MGMT 3000 Exam One

In terms of business competition, a substitute is a(n) Blank______.

alternative to a product

Which is the best example of domain selection?

A coffee company enters the tea market because tea is a high-growth market with few competitors.

Which are ways in which an organization's culture affects its response to its external environment? (Choose every correct answer.)

A culture that was previously suitable or advantageous may be counterproductive in a changing or new environment.,A strong culture that encourages inappropriate behaviors can severely hinder the ability to deal with the external environment.

Select the ways in which speed is a competitive advantage for a company. (Select every correct answer.)

A faster organization can quickly adjust to market demands.,A faster company has a market advantage by getting product to the consumer quickly.,A faster company can quickly respond to competitors' actions.

What are the potential advantages of using a group to make a decision? (Check all that apply.)

A greater number of perspectives on the issues or different approaches to solving the problem are available.,Group discussion provides intellectual stimulation.,More information is available.,Participants in the group discussions are more likely to understand why the decision was made.

How do social realities affect decision making? (Check all that apply.)

A manager must consider the preferences and reactions of many people.,Many decisions are the result of intensive social interactions, bargaining, and politicking.,Important managerial decisions can be marked by conflict among interested parties.

Which statement is correct regarding expatriates and the challenges their spouses endure?

A spouse may have to give up his or her job to accompany the expatriate manager to a new location.

Small businesses whose primary focus is not e-commerce can create attractive websites that do which of the following? (Check all that apply.)

Add to their professionalism.,Give them access to more customers.,Bring them closer to suppliers, investors, and service providers.

What are the two basic contrasting principles that guide managerial responsibility?

As agents for the shareholders, managers have an obligation to maximize profit.,Managers should be motivated by principled moral reasoning.

Which are essential elements of career success? (Select every correct answer.)

Be flexible, creative, and ambitious.,Take responsibility for decisions.,Focus on capturing opportunities.,Learn how to think strategically.

Which are reasons why it is important in a business career to be both a specialist and a generalist? (Select every correct answer.)

Becoming a generalist means having knowledge about a variety of business disciplines so you can think strategically with different perspectives.,Being a specialist provides specific skills that help you provide concrete, identifiable value to your firm and customers.

Blank______ is a process in which group members generate as many ideas about a problem or issue as they can while criticism is withheld.

Brainstorming

What are the three common models individuals can choose from when starting a new e-commerce business?

Business-to-business,Storefront,Subscription

Which country has become the world's largest exporter into the United States and also the largest consumer of basic raw materials?

China

What term describes a cooperative economic system that works to minimize the environmental impact of business?

Circular economy

Blank______ conflict is defined as differences in perspectives or judgments about issues.

Cognitive

Blank______ across boundaries occurs even beyond the boundaries of the organization to include customers.

Collaboration

Which of these are characteristics of an entrepreneurial personality? (Check all that apply.)

Commitment and determination,Leadership,Motivation to excel

The Sarbanes-Oxley Act of 2002 was a response to which of the following?

Corporate scandals

If a decision appears inappropriate, which stage should be re-examined first?

Defining the problem

Which of these are examples of opportunities for entrepreneurs due to government initiatives and rule changes? (Check all that apply.)

Deregulation of trucking industry,Energy-efficiency requirements,Deregulation of airlines

Select all the traits of a weak corporate culture. (Choose every correct answer.)

Different people hold different values.,There is confusion about corporate goals.

What is the major benefit that organizations realize when adopting a global strategy that spreads the fixed costs of investments over worldwide sales using centralized facilities and strategies?

Economies of scale

Which of the following is an advantage of exporting as a global expansion entry mode?

Economies of scale may be realized

Which subjects are commonly addressed in ethics codes? (Check all that apply.)

Employee conduct,Suppliers and contractors,Community and environment

Which are procedures for leaders to manage decision making in groups? (Choose all that apply.)

Encourage people's input.,Avoid groupthink and satisficing.,Stay focused on the group's goals.

What type of new business has growth and high profitability as primary objectives?

Entrepreneurial venture

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Ethics

Which are the most basic sources of risk in our society? (Check all that apply.)

Excessive production of hazards,Ecologically unsustainable consumption of natural resources

What was the goal of European unification through the formation of the European Union (EU)?

Foster cooperation through trade

Which statements regarding brainstorming are TRUE? (Check all that apply.)

Group members generate as many ideas about a problem as they can in brainstorming.,It is a common technique used to elicit creative ideas.

Which statement about using a group to make a decision is true?

Groups generally make higher-quality decisions than individuals.

Which of the following are elements of the process for ethical decision making? (Check all that apply.)

Having awareness to realize the issue has ethical implications,Using judgment to recognize what actions are morally defensible,Having moral character to act in accordance with your ethics

Mason has considered all possible consequences of his options. Which action describes the behavior Mason would use to maximize his decision?

He would choose the option with the greatest positive consequences and fewest negative consequences.

What is the promise of payoffs from the project in return for support, time, money, and other resources?

Horse trading

Which statement about Initial Public Offerings (IPOs) is true?

IPOs need to be federally registered.

What is the first step organizations must take in understanding the competitive environment?

Identify their competitors.

Which of the following statements is true about the Sarbanes-Oxley Act's requirement for public companies to disclose whether they have adopted a code of ethics for senior financial officers?

If implemented well, the code can encourage ethical behavior.

Which survival difficulties are true of entrepreneurial ventures? (Check all that apply.)

Increased competition can cause start-ups to fail.,New ventures have more trouble lining up investors.,Mistakes in a start-up are potentially devastating.

What is the first-time sale of federally registered and underwritten shares of company stock to the public?

Initial public offering (IPO)

Which characteristics are associated with successful entrepreneurs?

Innovative, with knowledge and skills in business management and networking

Which model of international competition uses subsidiaries in each country where the company does business, with ultimate control exercised by the parent company.

International

Which are key factors influencing the growth of globalization in the competitive landscape? (Select every correct answer.)

International markets are growing with rising incomes and increased demand.,Corporate operations transcend national borders.,Offices and production facilities are located worldwide.

Which statement about the external environment is true?

It includes all relevant forces outside the organization's boundaries.

Which statement best defines the ethical system known as utilitarianism?

It is an ethical system in which the goal is to create the greatest good for the greatest number of people.

Which statements are TRUE concerning the role of creativity in the workplace? (Check all that apply.)

Its cultivation in employees is one of the manager's most challenging responsibilities.,It is essential for the survival of businesses.

What is a company seeking if it wants to enter a new market in a new country by forging a formal business agreement with an established company that operates in that new country?

Joint venture

If a company in one country wants to manufacture and distribute a product owned and produced in another country and is willing to provide the capital to do so, which entry mode for global expansion would be the best fit?

Licensing

Which factors have contributed to the increasing integration of the economies of different nations? (Check all that apply.)

Lowering of trade barriers,Increasing prosperity

Why do managers want to minimize risk in decision making?

Making a wrong decision could lose the company money.

Which statement about managerial decisions is TRUE?

Managers often avoid taking action on making decisions.

Which are ways that time pressures influence effective decision making? (Check all that apply.)

Meeting the deadline becomes more important than content.,Decision quality may be reduced when the decision is made too quickly.,Business decisions made too slowly become irrelevant.

What country became the United States' third largest trading partner after NAFTA was enacted?

Mexico

Which statements are true about ethical biases? (Check all that apply.)

Most people have unconscious biases that favor themselves and their own group.,Managers often hire people who are like them and think they are immune to conflicts of interest.

Entrepreneurs are more likely to succeed if they have which one of these characteristics?

Opportunity obsession

What term describes an organization's decision to contract with an outside company to produce its products or services?

Outsourcing

Which are examples of an organization's dependence on the natural environment? (Choose every correct answer.)

Pepsi needing petroleum to make plastic bottles,International Paper needing trees to produce paper,Ford Motor Company needing steel to manufacture cars

Which statement about certainty is TRUE?

Perfect certainty is rare.

Which statement is true about the reconciliation of profit maximization with corporate social responsibility?

Profit maximization and corporate social responsibility can successfully converge.

Which are common reasons people become entrepreneurs? (Check all that apply.)

Profit potential,The challenge,Personal satisfaction,Better quality of life

Select the common elements of compliance-based ethics programs (Check all that apply.)

Punishments imposed on violators,Auditing and monitoring compliance,Established legal standards and procedures

Which are danger signs that suggest that an organization may be allowing or encouraging unethical behavior? (Check all that apply.)

Responding to the demands of shareholders at the expense of other constituencies,Failure to establish a written code of ethics,Excessive emphasis on short-term revenues over longer-term considerations

Which statement regarding risk in a business plan is true?

Risk must be understood and addressed as fully as possible.

Which piece of legislation was passed into law by Congress in 2002 to establish strict accounting and reporting rules in order to make senior managers more accountable and to improve and maintain investor confidence?

Sarbanes-Oxley Act

What are the possible results of lying for a reason of negotiation?

Short-term gain and economically positive

Blank______ is leveling normal fluctuations at the boundaries of the environment.

Smoothing

Nonfinancial resources include which of the following?

Social capital (social networking),Legitimacy in the minds of the public

Blank______ creates social value by stimulating social change or meeting social needs.

Social entrepreneurship

Which of the following is not an ethical system that supports moral philosophy?

Social theory

Blank______ means contributing to the long-term welfare of others.

Stewardship

Which factors comprise the multinational model?

Subsidiaries with considerable discretion in decision making and strategy located in various countries

Which statements best describe the aim of ethics? (Check all that apply.)

The aim of ethics is to identify the rules that govern people's behavior.,The aim of ethics is to identify the 'goods' that are worth seeking.

How important are nonfinancial resources to new venture success?

The are essential to the success of a new business.

Which of the following is a danger sign of unethical behavior?

The manager drops prices to increase sales revenue, even though it will negatively impact the company in the long term.

If everyone follows the ethical system known as egoism, which of the following is supposed to happen?

The well-being of society as a whole should increase.

Which statement about the six competitive advantages is true?

There are some trade-offs among the six sources of competitive advantage.

Which statement about norms is true?

They are different in different cultures.

Which statement about technical skills is true?

They are focused on performing specialized tasks as part of a process.

Which statement about inpatriates is true?

They offer extensive knowledge about how to operate effectively in their home countries.

What is the role of suppliers in an organization?

They provide resources needed for production.

Which of the following statements about effective ethics codes is correct?

They should be followed by executives who wish to set a good example.Â

Which are barriers to effective decision making?

Time pressures,Psychological biases,Social realities

Which of the following is an example of a political demand that affects local responsiveness?

Trade restrictions

What are the emotional intelligence skills needed to manage teams and advance your personal career? (Select every correct answer.)

Understand yourself, including your strengths and weaknesses.,Deal effectively with others by listening, showing empathy, motivating, and leading.,Manage yourself in dealing with emotions, making good decisions, seeking and using feedback, exercising self-control.

What are the effects on employees of a weak ethical climates? (Check all that apply.)

Unethical behavior,Job dissatisfaction

Forecasting can best be defined as Blank______.

a method for predicting how variables will change in the future

Pressuring others to make decisions quickly, creating a false sense of urgency to spur action, and focusing on meeting deadlines versus following a rational process are all examples of managers falling into what's known as Blank______.

a speed trap

A(n) Blank______ is a group of people willing to help an entrepreneur learn basics, identify needed strategic changes, and build relationships with bankers.

advisory board

Successful managers tend to focus on Blank______.

all six competitive advantages

Which are examples of intermediate customers? (Choose every correct answer.)

an industrial buyer buying raw materials to convert to products,a retailer buying clothes from wholesalers,a restaurant purchasing food from a supplier

An open system is best defined as Blank______.

an organization that is open to influences from outside the organization

After a company identifies its competitors, it must next Blank______.

analyze how they compete

Factors that make it difficult and costly for an organization to enter a particular task environment or industry are called Blank______.

barriers to entry

A less-than-perfect form of rationality in which decision makers cannot be perfectly rational because decisions are complex, and complete information is unavailable or cannot be processed, is referred to as Blank______.

bounded rationality

The condition in which managers have all necessary information and can precisely predict the consequences of actions is called Blank______.

certainty

One of the biggest impacts of the Sarbanes-Oxley Act was the requirement for Blank______.

companies to provide reports about the effectiveness of their financial reporting process

International, global, transnational, and multinational are different approaches to international .

competition

When writing a business plan, the cofounders of Zappos considered the impact of other online shoe stores, as well as shoe departments in department stores. This is an example of considering Blank______ in a business plan.

competition

Alternative courses of action that can be implemented based on how the future unfolds are called Blank______ plans.

contingency

Plans that generate alternative courses of actions during times of uncertainty are called Blank______.

contingency plans

General Mills is one of the largest producers of breakfast cereals in the United States. The company offers these in-demand cereals at prices that maximize profits and provide long-term stability. General Mills is fulfilling its Blank______ responsibilities.

economic

Interest rates and changes in the value of the dollar are examples of which macroenvironment factor?

economic

The tendency of an organization to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods or services is called Blank______.

entrepreneurial orientation

What stage of decision making is information collected and compared to goals and plans to determine success or failure?

evaluating the decision

Which factors are associated with environmental context? (Check all that apply.)

exchange rate,tax policies,interest rates,inflation

Exporting, licensing, franchises, joint ventures, or wholly owned subsidiaries are all methods of Blank______.

expanding into overseas markets

Which are constraints on decision makers? (Check all that apply.)

financial,legal,organizational,market,human

In the first stage of decision making, the sources of discrepancies that exist in organizational or unit performance may be detected when comparing current performance against Blank______. (Check all that apply.)

future expected performance as determined by plans and forecasts,current performance of other organizations or units,past performance

In the Blank______ model companies view the world as one market and assume no tangible differences among countries in consumer tastes and preferences.

global

A great product, a viable market, and Blank______ are essential ingredients to entrepreneurial success.

good timing

Successful managers Blank______.

have broad responsibilities

When people have objections to offshoring it is generally because they think Blank______.

high-paying U.S. jobs are being lost to low-cost countries overseas

What items should be covered when discussing competition in the business plan? (Check all that apply.)

identification of the current competitors,how the company will respond to the competition,the strengths and weaknesses of the competition

A company's advisory board can do which of the following? (Check all that apply.)

identify needed strategic changes,build relationships with other professionals,teach the basics of business operation

What is the first step in the ideal decision-making process?

identifying and diagnosing the problem

Ensuring that decisions turn into or translate into actions and changes is part of the Blank______ step in the decision-making process.

implementing

The need to provide a nurturing environment for a fledgling enterprise led to the creation of business Blank______.

incubators

Han has an innovative idea for a new technology service and wants to start his own business. Han is most likely to be successful if he Blank______.

is creative and and has good business know-how

An ethical leader is best defined as someone who Blank______.

is personally moral and a moral manager

For industries that have matured in the United States, companies join with foreign companies to form Blank______ in order to achieve growth in international markets.

joint ventures

Which are risks that must be considered in the business plan? (Check all that apply.)

key people leaving the company,losing a key customer,interest rates changing,fierce competitor responses

In order to create a culture that encourages ethical behavior, a manager needs to Blank______.

lead others to behave ethically

The ability to motivate and communicate effectively with employees is called Blank______.

leading

When corporations behave badly, which stakeholder group tends to suffer the most?

low-ranking employees

Frontline managers are Blank______.

lower-level managers who supervise the operational activities of the organization

What are frontline managers also commonly referred to as?

lower-level managers,operational managers,supervisors

Sam is from a society that values status and money, and Joe is from a society that values compassion and nature. These examples fall within which of the dimensions identified by Geert Hofstede?

masculinity/femininity

A decision resulting in the best possible outcome is called Blank______.

maximizing

Ethical decision making requires Blank______. (Check all that apply.)

moral character,moral awareness,moral judgment

About half of all employees in large companies have Blank______.

observed misconduct in the workplace

Most concerns about offshoring actually refer to concerns over Blank______.

outsourcing

Biases that interfere with objective rationality are called Blank______ biases.

psychological

What key business element is often an entrepreneur's greatest challenge?

raising money to start the business

Choosing the first option that is minimally acceptable or adequate when making a decision is known as Blank______.

satisficing

What is a narrative that describes a particular set of future conditions?

scenario

Franchising is used primarily by Blank______ companies.

service

A(n) Blank______ is often defined as having fewer than 500 employees, being independently owned and operated, not dominant in its field, and not characterized by many innovative practices.

small business

What term refers to the fast and timely execution, response, and delivery of results?

speed

What is the definition of controlling?

supervising performance and making needed changes

What are the three requirements for effectively managing group decisions?

the constructive use of disagreement and conflict,enhancement of creativity,an appropriate leadership style

One of the keys to starting a business is obtaining the money to do so. Where do start-up businesses typically get most of their money from?

the owners, their families, and bank lines of credit

For many astute investors, the most important variable of business plans is Blank______.

the people

One thing entrepreneurs may not realize when they begin their venture is that Blank______.

they usually have to work every aspect of the business

When managers create a culture that is inconsistent and does not support goals and useful behaviors that will make the company more effective, they have a(n) Blank______ culture.

weak

When an employee courageously tells others who are inside or outside of an organization of wrongdoing, it is called Blank______.

whistleblowing

EDS recently acquired Mphasis, an Indian provider of computer programming and other services. Mphasis is an example of a Blank______.

wholly owned subsidiary

Being self-reliant means Blank______.

you take responsibility for yourself

Which statements about the global organizational model are true? (Check all that apply.)

Manufacturing facilities are centralized in a few locations.,Subsidiaries focus on marketing and service functions.

Which statements about business plans are true? (Select all that apply.)

Many business plans focus heavily on financial projections.,Potential investors want to know more than just financial projections.

Blank______ decisions are decisions that have been encountered and made before, have objectively correct answers, and are solvable by using simple rules, policies, or numerical computations.

Programmed

Which factors are most significant in China's appeal to managers in the US and Europe? (Check all that apply.)

Rapid economic growth,World's largest population

Which ethical system holds that all people should uphold certain values that society needs to function?

Universalism

A company is losing market share and realizes it must increase efficiency and cut costs in order to survive and succeed. It decides to shut down several underperforming facilities in the United States and open factories overseas where costs are much lower. This decision will allow the company to compete more effectively in the global market and result in more job opportunities and profits down the road. This is an example of which ethical system?

Utilitarianism

Drag each example of a company to the type of e-commerce business model that matches it.

Websites like Amazon or Walmart,Websites like The Wall Street Journal,Customer relationship management firms like Salesforce

Select the characteristics that describe System 1 information processing. (Select all that apply)

automatic,emotional,reflexive

Which are illegal practices for U.S. firms that are expected practices in some countries? (Choose every correct answer.)

bribes,kickbacks

Creating supplies of excess resources to meet unpredictable needs is called Blank______.

buffering

On the output side, organizations use some type of ending inventory to allow them to keep merchandise on hand in the event a customer decides to buy their products. This is referred to as Blank______.

buffering

The key to understanding the success of a company is the Blank______ the company holds and sustains.

competitive advantage

Which of the following are major barriers to entry? (Choose every correct answer.)

cost disadvantages,distribution channels,capital requirements,government policy

Technology and its advancement are vital to a company's survival because they Blank______.

create new products and opportunities

The central objective of entrepreneurship is Blank______.

creating value

Some say that the most fundamental unit of value is ideas. Therefore, managers' most important and challenging responsibilities will be to foster Blank______ in their employees.

creativity

The process of identifying, preparing for, and dealing with potentially catastrophic events or damage to an organization is referred to as Blank______.

crisis management

When an organization's leaders have a plan in place for resilience in the face of unforeseen events that could damage the organization, they have developed a(n) Blank______ plan.

crisis management

The components of the competitive environment include rivalry among current competitors and the affect of new entrants, substitute and complementary products, suppliers, and Blank______.

customers

As a result of increased global integration, Blank______ has/have increased across countries.

foreign direct investment

Corporate ethics programs commonly include Blank______.

formal ethics codes that detail the company's expectations

What are the two possible relationships that exist between individuals and their organizations?

individual as an active contributor,individual as a passive employee

Saaiy prefers to think of himself and his needs when making decisions. This preference suggests that Saaiy prefers a(n) Blank______ culture.

individualistic

Disadvantages of the Blank______ model are higher manufacturing costs and duplication of effort because similar functions take place in different countries.

multinational

Organizations rely heavily on the Blank______ environment to provide the raw materials needed to produce products.

natural

What term refers to the excellence of a product, whether it be goods or services?

quality

When decision makers are biased in the way they gather, evaluate, and apply information in making their decisions, they are being influenced by Blank______ biases.

psychological

Which are resources generally provided by suppliers? (Choose every correct answer.)

raw materials,financial capital,information,people

Ideas that have been seen or tried before are called Blank______ solutions.

ready-made

When managers follow the suggestions of others who have faced similar problems, they are applying Blank______ solutions.

ready-made

What are ways in which the government can affect business opportunities? (Choose every correct answer.)

tax laws,international trade rulings,economic policies

A(n) Blank______ skill is the ability to perform a specialized task that involves a certain method or process.

technical

Formed in 1995, Blank______ provides a forum for nations to negotiate trade agreements and the procedures for administering the agreements, and for resolving disputes among member nations.

the WTO

Senior executives responsible for the overall management and effectiveness of the organization are called Blank______ managers.

top-level

The Blank______ approach to quality was to check work after it was completed and then eliminate defects, using inspection and statistical data to determine whether products were up to standards.

traditional

The greatest advantage of using the international model is the ability to Blank______.

transfer skills from the parent company to subsidiaries

When using the Blank______ model, the experiences of local subsidiaries are shared worldwide to improve the firm's overall knowledge and capabilities.

transnational

How can a new employee benefit from being connected? (Select every correct answer.)

Being connected can enhance the employee's relationships with outsiders.,It can improve the employee's professional development.,Connectedness can improve newcomers' knowledge of the organization.

Which are factors in becoming an ethical leader? (Check all that apply.)

Being seen by others as a moral person,Influencing others to behave ethically

Which statement about decision making is true?

Better decisions are made when managers use rational processes.

What are people seeking when they start their own businesses? (Check all that apply.)

Better quality of life than they might have at big companies,Feeling independent and being part of the action,Opportunities after they see their progress or ideas blocked at large organizations,Tremendous satisfaction in building the business and watching it grow and succeed

What technological advances have created entrepreneurial possibilities? (Check all that apply.)

Biotechnology,Microcomputers,Nanotechnology

What are two typical ways entrepreneurs can exploit opportunities?

By introducing goods or services that capture the market because they are simpler, cheaper, more accessible, or more convenient,By exploring domains that are avoided by large companies

Which actions should be taken during the sixth and final stage of the decision-making process? (Check all that apply.)

Collect information on how well the decision is working.,Use feedback to either continue the decision or go back to the first stage.,Compare collected information with specified goals.

Which of the following is a key reason for businesses' growing interest in protecting the natural environment?.

Companies see ecological sustainability as a major driver of innovation.

What term describes the obligation businesses assume toward society and the greater good?

Corporate social responsibility

What term is used to describe the policies and practices that reflect business responsibility for societal goods and reflects the social imperatives and social consequences of business success?Â

Corporate social responsibility

How can a merger affect two organizations with strong cultures?

Cultural differences can encourage behaviors that are harmful to the combined organization.

As an entrepreneur, the challenge called \you might not enjoy it\" presents which problem?"

Entrepreneurs usually have to do all of the functions of running a business, even those areas they do not like or know how to do.

Which statement describes the ethical system of relativism?

Ethical behavior is based on the opinions and behaviors of relevant other people.

Which of the following describes the ethical system of egoism?

Ethical behavior is that which maximizes benefits for the individual.

What term describes the processes in an organization where decisions are evaluated and made on the basis of right and wrong?

Ethical climate

Which of the following is not a reason organizations see ethics as an important issue?

Ethical organizations always lose money when compared to unethical organizations.

Which of the following are generally part of corporate ethics programs? (Check all that apply)

Ethics committees that develop policies, evaluate actions, and investigate violations,Disciplinary processes for addressing unethical behavior,Ethics communication systems that give employees a means of reporting problems or getting guidance

Blank______ is the tendency to judge others by the standards of one's group or culture, which are seen as superior.

Ethnocentrism

What resulted from the formation of the European Union?

Europe became an economic superpower.

What is the relationship between corporate social performance and financial success? (Check all that apply.)

Evidence indicates that social responsibility is on average associated with better financial performance.,Socially responsible organizations are not necessarily more or less successful in financial terms.,Socially responsible actions can have long-term benefits and offer business opportunities and improve profitability.

Given the associated costs and risks, which entry mode is used by most manufacturing companies?

Exporting

What are advantages of exporting? (Choose all that apply.)

Exporting provides scale economies by avoiding the costs of manufacturing in other countries.,Exporting is consistent with a pure global strategy.

True or false: Creativity has no place in the workplace.

FALSE

True or false: Ethical behavior and decision making is (surprisingly) harder in a purely domestic situation than in the international arena.

FALSE

True or false: Firms prefer their employees to be passive rather than active.

FALSE

True or false: Management has very little influence on fostering entrepreneurial orientation.

FALSE

True or false: The competitive environment includes only those organizations that are direct rivals.

FALSE

What is the most important distinguishing characteristic of the transnational organization?

Fostering of communication among worldwide subsidiariesÂ

What term is used to describe the system in which a service company sells the rights to use its company's brand name in return for a lump-sum payment and a proportion of any profits that are generated?

Franchising

Which statements about generalists and specialists are correct? (Select every correct answer.)

Generalists are knowledgeable about a variety of disciplines.,It is recommended to be both a specialist and a generalist.,Specialists are experts in something.

In which model does the parent company exercise the tightest control over most aspects of worldwide operations?

Global

Which elements of the business plan are necessary to fully consider the competition of a proposed business? (Choose all that apply.)

Identify future potential competitors.,Predict how the new venture will respond to the competitors' responses.,Identify the current competitions and their strengths and weaknesses.

What term describes moving work from other countries back to the headquarters country?

Inshoring

Which are common perceptions of how business leaders get ahead by using illegal means? (Check all that apply.)

Insider trading,Kickbacks

Which factors make for an effective ethics code? (Check all that apply.)

It focuses on real-life situations that employees can relate to.,Those affected by it are involved in writing the statement.,It is concise and easy to understand.

What are disadvantages of the international model? (Check all that apply.)

It frequently does not provide scale economies.,It does not provide maximum latitude for responding to local conditions.

Which statement is true about company that establishes a wholly owned subsidiary?

It has to bear the full cost and risks of opening an overseas operation.

Select the benefits of a business plan. (Check all that apply.)

It helps determine the viability of the enterprise.,It helps entrepreneurs obtain financing.,It serves as a guide as the entrepreneur plans and organizes.

Which statement about managing the environment is true?

It is essential for firms to manage the external environment.

Which statements are true about an organization's culture? (Choose every correct answer.)

It is expressed and reinforced by symbols, rites, ceremonies, and stories.,It includes the set of shared values and practices related to what is important and how the world works.,It is a framework that organizes and directs people's behavior at work.

Which statement about cost competitiveness is true?

It is important because a desirable product sold at a lower price is more likely to sell.

Select the characteristics that define a small business. (Select all that apply.)

It is independently operated.,It is not dominant in its field.,It is independently owned.

Which statements about whistleblowing are true? (Select all that apply.)

It requires courage on the part of the whistleblower.,It involves telling others inside or outside an organization of wrongdoing.

What are two traits of an entrepreneurial venture?

It seeks rapid growth.,It works toward a quick sellout with large capital gains.

When faced with early failures, what do successful entrepreneurs do? (Check all that apply.)

Kill the initial idea but not the company.,Revise the initial idea.,Persist in the face of failure.

The use of bribes is perceived to be an accepted part of commercial transactions in many Blank______ cultures. (Check all that apply.)

Latin American,Middle Eastern,African

What nonfinancial resource involves people's judgment of a company's acceptance, appropriateness, and desirability?

Legitimacy

What are benefits of the partnerships created in a circular economy? (Check all that apply.)

Less use of resources,More efficient use of energy,Reduction in waste

Which organizational model consists of stand-alone subsidiaries in each country where a company does business and provides a great deal of discretion to those subsidiaries?

Multinational

What are the four approaches to international competition?

Multinational,Transnational,International,Global

The USMCA is a renegotiated trade agreement designed to replace Blank______.

NAFTA

What elements must be considered when contemplating a franchise? (Check all that apply.)

Nature of the business,Market share,Market presence,Terms of the license agreement

Which are functions of the World Trade Organization? (Check all that apply.)

Negotiating trade agreements,Administering trade agreements,Resolving disputes

What term describes the standards of expected and acceptable behavior that vary from one culture to another?

Norms

What term describes the practice of moving jobs to other countries, typically where wages are lower?

Offshoring

What are the three general considerations that help guide management's response to the environment?

Organizations should attempt to change appropriate elements of the environment.,Organizations should choose responses that focus on pertinent elements of the environment.,Companies should choose responses that offer the most benefit at the lowest cost.

What factors contribute to the trend toward inshoring today? (Check all that apply.)

Political pressure and quality concerns have led some companies to shift foreign operations back to domestic soil.,Automation has reduced the necessity to move jobs overseas.,Managers who offshore to achieve wage savings often incur unexpected additional costs.

The threat of protectionism and nationalism are examples of what type of demands? (Check all that apply.)

Political,Economic

Gert's company manufactures jeans. The equipment in her factory is old and temperamental, and she has a hard time finding knowledgeable repair personnel. Although it means giving up direct control over the manufacturing process, Gert decides that the only way to keep delivering products to her loyal customers is to shut down the factory and manufacture the jeans overseas at a new facility. Other jean manufacturers understand Gert's decision to move production overseas, but her employees who lost their jobs do not understand or agree with her decision. This is an example of which ethical system?

Relativism

Blank______ is an acceptable decision-making behavior when there is no other known option because information is unavailable, time is limited, or other constraints make maximizing impossible.

Satisficing

Select the requirements that are part of the Sarbanes-Oxley Act (Check all that apply.)

Senior managers must personally sign off on financial results.,Companies must adhere strictly to accounting rules.,Companies must have more independent board directors.

Blank______ means giving customers what they want or need, when they want it.

Service

is the effort to maintain the natural environment while effectively managing today's business and building tomorrow's business opportunities.

Sustainability

What term describes economic development that meets present needs without harming the needs of future generations?

Sustainable growth

Choose the answer that best describes the relationship between sustainable growth and natural ecosystems.

Sustainable growth meets the organization's needs without harming the environment; therefore, it is fully compatible with natural ecosystems.

True or false: An obvious risk of intrapreneurship is failure.

TRUE

True or false: The products and services organizations create are known as outputs.

TRUE

Which are ways to be self-reliant, improve your performance, and advance your career? (Select every correct answer.)

Take responsibility for change; be an innovator.,Look for opportunities to contribute in new ways and develop new products and processes.,Generate constructive change that strengthens the company and benefits customers and colleagues.

Company A has proposed investing a significant amount in upgrading technologies throughout the company. Select the reasons why this is vital for the company's survival. (Choose every correct answer.)

Technology advancements create new products and improve production techniques.,Technology advancements create new competitive niches.,Technology advancements provide better ways of managing and communicating.

Which of the following are consequences of increasing global integration? (Check all that apply.)

There is a higher percentage of imports in large economies. ,The volume of exports has increased much faster.

What are the roles and responsibilities of successful managers? (Select every correct answer.)

They are able to think strategically and translate strategies into objectives.,They have knowledge of all business functions.,They focus on serving customers both inside and outside their firm.,They are accountable for results.

Which is a true statement about middle-level managers?

They are responsible for taking corporate objectives and breaking them down into specific activities.

Which statements about mergers and acquisitions are true? (Choose every correct answer.)

They can give companies relatively immediate access to new markets.,They can offer increased efficiency from combined operations.

Which statement about decision makers is TRUE?

They face constraints that can inhibit certain actions.

Which statements about good managers and the decisions they make are TRUE? (Check all that apply.)

They make difficult, strategic decisions.,Managers must make good decisions to be effective.

Which statements are true about the people in your entrepreneurial business? (Select all that apply.)

They should have skills relevant to the venture.,They should be energetic.,They should be good with ideas but ready to switch ideas if necessary.

Which of the following are common practices for successful executives? (Select every correct answer.)

They take responsibility for decisions.,They write an action plan. They don't just think, they do, based on a sound, ethical plan.,They ask \What needs to be done?\" rather than only \"What do I want to do?\""

Which statement about corporate ethics codes is true?

They usually address a number of subjects.

In what ways can businesses whose primary focus is not e-commerce add value through the use of the Internet? (Check all that apply.)

Traditional companies can save money on customer service/support.,Start-ups and established small companies can add to their professionalism by creating an attractive website.,Start-ups and established small companies can have more access to customers, suppliers, investors, and service providers.

Nkoze works for a global nonprofit organization that treats every employee and volunteer with the same degree of fairness and honesty. This is an example of which type of ethical system?

Universalism

Select the questions managers can ask to help assess an organization's environment. (Choose every correct answer.)

Who are our current competitors?,Is the company too dependent on powerful customers?,Are there few or many entry barriers to our industry?,What substitutes exist for our product or service?

Which statements about must-have management skills are true? (Select every correct answer.)

Without technical, conceptual, and communication skills, a manager will not succeed.,Managers need a variety of skills to perform their roles well.

What happens if as a manager, you fail to perform all four management functions? (Select every correct answer.)

You may not know if you are headed on the right track in meeting goals.,You will not reach your full potential as a manager.,You may fail to inspire employees to perform at high levels.

Which of the following is an example of ethnocentrism?

\They don't even drink real tea here.\""

Which strategic maneuver involves the entrance by a company into another suitable market or industry?

domain selection

The Sarbanes-Oxley Act requires that public companies periodically disclose if they have Blank______.

a code of ethics for senior financial officers

When a company achieves success and is able to sustain that success because it consistently outperforms its rivals, that company has Blank______.

a competitive advantage

Which person is an intermediate consumer?

a corporate buyer at Dell buying microchips from Intel

Identifying environmental context is important in a business plan because Blank______. (Check all that apply.)

a favorable regulatory and economic environment will affect the viability of the new venture,it can explain how the business will cope with changes in the future

When a group experiences conflict that leads to anger, bitterness, goal displacement, and lower-quality decisions, the group is experiencing Blank______ conflict.

affective

Select the characteristics that describe System 2 information processing. (Select all that apply)

analytical,reflective,deliberative

Companies, managers, and their communities all benefit over the long term when managers act with integrity and Blank______.

apply ethics

The management function of organizing includes Blank______.

assembling and coordinating all resources needed to achieve goals

What are the two common approaches used to stimulate intrapreneurial activity?

bootlegging,skunkworks

To create a culture that encourages ethical behavior, managers must Blank______. (Check all that apply.)

be able to lead others to behave ethically,be ethical people

Why did Herbert Simon claim decision makers cannot be truly rational? (Check all that apply.)

because they have incomplete information about alternatives and consequences,because they are unable to process all the information to which they are exposed,because people within an organization have conflicting goals

Collecting information about your company's operations and those of your competitors in order to determine gaps is called Blank______.

benchmarking

What is the process of comparing an organization's practice and technologies with those of other companies?

benchmarking

Informal work on projects other than those officially assigned, of the employees' own choosing and initiative, is called Blank______.

bootlegging

The Blank______ describes all the elements involved in starting the new venture.

business plan

The Blank______ describes the venture and its market, strategies, and future direction.

business plan

How do governmental laws and regulations affect organizations?

by imposing strategic constraints while also providing opportunities

Which are ways individuals can be creative? (Check all that apply.)

by improving something or giving it a new application,by joining two previously unrelated things,by bringing something into creation

How can a \problem\" be turned into an opportunity?"

by understanding what the organization is doing now and what it can do to create a more positive future

A clothing chain drops its prices on the most popular styles and launches an advertising campaign that states it has more variety, higher quality, and lower prices than other clothing stores. Which type of independent strategy is the chain using?

competitive aggression

The external environment includes Blank______.

competitors, customers, the government, and the economy

Which are disadvantages of group decision making due to the phenomenon of groupthink? (Check all that apply.)

complacency,pressure to conform,overconfidence

Company mechanisms typically designed by corporate counsel to prevent, detect, and punish legal violations are called Blank______ ethics programs.

compliance-based

In addition to philosophical reasons, companies are becoming environmentally conscious in order to Blank______.

comply with legal requirements,react to a competitor's action,satisfy consumer demand,create a competitive advantage

What are the three essential categories of skills for successful managers?

conceptual and decision skills,interpersonal and communication skills,technical skills

What is the form of bias in which people accept things they hear that correspond to what they already believe, and they ignore or reject information that does not fit their beliefs.Â

confirmation bias

Opposing pressures from different sources, occurring on the psychological level or between individuals or groups, is called Blank______.

conflict

When a CFO of an organization argues with the CEO over a stock split to finance an acquisition, Blank______ is occurring.

conflict

Being Blank______ is when someone has many good working relationships and interpersonal contacts and is a team player with strong interpersonal skills.

connected

Stewardship is the act of Blank______.

contributing to the long-term welfare of others

The management function of monitoring performance and making needed changes is called Blank______.

controlling

The process of keeping costs low in order to achieve profits and to be able to offer prices that are attractive to consumers is called Blank______.

cost competitiveness

What is a necessary and daily activity of all managers within organizations?

decision making

The difficulty and pressure faced by managers in making decisions is driven by which three factors?

degree of risk,level of uncertainty,complexity of the problem

Age, gender, income, and family are examples of Blank______ measures.

demographic

The measures of various characteristics of the people who make up groups or other social units are called Blank______.

demographics

Apple adding to its product line with new items such as the iPod, iPhone, and iPad is an example of Blank______.

diversification

Which strategic maneuver occurs when a firm invests in different types of businesses or products or when it expands geographically to reduce its dependence on a single market?

diversification

The Blank______ responsibilities of business are to produce goods and services that society wants at a price that perpetuates the business and satisfies its obligations to investors.

economic

Due to rising oil prices, there has been a variety of developments in alternative energy or energy-efficient products. These are possible entrepreneurial opportunities due to Blank______.

economic dislocations

Affective conflict is Blank______.

emotional and directed at other people

The ability to deal effectively with your emotions, make good decisions, and exercise self-control is referred to as Blank______.

emotional intelligence

The skills of understanding and managing yourself are known as Blank______.

emotional intelligence

To be an effective leader of a decision-making group, you should Blank______.

encourage input

The customers who purchase products in their finished form are also called Blank______.

end users

The situation in which an individual initiates and builds an organization pursuing a lucrative opportunity is called Blank______.

entrepreneurship

When an enterprising individual pursues a lucrative opportunity, initiating and building an organization rather than being only a passive part of one, it is called Blank______.

entrepreneurship

Searching for and sorting through information about the environment is called Blank______.

environmental scanning

Nkozi is a manager. She is trying to make plans for the construction of a facility overseas, but she is unable to get trustworthy reports about the composition of the soil or about air quality regulations. Nkozi is operating under Blank______.

environmental uncertainty

Which of the following describes the situation in which a manager does not have enough information about the environment to understand or predict the future?

environmental uncertainty

According to Milton Friedman, a business should attempt to increase its profits while conforming to Blank______. (Check all that apply.)

ethical customs,society's law

The aim of business Blank______ is to identify the rules that should govern people's behavior.

ethics

Individuals sent from a company's parent country to work in overseas operations are referred to as Blank______.

expatriates

New companies without much of a track record Blank______.

face more hurdles attracting investors and customers

Select those factors which are part of the economic environment. (Choose every correct answer.)

falling interest rates,low levels of unemployment

When dealing with time pressures in decision making, what should managers avoid doing?

falling into the speed trap

When Lori buys a McDonald's Big Mac, she is a(n) Blank______ customer.

final

Those who purchase products in their finished form are the Blank______.

final consumers

What do top-level managers in an organization do? (Select every correct answer.)

focus on long-term issues,emphasize the survival, growth, and overall effectiveness of the organization

The method for predicting how variables will change in the future is called Blank______.

forecasting

Which are the five tendencies that determine entrepreneurial orientation?

fostering innovation,taking risks,being proactive,allowing independent action,being competitively aggressive

An entrepreneurial alliance between an innovator who created at least one successful store and wants to grow the business and a partner who manages a new store of the same type in a new location is called a(n) Blank______.

franchise

Lourdes, an innovator, has created a successful store and wants to grow the business. She finds a partner who agrees to manage a new store of the same type as Lourdes' but in a new location. The partner will pay Lourdes for allowing him to use her business model and name. This type of arrangement is called Blank______.

franchising

A phenomenon that occurs in decision making when group members avoid disagreement as they strive for consensus is known as Blank______.

groupthink

When group members don't want to break up a positive team spirit and wish to remain friendly by avoiding dissension, Blank______ may occur.

groupthink

Once a choice is made in the decision-making process, managers must take action to actualize the choice. This step of decision making is called Blank______ the decision.

implementing

Which reason best explains why companies are operating globally?

increased opportunities for growth

The traditional budget process which begins with the budget from the previous period and makes small adjustments from that starting point is an example of which type of decision-making model?

incremental model

What model of decision making occurs when decision makers make small decisions, take little steps, move cautiously, and move in piecemeal fashion toward a bigger solution?

incremental model

When a company acts on its own to change some aspect of its current environment, it is engaged in Blank______ strategies.

independent

Egoism is an ethical system that defines acceptable behavior as that which maximizes benefits for the Blank______.

individual

In what ways can a manager can respond to the environment? (Choose every correct answer.)

influencing the environment,selecting a new environment,adapting to the environment

The introduction of new goods and services is known as Blank______.

innovation

A(n) Blank______ is a foreign national brought in to work at the parent company.

inpatriate

Sony buying components from IBM and using them to make gaming consoles is an example of a(n) Blank______ customer.

intermediate

In the Blank______ model, subsidiaries may have a say in local adaptations, but core functions such as research and development are centralized in the parent company.

international

Of the four approaches to international competition, which one faces low pressure for both global integration and local responsiveness?

international

The Blank______ model of global strategies is most appropriate when there are few pressures for economies of scale or local responsiveness.

international

The model in which managers use their organization's existing core capabilities to expand into foreign markets is called the Blank______ model.

international

Selling the rights to manufacture your company's product to an overseas company for a negotiated fee is Blank______.

international licensing

The management function that involves the manager's efforts to stimulate high performance by employees is called Blank______.

leading

A(n) Blank______ firm will have an easier time acquiring other resources such as top managers, good employees, financial resources, and government support.

legitimate

Of the following ways to expand overseas, which two involve the lowest political risk?

licensing,franchising

New clothing and music trends, desire for fast food, growing interest in sports, and increased concern about the environment are examples of entrepreneurial opportunities due to Blank______.

lifestyle and taste changes

Getting support for a project from peers before seeking formal approval from higher levels in a company is known as Blank______.

making cheerleaders

The process of working with people and resources to accomplish organizational goals is referred to as Blank______.

management

Wayde is responsible for working with his team and resources, making sure all members are doing their jobs, and that his team is focused on accomplishing organizational goals. Wayde is most likely a(n) Blank______.

manager

Which strategic maneuver takes place when two or more firms combine or one firm buys another to form a single company?

merger or acquisition

Which level of management is responsible for translating the general goals and plans developed by strategic managers into more specific objectives and activities?

middle-level managers

When making a decision, the ideal decision-making process includes six stages. Which of the following is NOT one of those stages?

minimizing the ramifications of the decision

If you were asked to describe the principles, rules, and values that you use when deciding what is right or wrong, you would be talking about your Blank______.

moral philosophy

What is the form of bias that refers to people seeing what they want to see and making decisions based more on desire than on evidence?

motivated reasoning

Offshoring occurs when you Blank______.

move jobs to other countries

A major disadvantage of the Blank______ model of global strategy is that it cannot realize scale economies based on centralized manufacturing.

multinational

Although U.S. dependence on Blank______ from the Middle East has decreased, this region is still a concern for U.S. businesses because of the many companies around the world that depend on this resource for the manufacture and transportation of their products.

oil

The Middle East is a small but important player in the global environment because it supplies such a large amount of Blank______ to the world's buyers.

oil

Organizations that are affected by and that affect their environment are considered Blank______ systems.

open

The Blank______ factor of the business plan should provide a competitive advantage that can be defended.

opportunity

In the launch of a business, the first formal planning step is a(n) Blank______, which provides the basis for making a decision on whether to act.

opportunity analysis

Select the components that are part of total quality management. (Select every correct answer.)

preventing defects before they occur,achieving zero defects in manufacturing,designing products for quality,operating with a philosophy of continuous improvement

Differences in the way company employees interact with each other and with customers and the behavior that is expected by their managers are examples of Blank______.

organizational culture

Gathering and coordinating human, financial, physical, informational, and other resources needed to achieve goals is the function of management called Blank______.

organizing

What are the products and services created by an organization?

outputs

Bikes By Design manufactures custom bicycles. The bikes are sent to an outside paint and powder coat company to have the final finish applied to the frames before final assembly. This is an example of Blank______.

outsourcing

The most dangerous risk in corporate entrepreneurship is the risk of Blank______.

overreliance on a single project

The primary reason for the failure rate among expatriates on overseas assignments is Blank______.

personal issues, such as spousal support

What is the management function of specifying the goals to be achieved and deciding in advance the appropriate actions to achieve those goals?

planning

To which of the managerial functions should managers devote adequate attention and resources?

planning, organizing, leading, and controlling

Which are examples of independent strategies? (Choose every correct answer.)

political action,competitive aggression,public relations

Arvind is working on the payroll and making a list of invoices that need to be paid. He knows that he must pay the invoices for work that has been completed and hold the invoices that have not yet been completed. Which kind of decision is Arvind making?

programmed

The decision made from a set formula, such as when a manager needs to decide the amounts for an employee's paycheck, is an example of which type of decision?

programmed

The three situations in which environmental responses are the most useful are when elements of the environment do which of the following?

provide it with opportunities,allow the company to change successfully,cause the company problems

Drag each set of characteristics to the component of effective group decision making that they correspond to.

remember the goals, avoid domination,brainstorm, avoid criticizing,play devil's advocate, stay on task

When a firm makes a conscious effort to change the boundaries of its competitive environment, it is engaging in Blank______.

strategic maneuvering

In decision-making terminology, Blank______ exists when the probability of a successful action is less than 100 percent, and losses are possible.

risk

We live in a society where the creation and distribution of wealth generates byproducts that can cause injury, loss, or danger to people and the environment. This is known as a(n) Blank______ society.

risk

Often, managers do not expend the time or energy to gather more information when needing to make a decision. Rather, in decision-making terminology, they opt for Blank______, making an expedient decision based on readily available information.

satisficing

Managers often develop Blank______ to try to determine the effect of environmental forces on their organizations and to plan accordingly.

scenarios of the future

Which measurement of quality is focused on continually meeting the needs of customers to establish mutually beneficial long-term relationships?

service

What are some of the benefits offered by incubators? (Check all that apply.)

shared staff costs,technical services,business services,low rent

An approach to stimulating intrapreneurial activity using project teams designated to produce a new product that is formed with a specific goal within an specific time frame is called Blank______.

skunkworks

During winter months in the north, when automobile sales drop off, automobile dealers cut prices of their in-stock vehicles to increase demand. This is an example of Blank______.

smoothing

Firms can perform a cost-benefit analysis to identify actions that will maximize profits while satisfying the demand for corporate responsibility.

social

Leveraging resources to address social problems is called Blank______.

social entrepreneurship

When considering the effect of social realities on the decision-making process, it is important that managers take into account Blank______.

social interactions, bargaining, and politicking

Which are included in an opportunity analysis? (Check all that apply.)

source of capital,description of the good or service,specification of resources needed,assessment of the entrepreneur,assessment of the opportunity

When a firm can bypass potential threats and capitalize on arising opportunities, it is engaging in Blank______.

strategic maneuvering

When everyone understands and believes in the firm's goals, priorities, and practices, the organization has a Blank______ culture.

strong

Minimizing the use of resources, especially those that are polluting and nonrenewable, is a core goal of Blank______.

sustainability

Which are used to diagnose a company's culture? (Choose every correct answer.)

symbols, rites, and ceremonies,stories people tell ,mission statements and goals,business practices

The management function of planning is Blank______.

systematically making decisions about the goals and activities that an individual, a group, a work unit, or the organization will pursue

Select the elements regarding customers that must be addressed in a business plan. (Check all that apply.)

the cost to acquire and support a customer,the ease or difficulty to retain a customer,the decision-making process of the customer

Quality is best defined as Blank______.

the excellence of a product, whether it be goods or services

Cognitive conflict is Blank______.

the most constructive type of conflict

In addition to the financial projections, the best business plans convey which key factors? (Check all that apply.)

the people,the context,the competition,the opportunity,the risks and rewards

When managers express that they are not satisfied or comfortable with \what if\" or \"what may happen\" thinking in a given set of circumstances

they are demonstrating their preference for Blank______." certainty

To spot opportunities for entrepreneurial ideas, you should Blank______.

think carefully about events and trends as they unfold

Workers for an overseas subsidiary that are natives of a country other than the home country or the host country are known as Blank______.

third-country nationals

In competition, a substitute is a(n) Blank______.

threat

Why might someone want to understand an organization's culture?

to assess whether it would be a good fit as an employer

A commodities company produces and sells rice to consumers all over the world. This company uses a global strategy because rice meets Blank______ needs of consumers.

universal

When the tastes and preferences of consumers in different countries are similar, this indicates the existance of Blank______.

universal needs

The better you meet users' needs, the more Blank______ you deliver.

value

The monetary amount associated with how well a job, task, good, or service meets users' needs is called Blank______.

value