MNGT301 Exam Two

2. Which of the following is not given as a platform business expanding into new terrain to compete with pipeline firms in the article pipelines and the new rules of strategy? Chipotle encroaching onto Subways territory. Google moving into driverless cars Apple making watches that compete with TimeX Google making thermostats that compete with semens.

Chipotle encroaching onto Subways territory.

36. The rational of decision making is also called the _______ model. Focused Classical Analytical Logical

Classical

33. Research suggests that when writing out a plan to achieve your biggest goals, it's important to: Make a general plan, which embeds your intentions firmly in your memory Identify your options and track your progress Focus on broad rather than specific goals Keep plans and goals private

Identify your options and track your progress

24. According to the article, "Beyond the Holacracy Hype" what kind of complexity does role proliferation create? Compensation complexity Hiring Complexity All of these Complexity of doing the work

All of these

40. According to Rita gunther mcgrath, the author of the article "translent advantage" which of the following are sets of misconceptions, or traps, which may exacerbate the challenge of strategy reinvention for a company. White-space, empire-building, and sporadic-innovation tips All of these First-mover and superiority traps Quality and hostage-resource traps

All of these

20.Uri, a server in a popular family restaurant, is the most popular employee with both customers and employees, and as a result, usually earns the most in tips. He is always ready to lend a hand when asked, and with his warm personality and supportive nature, people, confide with him. Uri does have a problem telling people no, and he has a tendency to avoid conflict because he is concerned about hurting others or getting people mad. Uri likely has a _ decision making style. Conceptual Behavioral Analytical Directive

Behavorial

22. According to the textbook, decision making involves. All of these Identifying Problems Identifying Opportunities Making choices

All of these

23. Which of the following shifts was discussed in the article "Pipelines, platforms, and the new rules strategy" as being part of the move from pipeline to platform? All of these The shift from internal optimization to external interaction The shift from focus on customer value to a focus on ecosystem value The shift from resource control to resource orchestration

All of these

3. In the article "Blitzcalling" which of the following ideas is not discussed? All of these were discussed As a company advances through levels of scaling, how a product development is run changes significantly, while other company functions (financing, hiring, and onboarding the employees, marketing, etc) tend to not change Levels of organizational scaling include family, tribe, village, city, and nation Because there are no rules on how to take a company through a Blitzscaling process, heuristics (or shortcuts) tend to be used instead

All of these were discussed

8. In her video lecture Dr. Kathy Farrell cited statements by the following organizations Google, Amazon, Macy's, and TED YMCA, Nordstrom, Amazon, and TED American Express, Nordstrom, WorkDay, and TED Salesforce, Hudl, Spreetail, and Kawasaki

American Express, Nordstrom, WorkDay, and TED

17. Daniel loves sales because he responds well to the pressure he faces in the many new or uncertain situations he encounters as a salesperson. Like most successful salespeople, he is high in tolerance for ambiguity, yet he struggles with making decisions quickly. Daniel likely has a _ decision-making style. Behavioral Analytical Directive Conceptual

Analytical

21. _ is the idea that proposes that the ability of decision makers to be rational is limited by numerous constraints, such as complexity of time, cognitive capacity, values, skills, habits, and unconscious reflexes. Nonrational decision making MBO Classical decision making model Bounded rationality

Bounded rationality

30. An organization's _________ expresses the need the firm will fill,the operations of business, its components and functions, and the expected revenues and expenses. Risk statement Business model Code of ethics Code of business

Business Model

39. The BCG matrix is a means of evaluating strategic business units on the basis of their: Differentiation and profitability Product quality and profitability Business costs and share of the market Business growth rates and share of the market

Business growth rates and share of the market

43. In Thinking, Fast and Slow, (blank) winner of 2002 Nobel Prize in economics, describes two kinds of thinking, which he labels system 1 Intuitive and largely unconscious) and system 2 (analytical and conscious) Herbert Simon Jeffrey Pfeffer Robert Sutton Daniel Kahneman

Daniel Kahneman

15. Managers who have (blank) decision style often make decisions quickly because they do not like to deal with a lot of information and may consider only one or two alternatives. Conceptual Behavioral Analytical Directive

Directive

35. Bradley was recently promoted to production manager of a busy shoe factory. He was chosen because prior to his promotion, he had proven himself to be very efficient, and as a department manager he had a logical and practical approach to solving problems. Bradley has a reputation for being decisive and getting things done. Most of the factory's employees like Bradley, but they feel like he exercises too much control over them. Bradley has a(n) ________ style. Analytical Directive Behavioral Conceptual

Directive

32. According to the article "What is Disruptive Innovation?" what incumbent companies should NOT do to react to disruptive entrants: Strengthen relationships with core customers Create a new division focuses on the growth opportunities that arise from the disruption Acquire the entrant(s) Dismantle a still-profitable business

Dismantle a still-profitable business

42. World Grocer sells high-quality products and grocery items that are unique to its highly populated area, in addition, it offers delivery for customers who are unable to leave their home and a number of regular workshops regarding healthy eating. By offering these types of products and services, world grocery is pursuing a _______ strategy. Value-focused Cost-savings Focused differentiation Differentiation

Focused differentiation

47. Walt Disney realized that family-friendly visual fantasy worlds had vast appeal. According to the author of the article, "What is the Theory of Your Firm?" this is an example of All of these Foresight Cross-sight Insight

Foresight

7. Which of the following goals satisfies the smart criteria? As a talented florist, i will set 100,000 in flowers We will improve our customer service ratings This company will greatly improve its performance next year In the next quarter, our tucson sales rep will increase sales by 10 percent

In the next quarter, our tucson sales rep will increase sales by 10 percent

37. The rational model of decision making: Is descriptive Assumes that managers don't have the time, resources, or mental capacity to identify all dimensions of the problem and process all relevant information. Managers talk to eachother and exchange viewpoints to gather information and reduce ambiguity. Assumes that a manager has bounded rationality Is prescriptive

Is prescriptive

1. During her lunch break one afternoon, Allison set a goal of achieving all her completed training in 90 days, taking 2 training sessions a week. What is she doing? Planning Synergizing Controlling Delegating

Planning

10. This month, Susan, manager of Orbitz, has heard several complaints that her employees don't return calls. Today a good customer told Susan that my phone calls are returned after maybe a week or so. This new directive by alice is an example of a(n) Value Office order Norm Policy

Policy

26. Which of the following would be used to outline a response to a particular circumstance? Industry Standard Norm Project Procedure

Procedure

11. Steve Jobs realized that Apple's internal capability which was not critical to value creation was design. According to the author of the article what's the theory of your firm? This is an example of: Foresight Insight All of these cross-sight

cross-sight

28. The article "What is the Theory of Your Firm?" used AT&T as an example of A company that had excellent cross-sight, but failed on insight and foresight A company that uses a sound corporate theory to lift itself out of near bankruptcy. A company that never discovered a valuable corporate theory A company that had excellent insight, but failed on foresight and cross-sight

A company that never discovered a valuable corporate theory

29. According to the author of the article "What is the Theory of Your Firm? What was steve jobs greatest contribution to apple? Apple II Computer A corporate theory of value creation His excellent management skills His plan to make the company design-centric

A corporate theory of value creation

4. In her video lecture Dr. Kathy Farrell cited the following College of business guiding principles or values, challenge yourself, ask bold questions, be inclusive, make it matter, and ------- Start your impossible Start something good Start something Look to the future

Look to the future

5. According to Reid Hoffman (interviewed in the article "Blitzscaling") what keeps blitzscaling companies like paypal, google, and ebay together and functioning A sense of excitement about what's being created at the company and the vision of a great future A clearly defined sandbox to operate in None of these Clarity regarding roles and responsibilities

A sense of excitement about what's being created at the company and the vision of a great future

14. Nora is a small business owner who loves to take risks. She also enjoys going out and meeting customers and potential clients- the social aspect of her job. Nora relies on intuition and discussions with others to acquire information. As an interior decorator, Nora utilizes her imaginative strengths, taking a broad perspective to problem solving, and she likes to consider many options and future possibilities. Nora's decision making is best described as: Analytical Directive Conceptual Behavioral

Conceptual

44. To compete within a specific business environment, Michael Porter suggested a company can adopt one of the following strategies, differentiation , __________, or focus. Vertical integration Portfolio Multidomestic Cost leadership

Cost leadership

19. When organizations endeavor (1) to keep their costs (and hence the prices of their products or services) below those of competitors and (2) to target a wide market, they are utilizing a _ strategy. Focused Differentiation Integrated low cost/differentiation Cost-Leadership Differentiation

Cost-Leadership

27. The following is a quote from this article, "How Smart, Connected Products are Transforming Competition." "In mining, Joy Global has shifted from optimizing the performance of individual pieces of mining equipment to optimizing across the fleet of equipment deployed in the mine." According to the article, what phenomenon is this example illustrative of? Contraction of industry boundaries Expansion of industry boundaries Increased bargaining power of buyers Decreased bargaining power of buyers

Expansion of industry boundaries

48. Which of the following provides a complete listing of Porter's Competitive Forces? Rivalry among competitors, potential new entrants, threat of substitute products, and bargaining power of buyers. None of these Rivalry among competitors, potential new entrants, and threat of substitute products Related diversification, unrelated diversification, and vertical integration

None of these

18. Based on the video lecture by Dr. Kathy Farrell, how many task forces have been created as a part of the strategic planning process at the College of Business? Five Twelve Ten Six

Six

45. Which of the following statements did NOT appear in the article "How Smart, Connected Products are Transforming Competition?" Smart, connected products also allow companies to develop much closer customer relationships. Through capturing rich historical and product-usage data, buyers' costs of switching to a new supplier increase Smart, connected products generally reduce the opportunities to product differentiation, gradually moving competition toward price Knowing how customers actually use the products enhances a company's ability to segment customers, customize products, set prices to better capture value, and extend value-added service Smart, connected products dramatically expand opportunities for product differentiation, moving competition away from price alone.

Smart, connected products generally reduce the opportunities to product differentiation, gradually moving competition toward price

49. In the BCG matrix _ are companies that have high growth and high market share and are definite keepers. Stars Sleeping Giants Dogs Cash Cows

Stars

6. Denise owns several computer repairs shops across the Midwest, and she has set a goal for her company of cutting costs in all her locations over the next three years. Denise has set a Strategic goal Management guideline Tactical goal Operational goal Business plan

Strategic goal

46. Which of the following refers to the planning and decision making that leads to the establishment of the organization's goals and of a specific plan? SWOT analysis Strategy Formulation Strategic Control Strategy Implementation

Strategy Formulation

16. A manager sticks with a decision she invested a lot of resources in, even though it would be better to cut losses and move on. According to the textbook, what is this phenomenon called? Representative Bias Availability Bias Confirmation Bias Sunk-Cost Bias

Sunk-cost Bias

25. According to the textbook, which of the following plans typically has a shorter time period than the others? Organizational Mission Strategic Plan Tactical Plan The time horizons of all of these are very similar.

Tactical plan

38. Michael Porter proposed that business-like strategies originate with the primary competitive forces in the firm's environment, these forces are the Threats of new entrants and the bargaining power of buyers and suppliers Threats of new entrants and substitute products or services, the bargaining power of buyers and suppliers, and competitive rivalries Threats of substitute products or services and competitive rivalries Threats of government paperwork and tax increases, the bargaining power of buyers and suppliers, and competitive rivalries

Threats of new entrants and substitute products or services, the bargaining power of buyers and suppliers, and competitive rivalries

9. Based on video lecture Dr. Kathy what is the College's current mission statement. We are a community of scholars dedicated to educating and molding the next generation of ethical leaders for Nebraska and the world. We strive to provide an exceptional education for our students and to create high impact research that informs important business questions of the day. None of these Together, we drive discovery, create opportunity and empower individuals to lead the future of business. We are Nebraska business

Together, we drive discovery, create opportunity and empower individuals to lead the future of business. We are Nebraska business

41. Transient advantage results when a firm successfully avoids the first mover and superiority traps and is the the first step towards eventual sustainable competitive advantage Transient advantage results when a firm successfully avoids the white-space, empire-building, and sporadic-innovations tips, and is the first step towards eventual sustainable competitive advantage Transient advantage results when a firm successfully avoids the quality and hostage-resources traps and is the first step towards eventual sustainable competitive advantage Transient advantage is the new normal, sustainable competitive advantage is now the exception, not the rule

Transient advantage is the new normal, sustainable competitive advantage is now the exception, not the rule

13. According to the article "what is disruptive innovation?" disruptive innovations originate in low end or new market footholds. Disruptive innovations don't catch on with mainstream customers until quality catches up to their standards. Uber was launched in San Francisco and uber's customers are usually people already in the habit of hiring rides. Uber's service has rarely been described as inferior to existing taxis, in fact, many would say it is better. Despite the fact that uber has built a business model that is very different from the traditional taxi business. Uber is an example of disruptive innovation Uber is an example of sustaining innovation Uber is an example of efficiency innovation

Uber is an example of sustaining innovation

34. (Blank) means expanding into businesses that either provide the supplies needed to make the company's products, or distribute and sell the company's products. Vertical integration strategy Related diversification strategy Unrelated diversification strategy None of these

Vertical integration strategy

31. The planning process begins with two attributes: a mission statement and a vision statement. What questions are answered with these? Who do we want to become? What is our reason for being? What are the costs?, How much money can i make? What is our reason for being?, What do we want to become? What do we want to become?, What products do we offer at a profit?

What is our reason for being?, What do we want to become?

12. Party supply uses time time-series forecasts, such as past holiday sales and the strength of store sales this year, to predict future sales based on patterns of historical data. Party supply is using Analytics Focused trend The synergy trends Big data

analytics

50. Porter's competitive strategies of cost leadership and differentiation focus on _ material, while cost-focus and focused-differentiation strategies focus on _ markets. Wide, narrow Narrow, wide Diverse, narrow Specific, broad

wide, narrow