MANA 3335 Exam 1 Review

One disadvantage of hiring management consultants to solve problems in business is that_______.

management consultants are expensive and charge high fees for their services

WexAll Industries has seen demand for its RB37 start to slow down. In addition, the number of other companies producing a similar product has started to go down as well, and there have not been any new entrants into this market. The RB37 is most likely in the _____ stage of the product life cycle.

maturity

When decision makers do not know all the risks associated with each alternative or the likely consequences of each one, they are making decisions in a condition of _____.

uncertainty

Which is an advantage of a franchising agreement.

The franchiser can grow rapidly from franchising agreements.

Which of the following statements is true about strategic goals?

. They focus on broad and general issues.

Which of the following strategies can help companies during the maturity stage of a product life cycle?

Focusing on keeping costs low

Woojin has been thinking about starting his own firm, but he is uncertain about the time and other resources he will need to devote to the process. What should be Woojin's first step in launching a new start-up?

Assess his commitment to becoming a business owner.

Which concept can be used by managers to develop a better understanding of their inherent biases and limitations?

Bounded rationality

What is one major element of organizational politics that is especially relevant to decision making because of the alliance to achieve a common goal of the group?

Coalitions

Which of the following terms represents a formal, written statement of the values and ethical standards that guide a firm's action?

Code of ethics

Which of the following best explains what occurs at the step of selecting the best alternative when completing the rational decision-making process?

Consider all situational factors, and choose the alternative that best fits the situation.

Which of the following is NOT one of the four basic elements of an organization when viewed as a system?

Controls

The management pioneer who performed the Hawthorne studies at Western Electric was _____.

Elton Mayo

Which of the following is an advantage of licensing as an approach to internationalization?

Extended profitability

Which type of managers are typically involved in recruiting and selecting employees, training and development, designing compensation and benefit systems, formulating performance appraisal systems, and discharging low-performing and problem employees?

Human resources

What is the extent to which a decision maker is willing to gamble when making a decision?

Risk propensity

Which of the following statements about management science is true?

It focuses on mathematical representations of reality

Eli's company has decided to pay workers a living wage instead of a legally required minimum wage. Eli considers this part of the ethical treatment of his employees. Which type of ethical standards is Eli promoting in his organization?

Managerial

Lack of effective control systems leads to what problem that causes businesses to fail?

Managers may be in serious trouble before more visible difficulties alert them.

Who among the following is most likely to be an entrepreneur?

Mariam has taken a loan to open a new café.

Zereth is looking for ways to increase foot traffic into her brick-and-mortar locations. She has decided to open up a small coffee shop with free Wi-Fi in her store. This is an example of which type of decision?

Nonprogrammed

In which way is crowdsourcing a solution different than using the Delphi technique?

Not everyone is an expert.

Which of the following takes a holistic view of behavior and draws from psychology, sociology, anthropology, economics, and medicine?

Organizational behavior

Which of the following is a Theory X assumption?

People have little ambition.

Who are the elements of the task environment who have the potential to control, legislate, or otherwise influence an organization's policies and practices?

Regulators

In the context of the systems perspective, which of the following would be considered an output?

Services.

Which perspective states that effective managerial behavior in one situation cannot always be generalized to other situations?

The contingency perspective

Which of the following is a disadvantage of franchising agreements?

The franchisee loses some independence in running the venture.

In a single organization, members of the sales staff always wear business attire, while the product development staff dresses more casually. What does this illustrate?

The same culture is not found throughout the organization.

What is one of the reasons why an organization would have organizational goals?

To set a unified direction for employees

Who would be responsible for making decisions about activities such as investing in research and development (R&D) and entering or abandoning various markets?

Top managers

The choice of creating an entrepreneur-friendly environment is good public policy because small businesses________.

are an important source of new jobs

Nonprogrammed decisions _____.

are less structured than programmed decisions

A corporate _____ that is relatively passive performs a general oversight function without getting actively involved in how the company is run.

board of directors

Keisha is the vice president of accounting, and she has to decide which computer software to purchase for her department. She has looked at all of the possible alternatives and is leaning toward the system with which she is most familiar. This is an example of _____.

bounded rationality

The _____ perspective suggests that appropriate managerial behavior in a given situation depends on unique elements in that situation.

contingency

In the systems perspective, outputs include _____.

employee behaviors

Accords reached by governments in which countries voluntarily limit the volume or value of goods they export to or import from one another are known as _____ agreements.

export restraint

Almonds United Inc., a U.S. company that produces almonds, is based in California. Almonds United ensures that most of its produce is sold in the local market and not more than 20 percent is sold in the Indian market each year. This is in accordance with the U.S. government's voluntary limit on trade with India. Almonds United is following the _____ exercised by the U.S. government.

export restraint agreement

Making a product in the firm's domestic marketplace and selling it in another country is known as________.

exporting

Strategic plans_______.

generally have an extended time horizon, and address questions of scope, resource deployment, competitive advantage, and synergy

During the maturity stage of the product life cycle,______.

he overall demand growth for a product begins to slow down

Managers sometimes decide to do something because it feels right or they have a hunch. This is an example of using _____ in decision making.

intuition

Nutrimax Inc. identifies its purpose as "to produce the finest cookies in the world while upholding our principles of promoting good health and maintaining environmental sustainability." This purpose is most likely to be the _____ of Nutrimax.

mission statement

A(n) _____ is an area in an organization's environment that, if exploited, may generate higher performance.

organizational opportunity

A major computer technology firm has committed to building a computer lab at the local university, and it is awarding scholarships to students who pursue this field. This action is an example of________.

philanthropic giving

Relish has a chain of outlets that sells baked products. Relish requires all its employees to complete a month's training before they can work in the kitchen. This is an example of a________.

policy

One of the four coffee machines at Jolanta's coffee shop has broken down three times in two weeks. Jolanta is trying to decide if the problem is a bad machine or if people are just using the machine wrong. Jolanta is currently _____.

recognizing and defining the decision situation

When budget cuts were announced at the organization, Destanti considered layoffs, salary freezes, and cutting benefits of her employees to manage the new, lower budget. Because of a large project deadline, Destani did not feel she could lay off employees. Her rationale was that layoffs at this time _____.

were not feasible

Which of the following statements is true about entrepreneurs?

​Entrepreneurs assume the risks of their business ventures.