanding of the organization's aspirations while engendering passion among managers and other organization members. The vision and mission are closely integrated. Page Ref: 85

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Comments:

Question 10. Question by assignmenthelpsite.com :

(Learning Outcome 4-4-4) ________ involve a country's infrastructure, such as roads, telecommunications, air links, arable land, deep water harbors, mineral resources, forests, and climate.

Student Answer: Physical forces

Institutional forces

Sociocultural forces

Geopolitical forces

Instructor Page Ref: 89

Explanation:

Points Received:

1

of

1

Comments:

Question 11. Question :

(Learning Outcome 4-4-5) Action Shoes is a company that manufactures shoes. It has a lot of competitors in the market. However, it only builds its strength around market segments that the other companies avoid. It can be said that Action Shoes understands the ________ among its competitors.

Student Answer: substitutes

suppliers

new entrants

nature of rivalry

Instructor Page Ref: 91

Explanation:

Points Received:

2

of

2

Comments:

Question 12. Question :

(Learning Outcome 4-4-5) A newly established company, The Malt Company, wishes to enter the beer market in Country A by building a new brewery there. Many companies already have breweries in Country A. These companies spend heavily on advertising, which Malt is finding difficult to afford. This is an example of ________.

Student Answer: low costs of switching

barriers to entry substitution

high costs of switching

Instructor Page Ref: 92

Explanation:

Points Received:

2

of

2

Comments:

Question 13. Question :

(Learning Outcome 4-4-8) Describe the differentiation strategy.

Student Answer:

The differentiation strategy is a strategy to gain competitive advantage by making a product or service different from those of its competitors. Achieving differentiation allows them to command a premium price.

Instructor Explanation:

One of the strategies for achieving a competitive advantage is the differentiation strategy. Managers pursuing a differentiation strategy seek to make their product or service different from those of competitors on dimensions their customers value. Achieving differentiation allows them to command a premium price. If managers can also keep costs at approximately the industry average, the premium price will allow the firm to earn aboveaverage profits. Page Ref: 98

Points Received:

(

not graded

)

Comments:

Question 14. Question :

(Learning Outcome 4-4-9) McKinsey discovered that performance declined when many of their clients implemented new strategic plans because the strategies were ________.

Student not developed organically within the company

Answer:

executed without sufficient studies of the competitive

environment

implemented within old structures, cultures, skills, styles,

and staff

not designed, recommended, and reviewed by McKinsey

consultants

Instructor Explanation:	Page Ref: 101 Question 1. Questio
		n :	(Learning Outcome 6) What is a value chain?
		Student Answer:	It consist of a set key activities that directly produce or support the production of a firm's products and services offered to cuctomers
		Instructor Explanation:	A value chain is a set of key activities that directly produce or support the production of a firm's products and services offered to customers. The primary activities of a value chain include inbound logistics, operations, outbound logistics, marketing and sales, and after-sale service. The support activities of a value chain include firm infrastructure, human resource management, technology development, and procurement. Page Ref: 93

Points Received:

(

not graded

)

Comments:

Question 2. Questio
n :	(Learning Outcome 6) What is core competence?
Student Answer:	is an interrelated set of activities that can deliver competitive advantage, both short term and long term.
Instructor Explanation:	A core competence is an interrelated set of activities that can deliver competitive advantage, both short term and long term. Competencies can be considered "core"when they fulfill the following requirements: 1. provide access to a wide variety of markets 2. significantly contribute to perceived customer benefits of the end products or services 3. are difficult for competitors to imitate Page Ref: 96

Points Received:

(

not graded

)

Comments:

Question 3. Questio

n : (Learning Outcome 7) What happens during a SWOT analysis?

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