Management ch. 2

Which of the following describe a steadfast devotion to improving the welfare of others?

Altruism

All of the following are examples of disadvantages associated with the ownership of a small business EXCEPT:

Being your own boss

A ______ is a formal written statement that describes in detail the idea for a new business and how it will be carried out.

Business plan

According to the BCG Matrix, business units that have high market share but are in a market that is not growing are called _____

Cash cow

The practicing Muslim lives by adhering to all of the following pillars of sharia law EXCEPT:

Caste system

When he read Chicken Soup From the Soul, Joe Farmer was struck by how many of the stories mentioned the scent of the islands. So Farmer created bottles filled with Hawalian air and some scented essence beads. When customers shake the bottles up and open the lids, they're transported back to paradise. While many marketing experts did not think that consumers would buy bottles of air, Farmer has earned more than half a million dollars of sale during his first year of operation. Farmer was an example of a

Classic entrepreneur

A small business owner that uses _____ to finance his or her venture is using borrowed funds that must be repaid with interest over a stated period of time.

Debt

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

Demographics

According to Hofstede, which of the following is an implication of low power distance?

Dispersed authority

According to the BCG Matrix, business units that are doing poorly in a low growth market are called ____

Dogs

Which of the following describe the systematic and intentional analysis of both a firm's internal state and its external, competitive environment?

Environmental scanning

______ factors are things in the global environment that may impact a firm's operations or success, examples are a rise in interest rates, or a natural disaster.

External

Direct Small Business Administration (BA) loans are made from funds set aside each year by Congress. T or F.

False

Ethical relativism is defined as the ability to influence followers to achieve common goals through shared purposes. T or F.

False

In societies with low power distance, people are more likely to accept that power inequality is good and acceptable. T or F.

False

It is not advisable for small businesses to use the services of CPAs and lawyers because most businesses are too small to afford the expense. T or F.

False

Minorities are not interested in becoming entrepreneurs. T or F.

False

Research finds that while education is necessary for job placement, it plays no role in socializing individuals into expected norms in their society. T or F.

False

Support activities, according to the value chain, are the actions a firm takes to directv provide a product or service to customers. T or F.

False

Once the business plan is finished, the next step is to:

Find financing for the business

In 2000, Eric Baker and Jeff Fluhr came up with a concept that would do away with scalping if they had their wish, and everyone used StubHub.com. The Internet company brings people who want tickets and people who have tickets that they are not using together. The company has assisted in the sale of tens of millions dollars worth of tickets annually and is always trying to sell more. It charges a small fee for its assistance. Baker and Fluhr would be classified as:

Growth oriented entrepreneur

Which of the following religion believes cows are sacred?

Hinduism

One way to ease the burden of managing a business is to:

Hire outside consultants

"M" in SMART Framework refers to which of these?

Measurable

Which of these is a general description of how the firm will try to accomplish the firm's vision?

Mission statement

Which of these takes the why of a vision statement and gives a broad description of how the firm will try to make its vision a reality?

Mission statement

______ rights are universal and based on norms in every society.

Moral

_______ refers to the feld of ethics concerned with our asking how should and ought we live and act.

Normative ethics

A ____ is a potential situation that a firm is equipped to take advantage of

Opportunities

Which of the following SWOT factors are external to the firm?

Opportunities and threats

_____ is a tool that reminds managers to look at several distinct categories in the macro environment.

PESTEL

According to Caroucci, five ways organizations needlessly provoke good people to make unethical choices are as follows EXCEPT:

People feel psychologically safe to speak up.

Which of the following represents a moral and legal entitlement-based approach?

Rights

Which term describes the set of activities that firm managers undertake in order to try to put their firms in the best possible position to compete successfully in the marketplace?

Strategic management process

Tariffs are taxes that are added to the price of imported international products.

Tariffs

____ are desired goals, objectives, or end states that individuals wish to pursue.

Terminal values

Which of these describes when people trust online reviews of their companies more than what companies communicate?

The "Glassdoor" effect

The T in SWOT analysis stands for __________.

Threat

A firm's weaknesses are simply gaps in capabilities, and those gaps do not always have to be filled within the firm. T or F.

True

According to the GLOBE project, countries in the Latin American cluster tend to be more collective, have high power distance, and have high uncertainty avoidance. T or F.

True

PESTEL, Porter's Five Forces, and Resources and Capabilities are three important strategic analysis tools managers can utilize in formulating the strategies. T or F.

True

The strategy cycle is a process managers use to achieve an advantage in the marketplace, and the measurement and evaluation stage tells managers whether the advantage is being achieved. T or F.

True

To react to change more easily and develop products consumers want, managers and consultants engage in environmental scanning. T or F

True

When researchers examined the ongoing assumption that all residents of a given country will behave according to broad cultural norms, they found that 80% of variation in cultural values is actually within countries. T or F.

True

Which of the following represents a consequentialist, "ends justifies means" approach?

Utilitarianism

_____ is based on character traits such as being truthful, practical wisdom, happiness, flourishing, and well-being.

Virtue ethics

Which is the only truly global organization that deals with the rules of trade around the world?

WTO

All of these questions are answered by the Porter's 5 Force tool EXCEPT:

What sociocultural trends provide opportunities for my business?

The mission statement takes the ____ of a vision statement and gives a broad description of ______ the firm will try to make its vision a reality.

Why; how

The WTO's most important functions are all of these EXCEPT:

financing the infrastructure development projects in less developed countries.