BMGT 1327 Exam 3 (3,4,5,6)

___ groups are concerned citizens who band together to try to influence the business.

Advocacy

Which of the following is not a component of the general environment?

All of the above are aspects of the General Environment

Which of the following is not a component of the Specific Environment?

All of the above are components of the Specific Environment

How can managers encourage more ethical decision making in their organizations?

All of the above are ways that managers can encourage more ethical decision making in their organizations.

According to your textbook, what is one thing a manager can use to gauge the economical factors of the general environment?

Business Confidence Indices

_____________ is the degree to which a company relies on a buyer because of the importance of that buyer to the supplier and the difficulty of finding other buyers for its products.

Buyer Dependence

______ is the measure of the intensity of competitive behavior between companies in anindustry.

Character of the rivalry

Companies in the same industry that sell similar products or services to customers are ___.

Competitors

In class we discussed COLI policies. What does COLI stand for?

Corporate-Owned Life Insurance

There are four strategies for responding to social responsibility problems. A _______ strategy is a social responsiveness strategy in which a company admits responsibility for a problem but does the least required to meet societal expectations

Defensive

___________ is the social roles that a company fulfills beyond its economic, legal, and ethical responsibilities.

Discretionary Responsibility

Stock market changes are examples of a ___ change.

Dynamic

___________ is a company's social responsibility to make a profit by producing a valued product or service.

Economic Responsibility

Which of the following is an element of the internal organizational environment?

Employee Wages

The process of searching the environment for important events or issues that affect the organization is known as ___.

Environmental Scanning

When there are changes in the external environment, managers can use a 3 step process to make sense of these changes. Which of the following is the correct order of the 3 step process managers can use to make sense of changes in the external environment of their business?

Environmental scanning; Interpreting environmental factors; Acting on threats and opportunities

The degree of concern people have about an ethical issue is ___.

Ethical Intensity

___________ is a company's social responsibility not to violate accepted principles of right and wrong when conducting its business.

Ethical Responsibility

Planning consists of 5 things, which of the following is not one of those 5?

Expect others to do the planning

____ are all events outside of a company that have the potential to influence or affect it.

External Environments

Bargaining power of buyers tends to be higher when a company sells a popular productto multiple buyers than when a company is dependent on just a few high-volume buyers

F

Companies face very little uncertainty in their strategic business environments.

F

Differentiation is the positioning strategy of producing a product or service ofacceptable quality at consistently lower production costs than competitors.

F

Competitors are not companies in the same industry that sell similar products or services.

False

Which of the following organizations are most directly in competition with each other?

FedEx and UPS

Which of the following 2 competitors are in the same industry?

Hyundai and Nissan

An organization's social responsibility to obey society's laws and regulations is ___.

Legal Responsibility

___________ is a company's social responsibility to obey society's laws and regulations.

Legal Responsibility

All of the following are examples of primary stakeholders EXCEPT

Media

Which of the following is an element of an external organizational environment?

Mother Nature

Which of the following types of plans are first line managers responsible for developing?

Operational

A high degree of buyer or seller dependence can lead to __________ , in which one party benefits at the expense of the other.

Opportunistic Behavior

_______ is choosing a goal and developing a strategy to achieve that goal.

Planning

Unethical behavior that hurts the quality and quantity of work produced is ___.

Production Deviance

_________ customer monitoring involves identifying and addressing customer trends and problems after they occur. ___________ customer monitoring means identifying and addressing customer needs, trends, and issues before they occur.

Reactive; Proactive

______________ focuses on establishing a mutually beneficial, long-term relationship between buyers and suppliers.

Relationship Behavior

The abundance or shortage of critical organizational resources in the external environment is known as ___.

Resource Scarcity

Which of the following can you use as a guideline for setting effective goals?

S.M.A.R.T.

An environment with few environmental factors is ___.

Simple environment

Budgeting is an example of a ______ plan.

Single-use

_____ are plans that cover unique, one-time only events.

Single-use plans

___________ is a business's obligation to pursue policies, make decisions, and take actions that benefit society.

Social Responsibility

___________ is a company's strategy to respond to stakeholders' economic, legal, ethical, or discretionary expectations concerning social responsibility.

Social Responsiveness

The ________ component of the general environment refers to the demographic characteristics, general behavior, attitudes, and beliefs of people in a particular society.

Sociocultural

What is an environment in which the rate of change is slow?

Stable (Static) Environment

_____ plans are plans used repeatedly to handle frequently recurring events.

Standing

Which of the following types of plans are top managers responsible for developing?

Strategic Plans

______ is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company.

Succession Planning

_____________ is the degree to which a company relies on a supplier because of the importance of the supplier's product to the company and the difficulty of finding other sources of that product.

Supplier Dependence

Companies that provide material, human, financial and informational resources to other companies are ___.

Suppliers

A strategic group is a group of other companies, within an industry, that top managers choose for comparing, evaluating, and benchmarking their company's strategic threats and opportunities.

T

Companies often choose a stability strategy when their external environment doesn't change much or after they have struggled with periods of explosive growth.

T

Companies use their resources to improve organizational efficiency and effectiveness.

T

Corporate-level strategy is the overall organizational strategy that addresses the question "What business or businesses are we in or should we be in?"

T

Portfolio strategy is a corporate-level strategy that minimizes risk by diversifying investment among various businesses or product lines.

T

Strategic dissonance is a discrepancy between upper management's intended strategy and the strategy actually implemented by the lower levels of management.

T

The threat of substitute products or services is a measure of the ease with which customers can find substitutes for an industry's goods or services.

T

The three positioning strategies are cost leadership, differentiation, and focus.

T

There are four conditions that must be met if a firm's resources are to be used to achieve a sustainable competitive advantage. The resources must be valuable, rare,imperfectly imitable, and nonsubstitutable.

T

Which of the following types of plans are mid-level managers responsible for developing?

Tactical Plans

Failure to respond quickly to the _________ component of the general environment caused companies like Kodak & RIM (Research in Motion - the makers of Blackberry) to suffer traumatic profit losses.

Technological

___ is the knowledge, tools, and techniques used to transform inputs into outputs.

Technology

The primary source of organizational culture is ________________.

The Company founder

Opportunistic behavior is when one party benefits at the expense of another.

True

The extent to which managers can understand or predict which changes and trends affect the business organizational environment is ___.

Uncertainty

Reporting others ethical violations is known as ___.

Whistle Blowing

Unethical behavior that violates organizational norms about right and wrong is ___.

Workplace Deviance

In class, we were introduced to a new twist on brainstorming. Based on the videos we watched in class, what is the name of a new technique managers can use to aide decision making by coming up with various alternatives to solve a problem?

brainswarming

An organization is experiencing _____ when it is reluctant to change strategies or competitive practices that have been successful in the past.

competitive inertia

Aveda is a manufacturer and marketer of cosmetics, perfumes, hair-care, and skin-care products. To differentiate its products from other similar brands, Aveda focuses on educating its customers on general skin and hair care. Its salespeople are trained to answer questions and help customers find solutions. Aveda has used customer education and employee training to .

create a competitive advantage

There are four strategies for responding to social responsibility problems. A _______ strategy is a social responsiveness strategy in which a company admits responsibility for a problem but does the least required to meet societal expectations.

defensive

An ad for a major brand of clothes washer reads, "Since our humble beginnings back in 1950, we have been dedicated to building machines with superior cleaning power,reliability, and style." This manufacturer is more than likely using which kind of positioning strategy?

differentiation

The rate of environmental change is fast in a ___ environment

dynamic

Employee theft of company merchandise is ___.

employee shrinkage

S.M.A.R.T. goals are specific, meaningful, active, reachable, and timely.

false

A growing economy provides a ________ environment for business growth. A shrinking economy makes growth for individual businesses ________ difficult.

favorable; more

According to the text, valuable, rare, imperfectly imitable resources can produce sustainable competitive advantage only if they are resources.

nonsubstitutable

According to Harvard professor Michael Porter, five industry forces (character of rivalry,threat of new entrants, threat of substitute products or services, bargaining power of suppliers, and the bargaining power of buyers) determine an industry's overall attractiveness and its .

potential for long-term profitability

There are four strategies for responding to social responsibility problems. A _______ strategy is a social responsiveness strategy in which a company anticipates a problem before it occurs and does more than society expects to take responsibility for and address the problem.

proactive

There are four strategies for responding to social responsibility problems. A _______ strategy is a social responsiveness strategy in which a company does less than society expects.

reactive

The research on diversification in portfolio management indicates that the best approach is probably .

related diversification

_____ are the assets, capabilities, processes, information, and knowledge that an organization uses to improve its effectiveness and efficiency, to create and sustain competitive advantage, and to fulfill a need or solve a problem.

resources

Significant cost reductions, layoffs of employees, closing of poorly performing stores,offices, or manufacturing plants, or closing or selling entire lines of products or services would be characteristic of a ___ strategy

retrenchment

A _____, also called a SWOT analysis for strengths, weaknesses, opportunities, and threats, is an assessment of the strengths and weaknesses in an organization's internal environment and the opportunities and threats in its external environment.

situational analysis

Specialized Bicycle Components, Inc. introduced the first major production mountain bike in 1980. Two-thirds of its profits come from the sale of mountain bikes. Specialized bikes have a large share of a fast-growing market. According to the BCG matrix,specialized mountain bikes would be classified as .

stars

Top-Flite manufactures Strata golf balls and prices these balls at about three times what ordinary golf balls cost. The Strata ball sells exceptionally well because customers perceive its patented three-layer construction to improve handling and increase distance. The patent on these golf balls gives Top-Flite a(n) .

sustainable competitive advantage

Ethics is defined as a set of moral principles or values that defines right and wrong

true

There are four strategies for responding to social responsibility problems. An _______ strategy is a social responsiveness strategy in which a company accepts responsibility for a problem and does all that society expects to solve that problem.

accommodative