MQM 220 - Exam 1

Name the Strategic Review Process Element: I've been reading a blog called "Retail Banking Strategies," published by the Peak Performance Consulting Group. They're predicting that the only way for community banks to prosper is to have a growth strategy.

Contextual intelligence

Determine if the following activity is a Business-level or Corporate-level strategy? Never previously known as a computer hardware company, Microsoft decided to enter the tablet-manufacturing business, producing the Microsoft Surface.

corporate-level strategy

The ____________ of CenterPoint Energy is "Lead the nation in delivering energy, service, and value." a. goal b. core competency c. vision d. objective

c. vision

Identify the management strategy: In looking for ways to make the web design process more efficient, you notice that Robin, who uses two monitors, creates a design more quickly than Matt, who uses only one monitor. You tell JoAnne to buy second monitors for all employees and tell them that if they can decrease their web design time by 10%, they will get a 10% bonus.

scientific management

Which ethical framework is the following: As CEO, I have to think about the interests of a large number of stakeholders. While a few individuals may be concerned about Facebook's privacy policies, far more people benefit from those same policies because they don't have to see a bunch of ads that aren't relevant to them.

utilitarianism

Managers who create a firm's strategy must do what?

1. Choose which products and services their company will offer to clients. 2. Determine what position their company is going to assume in its marketplace. 3. Identify the scale and scope of company operations. 4. Establish the company's organizational structure. 5.Agree on how the company will determine if it has been successful.

List the four-step process for implementing corporate social responsibility :

A: Identify points of intersection between company and society B: Select social issues to address C: Create a corporate social agenda (incorporate with strategy) D: Create a social dimension to the value proposition

Effective managers know that changing any one of the pillars or the environment will necessitate at least considering changing ______ of the pillars.

All

A situation is characterized by lack of clarity about cause-and-effect relationships; conducting experiments is often helpful to increase understanding

Ambiguous

Identify the management strategy: You advise JoAnne to more clearly divide tasks among her employees. There should be one person specializing in sales, one person specializing in graphic design, one person to handle writing/editing content, and one person handling coding.

Bureaucratic Organization Structure

What is the key focus of the shareholder view (1960s-1980s)?

Financial performance

What is the key focus of the managerial view (up to 1960s)?

Production

Joe is describing the company's _______________ when he says, "We produce products where the flavors are easily accessible and understood, in packaging that is easy for consumers to read on the shelf, and at price points that are attractive to them." a. mission b. vision

a. mission

Which aspect of Ford's external environment is represented: A law passed in California forbidding most employers from using credit reports to screen most employees, modifying Ford's selection processes a. political/legal trends b. economic trends c. sociocultural trends d. technological trends

a. political/legal trends

When managers create a firm's strategy, they must consider which of the following elements? a. The types of advertising the company will use b. Which products and services to offer c. The price of company stock d. How they will determine if they have been successful

b & d

If technical skills make up a majority of the skills he needs on the job, Max is probably a ________ because he must help individuals learn to do their jobs. a. senior manager b. frontline supervisor c. middle manager

b. frontline supervisor

The process of ________ involves planning and budgeting, organizing and staffing, and controlling and problem solving. a. human relations b. management c. leadership d. scenario building

b. management

Which aspect of Ford's external environment is represented: Increased prices for aluminum, which aluminum refiners passed along to Ford. a. competitors b. suppliers c. customers

b. suppliers

Your company must obey the law; meeting its ___________________is a necessary component of maintaining corporate social responsibility. a. employee obligations b. ethical responsibilities c. legal responsibilities d. economic responsibilities

c. legal responsibilities

Which component of strategy is represented: David is developing a strategy for his company that sells tour packages. He discovers that if his tours include rooms in no-frills hotels and provide only limited time with a guide at the destination, instead giving tour members brochures that suggest self-guided walking tours and popular tourist destinations they can find on their own, he can sell his packages for up to 25% less than his major competitors do. He plans to market his tours with inexpensive late-night infomercials.

choosing a set of activities

When participating in _________________________, one company gives another company money in order to operate a retail unit. A good example is Kentucky Fried Chicken, where individual store owners pay a fee to Yum Foods, KFC's parent company. a. exporting b. alliances c. joint ventures d.. franchising

d.. franchising

Managers role in an Internal Environment:

Assess goals Assess internal resources Assess culture Assess employee capabilitties

Identify the 4 types of management strategies

Bureaucratic Organization Structure Scientific Management Human Relations Contingent View

Identify the management strategy: You advise JoAnne to get input from each existing team member before hiring new employees. If team members are happy with the new hire, they are more likely to make that person part of the team, and the team will sell more.

Human relations

Which ethical framework is the following: The United States, and indeed almost all nations, holds that businesses have the right to make money if there's a market for their products and services. It would not be right for the government to take the ability to earn a profit away from me or my company.

Justice

Which of the following are disadvantages of a transnational system? a. The company can spend large amounts of money implementing many diverse strategies. b. Production scale economies may be too low to make the product profitably. c. Clients in different locations may have different tastes in products. d. It may be difficult to choose which strategy to adopt for which environment.

a & d

A goal of MERCOSUR is to __________ tariffs among Argentina, Brazil, Paraguay, Uruguay, and Venezuela. a. decrease b. maintain c. increase

a. decrease

Chris Mittelstaedt says, "I've always known that I have to build a stronger executive team." The executive team will be responsible for inspiring employees to achieve Mittelstaedt's vision. Inspiring employees is part of which of the following management pillars? a. Organization design b. Leadership c. Global business context d. Strategy

b. Leadership

Intel's ______________________ says, "Delight our customers, employees, and shareholders by relentlessly delivering the platform and technology advancements that become essential to the way we work and live." a. competitive advantage policy b. mission statement c. objective d. vision

b. mission statement

The Bilateral Aviation Safety Agreement (BASA) between the United States and Mexico is part of the _____________ for airline companies. This regulation says that aviation equipment manufactured in Mexico can receive a U.S. Federal Aviation Administration safety certification. a. sociocultural dimension b. technological dimension c. legal dimension d. social values dimension

c. legal dimension

Identify the pillar of managing organizations: When I hire employees, should I have each employee specialize in a different iPhone repair, or should all of my employees be generalists who can repair any kind of iPhone?

organizational design

Which type of strategy is most appropriate for the following: Jed and his management team feel that there are many different markets for Bluetooth headsets and that the headsets must match people's preferences in the regions where they are sold. Managers are willing to allow subsidiaries to perform all corporate functions at all levels. a. an international b. a transnational c. a multinational d. a global

c. a multinational

The creators of Superman and Batman have set up _____________ arrangements so that other companies can manufacture and sell action figures based on these superheroes. The action figure companies do not own the superheroes, but they pay for rights to use their images. a. exporting b. wholly owned subsidiary c. licensing d. franchising

c. licensing

Managers role in an External Environment:

Industry analysis Customer analysis Supplier analysis Competitor analysis

Many _________of U.S. companies are sole proprietors. They maintain legal control over their businesses, whose shares are not traded over an exchange such as the New York Stock Exchange. a. dealers b. board of directers c. owners d. employees

c. owners

When going through___________________________, a company determines how it will achieve its objectives. a. mission definition b. vision clarification c. strategy formation d. mission statement writing

c. strategy formation

When the marketing leadership team adjusts the prices of the same products differently in different regions to see how consumers respond, they are responding to the _________ nature of the business environment. a. complex b. volatile c. ambiguous d. uncertain

c.ambiguous

Identify the management strategy: Because artists make up so much of The Web for the Rest of Us's client base, you recommend that JoAnne adopt a very flexible organizational structure, such as a team-based organizational design. This will help make the company more responsive to its clients. If JoAnne had a different client base, you would recommend a different approach.

contingent view

Determine if the following activity is a Business-level or Corporate-level strategy? After first denying that a split was being contemplated, eBay announced that it would spin off its very successful PayPal division, which has now become a separate company. The motivation for the spinoff was for PayPal to fulfill its potential in the booming online payment industry while eBay continues to focus on the online auction business.

corporate-level strategy

Which component of strategy is represented: An accounting firm has hired consultants to write proprietary financial management software that it uses to service its clients. It also uses unique accounting methodologies and has established a team-based structure that best leverages various employees' talents while maximizing accountability.

creating fit

eneral Electric is a company that used ____________ to acquire and hold companies in the aerospace, consumer appliances, entertainment, financial services, health care, media, power generation, sensors, transportation, and water technology industries. a. alliances b. strategy c. competitive advantage d. conglomeration

d. conglomeration

Which of the following is likely to be the biggest ethical problem you face in your new job? a. consumer privacy b. relevant communication c. employee privacy d. environmental concerns

d. environmental concerns

___________ is the idea that moral behaviors must be based on standards of equity, fairness, and impartiality to preserve order in society. a. virtue ethics b. utilitarianism c. kantianism d. justice

d. justice

If Joe were to believe that the benefits of having a large supply of cocoa beans far outweighed the negative aspects of the slavery of cocoa harvesters, he would be following beliefs found in ____________systems. a. justice b. kantian c. ethical values d. utilitarian

d. utilitarian

Keith Edwards participated in ________________ when he informed the U.S. government that JPMorgan Chase & Co. had fraudulently submitted mortgages to government guarantee programs. a. insider trading b. exercising virtue ethics c. sharing trade secrets d. whistle-blowing

d. whistle-blowing

List the 4 steps in the stakeholder mapping process (in order)

1. Map stakeholder relationships with the firm 2. Identify specific subsets within the stakeholders 3. Determine stakes for each stakeholder 4. Define connections between stakeholders

_____________decreases the efficiency of organizations that use it, increases the cost of doing business, and inspires a loss of investor confidence.

Bribery

Name the Strategic Review Process Element: If the economy continues to decline, we will implement more and larger fees on our liquid accounts, but if the economy starts to grow, we will ramp up our investments branch. If the economy levels off, we will try to attract people with a lower net worth to our investment programs, where we can charge them fees for financial advice.

Contingency planning

Company strategies are effective under what 4 conditions?

External fit Internal fit Differentiation Implementable

_________ _______ adopting a human relations approach emphasize the importance of social relations at work, and scenario building is a tactic used in strategic planning.

Management theorists

___________ is a free trade agreement among the United States, Canada, and Mexico, who are each other's largest trading partners. The agreement came into force in 1994, creating the largest trading bloc in the world.

NAFTA

What is the key focus of the stakeholder view (since 1990s)?

Serving multiple constituencies

Name the Strategic Review Process Element: More and more, our customers are demanding that we increase our level of corporate responsibility. One subset of our customer base is particularly interested in having us work with nonprofits such as Habitat for Humanity to help people who cannot afford housing in this area.

Stakeholder mapping process

Johnson & Johnson has a reputation for being a company with high levels of corporate social responsibility to all of its stakeholders. Which of the following arguments also support the need for companies to adopt positions of social responsibility? a. Organizations have the knowledge and resources to do good in the community, so they are responsible for helping others. b. People should be allowed to choose their charities for themselves. When organizations donate money to charity, the bottom line suffers. c. Organizations have more power than most underprivileged people, so they are responsible for helping those people get ahead in life. d. People who put money into an organization deserve the maximum possible return on their investment.

a & c

A strong knowledge of the three pillars of managing organizations is especially important given what?

The rapid pace of change in today's business environment.

Managers who decide how to structure the company and allocate resources in a way that helps meet the company's long-term goals are operating in the ______________ pillar of managing organizations. a. individual leadership b. organizational design c. strategic position d. global business context

b. organizational design

Theo Chocolate will have a good corporate strategy if which of the following components are true? a. The strategy fits with the industry's environment. b. The company can effectively execute the strategy. c. The strategy gives the company a differentiated position in the marketplace. d. The strategy fits with the company's current sales model.

a, b, & c

In order to be maximally effective, David Gibbons, the executive director of manufacturing for Shanghai GM, must take which of the following actions? a. Proactively adapt GM manufacturing and marketing efforts to Shanghai and the rest of China b. Target customer segments and help develop relevant cars for those segments c. Actively reach out to U.S. customers to expand the U.S. market for Chinese-manufactured vehicles d. Deal effectively with Chinese government and media

a, b, & d

When a company's global business context changes, effective managers should also anticipate doing which of the following? a. Changing the company's strategic position, organizational design, and leadership practices b. Keeping the company's strategic position, leadership practices, and organizational design the same c. Keeping the company's leadership practices the same but changing its strategic position d. Keeping the company's strategic position the same but changing its leadership practices

a. Changing the company's strategic position, organizational design, and leadership practices

Joe is excited because his is the only company that produces organic fair trade chocolate for consumers. He believes that purchasers will pay more for chocolate that is produced in a way that benefits cocoa growers, the chocolate manufacturer, and consumers. He guarantees the purity of his product by getting certification from IMO Fair for Life. The profitability he expects from this certification is which part of the process for developing a corporate social responsibility strategy? a. Create a social dimension to the value proposition. b. Create a corporate social agenda (incorporate with strategy). c. Select social issues to address. d. Identify points of intersection between company and society.

a. Create a social dimension to the value proposition.

Which of the following is NOT an example of a change in the global business environment that could require a firm to respond to maintain its competitive advantage? a. Saudi Arabia, long the world's top exporter of oil, again tops the list. b. After many years of averaging over 10% annual GDP growth, China developed a 5-year plan that sets 7% growth as a goal. c. Historically commodity-driven economies in Africa are now more diverse and therefore more resilient when prices drop. d. An emerging middle class in many countries seeks to acquire brand-name clothes and automobiles.

a. Saudi Arabia, long the world's top exporter of oil, again tops the list.

When creating a strategic plan, what is the primary purpose of analyzing the company's internal and external environments? a. To understand how the company can satisfy the needs of its major stakeholders b. To determine whether a specific manager should be in charge of a designated product c. To determine what parts of the company will accept responsibility for creating future products d. To specify the outcomes that the company will achieve in the upcoming year

a. To understand how the company can satisfy the needs of its major stakeholders

When a company uses foreign subsidiaries to produce and distribute its products overseas, but also performs research and development in the company's home offices, it is most likely to be using ______________________ strategy. a. an international b. a transnational c. a multinational d. a global

a. an international

Compared to the countries in NAFTA, the countries in MERCOSUR conduct _________ of their trade with the member states. a. less b. more c. the same amount

a. less

When Target Corporation attempted to expand into the Canadian market in 2013 to establish itself as an international firm, it was adopting a ___________ stance toward the global retail environment. a. proactive b. volatile c. protectionist d. reactive

a. proactive

One of the most important concepts in ________________ is the idea that laws must be administered the same way for everyone, without bias, to result in fair outcomes. a. procedural justice b. privacy c. virtue ethics d. distributive justice

a. procedural justice

During the_________ process, managers of a large shipping company considered what might happen to their business if legislation requiring sales tax on all Internet purchases passed. They assumed that such legislation would cause a drop in Internet sales, causing distributors to go out of business or to look for ways to offset increased prices by discounting shipping costs. a. scenario building b. strategic review c. contingency planning d. trend analysis

a. scenario building

In 2004, Symbol Technologies agreed to pay a $37 million penalty to investors who lost money because of the company's fraudulent accounting practices. According to the U.S. Securities and Exchange Commission, company managers up to and including Tomo Razmilovic, Symbol's CEO, inflated reported revenues, earnings, and other measures to increase Symbol's stock price. These activities show the problems that can arise when managers adopt a __________________ view of management. a. shareholder b. mangerial c. stakeholder

a. shareholder

Fung Kim Ping is a toymaker who lives in Guandong, China. She makes soft, squishy light-up ducks that delight her clients, including visitors from other countries. One of Kim Ping's best clients is Abdel Errihani, a businessman who owns several large toy stores in Morocco. Abdel is trying to persuade Kim Ping to develop an international business, starting in Marrakesh. Kim Ping is considering several strategies for going global, and she asks you for help in evaluating the pros and cons of each approach. hat advantages can Kim Ping expect if she decides to export her ducks to Morocco? a. Foreign importers will pay manufacturing costs, allowing Kim Ping to offer her ducks at a more competitive price. b. The market for Kim Ping's toys will expand, making her less dependent on her home market. c. Kim Ping's ducks will cost less because of reduced tariffs, making her more competitive. d. Kim Ping will have better control over how her products are made than she would have with other forms of globalization.

b & d

Which of the following statements correctly describe the North American Free Trade Agreement (NAFTA)? a. NAFTA has increased the cost of consumer goods for its member nations. b. NAFTA dramatically reduced tariffs on goods traded among the United States, Canada, and Mexico. c. NAFTA reduced the amount of trade among the countries involved, who now conduct more of their trade with Europe and Asia than with each other. d. NAFTA is the largest trading bloc in the world, as measured by the combined GDP of trade alliances' member nations.

b & d

Which of the following are examples of a company using strategy to seek a competitive advantage? a. The U.S. bookseller Borders focused on offering a wide variety of books in a large amount of retail space as sales per square foot declined 34% from 1997 to 2009, and it did not invest significantly in the rapidly growing online market for print and electronic books dominated by Amazon.com. It filed for bankruptcy in 2011 and was liquidated. b. In the 17th century, the Dutch East India Company allied with a powerful leader in Indonesia to gain exclusive access to spices, and during the company's existence, it carried about five times the shipping tonnage of its nearest competitor, an English company. c. The Finnish company Stora Enso appeals to the world's desire to use renewable resources by developing new packaging, paper, textile, and other products based on sustainably grown wood. Quarterly profit recently rose 38% year over year, and the company has garnered much recognition from environmental groups. d. In the 1970s, the Sumitomo Bank of Japan bailed out two major corporate customers at a cost of over $1 billion, greatly hurting its profitability. However, its loyalty to its customers enhanced its reputation, and by 1981 it was Japan's most profitable financial institution.

b, c, & d

If the tech companies are not found to have broken any laws, San Francisco residents will still be angry at them. This is because the companies are perceived to have failed in which area of corporate social responsibility? a. Conflicts of interestb b. Ethical responsibilities c. Legal responsibilities d. Economic responsibilities

b. Ethical responsibilities

Imagine you discover that even though Fieldstone Contracting is complying with all environmental laws, runoff from its mines is probably causing illness in downstream communities. Since the illnesses seem minor, you decide not to say anything. Which of the following rationales most closely matches yours? a. My managers have told us to make sure to comply with all environmental laws. As long as I'm following orders, I'm not responsible for anything else that happens. b. Everyone gets a stomachache from time to time, so even if it's our mining operations that are at fault, as long as we're obeying the law, it's not a big deal. c. The laws are written to protect people from environmental hazards, and the state and federal environmental protection agencies are making sure we comply with the law. Therefore, we're following an ethical process. d. I've talked to stonemasons at other mining companies, and they all extract the stone exactly the same way we do. Therefore, we're not doing anything wrong.

b. Everyone gets a stomachache from time to time, so even if it's our mining operations that are at fault, as long as we're obeying the law, it's not a big deal.

Which type of strategy is most appropriate for the following: Plantronics managers have been working all over the world for a long time. They know that they always have to balance organizational learning with efficiency and local responsiveness. For that reason, they are planning to adopt different headset design and manufacturing approaches for different markets. High-end models will be centrally designed and manufactured, while lower-end models will be designed, manufactured, and distributed by subsidiaries. a. an international b. a transnational c. a multinational d. a global

b. a transnational

Ayesha, who manages a coffee shop, faces _____________ dilemma when deciding whether to incur additional expense by providing customers with recycling and composting options for their waste. a. a fiduciary b. an environmental c. a consumer d. an employee

b. an environmental

Seattle-based Theo Chocolate makes organic and fair-trade chocolate bars. Its management team includes Joe Whinney, the company's founder and CEO, and Debra Music, vice president of sales and marketing. Suppose that Joe and Debra were considering whether Theo Chocolate should start selling other items, such as locally made baked goods, along with their chocolates. This would be a ____________ strategic decision a. business-level b. corporate-level

b. corporate-level

At Theo Chocolate, managers want to be sure that their products will be competitive given the culture of the company, the company's efforts to treat chocolate producers fairly, and the goal of educating the public about fair-trade chocolate. Considering all of these factors relates to the _______________ component of the strategic planning process. a. choosing activities b. creating fit among activities c. managing trade-offs d. setting objectives

b. creating fit among activities

In the fall of 2014, China and the United States agreed to expand the Information Technology Agreement to drop tariffs on a number of technology products. This is an example of _________, reducing protectionist measures. a. trade alliances b. free trade policy c. globalization d. trade restrictions

b. free trade policy

The fact that there was a criminal investigation pending against Johnson & Johnson suggests that regulators felt that the company was not meeting its obligations at __________ level of corporate responsibility a. discretionary b. legal c. an economic

b. legal

In the image, Max is explaining what Rebecca needs to do to drive a bulldozer. Max is relying on his _________ skills to operate the machinery effectively during the training session. a. interpersonal b. conceptual c. technical

c. Technical

An organization that wants to know more about its ______________________ can look at the Pew Research Center Values Survey. For example, results show that older citizens are more likely to believe that government is usually inefficient and wasteful, but only about a third of both older and younger employees believe that hard work offers little guarantee of success. a. legal dimension b. sociocultural dimension c. technological dimension d. political dimension

b. sociocultural dimension

Determine if the following activity is a Business-level or Corporate-level strategy? Imagine that senior managers in the Post-it Note division at 3M determine that regardless of how 3M positions its other products, Post-it Notes will continue to be sold at a premium price. The company will also continue to develop new Post-it products to attract new buyers.

business-level strategy

Determine if the following activity is a Business-level or Corporate-level strategy? Imagine that managers at Apple ask, "Should our next iPad product be innovative and new, so we can charge a higher price for it, or should we consider offering a product with only basic features, so people with less money can purchase an iPad?"

business-level strategy

Based on what you saw in the video, which of the following activities would have helped Chris Mittelstaedt manage his stakeholders more effectively? a. Mittelstaedt should have actively recruited stakeholders for his organization. b. Mittelstaedt should have based his strategies only on the needs of his major stakeholder. c. Mittelstaedt should have done more environmental scanning because the environment was changing rapidly. d. Mittelstaedt should have examined the issues faced by small local farmers, a key FruitGuys stakeholder, and developed strategies based on how the farmers' issues related to the issues of local sustainability advocates.

c & d

Which of the following identifies acceptable behavior—often a by-product of the personality of the organization's leader—for employees? a. General environment b. Formality c. Culture d. Sociocultural dimension

c. Culture

Which of the following is not a problem caused by bribery? a. Decrease in efficiency of organization b. Loss of investor confidence c. Decrease in compensation for those who use it d. Higher costs of doing business

c. Decrease in compensation for those who use it

Imagine that General Mills' senior managers meet to discuss the company's U.S. retail food strategy. Suppose a consultant tells the management team, "General Mills needs to identify more successful smaller companies like Annie's and buy them." One of the managers responds, "The purchase of Annie's cost $820 million. Since we need to invest in our snack foods, which are doing well, there's a limit on how many companies we can afford to acquire." Which criterion is this manager using to evaluate the proposed strategy? a. Internal fit b. External fit c. Implementability d. Differentiation

c. Implementability

Which of the following responses best represents reasoning from the postconventional level? a. I think it's okay if she does. Most of the people I know would probably do the same thing if they were in her situation. b. I wouldn't. If she gets caught, she could wind up getting an F for the semester. c. She shouldn't plagiarize, but I'd like to think that her professor could make an exception to the rule regarding late papers. I mean, should she have let her roommate die while she finished the paper? How would anyone be better off in that scenario?

c. She shouldn't plagiarize, but I'd like to think that her professor could make an exception to the rule regarding late papers. I mean, should she have let her roommate die while she finished the paper? How would anyone be better off in that scenario?

Identify the pillar of managing organizations: What can I do to encourage the employees who are responsible for sending out replacement parts to use a minimum amount of packing material?

individual leadership

Which ethical framework is the following: I've built a social media platform that millions of people want to use, and I'm very proud of that. In fact, many entrepreneurs look at me as a role model. I also value and respect every Facebook user. Because I care about people and want them to enjoy my company's service, my decisions are ethical.

kantianism

Which component of strategy is represented: Marjorie owns a craft store and decides to reduce her purchases of in-store inventory so that she can invest more in website functionality for customers who order products online.

managing trade-offs

A manager who says, "We have to consider the needs of our employees, our customers, and our community!" has a _______________ view of the business environment.

stakeholder

In the video, Erin Mittelstaedt talks about the company's relationship with vendors and staff, and Chris Mittelstaedt talks about wanting to "save the world." All of these people (vendors, staff, and the world) are ___________in The FruitGuys. On the other hand, Chris Mittelstaedt talks about running up $100,000 in personal debt for The FruitGuys, an indication of his __________ status in the company.

stakeholders ; shareholder

Identify the pillar of managing organizations: Should I focus my business on growing the number of clients who bring me iPhones, or should I expand by selling advice to other people who want to open iPhone repair businesses?

strategic position

The companies that provide steel for the cars manufactured in GM's Shanghai plant are part of the auto manufacturer's ________ environment, specifically its __________

task; suppliers

What does VUCA stand for?

volatile, uncertain, complex, ambiguous