All Free Management Sciences MCQs with Answers
Every Management Sciences question in the bank, across all chapters, each with the correct answer and a written explanation. Free and unlimited, with no account needed.
3,770 questions · page 188 of 189
- A. potential opportunities
- B. potential Threats
- C. potential Strengths
- D. potential Weaknesses
Explanation: Cost advantages are an internal capability that can help a firm compete through lower prices or higher margins, so they are a potential…
Correct answer: potential Strengths- A. time consuming
- B. large capital is needed
- C. large pool of human capital is required
- D. both A and B
Explanation: Management by objectives requires substantial time for jointly setting goals, monitoring progress, and reviewing results.
Correct answer: time consuming- A. 3
- B. 4
- C. 5
- D. 6
Explanation: Strategic planning is commonly discussed at three levels: corporate, business, and functional strategy.
Correct answer: 3- A. related diversification
- B. conglomerate diversification
- C. diversification
- D. all of above
Explanation: Conglomerate diversification adds products or businesses unrelated to the firm’s existing operations.
Correct answer: conglomerate diversification3745. Gaining market share by offering same products as of competitors in same market, considered as?
- A. competitive strategy
- B. corporate level strategy
- C. functional strategy
- D. none of above
Explanation: Selling existing products in an existing market to gain share is market penetration, which is generally treated as a corporate-level…
Correct answer: corporate level strategy- A. mission statement
- B. strategic goals
- C. vision statement
- D. none of aboveStrategic Planning
Explanation: A vision statement describes the organization's intended future direction and the broad actions needed to move toward it.
Correct answer: vision statement- A. competitive strategy
- B. corporate level strategy
- C. functional strategy
- D. all of above
Explanation: Corporate-level strategy determines which businesses or industries the company should operate in, so it identifies the overall portfolio…
Correct answer: corporate level strategy- A. departmental strategy
- B. business unit
- C. none of above
- D. all of above
Explanation: Competitive strategy explains how a particular business unit competes successfully within its industry.
Correct answer: business unit- A. detail of your market offering
- B. profit figures
- C. personnel plan
- D. all of above
Explanation: Defining a business requires clarifying what it offers to customers and the needs it satisfies, making the market offering the relevant…
Correct answer: detail of your market offering- A. formulate strategies
- B. implement the strategies
- C. evaluate performance
- D. none of above
Explanation: Once the mission has been translated into strategic goals, management formulates strategies for achieving those goals.
Correct answer: formulate strategies- A. set departmental goals
- B. set organizational goals
- C. set individual goals
- D. discuss departmental goalsHuman Resources
Explanation: MBO begins with broad organizational objectives, which are then translated into departmental and individual goals.
Correct answer: set organizational goals- A. diversification
- B. consolidation
- C. cost leadership
- D. vertical integration
Explanation: Diversification, consolidation and vertical integration are corporate-level strategies that determine the scope of the business.
Correct answer: cost leadership- A. potential opportunities
- B. potential threats
- C. potential strengths
- D. potential weaknessesGet Executive Coaching
Explanation: Diversification expands a firm into new products or markets and is therefore treated as a possible opportunity in strategic analysis.
Correct answer: potential opportunities- A. economic trends
- B. political trends
- C. competitive trends
- D. all of above
Explanation: Strategic environmental auditing considers economic, political and competitive trends because each can affect the firm’s future position.
Correct answer: all of above- A. mission statement
- B. strategic goals
- C. vision statement
- D. all of aboveMcqs Practice Tests
Explanation: A mission statement explains the organization’s present business, customers and purpose, answering “What is our business?” A vision…
Correct answer: mission statement- A. potential opportunities
- B. potential threats
- C. potential strengths
- D. potential weaknesses
Explanation: Low-cost foreign competitors can reduce a company’s market share and profit margins, so they represent an external threat.
Correct answer: potential threats- A. vertical integration
- B. horizontal integration
- C. consolidation
- D. geographic expansionCompare HR Software
Explanation: Apple’s move into its own retail stores is forward vertical integration because the producer takes control of a downstream distribution…
Correct answer: vertical integration- A. marketing plan
- B. financial plan
- C. personnel plan
- D. production plan
Explanation: The financial plan is the business plan’s bottom line because it converts operational assumptions into expected revenue, costs, funding…
Correct answer: financial plan- A. diversification
- B. vertical integration
- C. horizontal integration
- D. geographic expansion
Explanation: Diversification occurs when a firm enters new product or business lines, especially when these differ from its existing offerings.
Correct answer: diversification- A. potential opportunities
- B. potential Threats
- C. potential Strengths
- D. potential Weaknesses
Explanation: Large inventories tie up cash, increase storage and obsolescence costs, and may indicate inefficient operations, so they are normally…
Correct answer: potential Weaknesses