Principles of Management | Week 3
Session: JAN-APR 2024
Course Name: Principles of Management
Course Link: Click Here
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These are Principles of Management Week 3 Assignment 3 Answers
Q1. A form of environmental scanning that includes gathering information about competitors, allowing managers to anticipate competitors’ actions rather than merely react to them, is
Competitor Screening
Competitor Surveillance
Competitor Intelligence
Competitor Knowledge
Answer: Competitor Intelligence
Q2. Statement 1: In a dynamic environment, flexible plans should be developed.
Statement 2: The organizational hierarchy structure should be taller in an uncertain environment.
Statement 1 is correct.
Statement 2 is correct.
Both the Statements are correct.
Both the statements are incorrect.
Answer: Statement 1 is correct.
Q3. Which of the following is not part of ongoing plans that provide guidelines for activities performed repetitively?
Policies
Rules
Procedures
Objectives
Answer: Objectives
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These are Principles of Management Week 3 Assignment 3 Answers
Q4. An automobile firm has set a target of selling 2000 units of electric vehicles based on the Government schemes launched to promote the same. This is associated with which of the steps in the planning process?
Implementation of the plan
Developing planning premises
Selecting an alternative course of action
Follow-up action
Answer: Developing planning premises
Q5. Statement 1: Organizations operate in silos.
Statement 2: Organizations operate in pluralistic societies.
Statement 1 is correct.
Statement 2 is correct.
Both the statements are correct.
Both the statements are incorrect.
Answer: Statement 2 is correct.
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These are Principles of Management Week 3 Assignment 3 Answers
Q6. What makes the task environment “specific” instead of “general”?
It is less critical for the organization’s success
It includes factors that are unique to a particular industry or market
It is unrelated to the organization’s goals
It only considers internal factors
Answer: It includes factors that are unique to a particular industry or market
Q7. In the context of the business environment, what is an example of a legal factor?
Exchange rates
Intellectual property laws
Social media trends
Technological advancements
Answer: Intellectual property laws
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These are Principles of Management Week 3 Assignment 3 Answers
Q8. What is the significance of cultural factors in the business environment?
They have no impact on business operations
They influence consumer behaviour, preferences, and communication styles
They are only relevant in local markets
They determine government policies
Answer: They influence consumer behaviour, preferences, and communication styles
Q9. Statement 1: Collective Competencies are built on experience, skills and knowledge.
Statement 2: Resources and Capabilities are the source of competitive advantage for a firm.
Statement 1 is correct.
Statement 2 is correct.
Both the statements are correct.
Both the statements are incorrect.
Answer: Both the statements are correct.
Q10. Match the Following:
1) RBV i. Industry Appraisal
2) Five Forces Model ii. Jay Barney
3) Intangible Resource iii. Environmental Appraisal
4) ETOP iv. Goodwill
i, iv, ii, iii
iv, iii, i, ii
ii, i, iv, iii
ii, iv, iii, i
Answer: ii, i, iv, iii
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These are Principles of Management Week 3 Assignment 3 Answers
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Session: JAN-APR 2023
Course Name: Principles of Management
Course Link: Click Here
These are Principles of Management Week 3 Assignment 3 Answers
Q1. Reputation, goodwill, and brand value can be classified as which resource:
a. Human resource
b. Tangible resource
c. Intangible resource
d. Competitive resource
Answer: c. Intangible resource
Q2. Standing plans stands for:
a. One time plan specifically designed to meet the needs of a unique situation.
b. Plans with clearly defined objectives with no scope for ambiguity and misunderstanding.
c. Ongoing plans that provide guidelines for activities performed repetitively including rules, policies and procedures.
d. Plans with a timeframe less than a year, yet organizations can use any timeframe they seem appropriate.
Answer: c. Ongoing plans that provide guidelines for activities performed repetitively including rules, policies and procedures.
These are Principles of Management Week 3 Assignment 3 Answers
Q3. In the process of strategic management, which are three main types of strategies that are included by managers while formulating strategies:
(i) Functional strategy (ii) Concentration strategy (iii) Corporate strategy (iv) Competitive strategy
a. iii-ii-iv
b. iii-ii-i
c. ii-i-iv
d. iii-i-iv
Answer: d. iii-i-iv
Q4. Arrange the planning process in a sequential order:
(i) implementing the plans (ii) identifying alternative courses of actions (iii) follow up actions (iv) setting the objectives (v) developing planning premises.
a. iii-ii-iv-i-v
b. iv-ii-iii-i-v
c. iv-v-ii-i-iii
d. iv-v-i-ii-iii
Answer: c. iv-v-ii-i-iii
These are Principles of Management Week 3 Assignment 3 Answers
Q5. In the process of planning, which of the following example encompasses the idea of “Identifying alternative courses of action”:
a. Nokia company has an objective of 2 lacs units’ sale on the basis of forecast
b. Nokia will evaluate all the alternatives and checks its pros and cons
c. Nokia selects more TV commercials and online marketing with after sales service
d. Nokia may have other alternatives like reducing price, increasing advertising and promotion, and after sales support
Answer: d. Nokia may have other alternatives like reducing price, increasing advertising and promotion, and after sales support
Q6. Tata group has been growing with the value system of JRD with the ethical values set by the founders which the group has still been adopting. What kinds of organizational assets are at play in this example:
a. Physical assets
b. Tangible assets
c. Intangible assets
d. Corporate assets
Answer: c. Intangible assets
These are Principles of Management Week 3 Assignment 3 Answers
Q7. When an organization remains in its primary business by increasing the number of products or adding more variety in their primary product line, it is referred to as which strategy:
a. Growth strategy
b. Concentration strategy
c. Renewal strategy
d. Turnaround strategy
Answer: b. Concentration strategy
Q8. A general plan outlining decisions about resource allocation, priorities and action steps necessary to reach the goals is:
a. Long-term plan
b. Tactical plan
c. Strategic plan
d. Short-term plan
Answer: c. Strategic plan
These are Principles of Management Week 3 Assignment 3 Answers
Q9. A __ is anything that a firm has or has learnt to do that enables it to conceive and implement strategies that improve its efficiency and effectiveness.
a. Competition
b. Collective competency
c. Resources
d. Expertise
Answer: c. Resources
These are Principles of Management Week 3 Assignment 3 Answers
Q10. Which is the flexible plan that provide focused guidelines but does not bind managers into specific goals or actions:
a. Specific plan
b. Tactical plan
c. Operational plan
d. Directional plan
Answer: d. Directional plan
These are Principles of Management Week 3 Assignment 3 Answers
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