MGMT320 6-7-8
44) Tova, a general manager, was explaining to her assistant manager that, "When I make a decision on which employees will do a project, I use three simple factors. I consider their attitude, knowledge, and how hard they work." Tova uses ________ when making a decision. A) biasesB) decision stepsC) planning modelD) heuristics
D
Zene is a chef and owner of a popular restaurant. Zene frequently visits competing restaurants to observe how they are doing things. He told one of his managers, "I eat dinner at a lot of restaurants because I want to know what is going on. I am always concerned that one of our competitors will surprise us with a new service or menu item, like ours but better." In which activity is Zene engaging? A) assessing current realityB) environmental planningC) TQMD) management by observation
A
13) The second step in the strategic-management process is a(n) ________, where managers look at where the organization stands, and then determine what is working and what could be different to maximize efficiency and effectiveness in achieving the organization's mission. A) organizational vision statement B) company synergy assessment C) current reality assessment D) grand strategy
C
42) Seamus, the manager of a kitchen supply store, is stressed that his store may soon be closed by corporate. Seamus has not been sleeping well, and his anxiety and irritability are quite severe. On several occasions this month, Seamus has missed important details in his job. Today the district manager is coming to Seamus's store to perform a quarterly review. Seamus is worried the district manager may show an availability bias by A) focusing on performance data from only the last few weeks.B) saying she knew all along that Seamus was a poor manager.C) focusing on the excellent employee retention numbers for Seamus's store.D) being sure she is the best person to evaluate Seamus's performance.
A
43) Ichiro is an on-site coordinator for the International Olympics Committee. Ichiro is good at his job because he regularly seeks new ideas and contrary opinions. He tolerates ambiguity well while being quite task-focused. Ichiro's decision-making style is best described as A) analytical. B) conceptual. C) valuable. D) behavioral.
A
45) Decisions are sometimes based on an initial figure due to A) anchoring and adjustment bias.B) the representativeness effect.C) availability bias.D) confirmation bias.
A
47) Snow Assist sells emergency safety and rescue products to ski patrols and rescue workers at prices that are below those of its competitors, which offer a larger line of more expensive products and focus on broader markets. Snow Assist is pursuing a ________ strategy. A) cost-focusB) cost-leadershipC) differentiationD) narrow
A
6) Duracell, a company well-known for manufacturing alkaline batteries, derives its strategic position from which source? A) few needs, many customers B) broad needs, few customers C) few competitors, broad market D) broad needs, many customers
A
Farrah's Furniture sells modern desks, chairs, and other office furniture mainly to businesses and institutions. An example of Farrah's pursuing a growth strategy would be A) expanding to sell home furnishings. B) offering their desks in additional colors. C) selling the business to a larger competitor. D) replacing the sales manager after she retires.
A
1) To maximize profitability and competitiveness, firms must A) create alignment across all levels of strategy. B) sacrifice functional-level strategy for the sake of corporate-level. C) diversify their investment portfolios. D) create shared value via greenwashing.
A
1) Upon graduating from college, Annie needed to decide which city she wanted to live in, what kind of job to look for, whether to apply to graduate school now or later, what to do about her lease that was going to expire in three months, and whether to trade-in her car. What would you advise Annie to do first in her decision-making process? A) List the decisions she needs to make.B) Characterize the complexity and magnitude of each decision.C) Organize her decisions as strategic, significant, or quick.D) Note the time for each decision.
A
19) After a week as an executive assistant, Christopher was thinking about quitting. He was dismayed at the ________ shown by his boss, the CEO, who was overconfident and narcissistic. A) hubrisB) aestheticC) bounded rationalityD) intuition
A
2) Best Bottling is a beverage copacking company that contracts its beverage manufacturing services to small and upstart beverage brands. The leaders of Best Bottling have been updating their official statements to make it clear to customers that Best Bottling values customer service, product quality, and on-time order delivery. Best Bottling is at which step in the strategic management process? A) Step 1: Establish the mission, vision, and values statements. B) Step 2: Assess the current reality. C) Step 3: Formulate the grand strategy. D) Step 4: Implement the strategy.
A
22) ________ is another term for a defensive strategy. A) A retrenchment strategyB) A fixed planC) The aggressive approachD) A growth strategy
A
23) Reggie's Records uses 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. Reggie's is using A) data analytics.B) groupthink.C) sunk-cost bias.D) big data.
A
31) Many businesses use Find-a-Hand, a professional staffing agency because of the employees' expertise in recruiting and selecting workers that match the needs of their business clients. In a SWOT analysis, the employees' high levels of knowledge are an example of the Find-a-Hand's A) strengths.B) threats.C) weaknesses.D) opportunities
A
33) Max was recently promoted to production manager at a busy boat factory. As a department manager, Max had proven himself to be very efficient, and he had a logical and practical approach to solving problems. Max has a reputation for being decisive and getting things done. Most of the factory's employees like Max, but they feel he exercises too much control over them. Max most often uses a(n) ________ decision-making style. A) directiveB) conceptualC) ambiguousD) behavioral
A
37) Kameko, the CEO of an oil drilling company, and her top management team recently discovered that their facilities are damaging a beach in Asia and the local wildlife. Apply Bagley's ethical decision tree to help Kameko decide if temporarily closing or not closing the facilities is the right thing to do. Assuming it is legal to close the facilities, which of the following would you advise Kameko when she asks you, "Should we close the facilities?" A) Yes, close the facilities because not taking action would be unethical.B) Yes, close the facilities because stopping business maximizes shareholder value.C) No, keep the facilities open because environmental damage is not a big deal.D) No, keep the facilities open because that maximizes shareholder value.
A
41) Fatma is certain her new business idea is going to be a success. She is so certain that she ignored the advice of her business professor to conduct a focus group and she invested her life savings to get her business started. Fatma may be experiencing ________ bias. A) overconfidenceB) hindsightC) framingD) escalation of commitment
A
To enact strategic control, Bryan Barry suggests that organizations should A) engage people, keep it simple, stay focused, and keep moving.B) engage people, keep people happy, provide fun activities, and provide good benefits.C) provide fun activities, provide good benefits, and keep it simple.D) aggressively compete, cut costs, focus on customer service, and engage people.
A
16) Matthew has written his mission, vision, and value statements. He has completed his organizational assessment. What is his next step? A) strategy implementationB) conduct a feedback loopC) maintain strategic controlD) formulate functional strategies
D
18) After three summers working for a local landscaping business, Scott suggested that his boss add snow removal as an extra service. With this holistic hunch, Scott was acting on ________ that snow removal might be a good addition to the service offerings. A) hindsight biasB) minority dissentC) a knee-jerk reactionD) intuition
D
39) Trevon, owner of a hotel in Miami, is negotiating an executive lodging agreement with a major corporation that would keep his hotel at 70% occupancy at all times. To land the deal, Trevon's hotel needs lots of updates to its furnishings and amenities within the next six weeks. Given the time constraints and the many decisions to be made, Trevon will likely employ A) predictive analytics.B) the satisficing model.C) automated experience.D) hindsight bias.
B
12) Luana is the owner of a small business that sells smoked meats and cheeses. The trendiest restaurant in a nearby city approached Luana about serving her products on its menu. Luana knows that seizing this opportunity could A) inhibit her goal achievement.B) allow her to grow her business much faster than she expected.C) fully align her tactical and corporate strategic goals.D) decrease brand awareness for her business.
B
15) Santiago is the vice president of operations for a company that manufactures floor cleaning robots. The company's largest factory recently burned down, though thankfully no one was harmed. Now Santiago must decide the best course forward to replace that manufacturing capacity. He is considering rebuilding in the same location, moving to another city or state, or even another continent. In making this decision, Santiago will likely encounter ________ due to the countless locations, timelines, contractors, and demand pressures he must consider. A) an ethical dilemmaB) bounded rationalityC) groupthinkD) a bounded dilemma
B
17) LaShawn and his partner, Nathan, have decided to update their firm's computer network, although they have no expertise in this area. Recently, they discussed the many constraints on their decision, such as the complexity of technology, limited time and money, imperfect information, and our conflicting goals. These limitations are hindrances to A) satisficing.B) rational decision making.C) intuitive decision making.D) an ethical dilemma
B
20) Nonrational decision-making models, such as ________, describe how managers sometimes make decisions. A) complexityB) intuitionC) competing valuesD) information overload
B
23) Strategic implementation is thought to be A) the most important step in the strategic management process.B) the greatest managerial challenge in strategic management.C) the first step in organizational assessment.D) about developing a strong diversity plan
B
27) A person's ________ reflects the combination of how he or she perceives and responds to information. A) location on the introvert/extrovert scaleB) decision-making styleC) time orientationD) Big Data perception
B
29) Breyona keeps a close eye on her company's internal and external environments to identify better ways of doing business and to discover possible opportunities for new products. In which activity is Breyona engaged? A) VRIO frameworkB) SWOT analysisC) strategic controlD) management by observation
B
31) Angelina owns a small interior decorating firm. She loves the social aspects of the job, such as meeting potential clients and browsing for new furniture and fabrics, and she loves to take risks. Angelina relies on intuition and discussions with others to acquire information. Angelina utilizes her imaginative strengths, taking a broad perspective to problem solving, and she likes to consider many options and future possibilities. Angelina's decision-making style is best described as A) directive.B) conceptual.C) ambiguous.D) analytical.
B
34) The owners of Blazing Pitchforks, a family-owned farm supply outlet in a rural community, are concerned over the news that a large retailer specializing in farm and garden products is building a new store on the other side of town. According to a SWOT analysis, this new retailer is an organizational ________ to Blazing Pitchforks. A) strengthB) threatC) weaknessD) opportunity
B
36) Organizational weaknesses in a SWOT analysis are A) environmental factors that the organization may exploit for a competitive advantage.B) drawbacks that hinder an organization in executing strategies.C) SMART goals that are set but not achieved.D) problems that a specific industry needs to correct.
B
43) Bella Blooms is a successful business that sells a liquid spray fertilizer to farmers. The fertilizer consists of rich, organic, composted material. Recently, Natural Supply, another established fertilizer manufacturer, dramatically increased its marketing to farmers in the region that Bella Blooms views at its target market. When analyzing its industry, Bella Blooms should be concerned about the threat of A) buyers' negotiating influence.B) rivalry among competitors.C) substitute products and services.D) new entrants.
B
48) If Discovery, a nightclub in Cape Town, South Africa, was pursuing a focused-differentiation strategy, it might A) offer "buy one, get one free" drinks until 10 pm.B) charge a very high cover fee and book world famous deejays.C) allow free entry to LGBTQ individuals.D) acquire the restaurant that is in the building next door.
B
5) Greta, the quality control inspector at a baby food copacking factory, has discarded fourof the previous nine batches of baby food for trace levels of contamination. Greta needs to turn this problem around and find a way to improve the situation, so she should probably perform A) a minority dissent.B) a diagnosis.C) project post-mortem.D) a feasibility analysis
B
5) Harvard Business School professor Michael Porter defines strategic positioning as A) monitoring the execution of strategy and making adjustments, if necessary. B) attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company. C) looking at where the organization stands to maximize efficiency and effectiveness in achieving the organization's mission. D) the skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its vision.
B
50) Food Well Inc. is an organization that operates several companies that market bulk food products, restaurant equipment, and disposable dishes. Recently, Food Well acquired a restaurant consulting division. Food Well is pursuing a(n) ________ strategy. A) cash cowB) related diversificationC) focused-differentiationD) unrelated diversification
B
6) To improve your likelihood of making ethical decisions and having more positive interpersonal relationships, you could A) review the steps you took to arrive at your decision.B) practice mindfulness.C) identify the weak spot in your process.D) load up on new facts and information.
B
) Akio is evaluating the alternatives that might solve his company's problem. One alternative would be an excellent outcome, but Akio is considering if he has enough time and resources to achieve it. Akio is asking himself: A) Is it efficient?B) Is it ethical?C) Is it feasible?D) Is it profitable
C
10) Executives, often referred to as the "C-Suite," should focus their decision making on which of the following? A) How can business functions support the business-level strategy? B) How should we compete in this industry? C) What products and services shall we offer? D) When should we begin strategic planning?
C
10) When acting upon the advice to organize your decisions into three categories, which type will require the most time and attention? A) quick decisionsB) ethical decisionsC) strategic decisionsD) significant decisions
C
12) In order, the steps of the strategic-management process are A) establish the mission and vision statements, assess the current reality, conduct a trend analysis, and maintain the feedback loop. B) establish the mission statement, maintain strategic control, formulate the grand strategy, and implement the strategy. C) establish the mission, vision, and values statements; assess the current reality; formulate the grand strategy; implement the strategy; and maintain strategic control. D) establish the vision and values statements, develop a mission statement, formulate the grand strategy, implement the strategy, and maintain the feedback loop.
C
13) With the community interested in eating healthy, Karima thought a restaurant centered on her grandmother's Mediterranean-style recipes would be popular. Her decision was uncertain, but it felt "right" to honor her grandmother by opening this restaurant. Karima is enacting A) rational decision making.B) MBO.C) nonrational decision making.D) analytics.
C
15) The managerial tools for ________ include a SWOT analysis, forecasting, and VRIO analysis. A) creating shared valueB) corrective actionsC) organizational assessmentD) grand strategies
C
2) A decision is a A) formal verification of an organization's financial and operational systems.B) biased way of thinking in which people seek information that supports their point of view and discount data that does not.C) choice made from among available alternatives.D) strategy that simplifies the decision-making process.
C
21) Over the course of 40 years, Bradley grew his company to six package shipping stores. With his retirement approaching and increased competition from national brands, he decided to reduce the number of locations to two. Bradley's closing of four locations represents a A) merger approach.B) fixed plan.C) defensive strategy.D) growth strategy.
C
29) Jordan likes working in as an insurance underwriter because it has structure and certainty, and the daily work is routine. Jordan probably A) has a high tolerance for ambiguity.B) has a large need for ambiguity.C) has a low tolerance for ambiguity.D) is in the middle ambiguity range.
C
3) Which managers would be at Level 2: Business-level strategy? A) finance managers B) human resource managers C) retail unit managers D) marketing managers
C
30) A SWOT analysis is a A) search for the strengths, weaknesses, opportunities, and threats influencing an organization's competition.B) diversity and synergy method used in vertical integration.C) search for the strengths, weaknesses, opportunities, and threats affecting an organization.D) survey of organizational needs, ways to improve, output methods, and threats influencing a company.
C
32) Bruno knows that one of the reasons people do not return to his home appliance store is because of the slow service. How would a SWOT analysis classify the slow service at Bruno's store? A) as a strengthB) as a threatC) as a weaknessD) as a competitive advantage
C
32) Saburo, a server in a downtown café, is very popular with customers and employees. He has a warm personality and will always lend a hand when needed. Saburo has a supportive nature that leads people to confide in him. He does have a tendency to avoid conflict and finds it difficult to say no when he might hurt someone's feelings. Saburo likely has a(n) ________ decision-making style. A) directiveB) conceptualC) behavioralD) analytical
C
35) A decision tree is A) a structure of problem-solving ideas, with its roots based on the organization's mission. B) the hierarchy that must be followed when getting decisions approved. C) a graph of decisions and their possible consequences. D) a location used by Chinese philosopher Confucius in times of intense pressure.
C
36) When confronted with a decision, managers should utilize ________, which includes these four questions: "Is the proposed action legal? If yes, does the proposed action maximize shareholder value? If yes, is the proposed action ethical? If no, would it be ethical to take the proposed action?" A) Maslow's hierarchy of needsB) the stakeholder's value statementC) Bagley's ethical decision treeD) the Sarbanes-Oxley Act of 2002
C
37) A forecast is a A) glimpse of what just happened.B) strategic execution and implementation.C) projection of the future.D) plan for implementing strategic processes.
C
40) Isaiah knows that what his boss has asked him to do is not in the best interest of the company. He also knows that if he does not do what he was asked to do, he will be written up and put on disciplinary action. He decides instead to do what his boss wants, just slower than his boss may have liked. Isaiah is using the principle of A) no brag, just the facts.B) evidence-based management is not just for senior executives.C) if all else fails, slow the spread of bad practice.D) treat your organization as an unfinished prototype
C
42) Michael Porter proposed that business-level strategies originate with the primary competitive forces in the firm's environment; these forces are the threats of A) new entrants and the bargaining power of buyers and suppliers.B) substitute products and the services and competitive rivalries.C) new entrants, substitute products or services, bargaining power of suppliers and buyers, and competitive rivalries.D) government regulation, bargaining power of suppliers, and competitive rivalries
C
45) 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. A) focused-differentiationB) differentiationC) cost-leadershipD) cost-focus
C
48) When people seek information to support their point of view and discount data that do not, they are subject to ________ bias. A) blindB) overconfidenceC) confirmationD) framing
C
49) ProFast Technologies makes and sells only one product, a high-quality server for secure cloud storage. ProFast was recently approached by Digital Territory, a large data warehouse that rents server space to commercial customers, about purchasing their company. Digital Territory is engaging in A) unrelated diversification.B) related diversification.C) vertical integration.D) differentiation.
C
7) Cooper Technologies is a technology company that offers many IT services in Chicago. The company's services and products include computer training, support, monitoring, repair, network design, virus removal, and software upgrades. It even sells refurbished computers. The source of Cooper Technologies' strategic position is A) low-profit margin and many customers. B) broad needs and few customers. C) broad needs and many customers. D) high-profit margin and many customers.
C
19) Fine Line is a popular tattoo shop that provides custom artwork and permanent tattoos. Recently, Fine Line pursued a(n) ________ strategy when it developed a smartphone app that uses AR technology to let customers preview what their tattoo will look like before getting it. A) retrenchment B) stability C) defensive D) innovation
D
8) Milena, the vice president of human resources, is working on the problem of restructuring the firm's compensation plan by using the rational model of decision making. In the first step, she identified the problem of pay and incentives not keeping up with market rates. In the second, step she thought of alternative solutions; and, in the third step, she evaluated alternatives and selected a solution. In the fourth and final, step Milena needs to A) do more research to look at types of compensation plans.B) select a contingency plan.C) implement and evaluate the compensation plan chosen.D) determine how costly the solution will be.
C
Planet Pantry sells high-quality products and grocery items that are unique to its highly populated area, and it offers frequent cooking classes showcasing global cuisine. By offering these types of products and services, Planet Pantry is pursuing a ________ strategy. A) cost-focusB) value-focusedC) differentiationD) focused-differentiation
C
20) All That Enterprises has a reputation for reliability and customer service, qualities that helped to build this highly respected name brand over the last 15 years. Speaking at a recent business conference, Kenan, the CEO of All That, told his audience, "We have built our reputation by changing little over the last several years, but consistently helping customers with great, caring service and a reliable product." Which type of strategy does All That Enterprises use? A) defensiveB) retrenchmentC) growthD) stability
D
) Haya operates a car dealership, and she has been working to come up with ways to overcome the incredibly high competition her business faces. There are six other dealerships within a one-mile radius. So far, Haya has thought of doing a car giveaway event, adding extended warranties on every new car that is sold, or running advertisements through the mail. Haya is at which stage of the decision-making process? A) identifying the problemB) implementing the solutionC) evaluating the solutionD) thinking up alternative solutions
D
11) ________ are difficulties that inhibit the achievement of goals. For example, the lack of parking may be the main reason why a new restaurant is failing. A) ObjectivesB) SynergiesC) ValuesD) Problems
D
11) ________ requires a manager to visit an earlier step in the strategic-management process in order to revise actions if necessary. A) The organizational mission B) Strategy formulation C) The current reality assessment D) The feedback loop
D
14) Before moving forward with its strategic management, organizations should develop vision statements that describe A) the organization's purpose or reason for being.B) what the company will market and its business plan.C) the organization's purpose or reason for being and its strategic intent.D) what the company wants to become and where it wants to go strategically.
D
14) ________ is the idea that proposes that the ability of decision makers to be rational is limited by numerous constraints, such as complexity, time, cognitive capacity, values, skills, habits, and unconscious reflexes. A) Rational decision makingB) Nonrational decision makingC) AnalyticsD) Bounded rationality
D
16) Alonso is preparing for the grand opening of his wild animal sanctuary. He has wants to invite local politicians, animal rights activists, journalists, and his investors to the event. Because of all the important tasks that need done before the grand opening, Alonso cannot spend too much time searching for the best invitation, so he follows the satisficing model by A) ordering high-quality paper and handwriting each invitation.B) reviewing every possible invitation available online and at the local store.C) deciding not to send invitations after all.D) ordering some that seem fairly nice and have animals on them
D
21) Audrey ownsThe Daily Dispatch, a small city newspaper, which was started by her great-grandfather and has been passed down through her family. Audrey loves journalism and being a small-business owner, but because so much news is now available online, she has seen the demand for her paper drop steadily. Audrey made a decision to change the original direction of the company and focus more on an Internet news service. Audrey is relying on ________ by demonstrating that managers need to think and act as if their company is an unfinished prototype, and by seeing her business as outsiders do. A) a decision treeB) a knowledge dilemmaC) the knee-jerk reaction theoryD) evidence-based decision making
D
22) Despite your best intentions, it's hard to bring the best evidence to bear on your decisions. Why? A) It is too expensive and it's not ethical and there's not enough good evidence.B) It will hurt diversity and synergy within your organization.C) There's no competition or there's too much competition.D) There's too much evidence and there's not enough good evidence.
D
24) ________ is a technique used to predict future outcomes based on historical data and analytics techniques. A) Data miningB) The decision treeC) HeuristicsD) Predictive analytics
D
25) Predictive Health, a fast-growing medical research firm, has accumulated so much patient information that conventional database management systems cannot handle its needs. Therefore, Predictive Health purchased very sophisticated analysis software and supercomputing-level hardware to leverage the power of A) cyber-age databases.B) mega IT.C) super data.D) big data.
D
26) As the manager of a consumer electronics retailer, Dominique understands that evidence-based management is not just for senior executives. Which of these is probably the way that Dominique assigns her employees' schedules? A) Dominique knows that her employees are happy because she lets them set their own schedules, even though she has to cover several shifts each week. B) Each quarter, Dominique awaits directives from her regional supervisor before setting employee schedules. C) Dominique places her newest employees at the customer service desk so they will learn more quickly. D) Dominique uses survey results to ensure her sales staff who score highest on customer satisfaction are scheduled in the times and departments with the most shoppers.
D
28) ________ is the process of examining data sets in order to draw conclusions about the information they contain. A) Cyber-age researchB) Electronic brainstormingC) Data miningD) Data analytics
D
3) Kade, who manages a hotel, was recently explaining to Deja, a regional manager, his quandary about whether to fire a front desk employee about whom several guests had complained. Kade described, "I first identified the problem as poor customer service, and then I brainstormed several solutions. I evaluated each alternative, and then I implemented my decision not to fire the employee. Instead I provided him with additional training. Finally, I followed up with an evaluation to see if his customer service skills had improved." Kade is applying the A) employee relations model of evaluations.B) nonrational model of decision making.C) strategic-planning model of leadership.D) rational model of decision making.
D
30) DeAndre loves sales because he responds well to the pressure he faces in the many new or uncertain situations he encounters as a salesperson. Because DeAndre has an analytical decision-making style, he probably A) has a low tolerance for ambiguity and a long-term perspective. B) is receptive to suggestions and is people-oriented. C) is efficient, logical, and has a low tolerance for ambiguity. D) has a high tolerance for ambiguity but struggles to make decisions quickly.
D
33) Rodrigo's Rodízio is a Brazilian-style steakhouse that serves traditional beef, pork, and chicken dishes cooked on rotating skewers. In a recent SWOT analysis, Rodrigo identified the recently trending Keto diet, which recommends increased protein intake, as an example of a(n) ________ for Rodrigo's Rodízio. A) strengthB) threatC) weaknessD) opportunity
D
34) Warrick has a Bachelor's degree in ethics and human resources, and he has extensive experience working with employees and managers regarding ethics, especially in the area of ethical dilemmas. In his current position he has assisted extensively in determining if the company's decisions are both ethical and lawful. Based on his background, Warrick would probably be ideally suited for the position of A) chairman of the board.B) values specialist.C) decision tree manager.D) ethics officer.
D
35) In a SWOT analysis, organizational strengths are A) external opportunities that a company can take advantage of.B) environmental factors that the organization may exploit for competitive advantage.C) MBO skills that should be emphasized.D) skills and capabilities that give a company advantages in executing its strategies.
D
38) When Zion wrote the football coach's contract for over two million dollars, he included targets for conference wins and bowl appearances that had to be met before any bonus payments would be released. Zion was trying to avoid ________ bias. A) overconfidenceB) hindsightC) framingD) escalation of commitment
D
38) ________ is the process wherein alternative possible plans are created and then the one that best fits the situation is applied. A) Organizational assessmentB) Goal-settingC) Trend analysisD) Scenario analysis
D
39) With the holiday season approaching, Denelle reviews holiday sales from the last five years to determine how much inventory to purchase and how many employees to schedule during peak sales times. Denelle is conducting a A) strategic goal.B) business plan.C) vision statement.D) trend analysis.
D
4) The three key principles of ________ are the creation of a unique and valuable position, trade-offs in competing, and creating a "fit" among activities. A) company diversity B) a strong employee morale C) an environment with few or no competitors D) strategic positioning
D
40) This year's sales at Yours Truly Consignment have been strong, and next year's sales are also projected to be good. Even so, Yours Truly managers should conduct ________ so they are prepared in the case that sales drop unexpectedly. A) background planning B) trend analysis C) vision planning D) contingency planning
D
41) ________ is the process by which a company compares its performance with that of high-performing organizations. A) Trend analysis B) Contingency planning C) Forecasting D) Benchmarking
D
46) Byron has noticed that, lately, there is less traffic congestion on his commute and that his commute time is shorter. If Byron suffers from confirmation bias, which of these is true? A) Byron spent a lot of money on a fancy new car, so he is more comfortable while driving.B) Byron looks at every other vehicle on the road and classifies it as a vehicle that is ugly or cool.C) Byron's commute was shorter two days this week, but has been longer almost every day of the last month.D) Byron recently started working the overnight shift, and traffic is always lighter at night and in the early morning hours.
D
47) Last week, Nalani had to fire Logan from his entry-level logistics analyst position. Nalani felt that Logan did not receive proper training at Northernmost University. When Laila, also a graduate of Northernmost University, applied for Logan's old position, Nalani did not want to consider hiring her, feeling Laila also probably did not receive the proper training. Nalani was affected by ________ bias. A) blindB) trainingC) confirmationD) representativeness
D
49) As the director of human resources, Azhar convinced the company to spend a large sum of money on a new training program. After spending thousands of dollars implementing the training and almost four months of employee work time, they feel that there has been little improvement. The training is scheduled to continue for two more months, and Azhar feels that too much money has been spent to simply abandon the training. Azhar is experiencing A) blind bias.B) a training trap.C) confirmation bias.D) sunk-cost bias.
D
50) James and En-Chi are selling their home. They listed their house three months ago at an extremely high selling price, a price they randomly chose. They do not want to reduce the price to reflect what the market shows their home is really worth. James and En-Chi are participants in ________ bias. A) egoB) confirmationC) sunk-costD) anchoring and adjustment
D
8) When consuming the cheese curd bacon burger with fries served up at Buffalo Wild Wings, you would consume almost 2,000 calories. Offering this dish and similar others probably means the restaurant chain has to trade-off A) focusing on business-level strategy. B) increasing employee diversity. C) food quality. D) positioning itself as a healthy food outlet.
D
9) A local gymnastics studio offers dance, tumbling, trampolines, and competitive cheer training for kids of all ages. To recruit students for these lessons, the studio also hosts birthday parties, afterschool care, and swim lessons. These offerings interact to A) mount an effective defensive strategy. B) diversify the corporate-level strategy. C) choose which strategy not to follow. D) create fit among the activities.
D
According to Porter, the cost-focus and focused-differentiation strategies have what in common? A) Both focus on cutting costs.B) Both focus on wide markets.C) Both focus on corporate-level strategy.D) Both focus on narrow markets
D
Dakari, CEO of a successful medical supply company, is constantly reading press releases and news articles about his competition. He regularly checks information about new competitive products and visits trade shows to study his competition. Dakari is A) identifying weaknesses. B) describing threats. C) managing by observation. D) evaluating opportunities.
D
Growth, stability, and defensive strategies are common ________ strategies. A) leadership B) cost-leadership C) stabilization D) grand
D
Managers for Isabella's Icy Treats, a business that operates two dozen ice cream trucks in a large city, have implemented an excellent strategy. Now the managers are faced with the strategic management process of A) implementing management-by-objectives.B) choosing among different strategies to fit the organization.C) assessing the current reality of Isabella's.D) monitoring the execution of strategy and making adjustments as needed.
D
The CEO of Alliance Manufacturing said to her new vice president of finance, "In the past, I had resistance to new ideas by employees who felt that our plans threatened their influence or their jobs. So, when you tell your collections department that we just hired a collection agency to handle bad debt, you may have to sell your collections manager and his associates on using the agency. You should emphasize the fact that nobody is going to be laid off." Selling middle and supervisory managers on changes to overcome their resistance is often a necessary part of A) reality assessment.B) strategy formulation.C) strategic control.D) strategy implementation.
D
The ________ model assumes managers will make logical decisions that are the optimal means of furthering the organization's best interests. A) focusedB) analyticalC) decisionD) classical
D
