MGT-2013 Summer Course Test 1 Chapter's 1-8
The United States granted most favored nation trading status to China, which means that
China receives favorable trading treatment, such as the reduction of import duties.
The organizational structure that emphasizes groups and teams in an attempt to engage critical thinking is known as:
Coordination.
Balancing resources among various investment opportunities is an important planning technique.
False
Good managers have a tendency to increase turnover until they can find those employees that are the most productive.
False
________ is the arrangement of having discrete parts of a task done by different people.
A division of labor
________ is a control mechanism for making sure the right people do the right things at the right time.
A hierarchy of authority
Retained earning are those cash flows that are "retained" or kept in the business so that the business can pay dividends to their shareholders.
False
Deshi manages a popular beachfront eatery. When Deshi is setting employee schedules, assigning sections and work responsibilities, and ordering extra inventory, he is engaged in the leading function of the management process. Group startsTrue or False
False : Organizing is defined as arranging tasks, people, and other resources to accomplish the work. Leading is defined as motivating, directing, and otherwise influencing people to work hard to achieve the organization's goals.
The manager of a retail pharmacy stated that "the pharmacy will increase its profit margins." This is an example of a SMART goal.
False: A SMART goal is one that is specific, measurable, attainable, results-oriented, and has target dates.
A local university is facing some tough decisions, so they are using the decision tree, which contains individuals, websites, and organizations that specialize in handling sensitive and difficult decisions.
False: A decision tree is a graph of decisions and their possible consequences; it is used to create a plan to reach a goal.
Some large publishers have stopped publishing children's books because they are expensive to produce and distribute. This is an example of an offensive strategy.
False: A defensive strategy, or a retrenchment strategy, is a grand strategy that involves reduction in the organization's efforts.
Higher-level corporate- and business-level strategies flow down to the process strategy.
False: A functional strategy is a plan of action by each functional area of the organization to support higher-level strategies. In other words, higher-level corporate- and business-level strategies flow down to the functional strategy.
Maritime Industries is a federal contractor that makes navigation equipment for naval ships. Maritime Industries rarely focuses on the external environment and is very rigid due to the structured contracts that drive most of its business. Because the products Maritime Industries sells need little improvement and there is virtually no competition, Maritime Industries takes few risks. Maritime Industries is an example of an adhocracy culture.
False: A hierarchy culture has an internal focus and values stability and control over flexibility. Companies with this kind of culture implement various control mechanisms that help the company maintain a certain level of performance and efficiency according to a schedule.
According to Chester I. Barnard, an organization is made up of at least one person who strives daily to achieve the organization's goals.
False: According to Chester I. Barnard's classic definition, an organization is a system of consciously coordinated activities or forces of two or more people.
Two advantages of decentralization are that (1) managers are encouraged to ask for assistance to solve their problems, and (2) decisions are made more slowly because they are discussed at a higher level of management.
False: Advantages of having decentralized authority are (1) that managers are encouraged to solve their own problems rather than buck the decision to a higher level and (2) decisions are made more quickly, which increases the organization's flexibility and efficiency.
A logic manager is someone trained about matters of ethics in the workplace.
False: An ethics officer is someone trained about matters of ethics in the workplace.
Data Byte Computer Repair has a clear hierarchy of authority and division of labor. The managers budget for anticipated changes in the market and they view teamwork as key to success. This is an example of a closed system.
False: An open system continually interacts with its environment, getting feedback from the outside. A closed system has little interaction with its environment, getting little feedback from the outside.
Veronica, an assistant store manager of Home Imports, was talking to Connor, the district manager, about Jasmine, the unpopular store manager. Veronica said, "I believe I speak for other managers and employees when I say that Jasmine acts like she knows it all. We all feel that Jasmine does not listen to any of us. She always thinks her way is right and does not want to consider any other opinions." If Veronica's statements are true, Jasmine is an example of a geocentric manager.
False: Ethnocentric managers believe that their native country, culture, language, and behavior are superior to all others. Geocentric managers accept that there are differences and similarities between home and foreign personnel and practices and that they should use whatever techniques are most effective.
For a company making advanced technology, with highly specialized components, a customer divisional structure would be more effective than a modular structure.
False: In a mechanistic organization, authority is centralized, tasks and rules are clearly specified, and employees are closely supervised. In an organic organization, authority is decentralized, there are few rules and procedures, tasks are shared, and networks of employees are encouraged to cooperate and respond quickly to unexpected tasks.
The planning/control cycle is an order planning system in which employees work with customers to plan orders and discuss delivery times.
False: In the planning/control cycle, managers benefit from a continuous feedback loop that ensures plans are headed in the right direction (see Figure 5.5).
Knowing your decision-making style does not really help you determine your strengths and weaknesses as a decision maker, but it can help you understand when a decision needs to be made.
False: Knowledge of styles helps you to understand yourself. Awareness of your style assists you in identifying your strengths and weaknesses as a decision maker and facilitates the potential for self-improvement.
Evidence-based management includes bragging about new products you have in development.
False: Leaders shouldn't make over-the-top assertions about forthcoming products, they should simply use available resources to make effective decisions.
The IT network that allows for the movement of organizational information within that company is known as the organizational structure.
False: Organizational structure is a formal system of task and reporting relationships that coordinate and motivates an organization's members so that they can work together to achieve the organization's goals.
Chapter 6: Several studies found that strategic planning does not benefit smaller companies, as they very seldom see improvements in financial performance from this type of planning. Group startsTrue or False
False: Strategic management works for both large and small firms. Surprisingly, however, many small business owners do not engage in strategic planning. The cause of this is likely to be a short-term rather than long-term focus. Strategic planning requires a long-term orientation.
Strategic positioning involves performing the same activities as rivals in a similar way, but at a lower cost.
False: Strategic positioning attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company. It means performing different activities from rivals, or performing similar activities in different ways.
The executives of Great Lakes Medical Center are writing a statement that explains their organization's core purpose. Great Lakes Medical Center is at the strategic formulation step in strategic management.
False: The first step in the strategic management process is establishing the mission, vision, and values statements.
The career readiness competencies key to developing your ability to think strategically are resilience and leadership.
False: There are four key activities for developing your ability to think more strategically: (1) understanding the business, (2) broadening your task and functional knowledge, (3) decision making, and (4) engaging in critical thinking and problem solving.
To reduce the escalation of commitment, Marlee, the CEO, allows herself to be very influenced by the way a problem with her team is presented to her.
False: To reduce the escalation of commitment, researchers recommend that decision makers set minimum targets for performance and then compare their performance results with their targets. Managers should also be rotated in key positions during a project, and decision makers should be encouraged to become less ego-involved with the work.
You can become more proactive by focusing on problems rather than solutions.
False: You can be more proactive by following four key recommendations, including focusing on solutions rather than problems.
After three patients sued Guardian Manor, an assisted living facility, for neglect, missing medications, and improper nutritional offerings, Ivana, the CEO, wants to encourage employees to speak up more and to be comfortable voicing concerns. Which of the following would be encouraged by Ivana?
George tells a story about a time when Guardian Manor was first starting out and how the employees banded together.
Why should you encourage Derin to use groups to make decisions?
Groups have a greater pool of knowledge.
As the CEO of a mid-size airline, Karyn knows that most commercial airplanes are manufactured by either Airbus or Boeing. To mitigate the ________ of the airline industry, Karyn explores options for her company to manufacture its own airplanes.
bargaining power of suppliers
There is interdepartmental conflict at a company that manufactures outdoor sporting goods and athletic gear. The product development team is waiting on feedback from the marketing department. The marketing department needs a budget forecast from the accounting division before it can provide this feedback. If you were the top-level manager of this company, how would you handle this situation?
I would use the process of integration and sit everyone down together to talk it through.
Competitive parity suggests:
Increased competition due to the inability of customers to see differences in competitors.
Why is willingness at the center of the process when it comes to managing your career readiness?
It is up to you to shape your shape your future.
Which trading bloc has the goal to reduce tariffs by 75% and achieve full economic integration?
Mercosur
________ is another word for ethnocentrism.
Parochialism
________ forces affect the way politics shape laws and the way laws shape the opportunities for and threats to an organization. For example, some cities in the United States (including New York City and San Francisco) have set the minimum wage far above the federally mandated minimum wage.
Political-legal
The logistics manager for a trucking company told her employees that "85% of deliveries should arrive within 45 minutes of their scheduled arrival times." This is an example of a
SMART goal.
Emilio and Dylan are studying the strengths and weaknesses of their construction business, Construction Concepts, as well as researching the opportunities and threats in the external environment. They are conducting a
SWOT analysis
Tanisha, an experienced logistics manager, was recently assigned to oversee a division that is struggling to meet its goals. In her first week, she reviewed the organizational chart, productivity reports, and operational costs. What might Tanisha do with this information?
She might reorganize the division and rethink the work flows.
Based on what you learned about Drucker, which of the following slogans would he most closely agree with?
The customer is always right.
After the manager and employee work together to set the employee's objectives, what is the next step of MBO?
The employee should develop an action plan for meeting the objectives.
Willow, a plant manager, wants to institute a compensation system in which more efficient workers earn higher wages. Willow is proposing to institute a differential rate system.
True : Frederick Taylor suggested employers institute a differential rate system, in which more efficient workers earn higher wages.
The owners of a computer repair shop want to better formulate strategies, so they should conduct a SWOT analysis to understand the strengths and weaknesses within their company and the opportunities and threats of the external environment.
True: A SWOT analysis provides a realistic understanding of the organization in relation to its internal and external environments so that you can better formulate strategy in pursuit of the firm's mission.
A goal is a specific commitment to achieve a measurable result within a stated period of time.
True: A goal, also known as an objective, is a specific commitment to achieve a measurable result within a stated period of time.
A stability strategy is a grand strategy that involves little or no significant organizational change. For example, Two Become One is a jewelry store that sells only one type of item: engagement and wedding rings. The management of Two Become One does not plan to branch out into selling different types of jewelry; the company has a reputation for being the go-to store to purchase wedding rings, and it plans to maintain that strategy.
True: A stability strategy is a grand strategy that involves little or no significant change.
All 78 locations of Moviely Cinemas has a poster in the lobby that reads, "We want to become the epicenter for family entertainment that highlights creative talents and inspires the next generation of film legends." This is the vision statement for Moviely.
True: A vision statement expresses what the organization should become and where it wants to go strategically.
In advance of opening his new gym, Ethan is writing an explanation of the reason for his business. Ethan is writing his mission statement.
True: An organization's reason for being is expressed in a mission statement.
In order to motivate employees, performance that meets objectives should be rewarded.
True: Because the purpose of MBO is to motivate employees, performance that meets the objectives should be rewarded—with compliments, raises, bonuses, promotions, or other suitable benefits.
Evidence-based management includes making decisions based on what actually works versus what ought to work.
True: Companies that use evidence-based management—the translation of principles based on best evidence into organizational practice, bringing rationality to the decision-making process—routinely trump the competition.
Willow, the youngest owner of a family-owned restaurant, wants to make sure her company's culture is embedded. In a recent tradeshow workshop, she learned that she can do this by having company rites and rituals, continuing to tell stories about company legends, and being a role model to her employees.
True: Embedding organizational culture is essentially a teaching process—that is, a process in which members instruct each other about the organization's preferred values, beliefs, expectations, and behaviors. The process is accomplished by using one or more of 12 mechanisms.
Octavia wants a job that she is good at and that she is happy to go to each day. Octavia would be well-served to understand a company's internal context before accepting a job offer.
True: If you want to know whether you fit in with an organization, you need to understand the organization's internal context. Knowing your level of fit is important because studies suggest that high levels of fit ultimately lead to higher job satisfaction, performance, and greater chances of being promoted.
When brainstorming, you should go for quantity over quality.
True: One of the six rules of brainstorming is "go for quantity over quality." Participants should try to generate and write down as many new ideas as possible.
Optimistic people view challenges as opportunities to influence decisions.
True: Optimistic people see change as an opportunity. Optimistic people tend not to whine. Rather, they attempt to change or influence a decision or they adapt and move on.
A corporate culture is defined as the set of shared, taken-for-granted implicit assumptions that a group holds and that determines how it perceives, thinks about, and reacts to its various environments.
True: Organizational culture, sometimes called corporate culture, is defined as the set of shared, taken-for-granted implicit assumptions that a group holds and that determines how it perceives, thinks about, and reacts to its various environments.
To start work every day, Saura sits down and sets her goals for the day and then she decides how to achieve them, formulating future courses of action to achieve the specified results. This is the definition of planning.
True: Planning is defined as setting goals and deciding how to achieve them. Another definition is that planning is coping with uncertainty by formulating future courses of action to achieve specified results.
Research shows that most managers vary between two or three decision-making styles, and that decision-making styles vary across occupations, job level, and countries.
True: Research shows that very few people have only one dominant decision-making style. Rather, most managers have characteristics that fall into two or three styles. Studies also show that decision-making styles vary across occupations, job level, and countries. There is not a best decision-making style that applies to all situations.
During a management workshop, Ishaan, the HR manager, spoke about making decisions related to firing an employee. He said, "I have several rules of thumb that I use to make a decision. First, I ask if it's legal and then if it's ethical." He then laid out several other steps he uses in the decision-making process related to firing. Ishaan's "rules of thumb" are also known as heuristics.
True: Scholars call "rules of thumb" heuristics—strategies that simplify the process of making decisions.
Farrah, a regional manager for an HVAC equipment retailer, received an e-mail from the CEO outlining the new goal of decreasing company costs over the next three years. This is an example of a strategic goal.
True: Strategic goals tend to span one to five years and focus on achieving the strategies identified in a company's strategic plan.
Flora's Fruit + Fresh is one of several local stores where customers can purchase locally grown fruits and vegetables. Each week, Flora also offers workshops in her store on topics such as canning, healthy eating, and growing a garden, which no other local store does. By offering these unique workshops, Flora is engaging in strategic positioning.
True: Strategic positioning means performing different activities from rivals, or performing similar activities in different ways.
Strategy implementation is putting strategic plans into effect, which means dealing with roadblocks within the organization's structure and culture and seeing if the right people and control systems are available to execute the plans.
True: Strategy implementation is putting strategic plans into effect. This means dealing with roadblocks within the organization's structure and culture and seeing if the right people and control systems are available to execute the plans.
A factory that makes potato chips could use a ________ to assess its impact on people, the planet, and profits. In reviewing different company portfolios, where in the company would you guide her to be successful with her research?
social audit
In the late 1800s, David began selling books door-to-door. To entice purchases from female customers, he would include perfume samples as thank you gifts. When the perfume became more popular than the books, David shifted the focus of his business that lead to his founding of Avon. This is an example of a manager viewing his organization as an unfinished, changeable prototype that won't be ruined by dangerous new ideas.
True: Treat your organization as an unfinished prototype. Leaders need to think and act as if their organization is an unfinished prototype that won't be ruined by dangerous new ideas or impossible to change because of employee or management resistance.
When managers and employees within the same department are brought together in cross-functional teams to solve particular problems, their company is using a team-based design.
True: When managers from different functional divisions are brought together in cross-functional teams to solve particular problems, the barriers between the divisions break down. The focus on narrow divisional interests yields to a common interest in solving the problems that brought them together.
Samir owns a dental practice, but business has slowed down significantly over the last six months. Which analysis would you recommend to Samir to help him determine whether his dental practice has competitive potential?
VRIO framework
A key contribution of ________ was the identification of the major functions of management which are planning, leading, organizing, and controlling.
administrative management
After establishing the mission, vision, and values, what is the next step in strategic management?
assessing the current reality
Stores of data that are so vast that conventional database management systems cannot handle them, and very sophisticated analysis software and supercomputing-level hardware are required, are known as ________. These data include not only data in corporate databases but also web-browsing data trails, social network communications, sensor data, and surveillance data.
big data
In a corporation, the________ is the group of people elected to oversee the firm's activities and ensure that management acts in the shareholders' best interests.
board of directors
Crystal Coast is an all-inclusive beachside resort. It offers lodging, six restaurants, dancing, snorkeling, parasailing, and spa treatments. On the resort grounds, Crystal Coast also has a dive center, jet skis, and a water park. All of these amenities are only available to customers staying at Crystal Coast. Crystal Coast's strategic position emerges from
broad needs, few customers.
Which level of strategy is concerned with how much to spend on marketing or whether to expand facilities?
business
A ________ is a document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success, and a ________ outlines the need the firm will fill, the operations of the business, its components and functions, as well as the expected revenues and expenses.
business plan; business model
As police chief in a small town, Luciano is very concerned about measuring the success of his organization. How might Luciano measure success?
by considering the effectiveness of the police in protecting and serving the town
Once implemented, managers need ________ to keep strategic plans on track.
control systems
Which of the following lists represents the order of levels of strategy from the top of the organization downward?
corporate, business, functional
When Henry Ford implemented the assembly-line process to dramatically decrease the time and resources needed to make automobiles, he was pursuing a ________ strategy.
cost-leadership
To decide how much an insurance policy should cost a customer, underwriters use ________, such as historical industry trends and loan characteristics, to predict risk levels.
data analytics
A ________ is a graph of decisions and their possible consequences.
decision tree
Revenue tariffs, such as a tax on oil, are ________ ; while protective tariffs, such as taxes on solar panels, are ________.
designed simply to raise money for the government; designed to raise the price of imported goods to make domestic goods more competitive
When Bedisa is analyzing underlying causes, she is engaged in
diagnosis.
Tina has a master's degree, 12 years of managerial experience, and excellent marks on her annual performance reviews. Although she rarely talks about her personal life at work, Tina has a framed photo of her wife and their kids on her desk. Recently, Tina learned that she was passed over for a promotion, and that Lauren who has fewer years of experience and no graduate degree was selected for the promotion. This causes Tina to wonder if it was because of which kind of ethical misconduct?
discrimination
Isamu owns I Pity the Foot, a retail shoe store. Isamu carefully controls costs by ordering in bulk, limiting labor costs, and renting the additional space in his building to another business. Isamu is an example of a(n) ________ manager.
efficient
Management is defined as the pursuit of organizational goals
efficiently and effectively.
Georgie's Orchards, a firm that grows, processes, and cans peaches, uses a ________ structure that separates workers based on their tasks or special skills.
functional
Zahra, the human resources manager, has significant experience handling ethical issues in the workplace. Over the years she has received extensive training in matters of workplace ethics. Due to Zahra's legal background (she is a member of the state bar association), the management of her company rely on Zahra to assist them with legal issues, especially with ethical dilemmas. Her organization should appoint Zahra as the
ethics officer.
Chapter 8: Sadiya, who owns a dance studio, consistently reminds her employees that dance lessons are a luxury for customers, so they should be both informative and fun. By making these statements, Sadiya is
explicitly stating values and norms preferred by her organization.
In her strategic planning, the CEO of a home goods manufacturing company is aiming to improve customer service by concentrating on distributors, local communities, and special-interest groups. These three groups are
external stakeholders.
To apply the classical viewpoint, you must assume that people are rational and
find ways to manage work more efficiently.
A real estate development company is considering a deal to develop 1,000 condominium units. This deal largely rests on a __________ that the city's population will grow by 23% over the next decade.
forecast
Ashanti, the vice president of marketing, is talking to Prisha, a sales manager in a foreign office, about several local situations that Prisha's reps are facing in their territory. Ashanti tells Prisha that she believes there are differences and similarities between home and foreign personnel and practices, and that Prisha should use whatever techniques are most effective. Ashanti is a(n) ________ manager.
geocentric
A conclusion of the Hawthorne studies was that
giving more attention to employees increases worker productivity.
Lindblad Expeditions, a leader in responsible ecotourism, has 13 ships that travel to areas such as the Galapagos and Antarctica. To offer its services, Lindblad burns enough fuel to create thousands of metric tons of carbon dioxide each year. Because it knows that carbon dioxide and other greenhouse gases contribute to ________, Lindblad has committed to offsetting 100% of its carbon footprint by investing emissions reduction projects in ecologically fragile places.
global warming
Which of the following describes the system of corporate governance?
governing a company so that the interests of corporate owners and other stakeholders are protected
Terrence's team is very close and tends to agree on most decisions with little discussion. Terrence should be concerned about
groupthink
Colin, who is a paralegal for a powerful Manhattan law firm, likes the fast pace of his work and the fact that things are always changing there. Colin can be said to
have a high tolerance for ambiguity.
The chain of command is also known as the
hierarchy of authority.
The Global Market is a chain of U.S. grocery stores where customers can purchase foods, beverages, and canned goods from other countries. Global Market is an example of a company that
imports.
Elena, an engineer for an oil company, is interested in working overseas at this stage of her life because she knows that foreign work experience demonstrates ________ to potential employers.
independence, resourcefulness, and entrepreneurship
During a situational analysis of the ________ of her dog training service, Jaela determined that one of her strengths was that trained dogs retained their skills for at least three months after training, and that one of her weaknesses was that very few clients brought another dog to her for training.
internal environment
As a manager, you will play many roles. For example, sometimes you will engage ________ roles which entails interacting with people inside and outside their work units. Other times you will engage ________ roles in which you receive and communicate information with other people inside and outside the organization.
interpersonal; informational
A boundaryless organization is one that
is fluid and highly adaptive and whose members come together to collaborate on common tasks.
Technical skills consist of the
job-specific knowledge needed to perform well in a specialized field.
The World Trade Organization (WTO)
monitors and enforces trade agreements.
Free trade is the
movement of products between countries without political or economic obstruction.
Chapter 7: Which models of decision making describe how managers actually make decisions?
nonrational
A company dress code and award ceremonies would be part of
observable artifacts.
Mitski supervises the returns desk in a department store. Mitski has set a goal for the rest of the year of finishing her daily office work quicker so she can assist at the returns desk earlier in the morning. She knows this will improve customer service and also help decrease theft which will assist the company in achieving its goal of decreasing costs. Finishing her office work quicker represents a(n) ________ for Mitski.
operational goal
A(n) ________ is a system of consciously coordinated activities or forces of two or more people.
organization
According to the BCG matrix, stars are
organizations with high growth and high market share which are definite keepers.
Sarah and Marcus work for a U.S. furniture maker with locations overseas. Their employer decides to send them both to meet their counterparts at the furniture maker's location in Italy. To Sarah's surprise, the employees in the Italian office are doing things completely differently than how they are done in the United States. Nevertheless, she defers to their ways of doing things and thinks to herself, "When in Rome, do as the Romans do." Marcus, on the other hand, respects the way the Italian office is working, but notices that they would benefit by incorporating some of the practices from the U.S. office. Based on what you know about types of international managers, Sarah is ________ while Marcus is ________.
polycentric; geocentric
A financial services company with insurance, investments, mortgages, and banking divisions is best characterized as having a
product structure
To protect its domestic automotive industry, the United States enacts a(n) ________ by taxing imported automobiles to make the price of U.S.-produced cars more competitive; while also enacting a(n) ________ by taxing imported oil for the purpose of raising money for the U.S. government.
protective tariff; revenue tariff
The key reasons that an organization should adopt planning and strategic management are to
provide direction and momentum, encourage new ideas, and develop a sustainable competitive advantage.
The World Bank
provides low-interest loans to developing nations for improvements
Snowcap Ice Cream produces over a dozen delicious ice cream flavors and a number of individually packaged frozen treats. Which of these strategies would represent vertical integration for Snowcap?
purchasing Mountain Dairy milk farm
Managing for competitive advantage is an important challenge to being an exceptional manager. Some organizations focus on ________ by offering goods and services that are more excellent than those offered by competitors; meanwhile, other organizations may focus on ________ by delivering goods and services faster and cheaper.
quality; efficiency
Eamon does not understand how his manager, Chanise, always knows how much of what product to order and how to schedule employee shifts. Studying theoretical management perspectives could help Eamon
realize the meaning of Chanise's decisions.
Rosa hired Luis from Cajun College. He was an amazing employee and exceeded all her expectations. The next year, Rosa received an application for a job opening from another graduate from Cajun College. She was very excited to hire another outstanding candidate. Rosa has ________ bias.
representativeness
Victoria, a shift manager in a shoe factory, directly supervises 40 employees on her shift. The 40 workers who report directly to Victoria represent her
span of control
Everytown for Gun Safety is a ________ that tries to exert political influence by contributing funds to elect lawmakers who support increased background checks and other gun safety measures.
special-interest group
Regina, the public relations manager of a local library, is meeting with the news media regarding a new reading program for children. Regina is performing the ________ role.
spokesperson
A hierarchy culture has an internal focus; it values ________ over flexibility.
stability and control
The Doritos Locos Taco is a fast food item sold by Taco Bell that uses a crunchy shell made to taste the same as nacho cheese flavored Doritos. Doritos is a tortilla chip brand owned by Frito Lay. Taco Bell and Frito-Lay worked as ________ to develop the now iconic product that sold over a billion units in the first year.
strategic allies
Cornelius owns Grand Games, a high-end store that retails games and toys that are handcrafted and carefully selected. Cornelius targets customers who value artisanal work, such as backgammon sets made from reclaimed lumber by local crafters. There are several stores in the area that sell mass-made toys and games that are much cheaper. To compete, Cornelius offers "game nights" where he sets up game boards and invites local teens and adults to take part in light-hearted competitions, where the winners receive a 10% discount on their next purchase. Cornelius also takes custom orders for game pieces that his customers want, such as 12-sided dice or newly invented games. All of Cornelius's activities are aimed at giving Grand Games a sustainable competitive advantage through
strategic positioning.
Oren manages a medium-sized logistics firm. While earning his MBA, Oren became aware of how many managerial decisions can be based upon evidence found in academic studies. This is an application of ________ approach to management.
the behavioral science
According to the GLOBE project, in-group collectivism refers to
the extent to which people should take pride in being members of their family, circle of close friends, and work organization.
Hugo Munsterberg is known as
the father of industrial psychology.
An import quota is a(n) ________ that limits ________.
trade barrier; the numbers of a product that can be imported
ASEAN is a(n)
trading bloc consisting of 10 countries in Asia.
In the third step of the strategic management process, managers should
translate the broad mission and vision into a corporate strategy.
Chapter 5: A ________ expresses what the organization should become and where it wants to go strategically.
vision statement