MBA Test Questions & Answers 2024/2025
1. Although strategic management is defined in various perspectives, which definition most accurately defines the overall theory? - ANSWERSB-the set of decisions
2. As decisions facing a business are strategic rather than tactical, they have which of t...
1. Although strategic management is defined in various perspectives, which definition most accurately
defines the overall theory? - ANSWERSB-the set of decisions
2. As decisions facing a business are strategic rather than tactical, they have which of the following
dimensions? - ANSWERSAll of the above
3. The decision making hierarchy of a large corporation typically contains 3 levels. List each level from
highest to lowest. - ANSWERSCorporate Level
4. The corporate headquarters of Sears Holding Company spent $60 million to automate 6,900 clerical
jobs by installing 28,000 computerized cash registers at its 868 stores in the U.S. Although this move
eliminated many functional-level jobs, top management believed that reducing annual operating
expenses by at least $50 million was crucial to competitive survival. This implemented action would be
performed by which organizational level? - ANSWERSImplementation at Functional Level
5. In Michael Porter's What Is Strategy? (2000) he speaks about operational effectiveness and how it is
not a source of competitive advantage. Why is this true? Operational effectiveness is easily immitated... -
ANSWERSB-Operational Effectiveness
6. In Michael Porter's What Is Strategy? (2000), he discusses Southwest Airlines and how they created a
low-cost strategy compared to their competitors. How has this occurred? - ANSWERSSpecialization
7. According to Michael Porter's What is Strategy, a valuable position that will attract imitation by
incumbents, who are likely to copy it, will do so in which ways? - ANSWERSA&B
8. Viewing strategic management as a process, what are the important implications of the employing the
model? - ANSWERSNon-sequential
9. Which of the following best describes a company mission? - ANSWERSAll of the above
, 10. As a business grows or is forced by competitive pressures to alter its product, market, or technology,
redefining the company mission may be necessary; therefore identifying the mission statement
components may be critical. Which of the following are components to the mission statement?
Customers and products - ANSWERSAll of the above
11. Mission statements should reflect the public's expectations, because it makes achievement of the
firm's goals more likely. This mission statement component is most likely referred to as which of the
following? - ANSWERSPublic Image
12. What are the duties of the Board of Directors within an organization? - ANSWERSAll of the above
13. Whenever there is a separation of owners (principals) and the managers (agents) of a firm, the
potential exists for the wishes of the owners to be ignored. This fact, and the recognition that agents are
expensive, established the basis for a set of complex but helpful ideas known as which of the following? -
ANSWERSAgency Theory
14. What are some of the problems that can result from agency relationships between corporate
stockholders and company's executives? - ANSWERSD-Managers act for personal payoff
15. In defining or redefining the company mission, strategic managers must recognize the legitimate
rights of the firm's claimants. Such claimants would include which of the following groups? - ANSWERSAll
of the above
16. When a firm attempts to incorporate the interests of stakeholders into its mission statement, broad
generalizations are insufficient. Which step(s) need to be taken to incorporate the interest of the
claimants? - ANSWERSAll of the above
17. To better understand the nature and range of social responsibilities, which type of responsibilities
should strategic managers consider? - ANSWERSAll of the above
18. Corporate social responsibility (CSR) is best defined as: - ANSWERSBusiness serve society and
stockholders
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