Business Mgmt Final

____ is a process in which the performance standard is based on another firm's superior performance.

Benchmarking

Which of the following defines those markets in Non developed countries that present tremendous potential for multinationals?

Emerging markets

Andy Yocom saw prime advertising space on the flags on the golf course. He reasoned that any marketing messages would get prominent attention if they were placed on the flags since golfers focus on them when they take their shots. As a result, Yocom used his own initiative and money to start Invision Golf Group Inc. Yocom is an example of a(n):

Entrepreneur

In the past few years, the federal government has cut back burdensome government regulations and paperwork to the point that they are almost non-existent for small business owners.

False

The first step in starting your own business is a self-assessment.

False

firm's internal environment contains elements that can impact the firm but are generally beyond its direct control.

False

The worldwide phenomenon whereby the countries of the world are becoming more interconnected and where trade barriers are disappearing refers to

Globalization

Hannah Li wants to quit her job as a legal secretary and start her own small business. She knows that she will be successful if she can find the right idea. Where can Li look for ideas for her new business

Her interest in the history of Asian art

Which term describes a collective of individuals who share the same demographic characteristics such as race, sex, or age?

Identity group

Which of these is perhaps the most common way of depicting the formal organization?

Organizational design

A global strategy is based on the assumption that the world is extremely interconnected, and that

True

A plan includes decisions about when and how actions should be accomplished and what resources will be required to complete the actions.

True

Because tariffs are usually passed along to the consumer in the form of higher prices, imposing tariffs on imported goods gives domestic companies a price advantage and protects them from foreign competition.

True

Culture tells people who they are, which behaviors are appropriate, and which are not acceptable in any society.

True

Demographics includes facts about income, education levels, age groups, and the ethnic and racial composition of a population.

True

Firms in an industry may or may not compete directly against one another, as we'll discuss shortly, but they all face similar situations in terms of customer interests, supplier relations, and industry growth

True

Inadequate early planning is often at the core of small business failures.

True

Planned change is an intentional activity or set of intentional activities that are designed to create movement toward a specific goal or end.

True

Strong rivalry in an industry increases the profit potential for all firms because consumers have many firms from which to purchase products or services and can make at least part of their

True

The most common use of a business plan is to persuade lenders and investors to finance the venture

True

Which term is commonly used to refer to ways in which organizations seek to ensure that members of diverse groups are valued and treated fairly within organizations in all areas including hiring, compensation, performance evaluation, and customer service activities?

Valuing diversity

W" in the SWOT analysis stands for ______.

Weakness

In buying an existing business, the prospective buyer should ask questions about the operation of the business. Which of the following would be an inappropriate question to ask?

What are you going to do with the down payment?

One way to ease the burden of managing a business is to hire an outside consultant. Which of the following is an example of an outside consultant that might be useful to a small interior design company?

all of the above

Which of the following is NOT one of the advantages of owning a small business?

avoidance of taxes

A _____ strategy is a strategy for a company to maintain its current income, market share, or geographic reach.

Defensive

refers to identity-based differences among and between two or more people that affect their lives as applicants, employees, and customers.

Diversity

Which term describes a foreign employee who moves to and works in another country for an extended period of time?

Expatriate

Businesses close down for many reasons. Which of the following is NOT a typical reason for a business failure?

Expenses were lower than the owner expected

A positive aspect of opening a small business is that it takes very little management skill because it is

False

Compensation and benefits are the two elements that make up the total reward strategy used by

False

Higher-potential employees, no matter what the level, often display the following competencies: business acumen, strategic thinking, leadership skills, people skills, learning agility, and technology skills.

False

Which of these refers to the increasing competition for recruiting?

Talent acquisition

The major determinant of the most effective style of leadership will be:

The leaders personality

Which of these refers to significant shifts in an organizational system that may cause significant disruption to some underlying aspect of the organization, its processes, or structures?

Transformational change

_____ financing is a form of financing consisting of funds raised through the sale of stock in a business.

equity

A dysfunction in decision-making that occurs in homogeneous groups as a result of group pressures and group members' desire for conformity and consensus is called ____.

groupthink

An essential ingredient for effective leadership is the exercise of:

power

Who provides the start-up financing for the majority of new small businesses?

the business owner and his or her family and friends

The type of leadership most appropriate when major changes are needed in an organization would be

transformational

______ occurs when an employee or an applicant is treated unfairly at work or in the job hiring process due to an identity group, condition, or personal characteristic.

workplace discrimination