MAN 3025 Chapter Quizzes (1,3,4,5)

During the decline stage of the product life cycle,______. a) sales drop b) demand peaks c) managers need to focus their efforts on "getting the product out the door" without sacrificing quality d) managers must increase production costs e) new competitors enter the industry

Sales Drop

The Pour House coffee shop wants to increase sales and local foot traffic. The owner has considered daily specials, loyalty programs, and expanding his menu selection. Ultimately, he decided to implement a loyalty program because it stimulates repeat business and customer loyalty. Which step has the manager of the Pour House reached in his rational decision-making process? a) (Step 5): Implementing the chosen alternative b) (Step 2): Identifying alternatives c) (Step 1): Identifying the problem d) (Step 3): Evaluating alternatives e) (Step 4): Selecting the best alternative

(Step 4): Selecting the best alternative

Of the basic strategic challenges facing small firms, which one must be addressed first? a) Identifying distinctive competencies b) Selecting a location c) Getting financing d) Choosing an industry in which to compete e) Writing a business plan

Choosing an industry in which to compete

Which type of managers are not associated with any particular management specialty? a) Office managers b) Public relations managers c) Administrative managers d) Operations managers e) Floor supervisors

Administrative Managers

An entrepreneur should ask which of the following questions? a) Who are my customers b) Where are my customers c) All of these d) At what price will my buyers buy my product

All of these

According to the ToKnight Show, a business plan is... a) Communication vehicle for a very specific purpose b) A 20 year succession plan for a company c) An interview tool used to hire employees d) A detailed description of the finances for a company

Communication vehicle for a very specific purpose

Managers tracking and monitoring the implementation of new policies at Loft corp. which function as illustrated? a) Leading b) Controlling c) Organizing d) Planning

Controlling

What is a role of top managers in an organization?

Creating Organizational Goals and overall strategy

What can be described as the number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another? a) Competency b) Diversification c) Economy of scale d) Entropy e) Divestiture

Diversification

In a BCG matrix, _____ are businesses that have a very small share of a market that is not expected to grow. a) cows b) dogs c) stars d) question marks e) rate busters

Dogs

In which step of the rational decision-making model does the decision maker test the feasibility and satisfactoriness of alternatives before choosing one? a) Following up the implementation b) Evaluating alternatives c) Defining the situation d) Identifying alternatives e) Implementing the chosen alternative

Evaluating Alternatives

The BCG matrix helps organizations operate multiple businesses that are not logically associated with one another a) True b) False

False

A firm pursuing a(n) _____ strategy concentrates on a specific regional market, product line, or group of buyers. a) overall cost leadership b) divesting c) focus d) anticompetitive e) restraint of trade

Focus

According to the ToKnight Show, the last step of rational decision making is... a) Following up and Evaluating Results b) Select Alternatives c) Complement Alternatives d) Evaluate Alternatives

Following up and Evaluating Results

As a small business owner, Ahmed feels he has identified a market that no one else is currently serving. Which of the strategic challenges facing small firms is Ahmed developing? a) Getting financing b) Choosing an industry in which to compete c) Selecting a location d) Identifying distinctive competencies e) Writing a business plan

Identifying distinctive competencies

Which of the following would be considered as an organizational weakness in the context of SWOT analysis? a) Insufficient cash reserves b) Motivated employees c) Government policies d) High import tariffs e) Surplus capital

Insufficient Cash Reserves

Dajhia has assembled a task force to consider ways to respond to the threat of unionization by some hourly employees. This task force is an example of a(n) _____. a) control group b) interacting team c) nominal group d) coalition e) Delphi group

Interacting team

Which of the following statements about management science is true? a) It introduced the piecework pay system. b) It is concerned with improving the performance of individual workers. c) It is part of the classical management perspective. d) It relies on techniques proposed by Max Weber.bureaucratic e) It focuses on mathematical representations of reality.

It focuses on mathematical representations of reality.

Kamiya plans to open a business writing software. While researching her strategy, Kamiya discovered a profitable niche in children's educational software. How will pursuing this niche help Kamiya outperform her competitors? a) It will allow her to hire additional employees. b) It will create an entirely new industry. c) It will shift the economies-of-scale curve. d) It will give her a distinctive competency e) It will provide her with a specialized business plan.

It will give her a distinctive competency

Which of the following is one of the factors responsible for the failure of a small business? a) Excess capital b) Complacency among competitors c) Managerial inexperience d) Strong control systems e) Entrepreneurial competence

Managerial inexperience

Delta LLC. purchases raw materials such as leather and canvas from suppliers and processes them into finished shoes. Delta LLC. operates in the _____ industry. a) retail b) E-tailing c) manufacturing d) construction e) service

Manufacturing

The overall growth of a product has begun to slow down and the number of new firms producing the item declines. This is a) Growth b) Decline c) Maturity d) Production

Maturity

Which of the following is an advantage of group decision making when compared to individual decision making? a) Less time is consumed. b) Political forces are completely eliminated. c) The group process is less expensive. d) Groupthink is avoided. e) More alternatives are likely to be generated.

More alternatives are likely to be generated.

Linda's car broke down on the way to UCF this morning. Now she needs to buy a new car. Linda's decision is a: a) Processed Decision b) Non-Programmed decision c) Programmed Decision Leveraged Decision

Non-Programmed Decision

Which of the following is a Theory Y assumption? a) People are not internally motivated to achieve their goals b) People prefer to be directed, to avoid responsibility, and want security c) People do not naturally dislike work d) People perform better when they are threatened by the manager

People do not naturally dislike work

One of the titles found in the group of middle managers is _____ a) office manager b) director c) supervisor d) vice president e) plant manager

Plant Manager

Which techniques can be used by organizations that have diversified to determine in which businesses to engage and how to manage these businesses to maximize corporate performance? a) Process gain b) Portfolio management c) Entropy d) Divestiture e) Deskilling

Portfolio Management

Johnson recently launched a new electronics store that sells smartphones, laptops, and mobile accessories from companies like Apple, Samsung, Sony, and Philips. The store operates in the _____ industry a) wholesale b) finance c) manufacturing d) retail e) service

Retail

The starting point in formulating strategies is usually________. a) divesting b) SWOT analysis c) resource deployment d) deskilling e) contingency analysis

SWOT Analysis

Sameer runs a store that exclusively sells handmade vegan cosmetics. The store has a wide range of products manufactured by different companies. The store is relatively small in size and Sameer knows that only a small segment of customers buy such products, so he focuses exclusively on them. Which of the following can be inferred from the scenario? a) Sameer a uses a niche strategy in the retail industry. b) Sameer runs a wholesale store. c) Sameer uses a cost leadership strategy in the service industry. d) Sameer uses a product differentiation strategy in the manufacturing industry. e) Sameer uses a market penetration strategy in the manufacturing industry.

Sameer a uses a niche strategy in the retail industry.

Managers that do not accurately report their company's financial findings can go to jail. This act enforces the law a) Code of Ethics Act b) Electronic Communication Privacy Act c) Financial Enforcement Act d) Sarbanes and Oxley Act

Sarbanes and Oxley Act

Petra was looking for ways to double her plant's production capacity, and she considered acquiring the production plant of a rival company. The engineers in Petra's company advised her against it because acquiring the new plant would only increase their company's production by 15 percent. Petra's idea failed the test for _____ in the context of the rational decision-making process. a) escalation of commitment b) feasibility c) satisfactoriness d) bounded rationality e) satisficing

Satisfactoriness

Strategy formulation is the________. a) process of evaluating an organizations strengths and weaknesses b) set of decisions an organization makes about how it will distribute its resources c) method by which strategies are operationalized or executed d) set of decisions an organization makes to neutralize threats and avoid weaknesses e) set of processes for determining the strategies that will be used by an organization

Set of processes for determining the strategies that will be used by an organization

According to the ToKnight Show, in the BCG Matrix, a high growth, high market hare product is best described as a a) Dog b) Star c) Cash Cow d) Question Mark

Star

Which of the following is a good strategy for small businesses because of the ease of entry into the market? a) Starting service businesses b) Starting manufacturing rather than retailing businesses c) Avoiding retailing industries d) Choosing industries that require more resources e) Choosing markets that require high investment costs

Starting service businesses

In which area do first-line managers spend the majority of their time? a) Making decisions about activities such as acquiring other companies and entering or abandoning various markets b) Supervising the work of their subordinates c) Representing their organization to the external environment d) Implementing policies made by top managers e) Creating overall organizational strategies and goals

Supervising the work of their subordinates

Which of the following proposed that workers respond primarily to the social context of the workplace, including social conditioning, group norms, and interpersonal dynamics? a) The classical management perspective b) The contingency perspective c) The systems perspective d) Management science e) The human relations movement

The human relations movement

How do managers with a high level of risk propensity compare with their more conservative counterparts? a) They are more likely to achieve big successes with their decisions and to incur lower losses. b) They are more likely to achieve big successes with their decisions and to incur greater losses. c) They spend more time making decisions and they are more likely to incur greater losses. d) They are less likely to achieve big successes with their decisions or to incur greater losses. e) They make decisions within a quicker time frame, generating the appearance of being correct.

They are more likely to achieve big successes with their decisions and to incur greater losses.

Why is it important to identify weaknesses in a SWOT analysis? a) To neutralize threats b) To exploit them c) To focus on strengths d) To turn them into opportunities e) To correct them

To correct them

What is one of the main purposes of a SWOT analysis? a) To identify common strengths b) To develop a mission c) To shape the product life cycle d) To better understand competitors e) To identify distinctive competencies

To identify distinctive competencies

Business level strategy is helping organizations focus its competitive efforts in each industry in a targeted manner a) True b) False

True

Escalation of commitment is stick with an action even though it has not been effective a) True b) False

True

In the Chapter 2 ToKnight Show video, The UCF culture is one of integrity, loyalty, and respect a) True b) False

True

Amina, the senior marketing manager, has estimated costs and has forecasted sales for the company's new product. However, there are many unknowns in both the new product development and market conditions that she cannot predict. Amin is making new product launch decisions under a condition of _____. a) risk b) certainty c) security d) ambiguity e) uncertainty

Uncertainty

Avec runs an organization that is in a rapidly changing environment. Which management perspective should Avec take when planning how to respond to changes in the environment? a) Behavioral b) Systems c) Administrative d) Humanistic e) Contingency

contingency

The final phase of the management process is _____ which involves monitoring the organization's progress toward its goals. a) planning b) decision making c) controlling d) leading e) organizing

controlling

Veronica lets her boss know that her coworker was evading company taxes to the tune of 20,000. This is an example of a: a) Regulator b) Ethical Supplier c) Legal Contributor d) Whistle Blower

d) Whistle Blower

William had invested in an initial public offering. He kept incurring losses due to unfavorable market conditions. However, he decided to keep the investment because he had spent so much money on it. This scenario best exemplifies _____. a) escalation of commitment b) rational decision making c) satisficing d) evidence-based management e) rationality

escalation of commitment

First-line managers _____. a) create the organization's goals, overall strategy, and operating policies b) officially represent their organization to the external environment c) are primarily responsible for implementing the policies and plans developed by top managers d) handle administrative duties e) make decisions about activities such as acquiring other companies and entering or abandoning various markets

handle administrative duties

The most important element of a business plan's financial plan is the cash budget, which shows______. a) the salary that the entrepreneur will earn b) how many units must be sold to recover start-up costs c) how much money is needed to start the business and keep it operating d) the tangible assets owned by the firm e) how many business units should be opened and the annual tax payment to be made

how much money is needed to start the business and keep it operating

A manager who has a high level of risk propensity is likely to _____. a) avoid risks b) rely heavily on mathematical analysis c) make decisions quickly d) spend a lot of time evaluating alternatives e) be wary of making a wrong choice

make decisions quickly

One disadvantage of group decision making is that _____. a) it prevents groupthink from developing b) one person may dominate the group c) it reduces the chances of acceptance of the final decision d) very little information and knowledge are available e) fewer alternatives are generated

one person may dominate the group

In its simplest form, _____ means setting an organization's goals and deciding how best to achieve them. a) controlling b) organizing c) leading d) coordinating e) planning

planning

In the Hawthorne studies, workers who overproduced were branded as _____. a) squealers b) operators c) rate busters d) chiselers e) producers

rate busters

The most significant disadvantage to owning a franchise is that_______. a) the franchisee may have to pay a high start-up cost b) the risks involved in franchising are higher compared to starting a business from scratch c) the franchisee does not receive any management consultation d) the franchisee will have to set up the business from scratch e) the franchisee is required to create an operations process from scratch

the franchisee may have to pay a high start-up cost