MGT 521 Final Exam Questions On Business Management

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MGT 521 final exam 30 out of 30 correct 1) When a manager makes use of a SWOT analysis, one of his or her objectives is to | | A. | | identify the best employees to fill each position in the organization | | B. | | formulate appropriate strategies to exploit strengths, protect against threats, and correct weaknesses | | C. | | set specific short-term performance standards for each department | | D. | | evaluate the desirability of issuing stocks or bonds in the current financial climate | | | 2) A company that wants to distinguish itself from the competition in the marketplace is most likely using which of the following strategies? | | A. | | Focus strategy | | B. | | Differentiation strategy | | C. | | Functional strategy | | D. | | Generic strategy | | | 3) An organization’s ________ goals are official statements of what an organization says its goals are. | | A. | | stated | | B. | | real | | C. | | implicit | | D. | | synthetic | | | 4) When planning for unexpected events, a company is using which of the following techniques? | | A. | | SWOT analysis | | B. | | Benchmarking | | C. | | Contingency planning | | D. | | Financial forecasting | …show more content…
What is a main benefit of comparing a firm’s performance against an organization it does not consider a competitor? | | A. | | A noncompetitor may allow an organization to see its practices more readily than a competitor in the same industry. | | B. | | There is no benefit to benchmarking a firm against a noncompetitor. | | C. | | A noncompetitor may be easier to find and benchmark, because the top firms in the world are so diverse. | | D. | | A noncompetitor may be the world leader in a specific process or practice, and an organization can learn from it. | | | 27) ________ is defined as a business firm’s intention, beyond its legal and economic obligations, to do the right things and act in ways that are good for society. | | A. | | Social obligation | | B. | | Social responsibility | | C. | | Social screening | | D. | | Values-based management | | | 28) In the ________ approach of going green, organizations respond to the environmental preferences of customers. | | A. | | legal | | B. | | market

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