MGMT 370 Exam 2 practice Q's

_______ are firms that pursue unrelated diversification strategies.

Conglomerates

Which dimension of the global business environment includes Gross Domestic Product (GDP) and Infrastructure?

Economic Environment

Which term best defines the suspension of trade in a particular product that may be imported by the government?

Embargo

Which is Not a disadvantage of Direct Investment?

Enhanced control

Increasing benefits may not be feasible. Increasing wages and changing hiring standards may satisfy all conditions. Which decision making step is best described?

Evaluating Alternatives

According to Hofstede's cultural dimensions, _____________ is characterized by gender equality and as having conventional traits, such as being supportive, caring and relationship oriented.

Feminine orientation

_______ is a business strategy in which the business concentrates on one part or segment of the market and tries to meet the demands of that segment.

Focus

Which term best describes the tendency to view positively presented information favorably and negatively presented information unfavorably?

Framing

Which term best describes the product life cycle stage characterized by dramatic increases in the product's market share?

Growth

_______ is the decision maker's decision to choose the first alternative that appears to resolve the problem satisfactorily.

Satisficing

_______ is the level of productivity and the quality of activities of non-managerial employees.

Worker Performance

Which is NOT a characteristic of the Administrative Model?

Based more on bargaining and negotiation

Which term best describes the initial stage of the product life cycle when the product is introduced?

Birth

The product life cycle is the cycle of _______, _______, ________, and __________.

Birth, growth, maturity, decline of a product

_______ is the idea that people have limits, or boundaries, to their rationality.

Bounded Rationality

According to the Boston Consulting Group Matrix (BCG) _______ are those businesses that tend to generate excess cash over what is needed for their continued growth due to their high market share in a slow-growing market.

Cash Cows

_______ is a prescriptive approach -asserting that managers are logical, rational individuals who make decisions- that are in the best interests of the organization. Outlines how managers should make decisions and it is also known as the rational model.

Classical model of decision making

According to Hofstede's cultural dimensions, _____________ is found in countries where people placed a premium on job security, retirement benefits, and so on.

High uncertainty avoidance

The plant manager can increase wages, increase benefits, or change hiring standards. Which step in the decision making process does this example best correlate with?

Identify alternative course of action

Which is the first step in decision making?

Identify the problem

_________________ refers to the physical facilities that support its economic activities, such as railroads, highways, utilizes and power plants, schools, hospitals, and commercial distribution systems

Infrastructure

Which international organization oversees the monetary system to help stabilize currencies and exchange rates

International Monetary Fund (IMF)

________ is the immediate comprehension that something is the case, seemingly without the use of any reasoning process or conscious analysis.

Intuition

According to Hofstede's cultural dimensions, _____________ is characterized by male gender roles that focus on values such as money success and competition. These cultures consist of a need for power, assertiveness, dominance, and wealth and material success.

Masculine orientation

_________ is a definition of an organization's fundamental purpose and its basic philosophy.

Mission

_________ is a formal written declaration of the organization's mission; often includes the firm's philosophy, its primary products and markets, the intended geographic scope, and the nature of the relationships between the firm, its society stakeholders, and society.

Mission Statement

___________ have invested and are present in many countries. They market their products through the use of the same coordinated image/brand in all markets.

Multinational companies

Which term best describes decisions made in response to situations that are unique, relatively unstructured, undefined, and/or major consequence to the organization?

Non-Programmed Decisions

Which is NOT a disadvantage of decision making in groups?

People are committed

________________is based on the idea that certain individuals or groups will be able to influence others to achieve objectives

Political model of decision making

Which term is usually expressed in terms of the total output—such as a number of units—of the firm or of a major part of the firm?

Productivity

Which term best describes decisions made in response to situations that are routine, structured, and fairly repetitive?

Programmed Decisions

According to the Boston Consulting Group Matrix (BCG)________ are those businesses that are viewed positively in the sense that they are located in attractive, fast-growing markets, but for which there is a question as to their ability to compete, given their low market share.

Question Marks

Which is the best term that describes the evaluation of the organization's internal strengths and weaknesses and the opportunities and threats associated with the business's external environment?

SWOT Analysis

According to the Boston Consulting Group Matrix (BCG) ________ are those businesses that have high market shares and operate in industries experiencing major growth.

Stars

Which is an example of a domestic company?

Stomping Grounds

________ is a separate division within a company that has its own mission, goals, strategy, and competitors.

Strategic Business Unit

.What is the term that defines goals set by higher managers that deal with such general topics as the firm's growth, new markets, or new goods and services?

Strategic Goals

How would you define all the processes an organization undertakes to develop and implementing its strategic plan?

Strategic Management

How would you define plans that are intended to achieve strategically?

Strategic Plans

___________ is a course of action for implementing strategic plans and achieving strategic goals; a general statement of actions an organization intends to take or is taking that is based on the fit of the organization with its external environment.

Strategy

_______ is the condition that exists when little or no factual information is available about a problem, its alternative solutions, and its respective outcomes.

Uncertainty

________________ measures the extent to which different cultures socialized their members into accepting ambiguous situations and tolerating uncertainty.

Uncertainty Orientation