comm quiz q

A common use of business plans is to:

persuade lenders and investors to finance the venture

___________ is concerned with workers' perception about how fairly they are treated compared with their coworkers.

. Equity theory

____________ is based on the premise that an individual's intention to work toward a goal is a primary source of motivation.

. Goal-setting theory

In the MacGregor case, how did MacGregor respond to a situation in which he believed a subordinate's planned course of action would likely be a mistake?

He allowed the employee to make the mistake because it was a significant learning opportunity

_____ is at the core of most business failures.

Inadequate planning

wills grill: Brand name/brand equity

Intangible resource

wills grill: Relationships/partnerships

Intangible resource

_____ are entrepreneurs who apply their creativity, vision, and risk taking within a large corporation rather than starting a company of their own. They enjoy a high degree of autonomy while receiving a regular salary and financial backing from their employer.

Intrapreneurs

concentrating on a narrow buyer segment (or market niche) and outcompeting rivals by having lower costs than rivals and thus being able to serve niche members at a lower price

Focused low-cost strategy

A. seeking to differentiate the company's product or service from rivals' in ways that will appeal to a broad spectrum of buyers

Broad differentiation strategy

In the MacGregor case, MacGregor is an effective leader because he is very hands-on and directly/actively involved with the decision making his subordinates are responsible for.

F

concentrating on a narrow buyer segment (or market niche) and outcompeting rivals by offering niche members customized attributes that meet their tastes and requirements better than rivals' products

Focused differentiation strategy

In terms of leadership, relational-oriented behaviors refer to showing concern for others and making it enjoyable to be a member of a group.

T

wills grill: Equipment for preparing and serving food

Tangible resource

Which of the following are indicators of effective leadership? A. The ability to meet or exceed performance expectations B. The ability to help followers improve their skills C. The ability to create a positive work environment (for example, an environment employees enjoy working in) D. All of the above are indicators of effective leadership

all of above

A company that provides a product with better attributes at a better price than competitors is utilizing a _______________ strategy, which is a hybrid strategy that combines elements of the two main generic strategies.

best cost provider

wills grill: Customer service

capability

wills grill: Flexibility to adapt to weather, event attendance, etc

capabiltiy

How are customers reached?

channels

Being passionate and enthusiastic about the business, being invested and committed to the business, and bringing industry-specific experience to the business are all examples of core ____________ that John Christ brings to Wil's Grill.

competencies

he number of people or subordinates that a manager effectively controls and directs is called the manager's span of:

control

A food service company whose divisions provide food for school cafeterias, airlines, hotels, and fast-food restaurants is departmentalized by:

customer

Which of the following is NOT a commonly used method for departmentalizing a firm? a. by divisons based on customer categories or segments b. by divisions based on different product lines c. by function (e.g., accounting, finance, marketing, etc.) d. by employee experience e. by divisions based on geographic region

d

The two forms of business financing are _____ (borrowed funds) and _____ (ownership funds). Select the correct answers in the correct order.

debt; equity

Resources and capabilities that allow a company to incorporate unique attributes into its offerings are important in successfully executing a ___________ strategy, whereas resources and capabilities that allow a company to keep its costs low are important in successfully executing a ___________ strategy.

differentiation, cost leadership

Cost advantages that a business enjoys as its sales increase, causing average costs per unit to fall.

economies of scale

Cost advantages that a business enjoys due to a larger range of operations (e.g., multiple product lines).

economies of scope

Of the "Big 5" personality traits, the trait that relates to being seen as energetic and likeable is typically the personality trait that has the strongest relationship with effective leadership. Which trait is this?

extraversion

A manager in a centralized organization tends to allow subordinates to assume authority and to make most of the decisions.

false

Costs that remain the same despite the volume of goods or services produced.

fixed costs

Coca-Cola Enterprises (CCE) is the largest bottler and distributor of Coke products in the world. It is organized around its North America division and its European division. This departmentalization by ________ allows CCE to respond to the demands of different markets.

geograhpy

Leadership can be defined as "a process involving disproportionate influence over others in pursuit of goals." Which aspect of this definition relates to the ability to get people to do things they may not necessarily do on their own?

influence

Venture capital:

is financing obtained from investment firms that specialize in financing small, high-growth companies

What are the important things you need to do?

key activities

Most companies do not own all the resources needed to execute their business model, nor do most companies perform all of the necessary activities themselves. Instead, most companies rely on other people or other companies to provide certain resources or perform certain activities. These other people or other companies represent which component of the business model canvas?

key partners

What are the important things you need to utilize?

key resources

striving to achieve lower overall costs than rivals and appealing to a broad spectrum of customers, usually by underpricing rivals

low cost provider strategy

Fill in the blanks: A business model that focuses on a [ ] market is focused on a large group of customers with generally similar problems and needs, while a business model that focuses on a [ ] market is focused on a specific, specialized customer segment with problems or needs that differ from other customer segments.

mass, niche

In using an arrangement in which product teams are made up of designers, marketers, and other specialists with expertise in particular sports categories (e.g., running shoes or basketball shoes), Nike is using which type of departmentalization?

matrix combining functional with product

wils grill: Large student population looking for good, reasonably-price food

opportuntiy

Which component of the VRIO framework refers to whether an organization's management systems, processes, policies, organizational structure and culture are structured to fully realize the potential of its resources and capabilities?

organized to capture value

How do you generate cash, and how much?

revenue streams

wils grill: Culinary knowledge and skills gained through experience

strength

According to expectancy theory, the probability of an individual acting a particular way depends on the strength of the individual's belief that:

the act will have a particular outcome and on whether the individual values that outcome

wils grill: Low barriers to entry for others (potential competitors) looking to sell street food

threat

Departmentalization refers to grouping of jobs together into units so that similar or associated tasks and activities can be coordinated.

true

Drawing on the VRIO framework, resources are ___________ if they help an organization to increase perceived customer value. This is done by increasing differentiation and/or decreasing the price of the product (which is, of course, possible through reducing and managing costs on the business-facing side).

valuable

What customer problem is being solved or need is being fulfilled?

value prop

Costs that vary proportionally with the volume of goods or services produced.

variable costs

wils grill: Limited financial resources

weakeness