Solved by verified expert :1. In SWOT analysis, strengths and weaknesses are most
easily identified by looking:A. At the firm as a potential customer.B. Inside the firm at its specific resources.C. At the firm’s competition.D. At the firm’s product.E. Outside the firm from a consultant’s perspective.2. In SWOT analysis, opportunities and threats are
identified by:A. Consultation with middle management.B. Talking with the rank and file workers.C. Looking outside the firm.D. Brainstorming techniques.E. Reviewing our corporate strategy.3. Which of the following does not represent a possible
opportunity for a manufacturing firm as a part of SWOT analysis?A. Demographic trends.B. Technological advances in the industry.C. An efficient process developed by our firm for
manufacturing a product.D. Changes in regulation of the industry.E. Changes in the economic environment facing all
industries.4. The balanced scorecard:A. Is not comprehensive, since it doesn’t include all the
CSFs which contribute to competitive success.B. Helps focus managers’ attention to bottom line profits.C. Is forward looking, stressing nonfinancial measures that
can lead to benefits in the future.D. Fails to reflect environmental and social effects of the
firm’s operations.E. Is heavily weighted toward the financial critical success
factors (CSFs).5. The balanced scorecard can be made more effective by
developing it at a detail level so that employees:A. Can see how it is put together.B. Appreciate all the effort that goes into its preparation.C. Respect management for including them in its formulation.D. Can see how their actions contribute to the success of
the firm.E. Do not feel left out.6. The Euro is:A. A combination of European nations that cooperate on
economic and trade matters.B. A version of Disney World located near Paris.C. A currency used in many European countries.D. A currency used in all European countries.7. The main objective of value chain analysis is to identify
stages of the value chain where the firm can:A. Justify increases in the price of the product or service.B. Increase value to the customer or reduce cost in some
way.C. Outsource production to other producers.D. Improve efficiency.8. It is becoming more common to see manufacturing firms use
the value chain to take strategic steps to improve the overall profitability of
the firm by:A. Placing greater emphasis on the value chain.B. Moving to an emphasis on upstream activities in the value
chain.C. Moving to an emphasis on downstream activities in the
value chain.D. Identifying most profitable customers.E. Finding low-cost manufacturing locations.9. With regard to critical success factors, which one of the
following would not be considered a financial measure of success?A. Cash flow.B. Growth in industry productivity.C. Sales growth.D. Earnings growth.E. Reduction in the cost of inventory.10. Which one of the following critical success customer
factors is best measured by warranty expense?A. Quality.B. Dealer and distributor efficiency and effectiveness.C. Timeliness of delivery.D. Customer satisfaction.11. Which one of the following is not usually included as a
perspective of the balanced scorecard?A. Financial Performance.B. Financial Reporting.C. Learning and Growth.D. Customer Satisfaction.E. Internal Business Processes.12. Which of the following best describes the type of
information that cost management must provide that is important for the success
of the organization?A. Information of a record keeping nature.B. Reported financial information.C. Reported nonfinancial information.D. Information that addresses the strategic objectives of
the organization.E. Long-term planning information.13. After critical success factors (CSFs) have been
identified, the next step in developing a competitive strategy is to develop
relevant andreliable measures for these CSFs. These measures are
important to help the organization:A. Make profit for any extended period.B. Increase sales above previous year(s).C. Develop policies to enhance customer profitability.D. Improve productivity in selected product areas.E. Monitor progress toward achieving strategic goals.14. A firm has decided to use the balanced scorecard. Which
of the following is not an advantage the company will gain by using thebalanced scorecard?A. It links the firm’s CSFs to its strategy.B. It helps the firm monitor progress to achievement of its
strategic goals.C. It can provide a basis for implementing strategic changes
desired by the firm.D. It provides a comprehensive financial overview of the
firm.E. It helps to coordinate activities in the firm.15. During which step of value chain analysis will the
company discover whether or not it has a cost advantage, and why?A. During the
first step, when the value-chain activities are identified.B. During the first step, when the cost driver(s) are
identified.C. During the second step, when the firm develops a
competitive advantage by either reducing cost or adding value.D. The entire purpose of value chain analysis is to
determine if the company has a cost advantage; therefore, it occurs in all
steps.E. In the third step, when the company adopts and implements
the balanced scorecard.16. A local pharmaceutical firm has just announced its
discovery of a revolutionary new drug for dieting. However, due to its
deterioratingrelationship with its union, the unionized portions of the
company’s employees have threatened to strike. In addition, the company’s stockhas started to drop due to the firm’s difficulty in paying
off some of its debt. In this example, what was the firm’s core
competency(ies)?A. Its research and development.B. Its human resources abilities.C. Its financing activities.D. Its operating activities.17. During the strengths and weaknesses portion of a firm’s
SWOT analysis, which of the following would not be discovered?A. The firm’s method of product distribution was not very
efficient.B. Through continued research and development, the firm’s
products were state-of-the-art.C. Due to a lack of barriers to entry into the industry,
several new competitors were beginning to enter the market.D. The production process needed to be reengineered to
reduce unnecessary scrap.E. The firm’s employees are trained in new manufacturing
methods each month.18. When a firm is determining its opportunities and
threats, which of the following would not be mentioned?A. An intense rivalry with a local competitor was beginning
to start a price war.B. The firm just received a patent on its main product.C. The success of the firm’s latest marketing campaign.D. In spite of its patent, there are several substitute
products consumers could use.E. Increased efficiency in the manufacturing process.19. The declining value of the U.S. dollar relative to other
currencies in recent years means that:A. U.S. exporters will face a greater challenge in exporting
U.S.-made products.B. U.S. firms will be eager to buy foreign products.C. U.S. firms will be less profitable.D. U.S. exporters will have a temporary advantage over other
countries in foreign trade.20. The cause and effect relationships among critical
success factors are best captured in:A. The balanced scorecardB. Business intelligenceC. The value chainD. The strategy mapE. SWOT analysis21. Which of the following types of organizations can most
benefit from value chain analysis?A. Service firms.B. Not-for-profit organizations.C. Manufacturing firms.D. All types of organizations can benefit from value chain
analysis.22. Which of the following would not likely be a perspective
of a balanced scorecard for a consumer products retailer?A. Learning and innovation.B. Internal processes.C. Financial performance.D. Customer.E. The exploration of space.23. Which of the following statements concerning value chain
analysis is false?A. The goal of value chain analysis is to find areas where a
company can either add value or reduce cost.B. The value chain focuses on the entire production process,
as well as the sale of the product and service after the sale.C. If a company cannot compete in a specific area of the
value chain, it might consider the option of outsourcing that portion of the
valuechain to someone who can perform it better.D. Throughout most industries, the most successful firms are
the ones that operate within the entire value chain, thereby overseeing everyaspect of the value chain for the customer.24. Which of the following could be considered part of the
value chain in a service firm?A. Inspection of product.B. Advertising.C. Raw materials.D. Customer service.E. Advertising and customer service.25. When performing value chain analysis, which of the
following should a company not take into account?A. The firm’s competitive position.B. Opportunities to reduce cost.C. Possible opportunities where value can be added.D. Strengths, Weaknesses, Opportunities and Threats.26. Both cost leadership and differentiated firms can
improve on execution through:A. Improved automation and a higher output of products.B. Benchmarking and total quality management.C. Cost cutting and downsizing of personnel.D. Improvements in product development.27. To increase profitability, technology companies such as
IBM have shifted their strategic focus toward:A. Increasing equipment sales.B. Improving software applications.C. Providing new and enhanced customer services.D. Increased focus on research and development.28. Which of the following is not a key benefit of the
balanced scorecard (BSC)?A. It provides a means for implementing strategy.B. It provides an objective basis for determining each
manager’s compensation and advancement.C. It provides a framework for the firm to achieve a desired
organizational change in strategy.D. It provides a baseline for how a firm’s financial
operations compare to competition within the industry.29. A strategy map is:A. A detailed flowchart outlining which firm managers are
responsible for each implementation of a firm’s strategy and when theseimplementations are to take place.B. A cause and effect diagram of the relationships among the
balanced scorecard perspectives to show how the achievement of criticalsuccess factors in each perspective affects the achievement
of goals in other perspectives and the overall financial performance of the
firm.C. A framework for the firm to achieve a desired
organizational change in strategy while mapping the successes of other firms
within theindustry.D. A comprehensive framework of goals and measurable targets
for executing those goals.30. Sustainability is the balancing of short and long term
goals in all three dimensions of the company’s performance. Those three areas
are:A. Economic, social, and environmental.B. Economic, social, and financial.C. Economic, environmental, and political.D. Social, environmental, and financial.31. Over the past several years it has become increasingly
important for firms to improve achievement towards their social and
environmentalresponsibilities. What is the best way the management
accountant can help the firm improve on sustainability?A. Participate in programs of environmental organizations.B. Develop and implement a legal staff and public relations
staff for dealing with sustainability issues that may affect the firm.C. Develop and implement a sustainability scorecard.D. Risk management.32. In terms of strategic cost management for not-for-profit
organizations, which of the following is false?A. Not-for-profit organizations can benefit from strategic
cost management since they must prove their effectiveness and efficiency to anumber of different stakeholders.B. The balanced scorecard can be used to measure the
organization’s performance.C. Value chain analysis can be used for analyzing the
organization’s product design, product testing, advertising, and production
processes.D. SWOT analysis is most helpful for non-profit
organizations when it deals with the organization’s competitive threats,
opportunities, and critical success factors.33. In order to remain competitive in the contemporary
business environment, several firms have started training their employees to
stopviewing problems as strictly functional — a marketing
problem, or an accounting problem, for example. What does this trend illustrateabout strategic management?A. There has been a renewed emphasis on integrative thinking
and solving problems cross-functionally.B. Functional barriers are an inherent part of a company’s
value chain.C. Firms are increasingly seeing the value of business
intelligence.D. SWOT analysis is designed to break down functional
barriers.34. Which of the following organizations presents awards to
firms that excel at execution of strategy, based on criteria such as
leadership,marketing, strategic planning and process management?A. International Organization for Standardization.B. Malcolm Baldrige National Quality Program.C. Global Reporting Initiative.D. World Resources Institute.E. American Institute of Certified Public Accountants.35. The critical financial success factor of profitability
can be measured by:A. Community service activities.B. Customer returns and complaints.C. Number of product defects.D. Number of design changes.E. Earnings from operations.36. Using value-chain analysis, a firm can develop a
competitive advantage by specifically looking for ways to:A. Add value and reduce cost.B. Improve manufacturing productivity.C. Improve customer service.D. Improve product quality.E. Reduce organizational risk.37. Value activities can best be defined as:A. Activities that firms in the industry must perform to
improve a product.B. Activities that firms in the industry must perform in the
process of converting raw material to final product, including customer
service.C. Activities that firms in the industry must perform in the
process of closing down a product line, including customer service.D. Activities that firms in the industry must perform to
consider ways of marketing a product.E. Activities that firms in the industry must perform in the
process of considering new products, including customer service.38. The World Resources Institute has defined:A. Types of cost management.B. Categories for environmental performance indicators.C. Methods for achieving sustainability.D. Categories for economic performance indicators.39. A firm succeeds on its ability to deliver products to
customers more quickly than rival companies in its industry. This skill is an
exampleof the firm’s:A. Core competency.B. Research effectiveness.C. Production efficiency.D. Cost control effectiveness.E. Value-chain analysis.40. SWOT analysis, a valuable analysis tool, stands for:A. Strengths – Workability – Opportunities – ThreatsB. Strategies – Weaknesses – Opportunities – ThreatsC. Strengths – Weaknesses – Observations – ThreatsD. Strengths – Weaknesses – Opportunities – ThreatsE. Strategies – Weaknesses – Observations – Threats41. Which of the following perspectives of a Balanced
Scorecard would most likely be the ultimate target in a strategy map for a
publiccompany?A. Learning and innovation.B. Internal processes.C. Financial performance.D. Customer service.E. Employees and community.42. Some of the indicators of a growing concern for
sustainability include:A. The liquidity crisis and sub-prime loan scandals.B. The global economic recession.C. The increased use of value chain analysis.D. The increased concern about global warming.E. The increased use of the balanced scorecard.43. Patagonia, maker of clothing and gear for outdoor
enthusiasts, is very conscious of sustainability issues. The company chose not
toproduce a product because:A. The cost of manufacturing the product exceeded its target
cost.B. There was not sufficient demand for the product at the
planned price.C. The environmental impact of toxic waste was unacceptable.D. The environmental impact of producing the product in
terms of carbon emissions and energy consumptions was unacceptable.E. The company could not justify adding another product when
there were acceptable alternatives already in the company’s product offerings.44. The decline of the U.S. dollar relative to other
currencies has caused firms outside the U.S., such as BMW and Volkswagen to:A.Experience increasing sales in the U.S.B. Experience increasing sales worldwide.C. Locate plants in the U.S. to reduce overall manufacturing
costs.D. Require dealers to make payments in the Euro.45. NAFTA and WTO refer toA. Organizations with expertise in business process
improvement.B. Laws and organizations which regulate international
trade.C. Laws and regulations regarding sustainability.D. Organizations and trade groups that work for global
economic development.46. The five steps of strategic decision making include all
of the following steps except:A. Obtain information and conduct analyses.B. Determine the organization’s strategy.C. Identify the alternative actions.D. Continue an on-going evaluation of the problem.
E. Choose and implement the desired action.

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