MG Exam 1 (ch 1-5)
CEO Khosrowshahi's strategic goal is for Uber to raise funds via an Initial Public Offering (IPO) in 2019. Which of the following would be an example of an operational goal in support of this?
settling a self-driving car trade secrets lawsuit with Waymo
Uber would best be described as what type of technology company?
start up
The behavioral science approach relies on scientific research for developing theories about human behavior that can be
used to provide practical tools for managers
Managers often use a(n) _____ approach when making organizational decisions - using financial performance such as profit as the best definition of what constitutes an ethical choice for the company
utilitarian
Managers often use a(n) _____ approach when making organizational decisions - using financial performance such as profit as the best definition of what constitutes an ethical choice for the company.
utilitarian
Without having a plan in place, managers may focus only on _____ instead of keeping a long-range view and anticipating new opportunities.
whatever is in front of them
Luke is the owner of Fun Times, a U.S. event-planning company. He plans to open an event-planning company, Events & Adventures, in Germany. Events & Adventures will be totally owned and controlled by Fun Times, which makes Events & Adventures a ________ of Fun Times.
wholly owned subsidairy
Airbus Inc., a company that builds airplanes, typically orders parts for its airplanes from other companies. ________ is the practice Airbus Inc. is using.
outsourcing
A newly created company designed to grow fast is known as a(n)
start-up
Strategic planning is done by _____ managers.
top
_____ management stresses continuous improvement, employee involvement, learning from customers and employees, and accurate standards for identifying and eliminating problems.
total quality
A company's ______ statement should provide a clear sense of the future and the actions needed to get there.
vision
Which of the following is viewed as the riskiest and most costly form of international expansion?
wholly-owned subsidiaries
A major difference between an intrapreneur and entrepreneur is that an intrapreneur ______.
works inside an existing organization to create a new product or service
Which of the following is an example of a mission statement?
"to offer the lowest prices on new hardcover books, anywhere in the world"
What was the most frequently used source of financing among entrepreneurs in 2017?
Bank loans
Which of the following is a tactical goal?
By the end of this fiscal year, we will achieve a 10% cost reduction in our office expenses
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Which of these people is an example of both an entrepreneur and an effective manager?
Dinh, who, along with his team, evolved his SEO startup into a multimillion-dollar business
Which of the following would be an effective SMART goal for Domino's wedding registry?
Each Domino's location will cater at least six weddings by the end of next year.
True or false: Currently, the United States exports more than it imports.
False
_______ was the father of scientific management
Frederick Taylor
A company's external environment consists of which two environments?
General Task
Abraham Maslow proposed the
Hierarchy of human needs
East-West Traders, based in Los Angeles, buys home accessories from Italy and then resells them domestically. What process is this company using to obtain goods?
Importing
Which of the following is NOT considered a sociocultural force?
Multigenerational households on the rise
The degree to which a society's members expect power to be unequally shared
Power Distance
If John wants a legal structure that would provide him with personal liability protection as well as an ability to avoid double taxation, he should utilize a
S-Corporation
A _____ goal is one that is specific, measurable, attainable, results-oriented, and has target dates.
SMART
Most business partnerships are based on what?
Shared experiences or interests
True or false: One reason a company might create a bad strategic plan is because they make incorrect assumptions about what will happen in the market going forward.
True Rationale:faulty assumptions about the future can lead to a bad strategic plan
The vision statement should answer which of these questions
What do we want to become
4. Briley is taking a course to learn some basic Hindi in order to prepare for an upcoming business trip to India.
choose something basic
A pay structure in which more efficient workers earn higher wages, as suggested by Frederick W. Taylor, is known as a(n) _____ system.
differential rate
A person or an organization that helps another organization sell its goods and services to customers is called a(n)
distributor
An organization's standards of right and wrong that influence employee behavior are referred to as _______.
ethics,Morals, in contrast to ethics, generally refer to an individual's internal standards of right and wrong.
Assume John exhibits all the characteristics of an entrepreneur. With this in mind, which of the following characteristics would he most likely not exhibit?
external locus of control
Problems with using expatriate employees include: (select all that apply)
failure to effectively manage the return of expatriates ultimately reducing the company's return on investmenthigh costs to the organization sending their employees overseas as expatriatesearly turnover
Cheyenne has a small bakery specializing in gourmet cupcakes. In response to customer demand, she has added gluten-free cupcakes to her menu. This customer demand would be characterized as _____.
feedback
Managers and subordinates jointly setting subordinate objectives is the _____ step in management by objectives.
first
The extent to which a society should minimize gender discrimination and role inequalities
gender egalitarianism
The degree to which individuals are encouraged to be altruistic, caring, kind, generous, and fair_______
humane orientation
Operations management focuses on _____.
managing the production and delivery of an organization's products or services more effectively.
In terms of the systems viewpoint, profits and losses are types of _______.
outputs
Business people who start new businesses sometimes say that part of their initial funding was "love money." Who are the usual sources of love money?
parents, friends, and other relatives
Which of the following is a risk associated with importing goods?
possibly investing a large sum of money to purchase goods not immediately in your possession
Select all of the true statements regarding Gary Hamel's thoughts on management:
1.) management innovation is essential to future organizational success2.) much of management theory is dated and doesn't fit the current realities of organizational life3.) we must look at management as a process, and then make improvements and innovation ongoing and systematic
Which of the following are the key functions/roles managers must perform in order to create learning organizations?
1.) work to generate ideas with iterm-32mpact 2.) work to generalize ideas with impact 3.) build a commitment to learning
The GLOBE project studies _____ cultural dimensions.
9
What are good fields for an entrepreneur to explore when trying to uncover a business idea?
A field he or she has a high level of interest in A field he or she is highly skilled in
Costco currently has locations in Australia and in South Korea. Which of the following trading blocs would reduce tariffs and other trade barriers between the United States, Australia, and South Korea?
APEC
What skill or ability must an entrepreneur have but a good manager may or may not have?
Ability to initiate new goods or services
What type of organizational design often becomes dysfunctional as a small business grows?
Ad hoc structure with unclear reporting relationships
What are the three components of entrepreneurship?
Analyzing opportunities Determining which opportunities to exploit Creating a new venture or new value
Which of these events are credited with setting up the conditions by which the global economy - goods, people, and money moving freely throughout the world - could flourish.
Asian countries opening their economies to foreign investors. The worldwide trend of governments deregulating their economies. The fall of the Berlin Wall.
The extent to which a society expects people to be confrontational and competitive as opposed to tender and modest
Assertiveness
Goals that are challenging but are realistic and achievable within the scope of the resources available to a company satisfy which aspect of SMART goal criteria?
Attainable
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Paloma is looking for a new business idea. What would be the best place for her to start?
Create an inventory of her skills and interests.
Which of these represent measurable goals? (select all that apply)
Customer service agents should improve customer relations by making 10 follow-up calls each week. No more than 50% of cars should be sold below MSRP.
Which of the following represents the most complete SMART goal for the electric yachts?
Dunamis Motors will sell five electric yachts by the end of this calendar year.
What are two types of outputs according to the systems viewpoint? Check all that apply.
Employee satisfaction Finished Products
Entrepreneur Chapter
Entrepreneur Chapter
Managers and subordinates meeting to appraise performance, discuss results, and allocate rewards is the _____ step in management by objectives.
FOURTH
Who is known as the "father of industrial psychology" because of his revolutionary ideas on studying human behavior in workplaces?
Hugo Munsterberg
Why is proactivity crucial for entrepreneurs?
It allows them to be the first entrant into a market.
What are two ways the Internet and World Wide Web give a small business the ability to go global?
It is easier to get started because products can be sold online. A small business can adjust to changes in the business environment quicker.
What is the primary reason why coffee shops are flocking to China?
It's a new market.
Costco has started its operations in China through an e-commerce partnership with Alibaba. Which method of expanding internationally does this exhibit?
Joint ventures
What are two examples of economic forces within a company's general environment?
Jonah is deciding if he should add two hours to his time sheet for travel to a client meeting because his company does not reimburse for travel time.
Bradley, an executive chef in a large hotel, recently attended a training conference sponsored by several top professionals in his field, where he learned numerous ways his restaurant and hotel can better serve customers. Bradley is excited that management asked him to present this information to the hotel staff so that the restaurant and hotel can make needed improvements. Bradley's hotel is a(n) _____ organization.
Learning
2. Jayma plans to travel to Indonesia, a predominantly Muslim country, on business. She tries to notice the behaviors of her Muslim friends toward one another and sees that men greet men warmly and affectionately, and women greet women in the same fashion, but neither touches or hugs members of the opposite sex. She assumes this is because Muslim men do not respect women. She fails to realize that abstaining from physical contact with members of the opposite sex is one of the ways Muslims show respect for their spouses.
Listen and observe
What is the first step in management by objectives?
Managers and employees jointly set objectives for the employee.
What are among the main components of a business plan?
Market analysis Executive summary Sales strategies Financial projections
_______ suggested that organizations should be operated as "communities," with managers and subordinates working together in harmony. For example, in a publishing company run as a community, editors, editorial assistants, and publishers would work together to determine which books should be published
Mary Parker Follett
Management science focuses on the use of _______ to aid in problem-solving and decision-making.
Mathematics
Which trading bloc has the goal to reduce tariffs by 75 percent and achieve full economic integration?
Mercosur
Which of the following trading blocs would most directly assist Uber and other American organizations who wish to do business in Mexico?
NAFTA
Management by ______ is a four-step process in which managers and em ployees jointly set objectives, develop action plans, review performance, and appraise and reward employees.
Objectives
According to the systems viewpoint, what are three types of inputs?
People Money Equipment
A company's triple bottom line represents which three aspects?
People Profit Planet
Which theorist said, "there is no business without a customer"?
Peter Drucker
Which of these are forces within an organization's general environment?
Political Legal Economic Demographic International Sociocultural Technological
What is the term for a forward-looking perspective that involves capitalizing on opportunities before others seize them?
Proactivity
The ability of a product or service to meet customer needs refers to _____.
Quality
How are tariffs on oil different from tariffs on solar panels and washing machines?
Revenue tariffs are designed simply to raise money for the government, such as the tariff on oil. Protective tariffs are designed to raise the price of imported goods to make the prices of domestic products more competitive, such as the tariff on solar panels and washing machines.
Rick has met with the Small Business Administration, which analyzed his entrepreneurial skills and provided him with a summary of the results. Out of these findings of the SBA, what might challenge Rick in his quest to become a successful entrepreneur?
Rick has an external locus of control.
We Are the World is an importing company that specializes in importing hand-made arts and crafts from crafters and artisans around the world. The company has about $4 million worth of stock outstanding. Due to its desire to avoid double taxation, it is structured so that its individual shareholders pay taxes on all of the company's income. The shareholders report the flow-through of income and losses on their personal tax returns and are assessed at their individual tax rates. We Are the World is a(n)
S Corporation
What part of a business plan reviews how the business will build brand awareness?
Sales strategies
The Internet and World Wide Web allow almost any business to be global. What are two important results of this process?
Small companies can maneuver faster Small companies can get started more easily.
What do the three components of entrepreneurship describe?
Stages of creating a new venture or new value
Which broad term identifies anyone impacted by a business, including but not limited to stockholders, employees, and customers?
Stakeholders
A set of interrelated parts that operate together to achieve a common purpose is called a(n) _____.
System
The McCloskeys developed an ultra-filtration process for a new milk drink. Based on the case and VRIO framework, which of the following is surely true?
The McCloskeys have at least a temporary competitive advantage.
Which of following statements regarding business start-ups and exits in the United States is false?
The number of start-up businesses has been shrinking steadily since the year 2000.
What is the best definition of autonomy? What is the term for a forward-looking perspective that involves capitalizing on opportunities before others seize them? Proactivity
The preference for freedom and independence
Natasha, the general manager of a putting range, believes that her workers are responsible and capable, and that they can be trusted when given responsibility. Natasha is an example of a(n) ___ manager.
Theory y
What main characteristic of entrepreneurs differentiates them from other business leaders?
They take on greater financial risks than the average person.
The quality-management viewpoint includes which concepts? (select all that apply)
Total quality managementQuality assuranceQuality control
According to the Internal Revenue Service, how many people must join together to qualify as a partnership?
Two or more
When forced to select between a US-produced product and a less expensive imported product, _____ of Americans say they would choose the cheaper option.`
Two-thirds
Identify the three principal organizations designed to facilitate international trade.
World Trade Organization International Monetary Fund World Bank
What would occur in the third step of management by objectives?
You and your manager meet to review progress.
______ is a shared set of beliefs, values, knowledge, and patterns of behavior common to a group of people.
a culture
History shows that countries used to be concerned only with regulating their own economies. As times have changed, goods, people, and money now move more freely throughout the world. These changes reflect the idea of _____.
a global economy
Joseph Juran defined quality as "fitness for use," which means that
a product or service should satisfy a customer's real needs
A group of nations within a geographical region that have agreed to remove trade barriers with one another is called _____
a trading bloc
A learning organization: (select all that apply)
actively creates, acquires, and transfers knowledge within itself.is able to modify its behavior to reflect new knowledge
During her interview, Sicily told the recruiter that she had worked overseas for the past six years where she had to learn a new language, understand the social rules of the country she was living in and adjust to cramped living quarters. This recruiter would see these conditions as a demonstration of Sicily's _____.
adaptability
When companies link up with one another in order to realize certain advantages, they are known as strategic _____.
allies
SMART goals (select all that apply).
are results-oriented are specific have target dates are attainable are measurable
When Domino's listens to what customers want, to gauge their likes and dislikes as well as new products they might be craving, Domino's is engaging in which stage of the planning and strategic management process (Figure 5.1)?
assess the current reality
Logan says that the people he met in France and the Mediterranean need luxury electric yachts. He would most likely categorize his conversations with these individuals as the ________ step of the planning and strategic management process.
assessing the current reality
Soul Soup is a nonprofit organization that brings warm meals to older adults and runs errands for its clients; the board of Soul Soup is called the
board of regents
Operating plans (select all that apply)
break long-term output into short-term targets or goals turn strategic plans into actionable short-term goals
A document that outlines a proposed firm's goals, its strategy for achieving those goals, and the standards for measuring success is known as a _______.
business plan
6. Tripp has started dining weekly at a local Vietnamese restaurant and conversing with the owners before he engages in an important business transaction with a group of Vietnamese clients.
choose something basic
Which management viewpoint saw humans as cogs within a machine?
classical
Which three approaches to management are considered historical perspectives?
classical behavioral quantitative
The purpose of a code of ethics is to
clearly state top managements expectations for all employees
Major changes in temperature, precipitation, wind patterns, and similar matters occurring over several decades is known as _______.
climate change
A formal set of standards guiding an organization's actions is called a _____.
code of ethics
The _____ perspective on management consists of the systems, contingency, and quality-management viewpoints.
contemporary
Assume that John is writing a business plan in order to get a small business loan from a local bank. Which of the following would most likely not be in the plan?
control process
Charmaine, a district manager for a global retailer, is traveling to different stores in her district to discuss with store managers how to increase profitability for the rest of the fiscal year. What is Charmaine doing?
controlling the direction of the planning/control cycle
The general term for an entity that is separate from its owners and thus has its own legal rights is a(n) ______.
corporation
The ability to operate in different cultures is the definition of _____.
cross-cultural awareness
The GLOBE project studies the _____ dimensions involved in organizational and leadership processes.
cultural
Dutch researcher Geert Hofstede identified four cultural dimensions by studying _____
data on IBM employees from dozens of countries
There are many positive effects to globalization, but which of the following would be a negative effect?
data sharing
When a food distributor considers changing the products it markets in the southern states because of an increasing percentage of customers from Central and South America, it is examining the ____ forces at work in the southern United States.
demographic
Which of the following is not a reason why Uber has been able to rapidly expand overseas?
e-commerce
_____ forces consist of conditions such as unemployment, inflation, interest rates, and economic growth that may affect an organization's performance.
economic
An organization's internal stakeholders consist of
employees owners board of directors
Cascading goals is the process of______
ensuring that strategic goals at the top align with the short-term goals set at lower levels in the organization
The rate at which the currency of one country can be exchanged for the currency of another country is called the _____ rate.
exchange
Lisette is a Canadian manager working in a foreign country on assignment for her company. Lisette is therefore a(n) ______.
expatriate
People who are outside an organization but are still affected by the organization are called the ______.
external stakeholder
In terms of the systems viewpoint, _______ is information about the reaction of the environment to the outputs that affects the inputs.
feedback
Vondra believes that if her company created a problem for the local farm community by rationing water supplies, then her company needs to give those farmers grant money so they can get back on their feet. Vondra is advocating _____ corporate social responsibility.
for
Maquiladoras are
foreign-owned manufacturing plants that operate in Mexico in exchange for employing Mexican citizens.
Max is looking to expand his American custom tie manufacturing business in Dallas, Texas, overseas. He has found an organization in Brussels, Belgium, that is willing to partner with him and split the capital requirements. Max and his Belgian partners will be creating a new company that manufactures custom European-style ties. What method of global expansion is Max utilizing?
franchising
Nations are easily able to trade with one another when there aren't any political or economic obstructions hampering the process. This is known as _____.
free trade
The ability to move goods and services among nations without any political or economic obstruction is called _____.
free trade
The macroenvironment is also known as the _______ environment.
general
Pietro, the vice president of marketing, is talking to Ryan, a sales manager in a foreign office, about several local situations that Ryan's reps are facing in their territory. Pietro tells Ryan that he believes there are differences and similarities between home and foreign personnel and practices, and that Ryan should use whatever techniques are most effective. Pietro is a(n) ________ manager.
geocentric
A US company that chooses to use suppliers outside of the United States to provide labor, goods, or services, is practicing _______.
global outsourcing
Which form of communication would be the most appropriate in high-context cultures?
having a face-to-face conversation with another person Rationale:Face-to-face conversation is a rich environment for nonverbal communication.
5. A limit on the numbers of a product that can be imported
import quotas
When a company obtains goods from outside the country, to be resold in domestic markets, it is using _____.
importing
If Costco plans on continued success in Japan, whose citizens tend to take pride in being members of their family, circle of close friends, and their work organization, the warehouse club should focus on the _______________ cultural dimension.
in-group collectivism
It is more common in China than in the United States for people to be more concerned about the group than about themselves. Which of Hofstede's dimension does this demonstrate?
individualism/collectivism
As the CEO of a pharmaceutical company, Simone learned that the government was about to block the import of one of the company's biggest-selling drugs. She decides to sell her shares of stock before the information is made public. Since she used confidential information to make her decision, she is guilty of _____.
insider trading
People who buy or sell stock illegally based on confidential company information are engaging in _____.
insider trading
Globalization is the trend of the world economy becoming a more _______ system.
interdependent
A system is a set of _____ parts that operate together to achieve a common purpose.
interrelated
Katelyn, a millennial, is conducting her job search. She wants to work for a company that cares not only about its people, but about the planet too. In reviewing different company portfolios, where in the company would you guide her to be successful with her research?
its financial reports
Uber joined forces with Toyota, with the Japanese automaker agreeing to invest in Uber and to explore how the two companies might do ridesharing collaboration. Which method of international expansion does this specific relationship represent?
joint venturing
Based on the case, Uber's primary overseas expansion struggle has to do with which of the following culture areas?
law and political stability
A _______ organization actively creates, acquires, and transfers knowledge within itself and is able to modify its behavior to reflect new knowledge.
learning
In order to build a _____ organization, managers must build a commitment to learning, work to generate ideas with impact, and work to generalize ideas with impact.
learning
What are the two types of goals in business?
long-term short-term
A person from Germany is from a(n) ____________ culture, because shared meanings are primarily derived from written and spoken words.
low-context
In a ______ culture, shared meanings are often derived from written and spoken words.
low-context
Research has uncovered several important differences between managers and entrepreneurs. One of these differences is that
managers are more motivated by promotions and organizational perks than entrepreneurs are.
Foreign companies with manufacturing plants that are allowed to operate in Mexico with special privileges in exchange for employing Mexican citizens are known as _______.
maquiladoras
On an organization's board of directors, inside directors
may be members of the firm and outside directors are supposed to be elected from outside the firm.
A distributor is sometimes referred to as a(n)
middle man
Who is responsible for tactical planning?
middle management
A company's _____ is the purpose of the organization.
mission
The ______ statement expresses the purpose of an organization
mission
______ time is a preference for doing one thing at a time.
monochronic
When Matt was meeting with Susan, he focused exclusively on the meeting. He did not check his incoming texts or respond to a phone call. This reflects a preference for ______.
monochronic time
Operations management focuses on managing the production and delivery of an organization's products or services
more effectively
If Norway decided to reduce import duties for Germany, which allowed Germany to export more cars to Norway at a lower cost, it would create a stronger tie between these two countries. In this situation, Norway is granting Germany _____ trading status.
most favored nation
The purpose of management by objectives (MBO) is to ______ subordinates.
motivate
___ is the overall goal of MBO.
motivating employees
Free trade is the
movement of products between countries without political or economic obstruction
Wal-Mart is an example of a(n) ______ because it is a business with operations in multiple countries.
multinational corporation
For MBO to be successful, top management must be committed to the program, MBO must be applied organizationwide, and
objectives must cascade.
Acme Sales calls its customers after they purchase an automobile from the dealership. In addition, every year customers are asked to complete a short survey about the car they purchased from Acme Sales and their customer-service experiences with the dealership. Acme Sales is an example of a(n) ___ system.
open-door
A nation's culture: (select all that apply)
operates in large part outside of individual awarenessis made up of many nuancescan seem intangible and perplexing to outsidersunconsciously teaches us how to walk, talk, behave, and relate to other people
It is the function of the _____ to take the strategic plan and develop actionable short-term goals that a business can achieve.
operating plan
The 21-day process used to break down the manure into "compost-like material while releasing biogas, which is captured in pipes" is part of a(n)
operating plan.
Nela proposes a potential prototype of an electric yacht to be done in the next year. Which of the following is an example of an operational goal and accompanying action plan for this proposal?
operational goal—modify land battery for water by September; action plan—develop a prototype in the next 12 months
If you are tasked with writing employee schedules and to-do lists for managers, what level of planning are you involved in?
operational planning
Another way to describe ethnocentrism is as a narrow view in which people see things solely through their own perspective. This is called _____.
parochialism
The Parvizians own several oriental rug stores in and around the Washington, DC, metropolitan area. It is expected that as each of the brothers have children they will grow up and take part in the business too. The members of the family are considered
partners
The extent to which society encourages and rewards its members for performance improvement and excellence
performance orientation
The _______ process helps us to cope with uncertainty by formulating future courses of action designed to help achieve specified results.
planning
This month, Susan, the branch manager of Intrepid Car Rentals, has heard several complaints from customers that Intrepid employees do not return calls. Today a good customer told Susan that "my phone calls and e-mails are returned after maybe a week or so." Hearing enough, Susan mandated that "all customer phone calls and e-mails must be returned within 24 hours." This new directive by Alice is an example of a(n)
policy
Assume Costco is opening a location in Kenya and believes that native Kenyan managers best understand native personnel and practices, so the home office leaves them alone. What type of management would Costco be practicing?
polycentric
Blake has managed several restaurants for over 50 years and is close to retirement. With his maturity and business experience, his decisions are sound, based on solid, proven values. Blake tends to be an independent thinker who focuses on empowering his employees. Blake manages at Kohlberg's ______ level of personal moral development.
postconventional
Individuals in societies with high _______ believe that power should be distributed unequally within organizations and throughout society
power distance
Select all of the original cultural dimensions identified by the Dutch researcher Geert Hofstede:
power distance individualism/collectivism uncertainty avoidance masculinity/feminity
According to Gary Hamel, management should be viewed as a(n) _____ to which ongoing improvements and innovation can be made systematically.
process
Uber's expansion on the innovation front depends on its self-driving cars plan. The implementation of this plan would be the responsibility of which of the following managers?
product-line
Based on what you know about the types of plans, self-driving cars would be an example of which of the following?
program
Countries grant most favored nation status as a way to
promote strong and more stable ties between countries
A tax on automobiles imported into the United States that raises prices on imported vehicles to make the price of cars produced in the United States more competitive is a(n) ________; a tax on all oil impterm-211orted into the United States, which is implemented to raise money for the U.S. government, is a(n) ________ tariff.
protective tariff; revenue
Suppliers are people or organizations that
provide raw materials, services, equipment, labor, or energy to other organizations.
A supplier is an external stakeholder that
provides raw materials, services, equipment, labor, or energy
Quality control, quality assurance, and total quality management are all part of the _____ management viewpoint.
quality
The "measurable" aspect of a SMART goal refers to its ability to be _____.
quantified
Two ways for a company to guarantee quality of a product are quality control and quality ___________.
rationality
A company would rely on ISO 9000 to _____.
reduce manufacturing flaws
The masculinity/femininity dimension identified by Hofstede reflects how people value performance-oriented traits or how much they value _____ traits.
relationship-oriented
Employees preparing action plans represents the _____ step in management by objectives.
second
Working for yourself as a freelancer is an example of ______-employment.
self
A _____ plan directs activity, such as a project, that is unlikely to be repeated.
single-use
A manager's responsibility to take actions that benefit both society and the business is known as _____ responsibility.
social
Julian, the owner of a t-shirt shop, attended an entrepreneurship workshop that discussed the triple bottom line, which measures an organization's ____ performance.
social environmental financial
During global culture training for a group of employees who are being transferred to Egypt, Charmaine, the HR training manager, remarked that "in the Arab world, men often hold hands, which is meant to express ________."
solidarity and friendship
In general, a company that starts with a business plan is ________ to succeed than a company that does not start with a business plan.
somewhat more likely
The letter S in the acronym SMART goal stands for what aspect of a good goal?
specific
A company's decision to move its operations out of the country will affect its employees, owners, suppliers, distributors, and everyone else who has an interest in the business. All of these groups together make up the company's _____.
stakeholders
Ethics are defined as
standards of right and wrong that influence behavior.
The Six Sigma approach relies on _____ to help improve manufacturing processes.
statistical analysis
A(n) ________ provides a guide for a company's long-term goals.
strategic
Two or more organizations that join forces in order to achieve advantages that neither can perform as well alone are known as _______.
strategic allies
What are four of the groups that make up part of the task environment?
strategic allies government regulators distributors local communities
Once Domino's decided to offer salads, it partnered with Ready Pac Foods to offer each Domino's pizza location prepackaged salads. What type of planning would each location be doing in anticipation of receiving the prepackaged salads?
strategic planning
The McCloskeys started Fair Oaks with a plan to see how the farm could convert 430,000 gallons of daily manure into a sustainable asset. This is known as
strategic planning.
A company or person that provides raw materials, services, equipment, labor, or energy to another organization is called a(n) _____.
supplier
With setting SMART goals, you should choose only a few goals on which to focus. These goals should be results-oriented and
support the organization's vision.
Organizations use ________ planning to determine what contributions the departments or work units can make toward the organization's strategic priorities and policies during the next 6 -- 24 months.
tactical
What type of planning is completed by middle managers?
tactical planning
The ten groups that present a company with its daily tasks to handle represent the company's _____ environment.
task
The company's mission statement tells us
the company's reason for being.
During his most recent trip to Mexico, Gerard was able to purchase 15 Mexican pesos for each American dollar he had. This transaction is an example of _____.
the exchange rate
The "shrinking" of time and space as air travel and the electronic media make it easier for people of the world to communicate with one another refers to _____.
the global village
The fourth and final step in management by objectives involves _____.
the manager making a performance appraisal and rewarding the employee according to the results
The World Trade Organization, the World Bank, and the International Monetary Fund are the three principal organizations designed to facilitate international _____.
trade
An economic community, also known as a _______, is a group of nations within a certain geographical region that have agreed to remove trade barriers with one another.
trading bloc
People in the United States are more likely to tolerate risk than people in Japan. Which of Hofstede's dimensions does this describe?
uncertainty avoidance
Outsourcing is
using suppliers outside the company to provide goods and services.
Starbucks is opening a location in China every 15 hours, and just opened its largest location in the world in Shanghai. Which method of international expansion is Starbucks utilizing?
wholly-owned subsidiaries
Roberto was recently promoted, and his salary increase includes retirement investment options, so he has decided to take part in an ESOP. This means that Roberto
will be buying or receiving shares of his company's stock.
Assume that China imports a significant amount of coffee beans from Vietnam. Which trading bloc would reduce trade barriers between Chin a and Vietnam?
ASEAN
What type of business structure can be sued independent of its owners?
Corporation
What are two advantages for a company that establishes deadlines?
Deadlines aid in making quicker decisions Deadlines motivate employees to focus on the goal
_____ managers believe that their native country, culture, language, and behavior are superior to all others.
Ethnocentric
1. Believe that their native country, culture, language, and behavior are superior to all others
Ethnocentric Managers
The extent to which individuals are encouraged and rewarded for loyalty to the group as opposed to pursuing individual goals
Institutional collectivism
Banks Venture capitalists Angel investors Crowd investors
Require personal guarantees, such as a home for collateral Exchange funds for an ownership share in the company, often a seat on the board of directors Invest in small firms using personal wealth, often providing mentorship Take an equity position in a company or loan the company funds as a group
______ guides the justice approach to deciding ethical dilemmas.
Respect for impartial standards of fairness and equity
2. A customs duty or tax levied mainly on imports
Tarriffs
What is the second step in management by objectives?
The employee develops an action plan.
What should provide the basis for an organizational culture?
The enterpreneur's values and beliefs
According to the findings of the GLOBE project, which country would be considered most assertive?
United States
Which of the following may be utilized to assess the competitive potential of Logan's electric yacht idea?
VRIO
You have an idea for a company that sources fruits from local farms and makes fresh juices on a daily basis. You want to start a subscription-based service in which households within a 100-mile radius subscribe to your plan and receive two gallons of freshly squeezed juice (for example, cherry juice, apple juice, lemonade) twice a week. As you think about starting your business, you ask yourself: Am I being responsive to the customer? Is it innovative? Can I offer a quality product? After asking these questions, review and identify which question you forgot to ask that would give you a sustainable advantage.
What is its level of effectiveness?
The trend of the world economy toward becoming a more interdependent system is referred to as _______.
globalization
In business, a specific commitment to achieve a measurable result within a stated period of time is called a _____.
goal
A company is licensing its products when it
allows a foreign company to pay it a fee to make or distribute the first company's product or service.
The process of ensuring that the strategic goals set at the top align with more specific short-term goals at lower organizational levels is known as _____ goals.
cascading
In 2007, Joe Gebbia and Brian Chesky realized they could not afford the rent on their pricey San Francisco apartment, so they decided to put an air mattress in their living room and offer people an alternative to an expensive hotel room. This is the story of how Airbnb got started. In other words, Airbnb began when Gebbia and Chesky ________; the company grew because it ________.
identified a problem or frustration; identified an opportunity or need
The ______ statement expresses the purpose of an organization.
mission
Target donates millions of dollars each year in education-related grants for arts and cultural experiences, field trips, and reading programs, as well as grants to promote public safety. This is an example of _______.
philanthropy
The manager and employee periodically reviewing the employee's performance represents the _____ step in management by objectives.
third
As you prepare to work in a global economy, what will help you to more effectively communicate with and influence others?
time orientation
At the end of the company retreat, Dashaun had a blueprint for how to move forward for the year. His primary objective had been met. What do you think his primary objective was?
to have an outline of how the goals were going to be met
Those who pay to use an organization's services or to buy their goods are called ______.
customers
1. A complete ban on trade with another country or a prohibition on trading specific types of products, services, or technology to another country
embargoes and sanctions
A(n) _____ dilemma is a situation in which you have to decide whether to pursue a course of action that may benefit you or your organization but that is unethical or even illegal.
ethical
The rise in the average temperature near the Earth's surface due to an increase in greenhouse gases in the atmosphere is called _____ and is one aspect of climate change.
global warming
Uncertainty avoidance is defined as _____.
how much a society relies on social norms and procedures to make future events more predictable
If an organization such as Uber, with a controversial past when it comes to kindness and fairness, decides to enter a new country, it would most likely be met with the most resistance from a country high in
humane orientation.
James has a small bakery specializing in gourmet brownies. Based on the systems viewpoint, the flour, sugar, yeast, and eggs he uses in baking would be considered _______, whereas the decorated brownies he sells to customers would be considered _______.
inputs outputs
What are three things that should be included in a firm's business model? (Select all that apply.)
1. A description of the industry the firm is entering 2. The firm's expected revenues and expenses 3. How the firm will market to customers
1. Goals should challenge us but should also be doable. Bethany tries to motivate her personal training clients by telling them she wants them to increase the weight they are lifting by 500%! 2. Goals should include a clear time frame for completion. In early September, Lars tells his team they have until December 1st to devise a new cost reduction plan. 3. Goals should be quantifiable in some way. Tiana tells her auto salespeople that she expects them to close at least three new car sales per month. 4. Goals should somehow be linked to the organization's mission. Quinn's company is very customer-focused. She wants her customer service staff to decrease the time it takes to resolve a customer complaint by 10%. 5. Goals should be unambiguous and not vague. Dylan tells his interns that he would like for them complete their data entry work more efficiently.
1. Attainable 2. Target Dates 3. Measurable 4. Result Oriented 5. Specific
1. Describes the image the organization wants to project 2. Inspires enthusiasm and encourages commitment 3. Illuminates the organization's attitude toward its employees 4. Is intended to guide all of the actions in the organization 5. Is easily understood and well-articulated 6. Outlines the organization's customer base 7. Expresses the company's worldview 8. Is appropriate for the times and for the organization 9. Limits itself to a small number that employees can recall when making decisions 10. Articulates the geographical locations where the company competes 11. Unchanging; As applicable in 100 years as it is today 12. Reflects high ideals
1. Mission Statement 2. Vision Statement 3. Mission Statement 4. Values Statement 5. Vision Statement 6. Mission Statement 7. Values Statement 8. Vision Statement 9. Values Statement 10. Mission Statement 11. Values Statement 12. Vision Statement
1. Jamael is concerned because he and his partner have unlimited liability for the business they own together. 2. Allison's company is a hybrid of other legal structures and has the advantage of minimizing record keeping and reporting requirements. 3. Zhen and two of her best friends have started a business together and have decided that the three of them will share profits and losses equally. 4. Noah is having a hard time getting a bank loan for his business because of the amount of risk he is exposed to as the single owner of the business. 5. Emilio's business is a legal entity that is separate from him and the other owners. It passes its income, losses, deductions, and credits on to its shareholders for federal tax purposes. 6. Tyra and the other owners of her business are not personally liable for the company's debts or any lawsuits against the company. She and the other owners can list the business' profits and losses on their personal tax returns. 7. Rasha's business pays taxes on the profits it makes. Then, its shareholders pay taxes on these profits when they receive dividends. 8. Luisa is the only owner of her business and thus makes all of the business decisions herself.
1. Partnership 2. Limited Liability Company (LLC) 3. Partnership 4. Sole proprietorship 5. Corporation 6. Limited Liability Company (LLC) 7. Corporation 8. Sole proprietorship
1. This plan designates a specific required action. 2. This type of plan is smaller in scope and less complex. 3. This plan outlines a set response to particular problems or circumstances. 4. This plan is used for activities that are not likely to be repeated again. 5. This plan is best for activities that occur over and over again. 6. This plan gives a general idea of how to respond to a designated situation. 7. This plan encompasses a wide range of activities or projects.
1. Rule 2. Project 3. Procedure 4. Single-use 5. Standing 6. Policy 7. Program
Select all of the statements that accurately represent Hurley's views on the most important crisis in business today.
1. in business today, there is a crisis of trust2. companies may think certain organizations are ethical, but that does not mean they should trust them3. what is important is that organizations deliver every day on what they promise
Which of the following are components of total quality management (TQM)? (select all that apply)
1.) Involve every employee2.) Use accurate standards to identify and eliminate problems3.) Use customer and employee feedback4.) Emphasize continuous improvement
Place the following obligations of a corporation (as identified by Carroll) in order, starting with the highest-level responsibility at the top of the list and placing the most fundamental obligation at the bottom of the list.
1.Being a good global corporate citizen 2.Being ethical in its practices 3.Obeying the law 4.Making a profit
According to Archie B. Carroll, the responsibilities of an organization can be arranged as a pyramid, with _____ at the base and _____ at the top.
making a profit; corporate citizenship
The classical viewpoint of management emphasized ways to
manage work more efficiently
Victor works for a company that highly values performance-oriented traits, such as achieving a certain level of sales and increasing market share by a certain percentage. In analyzing this aspect of Victor's company, Geert Hofstede would examine the company's ________ dimension.
masculinity/femininity
People who are willing to work in a setting that provides little instruction and little security have a need for what?
Autonomy
A company that has operations in several countries is called a(n) ______.
multinational corporation
During the meeting, the U.S. manager's phone rings and interrupts the meeting. This interruption would be considered _______ in the communication process as it interferes with the transmission of the message.
noise
Although the U.S. manager and Asian guest are having a face-to-face meeting to discuss the pending deal, the U.S. manager is unaware of the important messages sent outside of the spoken word. These messages include eye contact, facial expressions, body movements and gestures, use of time and interpersonal space, and touch and are known as _________.
nonverbal communication
_____ can be another term used for a goal.
objective
Aliya is a front-line supervisor in a clothing store. She desires to decrease the time she spends working on doing her daily closing work by 45 minutes. Aliya has set herself a(n)
operational goal
Management science is sometimes known as _____.
operations research
Reasons for global outsourcing, or offshoring, include that the foreign supplier
Has resources not available in the U.S.Has labor that is cheaper than American labor, Has special expertise
What is the best definition of self-employment?
Working for yourself as the owner of a business rather than for an employer
In terms of SMART goals, an "attainable" goal is _____.
challenging but achievable
For years Print and Copy, a copier machine supplier, enjoyed strong sales and a huge share of the copier market, far ahead of its nearest competitor. However, over the years, Print and Copy seldom asked customers for feedback. So when some of Print and Copy's competition responded to customers' needs and started offering copiers with new features (such as wireless printing from laptop and tablet computers), Print and Copy lost much of its market share. Print and Copy's system is best described as
closed
Four restaurants that are all seeking to attract the same customers would be categorized as _______.
competitors
The people or organizations that vie with your company for customers or resources are known as _____.
competitors
The American economy consists of a complex combination of organizations and variables, such as countless companies differing in size and what they sell, current events, and markets (for example, the housing market and the stock market). According to ________, all of these independent factors interact with one another according to certain simple rules.
complexity theory
Which management viewpoint asks the question, "What method is the best to use under these particular circumstances?"
contingency
What are the three viewpoints of the contemporary perspective of management?
contingency systems quality management
Assume Uber planned to cut losses by 40 percent by withdrawing from countries like China and Singapore. A year has now passed since they have withdrawn, and the company determines that losses have actually increased. Which step in the planning/control cycle does Uber need to now execute?
control the direction
What two things are credited with creating the "global village?"
convenient air travel and electronic media
Running a company and protecting the interests of owners and other stakeholders is known as _____.
corporate governance
Today, it is stressed even more that companies go beyond just making a profit and take into consideration the environment and philanthropic initiatives. This is known as practicing ______.
corporate social responsibility
A ________ is a legal structure that can sell rights of ownership in the form of stocks or shares.
corporation
Technology philosopher Nicholas Negroponte proposed that the global market driven by electronic information
"forces things to get bigger and smaller at the same time."
1. Everett pauses to reflect on the data Taye presented and on whether his disagreement with her view is valid. 2. Taye calls Everett's point "stupid" during their discussion. 3. Taye presents specific data from the small business development association's research that strongly favor stationary food trucks. 4. Everett remembers that even with her years of experience, her intuition hasn't always led her in the right direction. 5. Cameron really wants to win this argument and prove Taye wrong. 6. Everett holds strongly to her argument because of her personal experience with stationary and roaming food trucks. 7. Cameron doesn't mention that his friend hasn't had financial success with her own roaming food truck. 8. Cameron reminds himself to speak calmly and use relaxed body language.
1. Question Your Beliefs 2. Watch for Communication Blocks 3. Pause and Seek Feedback 4. Check Accuracy of Past Judgements and Predictions 5. Pause and Seek Feedback 6. Check Accuracy of Past Judgements and Predictions 7. Question Your Beliefs 8. Watch for Communication Blocks
1. Mackenzie is willing to put her personal savings on the line in order to start a new business.Mackenzie is willing to put her personal savings on the line in order to start a new business. 2. Finn typically feels confident in his ability to be successful at new things. Thus, he is positive about his ability to handle the various aspects of running a business, even though he has never hired, managed, or compensated employees before. 3. Sumiko is motivated by working toward challenging goals, particularly when those goals are self-imposed. 4. Hamid is willing to forego the security that comes from working for someone else so that he can be free to take his business in whatever direction he deems best. 5. Darryl is successful as an entrepreneur, in part, because he is very sociable, persistent, secure, and broadminded. 6. Makayla is very comfortable having to make decisions for her business in the face of limited and incomplete information. 7. In his business ventures, Christiano has an eye toward the future and aims to create value for his customers that they didn't yet realize they needed. 8. Gabriella has been successful in her business ventures in part because she sees herself as the master of her own destiny. 9. Farrah uses her businesses to create new and inventive products.
1. Risk Propensity 2. Generalized Self-Efficacy 3. Need to Achieve 4. Need for Autonomy 5. Big Five Personality Dimensions 6. Tolerance for Ambiguity 7. Proactivity 8. Innovative/Creative Ability 9. Internal Locus of Control
1. His company makes professional-quality products that are accessible to the recreational angler. 2. To grow the company by 50% over the next five years 3. Project managers have the designs complete now and are working to streamline the production tools to maximize efficiencies and thus bring costs down. 4. Her department plans to introduce 10 revolutionary new lures to the company's already exciting lineup of products over the next two years. 5. The company wants to provide a chance for every person to reach his or her highest fishing potential without sacrificing their retirement savings to do it.
1. Tactical Planning 2. Vision Statement 3. Operational Planning 4. Strategic Planning 5. Mission Statement
1. Drexel is traveling to Italy and wonders what type of outfits would be most appropriate for business meetings. She finds a book about doing business in Italy and reads recommendations regarding dress. She decides to pack her more trendy and stylish pieces.
Become aware of the context
3. Hamil is going on an international business trip to Ireland and wants to know more about what business customs are like there. He researches online to find out about customs surrounding things like leadership, negotiations, meals, and conversational etiquette.
Become aware of the context
According to the ____ viewpoint, a management problem should be handled according to the individual and the environmental situation.
Contingency
_____ help us to stay focused on the big picture, concentrate and make quicker decisions rather than putting them off, and ignore unimportant matters.
Deadlines
Renata is using the systems perspective to analyze her company. Which of these should be included in her analysis?
Equipment
____ management encourages managers to make facts and logic the foundation of their approach to decision-making.
Evidence-Based
True or false: Unlike generations before them, Millennials have little concern for the environment and are more interested in profit over planet.
False
True or false: Ethical standards do not vary among countries or cultures.
False, There is significant variance between ethics among countries and cultures
3. Accept that there are differences and similarities between home and foreign personnel and practices and that they should use whatever techniques are most effective.
Geocentric Managers
The people inside of an organization who have an important stake in how it performs are the organization's _____ stakeholders.
Internal
Which type of person is employed by an organization that he or she does not own or operate?
Intrapreneur
You work as an advisor at the Small Business Administration. Sally Sheridan has come to you seeking your advice. She is an aesthetician who is just thinking about starting her own business. She wants to own a beauty-services salon that provides manicures, pedicures, massages, hair styling, make-up, and other services. What is the best piece of advice you can give her?
Learn the importance of budgeting and understand how to read a balance sheet and income statement.
Jillian will be relocating to Singapore in the next six months. Although many people speak English, what would be a good use of her time in the next six months?
Learn the local language.
5. Liam notices that some colleagues from specific countries tend to run behind schedule. At first, he thinks they are being disrespectful of others' time. But he pays close attention and discerns these workers tend to be late for meetings when they are still engaged in deep conversation with individuals in their previous meetings. Rather than focus on time, he realizes they are driven by their relational interactions.
Listen and observe
Place the steps of the planning/control cycle in the correct order, with step one listed first (at the top) and step four listed last (at the bottom)
Make the plan Carry out the plan Control the direction by comparing results with the plan Control the direction by correcting deviations and/or improving future plans
According to free-market economist Friedman, what is the only social responsibility of a business?
Making profits
Which generation seems more concerned with finding work/life balance than other generations?
Millennials
2. Take the view that native managers in the foreign offices best understand native personnel and practices, and so the home office should leave them alone.
Polycentric Managers
Cara has discovered that due to a time crunch, her boss has let the latest round of prescription medications be sent to pharmacies without the final check. She claims that there has never been an issue with this particular drug in the past and if patients weren't able to get their medications on time, the story would definitely be in the newspaper. Her boss is willing to take the risk. After all what could possibly go wrong? What do you think Cara should do?
Report her boss for an ethical violation
As the CEO of a company that produces products for schools, Amber believes that her company needs not only to produce a profit but also to do things that benefit society. _______ guides Amber's beliefs.
Social responsibility
_______ is the level of necessaries, comforts, and luxuries that a person is accustomed to enjoying.
Standard of living
The United States uses government regulations, such as tariffs, embargoes, and import quotas, to limit the import of goods and services and to protect U.S. industries against foreign competition. ________ is the use of these regulations.
Trade protection
One of the characteristics of SMART goals is that they are stated in specific rather than vague terms. Match each goal below to indicate whether it is vague or specific.
Vague-As many planes as possible should arrive on time. Specific-Ninety % of planes should arrive within 15 minutes of their scheduled arrival time.
Domino's introduced salads at one-third of its stores to test their performance before rolling them out to all stores. The launch of salads at these select stores represents which step of the planning/control cycle (Figure 5.5)?
carry out the plan
MBO works by objectives moving through the organization; that is, top managers set general organizational objectives, which are translated into divisional objectives, which are translated into departmental objectives. The hierarchy ends in individual objectives set by each employee. This is an example of MBO working as objectives ______ through the organization.
cascade down
The planning/control cycle has two control steps: (1) control the direction by comparing results with the plan and (2) control the direction by taking corrective action in two ways—namely, by
correcting deviations in the plan being carried out or improving future plans
Sofia paid for a haircut and some hair-care products at a local salon. In the task environment, Sofia would be classified as a _______.
customer
Hugo Munsterberg believed that psychologists can contribute to industry by _____. For example, Munsterberg might suggest that a company implement a monthly bonus plan that rewards workers for achieving the goals set by their managers.
devising management strategies to influence employees to follow management's interest
Imagine you are a Starbucks executive traveling to China from the company's U.S. headquarters. You are going to Beijing to negotiate a commercial real estate deal. Based on what you know about high and low context differences between the United States and China, what should you avoid doing?
discussing non-business-related topics
Simon and his managers are discussing the unemployment, inflation, and interest-rate trends that might affect their chain of sandwich shops over the next 12 months and the projected growth in the areas where the stores are located. The managers are studying the ______ forces in their organization's general environment.
economic
6. The United States does not export any materials to North Korea that may help North Korea bolster its nuclear program.
embargoes and sanctions
Qatar earned the rank of first place in terms of gross domestic product because they
embraced the idea of many national markets.
Someone who organizes a new business venture or businesses, taking on greater-than-normal financial risks in order to do so, is known as a(n) ______.
entrepreneur
John's Crazy Socks is an example of a(n) ______ venture.
entrepreneurial
A company's triple bottom line measures which aspects of its performance? (select all that apply)
environmental financial social
Former-CEO Kalanick's question of "What kind of brand do we want to be?" represents which stage of the strategic management process?
establish the mission and vision and values
Pablo, a construction manager with employees working in Puerto Rico, is having a hard time with employee turnover. While speaking with his human resources manager, Avery, he says he does not understand why the workers come to work late, take longer lunches, and yet still punch out at five o'clock. He feels they should want to work to get the country back on its feet and do what it takes to get the job done. Based on this example, Pablo is most likely a(n) ________ manager.
ethocentric
When faced with a business problem, Lauren, a young shoe store owner, discusses business problems with Kurt, the assistant manager and an employee for over 30 years. Lauren believes Kurt "has seen it all" and knows there are few really new ideas; plus the business has done many simple things, such as offering friendly service, to create and maintain a competitive edge. Lauren's management style is best described as
evidence based
When the sales of a certain brand of diet soda slowed, a national grocery retailer decided to drop the price of that product, which resulted in a large increase in sales of the soda. This sales increase is a type of
feedback
Simply Imagine wants to grow their company but is hindered by increasing labor costs and import quotas. Simply Imagine should consider becoming a(n)
franchiser
The extent to which a society encourages investment in the future, as by planning and saving
future orientation
Penelope, a registered nurse, has decided to start a home healthcare service to assist with the medical, meal preparation, and light housecleaning needs of older adults. To grow her business, Penelope is focusing her marketing efforts on the older adult population; in these efforts, she is involved with the _____ environment.
general
Dave Seminsky's ability to open Sumarian Coffee in Shanghai can be attributed to which of the following?
globalization
Corporate _______ is the system of company oversight designed to ensure that the interests of owners and other stakeholders are protected.
governance
In Mexico people tend to rely on situational cues, such as a handshake, for meaning when communicating with others. If a manager from one of Costco's U.S. locations is traveling to one of Mexico's warehouses, she should be aware that Mexico has a(n) _______ culture.
high context
In a ______ culture, people rely heavily on situational cues for meaning when communicating with others.
high context
Based on the case, which of the following has not resulted from the McCloskeys's planning and strategic management processes?
higher employee satisfaction
Power distance is defined as _____.
how much a society expects power to be unequally shared
3. The United States only allows a certain amount of aluminum sheet to come into the country from China
import quotas
The extent to which people should take pride in being members of their family, circle of close friends, and their work organization
in-group collectivism
In this situation, the U.S. manager is focused on maximizing time and wants the Asian guest to sign the contract immediately. In contrast, the Asian guest is more focused on getting to know the U.S. manager and form a lasting relationship. This difference in time focus and relationship is related to which of Hofstede's cultural dimensions?
individualism vs. collectivism
Which of Hofstede's cultural dimensions is concerned with how much people prefer to focus on themselves or how much they look after one another?
individualism/collectivism
Jasmine, a chef in a fine restaurant, utilizes top-of-the-line equipment as she prepares meals for customers. Jasmine and her equipment are a(n) ______ in the restaurant's system.
input
Pamela, based in New Jersey, is opening an online storefront that sells a wide variety of goods. In order to save money and time on website design, Pamela has contracted with some individuals in Argentina to create her website. This is an example of
outsourcing
Using suppliers outside of the company to provide materials to make goods and services is called _____.
outsourcing
The act of contributing money in order to benefit society is referred to as _______.
philanthropy
During her lunch break one afternoon, Alison set a goal of completing all required trainings in the next 90 days by taking two trainings a week. What is she doing?
planning
You can use the continuous feedback loop known as the _____ cycle to ensure you're headed in the right direction once you've made plans.
planning/control
Betsy, the vice president of sales for an international organization, believes that employees in her foreign offices understand best how to handle the personnel and practices in their offices. So when the corporate HR manager approached Betsy about reprimanding Francois, a native Parisian who is the Paris office manager, for not doing things according to corporate policy, Betsy backed Francois and said, "I believe that the home office should leave Francois alone because he best understands the local culture." Betsy is a(n) ________ manager.
polycentric
The profits of West Side Grocery have dropped significantly over the last several months. After investigating, the owner realizes that many of the store's departments are moving in the wrong direction. The owner recognizes that these departments need stronger and closer management, but she also knows she has not provided her managers with enough direction regarding her expectations for the store's goals and the employees' performance. This example shows how an organization can progress in the wrong direction as a result of
poor planning
The U.S. manager is trying to continue to have the Asian guest sign the contract. He is taking the information and encoding it into a message. As the U.S. manager is the person who wants to share the information, he would be considered the _______ in the communication process.
sender
_____ are plans developed for activities that are not likely to be repeated in the future, such as plans for programs or projects.
single-use plans
Long-term goals (select all that apply)
span one to five years.focus on achieving strategies in the company's strategic plan are also referred to as strategic goals
A _____ plan is developed for activities that occur repeatedly over time.
standing
Nela attempts to walk Logan through the development, manufacturing, and sales process for the potential new electric yachts. What type of planning is she trying to do?
strategic
Top managers use _______ planning to determine what the organization's long-term goals should be for the next one to five years with the resources they expect to have available.
strategic
4. The United States recently raised taxes on all imported solar panels in order to attempt to make U.S.-made solar panels more competitive
tariffs
Which of these are examples of devices countries use to exert trade protectionism? Choose all that apply.
tariffs embargoes Import quotas
Bio-Med Laboratories recently announced it had produced a new medication that would mitigate arthritis symptoms. This new medication is an example of a(n) _____ force.
technological
New developments in methods for transforming resources into goods or services are called _______ forces.
technological
_____ forces lead to new developments in methods for transforming resources into goods or services. For example, a new technique called hydraulic fracturing (or fracking) has been developed to harvest natural gas trapped below the earth's surface.
technological
The use of government regulations to limit the import of goods and services is called _____.
trade protection
According to Fordham professor Hurley, there is not a crisis of ethics in business today but a crisis of _____.
trust
People in a society with high _______ would likely favor rules and a well-structured environment rather than an environment that embraces change and innovation.
uncertainty avoidance
The extent to which a society relies on social norms and procedures to alleviate the unpredictability of future events
uncertainty avoidance
The ______ approach to solving ethical dilemmas involves ethical behavior being guided by what will result in the greatest good for the greatest number of people.
utilitarian
To increase profitability, top management of a national retailer needs to decide if it will close several stores. Management knows that by closing the locations, it will save the company millions of dollars and benefit many stockholder groups and individuals. The benefits of closing the stores outweigh the benefits of keeping them open. Keeping the stores open would be advantageous for many fewer people than closing the stores. This logic is an example of the ___ approach to deciding ethical dilemmas.
utilitarian
______ are the relatively permanent and deeply held underlying beliefs and attitudes that help determine a person's behavior. These beliefs may include the idea that employees should be promoted solely on the basis of merit, that no bribes will be paid to foreign officials to obtain business licenses, and that companies should offer extended maternity leave upon the employee's request.
values
Which of the following personal barriers to communication is the U.S. manager likely being affected by?
variations in trustworthiness
Which type of funding raises small amounts of money from many people to finance a new venture?
venture-funding
During a management meeting, Lester, the CEO of Elite Office Equipment, reminded his management team of where the company wants to go as an organization: "Elite Office Equipment is the expert that customers should always call regarding all their office equipment needs because we strive to understand customer needs and provide the right answers for them." This statement is Top Office Equipment's
vision statement
Luxottica, a manufacturer of fashionable prescription eyewear, notes on its website, "To see the beauty of life inspires its sustainable and ethical business approach and its corresponding pillars, including a commitment to excellence, visual well-being, social impact, and environmental protection." This excerpt from the company's website states Luxottica's Vision statement
vision statement
