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BMGT 364 Quiz 1: Strategic Management Concepts and Applications, Exams of Business Economics

A series of multiple-choice questions covering key concepts in strategic management, including swot analysis, competitive advantage, management functions, and the general environment. It provides insights into the application of these concepts in real-world business scenarios, making it a valuable resource for students studying business management.

Typology: Exams

2024/2025

Available from 03/25/2025

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BMGT 364 VERIFIED 2025 QUIZ 1 WITH COMPLETE SOLUTIONS
1) Eco-friendly Cosmetics, Inc (EFC, Inc) is an environmentally friendly company that has
decided to undertake a strategic planning project. It wants to ensure that is performs the process
correctly and so intends to start the process with the first step of the strategic planning process,
which is”
(completing a swot analysis) Wrong
Crafting a mission statement
2) Planning translates strategic plans into specific actions that need to be implemented by
departments throughout the organization
FALSE
3) Manuel works for Resident Inn. In his position, he uses his personality, influence, persuasion
and communication skills to coordinate the staff so they will perform at a high level to help
organization meet its goals. Which management functions does Manuel carry out every day?
Leading
4) The Daily Grind Inc. has been selling coffee and tea products for the past five years. In the
recent two years, The Daily Grind has experienced significant growth that has boosted the sales
that has provided the company significant market share. Customers indicate that they enjy the
products that the Daily Grind provides every day but what is truly appreciated is the service
provided by employees. The employees are the company’s:
Competitive Advantage
5) What is the end result of applying the Gilbreths Motion studies?
(Increased Worker to Manager Relations) Wrong
Increased Worker Satisfaction
6) The four functions of the management process are:
Planning, Organizing, Leading, Controlling
7) The organizing function involves deciding how the organization will be structured
True
8) Ralph Lauren is an American clothing designer and namesake of his company. Over 2014-
2015, sales plateaued and profits declined by 50%. In 2012, the company was worth $16 billion.
Four years later, it was worth half that. Stefan Larsson, the CEO, attributed the decline to several
factors, including a lack of , which led to merchandise piling up in bargain bins and outlet
malls, diluting the brand’s cachet.
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BMGT 364 VERIFIED 2025 QUIZ 1 WITH COMPLETE SOLUTIONS

  1. Eco-friendly Cosmetics, Inc (EFC, Inc) is an environmentally friendly company that has decided to undertake a strategic planning project. It wants to ensure that is performs the process correctly and so intends to start the process with the first step of the strategic planning process, which is”

(completing a swot analysis) – Wrong Crafting a mission statement

  1. Planning translates strategic plans into specific actions that need to be implemented by departments throughout the organization

FALSE

  1. Manuel works for Resident Inn. In his position, he uses his personality, influence, persuasion and communication skills to coordinate the staff so they will perform at a high level to help organization meet its goals. Which management functions does Manuel carry out every day?

Leading

  1. The Daily Grind Inc. has been selling coffee and tea products for the past five years. In the recent two years, The Daily Grind has experienced significant growth that has boosted the sales that has provided the company significant market share. Customers indicate that they enjy the products that the Daily Grind provides every day but what is truly appreciated is the service provided by employees. The employees are the company’s:

Competitive Advantage

  1. What is the end result of applying the Gilbreths Motion studies?

(Increased Worker to Manager Relations) Wrong Increased Worker Satisfaction

  1. The four functions of the management process are:

Planning, Organizing, Leading, Controlling

  1. The organizing function involves deciding how the organization will be structured

True

  1. Ralph Lauren is an American clothing designer and namesake of his company. Over 2014- 2015, sales plateaued and profits declined by 50%. In 2012, the company was worth $16 billion. Four years later, it was worth half that. Stefan Larsson, the CEO, attributed the decline to several factors, including a lack of , which led to merchandise piling up in bargain bins and outlet malls, diluting the brand’s cachet.

Inventory Control

  1. From the inception of his electric car company, Tesla, Elon Musk has emphasized innovation and quality above all else. Part of the company’s strategy is to never discount products, a policy that extends to all levels of the company. Upon hearing that same salespeople were offering promotional discounts in 2016, Musk sent an email to all Tesla employees that stated, “There can never – and I mean never – be a discount on a new car coming out of the factory in pristine condition. This is why I always pay full price when I buy a car and the same applies to my family friends, celebrities, no matter how famous or influential.” Why did musk feel the need to remind the entre company about the policy rather than just disciplining the offending salespeople?

Musk wanted to protect the company’s overall strategy, and he recognized that all employees needed to be reminded that the company’s luxury/performance vehicle positioning.

  1. Blue Sky’s is a small passenger airline business. The company wants to expand to fly to the Northwest United States. Joe, one of the managers at Blue Sky’s has tasked you to gather information to assess the market position compared to the company’s competitors. In completing this task, you will have completed a:

(Competitive Analysis) Wrong Market Analysis

  1. Barbra was asked to complete a SWOT analysis. Barbra knows that a SWOT indicates:

Strengths and Weaknesses are internal to the company and Opportunities and Threats are external to the company

  1. The first theorist to identify the functions of management: Planning, organizing, commanding, coordinating and controlling is:

Hanri Fayol

  1. Which statement best captures the meaning of value proposition?

It explains why the customer would choose the firm’s product over alternatives or no product at all

  1. The general environment analysis considers road societal dimensions influencing the industry or firms within it. The general environment area include:

(Political, Economic, Social, Technical, Legal, Environmental) WRONG Political, economics, social, technological, legal and environment

  1. Strategic management is:

The process of integrating all functions and activities in an organization into a coherent whole