Busi 310 Week 3
The two types of resources are ______ resources that are things you can touch, such as buildings or machinery, and ______ resources that are things you cannot touch, such as reputation or knowledge.
tangible; intangible
In a competitive market, a substitute for coffee would be ______.
tea
As ______ evolves, new industries, markets, and competitive niches develop.
technology
Stakeholders are groups and individuals who impact and are impacted by ______.
the achievement of the organization's mission
An important economic influence is ______.
the stock market
Which step of the formal planning process involves evaluating goals and plans?
third
When conducting a SWOT analysis, _____________ and ___________ arise in the macroenvironment and competitive environments.
threats; opportunities
True or false: Strategic goals evolve from the mission and vision of the organization.
true
When a manager does not have adequate information to understand the consequences of different actions, this is known as ______.
uncertainty
What factors should managers compare current performance to in order to find sources of discrepancies in performance? (Choose every correct answer.)
Current performance of other organizations Future expected performance Past performance
______ occurs when the customer gains an increase in benefit from a good or service relative to its cost.
Customer value
Which statement about the design thinking process is true?
It starts by developing an understanding of current and potential customers.
Which elements are part of an environmental analysis? (Choose every correct answer.)
Labor issues Legal trends Competitor analysis
What is the term to describe a novel and unstructured problem that leaves a decision maker uncertain about how to proceed?
Lack of structure
Managers are faced with tough decisions daily, and most complex managerial decisions lack structure. Which factors add to the difficulty and pressure managers experience when making tough decisions? (Choose every correct answer.)
Level of uncertainty Degree of risk Potential for conflict
What are two generic business strategies?
Low-cost Differentiation
Which of the following are common forces inside a firm's boundaries? (Choose every correct answer.)
Managers Employees Corporate culture
How do social realities affect decision making? (Choose every correct answer.)
Many decisions are the result of intensive social interactions, bargaining, and politicking. A manager must consider the preferences and reactions of many people. Important managerial decisions are marked by conflict among interested parties.
Josephine decided to go with option three because it resulted in the lowest cost and provided the greatest benefits with the largest expected total return. What decision strategy is Josephine using?
Maximizing
What term is used to describe the decision-making strategy that results in the best possible outcome?
Maximizing
Which decision strategy results in the greatest benefit, at the lowest cost, with the largest expected total return?
Maximizing
What drives the analysis of the external environment (opportunities and threats)?
Mission and vision
Which of the following are clues to understanding a company's culture? (Choose every correct answer.)
Mission statements and official goals Stories about past decisions and actions Business practices
Which type of planning identifies the procedures and processes, such as delivery schedules, that are required from the lower levels of the organization?
Operational
In the fourth step in decision making, the decision will differ according to the criteria and method used. What are the important ways of thinking managers can use when choosing among the alternatives they have evaluated? (Choose every correct answer.)
Optimizing Maximizing Satisficing
What are potential advantages of using a group to make a decision? (Choose every correct answer.)
Participants in the group discussions are more likely to understand why the decision was made. A greater number of perspectives on the issues or different approaches to solving the problem are available. More information is available. Group discussion provides intellectual stimulation.
When a company employs an unrelated diversification strategy, what term is used to describe the many businesses that make up the resulting corporation?.
Portfolio
What is an example of a process considered by operational planning?
Production runs
According to the BCG matrix, which term designates businesses that have a weak competitive position in a high-growth market?
Question marks
Which are examples of tangible assets? (Choose every correct answer.)
Raw materials A manufacturing plant Real estate
Which is NOT an example of intangible resources?
Real estate
Which are examples of tangible assets? (Choose every correct answer.) Multiple select question.
Real estate A manufacturing plant Raw materials
What type of strategy involves moving into new businesses that are similar to the company's original core business?
Related diversification
Which are tactics employed by fast-acting firms to meet time pressures without sacrificing quality? (Choose every correct answer.)
Rely on heavily trusted experts Take a realistic view of conflict Focus on real-time information
What are examples of major functional areas? (Choose every correct answer.)
Research and development Human resources
_____ are inputs to production that can be accumulated over time to enhance the performance of a firm.
Resources
What name is given to the process of amassing, reviewing, and summarizing all information concerning a particular planning issue?
Situational analysis
Which factors should managers take into account when considering the social realities of a decision?
Social interactions, bargaining, and politicking.
Which factors may be barriers to effective decision making? (Choose every correct answer.)
Social realities Psychological biases Time pressures
Which of the following people is an example of a final customer?
Someone who buys a lamp at Target
What term describes a member of a group that affects or is affected by the achievement of the organization's mission, goals, and strategies?
Stakeholder
What flows from the mission and vision of the organization?
Strategic goals
What process involves managers from all parts of the organization in the formulation and implementation of strategic goals?
Strategic management
What is the name given to the long-term direction and strategic intent of a company?
Strategic vision
What is the fifth step of the strategic management process?
Strategy implementation
______ management is the managing of the entire network of facilities and people that obtains raw materials from outside the organization, transforms them into products, and distributes them to customers.
Supply chain
Which of the following are part of the macroenvironment of an organization? (Choose every correct answer.)
The economy Demographics Technology
Kandy's Koffee is engaging in the strategic management process. The company is deciding whether or not to make its mission to provide the most environmentally friendly and locally sourced coffee at the best price to customers. Which step of the strategic management process is Kandy's Koffee working on?
The first
Which statement is true about aligning tactical, operational, and strategic plans?
The plans must be consistent and mutually supportive.
Which four conditions are necessary for resources to be a source of competitive advantage?
They must create customer value. They must be difficult to imitate. They must be rare. They must be well organized.
Which statement about businesses that are question marks in the BCG matrix is true?
They need significant investment to improve their position.
What is the role of suppliers in an organization?
They provide resources needed for production.
Which stage in the formal decision-making process involves determining the value or adequacy of the alternatives that were generated?
Third
What is the goal when companies concentrate on a single industry?
To gain entry into an industry
When managers do not have enough information about the environment to understand or predict the future, it is called environmental . (Enter one word in the blank.)
uncertainty
When a company uses an employment agency to hire part-time workers during periods of unpredictable needs, the company is ______.
buffering
Strongly held and taken-for-granted beliefs that guide behavior in the organization are called ______.
unconscious assumptions
In a competitive market, a ______ is a potential opportunity because customers buy more of a given product if they also demand more of the product that goes with it.
complement
The ink cartridges that are used with printers are an example of a(n) ______.
complement
Niche services or products developed to go with an existing product would be called ______.
complements
Weak cultures are typified by all the following, EXCEPT ______.
consistent values
The sixth step of the formal planning process is to monitor and ________.
control
Strategies that are used by two or more organizations working together to manage the external environment are called ______ strategies.
cooperative
Two or more organizations that work together to influence the environment are using strategies.
cooperative
The absorption of new elements into an organization's leadership structure to avert threats to its stability or existence is called ______.
cooptation
occurs when an organization absorbs new elements into its leadership structure to avert threats to its stability or existence.
cooptation
A strategy of related diversification involves moving into new businesses that are related to the company's ________ business.
core
A ______ identifies the set of businesses, markets, or industries in which the organization competes and the distribution of resources among those businesses.
corporate strategy
To succeed in the low-cost strategy, companies generally need to be the _______ in the market segment and offer a product that is acceptable to the customers.
cost leader
In Step 2, the process of generating several alternative goals, managers and other decision makers are encouraged to be ______.
creative
A company's symbols, rites, and ceremonies are most relevant to determining its ______.
culture
An organization's _____ must support its strategy.
culture
With a strong organizational ______, shared beliefs, values, and norms can be very beneficial to an organization.
culture
Khalid likes shopping at the Serendipitea website because it tracks his past tea orders, gives recommendations based on his past orders, and allows him to keep a wishlist of teas he wants to try. All of these features create ______. Multiple choice question.
customer value
The components of the competitive environment include rivalry among current competitors and the affect of new entrants, substitute and complementary products, suppliers, and ______.
customers
The BCG matrix is a popular technique that companies using a(n) ______ strategy can use to analyze their portfolio of businesses.
unrelated diversification
Strategic goals are the major targets related to the long-term ______ of the organization. (Choose every correct answer.) survival
value growth survival
The part of organizational culture that cannot be directly observed but is inferred from the behavior of managers is called the organization's .
values
The underlying qualities and desirable behaviors that are important to the organization are called ______.
values
The components of an organization that can be seen and heard (such as office layout, dress, stories, and written material) are called ______.
visible artifacts
The strategic ______ points to the future by providing a perspective on where the organization is headed and what it can become.
vision
Pledging to donate money to a charitable cause is an example of a business taking action.
voluntary
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) ______ culture.
weak
A successfully completed internal analysis of the firm will allow a company to identify its strengths and ___________.
weaknesses
In order for a resource to be able to help a company attain a competitive advantage it must create value for the customer, be rare, be difficult to imitate, and be:
well-organized
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 ______.
organizational culture
The set of important assumptions about the organization and its goals and practices that members of the company share is called ______.
organizational culture
Just possessing a resource, even one that is rare and difficult to imitate, may not be sufficient to attain a competitive advantage. In order to create value for the customer, the resource must also be ______.
organized
When a corporation has a business portfolio it has _____.
ownership of a variety of businesses
Resources generally provided by suppliers include information, raw materials, financial capital, and ______.
people
A consumer who buys a good or service from a retailer is a(n) ______ consumer.
Final
Which are components of the internal resource analysis? (Choose every correct answer.)
Financial analysis HR assessment Marketing audit
Which tactics are generally NOT employed by fast-acting firms to meet time pressures without sacrificing quality? (Choose every correct answer.)
Focus on futuristic forecasts Rely on long-range planning Take a long-term view of conflict
Which factor is NOT a barrier to effective decision making?
Full execution of the six stages of decision making
What type of strategies are implemented by each functional area of the organization to support the company's business strategy?
Functional
The goal and plan selection step of the formal planning process comes after which action?
Goal and plan evaluation
When using groups to make decisions, what is one of the potential disadvantages?
Goal displacement
Which statement is true about using a group to make a decision?
Groups generally make higher-quality decisions than individuals.
Suhindra is in a work group that has a goal of coming up with a proposal for workplace childcare. The group strives to work cohesively as a team, and as a result Suhindra does not want to question members' ideas. In fact, nobody in the group voices any disagreement. What is Suhindra's group guilty of?
Groupthink
What term describes a phenomenon that occurs in decision-making when group members avoid disagreement as they strive for consensus?
Groupthink
Mason has considered all possible consequences of his options. Which statement best describes the behavior Mason would use to maximize his decision?
He would choose the option with the greatest positive consequences and fewest negative consequences.
Which of the following are well-known types of organizational culture? (Choose every correct answer.)
Hierarchy Adhocracy Clan
Upon which factors is a unique or differentiated position within the industry usual? (Choose every correct answer.)
High product quality Superior service Excellent marketing and distribution
Which risk is NOT associated with technology leadership?
Higher profit margins
What is the first step in the ideal decision-making process?
Identifying and diagnosing the problem
What term describes the belief that one can influence events even when one has no control over what will happen?
Illusion of control
What are some psychological biases that act as barriers to effective decision making?
Illusion of control Framing effects Discounting the future
Once a choice is made in the decision-making process, managers must put their choice into action. What term is used to describe this process?
Implementing
Which elements are included in an environmental analysis? (Choose every correct answer.)
Industry growth Industry forces Social issues Technological factors
Which analysis is made up of components such as a financial analyses and marketing audits?
Internal resource
How does the stock market affect the behavior of individual managers? (Choose every correct answer.)
It causes them to focus more on short-term results rather than long-term strategies. It affects their compensation. It puts pressure on them to improve their budgets or sales.
What does it mean for an organization to be "mission driven"? (Choose every correct answer.)
It is focused on a greater purpose. It gives employees a "reason to believe."
Why is Step 6 of the planning process so important?
It is needed to determine if the selected plan is working.
Which of the following is an advantage of technology?
It provides more efficient ways to manage and communicate.
A scenario is a narrative that describes a particular set of ______ conditions.
future
Implementation of the plan comes after which step in the planning process?
goal and plan selection
Regulators are specific ______ organizations that have the power to investigate company practices to ensure compliance with the law.
government
Gambling is an example of the ______ in that some people believe they have the skill to beat the odds, even though most of the time they cannot.
illusion of control
In order to successfully ________ a business strategy, a company's structure, technology, human resources, information systems, and leadership style must all support the strategy.
implement
As noted in Step 5 of the planning process, proper ______ is the key to achieving goals.
implementation
After a strategy is formulated, strategic managers must help make sure it is ______.
implemented efficiently
Strategies used by an organization acting on its own to change some aspect of its current environment are called ______.
independent strategies
A consumer who buys raw materials or wholesale products is called a(n) ______ consumer.
intermediate
Retailers and industrial buyers are examples of consumers.
intermediate
All the relevant forces inside a firm's boundaries, such as its managers, employees, and organizational culture, are part of its ______ environment.
internal
Strengths and weaknesses refer to ______ resources.
internal
Zappos.com offers customer service that is practically unheard of in business. Customer service representatives are allowed to take whatever measures they feel are appropriate to make sure their customers are happy. This feature gives Zappos a competitive advantage because ______.
it is difficult to imitate
The challenges associated with decision making include risk, uncertainty, conflict, and ______.
lack of structure
Engaging a company in a private litigation is called ______ action.
legal
action occurs when an organization issues a lawsuit against an individual or another organization.
legal
A strategic plan involves making decisions about the organization's ________ goals.
long-term
Even a company that has successfully implemented a(n) _______ strategy must still offer products with features that are acceptable to customers compared to competitors' products.
low-cost
In which type of business strategy do companies offer a standard, no-frills product?
low-cost
The ______ is characterized by the most general elements in the external environment, such as governments and economic conditions, that can influence strategic decisions.
macroenvironment
Solan Inc. is externally oriented and focused on control. Its primary objectives are productivity, planning, and efficiency. Organizational members are motivated by the belief that performance that leads to the desired organizational objectives will be rewarded. These characteristics show that Solan Inc. has a(n) ______ organizational culture.
market
The describes the organization as it currently operates, whereas the strategic vision points to the future.
mission
What term describes a clear and concise expression of the basic purpose of an organization?
mission
True or false: A weak culture is one in which everyone understands and believes in the firm's goals, priorities, and practices.
False
Which of the following people is an intermediate consumer?
A buyer at Dell buying microchips from Intel
What are common consequences of a manager making the wrong decision? (Choose every correct answer.)
A company could lose money. A company could ruin its reputation.
Competitors may include many types of companies. Which of the following would NOT be considered a competitor of yours?
A regional company that sells to a different customer group or industry.
What tactics do competitors use to gain advantage over a rival? (Choose every correct answer.)
Advertising campaigns Price reductions New-product introductions
What is the second step in the strategic management process?
Analysis of the external environment
True or false: The two types of resources are tangible and quantifiable.
False
The ______ matrix is a popular technique for helping companies analyze their strategy for managing their portfolio.
BCG
Two types of general proactive responses aimed at changing the environment are action and action. (Enter one word in each blank.)
Blank 1: independent Blank 2: cooperative
What type of strategy defines the major actions by which a company builds or strengthens its competitive position in the marketplace?
Business
Which of the following are social issues that shape people's attitudes about an organization?
Family leave policies Flexible working hours Natural resource use
What are the four categories of businesses identified by the BCG matrix?
Cash cows Question marks Stars Dogs
Managers can take several approaches to managing culture. Which of the following is one of these approaches?
Celebrate and reward members who behave in ways that exemplify the desired culture.
Which of the following are steps that should be taken to manage organizational culture? (Choose every correct answer.)
Celebrate and reward members who behave in ways that exemplify the desired culture. "Walk the talk" and show members of the culture that you are serious about long-term change. Craft an inspirational vision of "what can be" for the organizational culture.
What actions should be taken during the sixth and final stage of the decision-making process? (Choose every correct answer.)
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 general considerations help guide management's response to the environment? (Choose every correct answer.)
Companies should choose responses that offer the most benefit at the lowest cost. Organizations should choose responses that focus on pertinent elements of the environment. Organizations should attempt to change appropriate elements of the environment.
Which of the following is an independent strategy a company can use to influence its environment?
Competitive pacification
What kind of strategy is a company using when it focuses all energies in a single industry?
Concentration
What type of strategy identifies the set of businesses in which the organization competes and the distribution of resources among those businesses?
Corporate
Which are examples of intangible assets? (Choose every correct answer.)
Corporate culture Corporate reputation Technological knowledge
Which risks are associated with technology leadership? (Choose every correct answer.)
Cost of technology development Cannibalizing current products Cost of learning Infrastructure costs
The formal decision-making process has six steps. Which step involves implementing the decision?
Fifth
Which one of the following is NOT a component of the competitive environment?
Demographic groups
What is the name of the human-centered approach to innovation that integrates customer needs, the potential of technology, and the requirements for business success?
Design thinking
In the decision-making process, which one of the following actions comes directly AFTER the act of generating alternative solutions?
Determining the respective suitability of each alternative
What is involved in the second stage of decision making?
Developing alternative solutions
What is one tool managers can use to encourage the airing of different views?
Devil's advocate
What term is used to describe a person who takes the role of criticizing ideas to ensure that their downsides are fully explored?
Devil's advocate
Which of the following are methods managers can implement for encouraging different views? (Check all that apply)
Dialectic Devil's advocate
Which are necessary conditions for successful implementation of a plan? (Choose every correct answer.)
Employees must have the proper resources. Employees must be motivated to perform the plan. Employees must understand the plan.
What are three requirements for effectively managing group decisions?
Enhancement of creativity The constructive use of disagreement and conflict An appropriate leadership style
Which of the following is NOT one of the three general considerations that helps guide management's response to the environment?
Environmental responses are useless when elements of the environment cause the company problems.
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
What name is given to the stage of decision making where information is collected and compared to goals and plans to determine success or failure?
Evaluating the decision
In which general business environment do opportunities and threats arise?
External
Which actions are NOT requirements for effectively managing group decisions? (Choose every correct answer.)
Facilitating satisficing Encouraging goal displacement
True or false: A strategic vision helps a company understand its past so it can succeed in the present.
False
A company might decide to develop scenarios for which of the following purposes? (Choose every correct answer.)
To list initiatives it can eliminate if necessary in an economic downturn. To have contingency plans in the case of a serious accident. To identify possible new investments in an economic upturn.
True or false: As a manager, you will constantly be making decisions.
True
What is the condition in which managers have insufficient information and thus cannot know the outcome of their actions?
Uncertainty
What kind of diversification is a company using when it expands into different types of businesses in order to minimize risk?
Unrelated
A company that is a leader in the pet food category decides to expand its operations into electric vehicles and cosmetics. What kind of strategy is the company adopting?
Unrelated diversification
What type of strategy involves expanding the domain of the organization to include supply channels and distributors?
Vertical integration
Which of the following types of independent actions represents a commitment to various interest groups, causes, and social problems?
Voluntary action
What are the types of independent actions that organizations can take in order to influence the environment? (Choose every correct answer.)
Voluntary action Legal action Competitive aggression Public relations Political action
The results of a SWOT analysis can identify organizational ______ that make it more difficult to pursue a preferred strategy because they limit what a firm can do.
Weakness
Environmental uncertainty
When a manager does not have enough information about the environment to understand or predict the future?
A complement to a DVD player would be ______.
a DVD
Which is NOT a tangible asset?
a brand image
A negotiated agreement between an organization and another group to exchange things such as goods, services, information, and patents is called ______.
a contract
The combination of one or more companies is called ______.
a merger
When one firm buys another, it is called a(n) ______.
acquisition
To be effective, an organization's strategic, tactical, and operational plans must be ______.
aligned
Strategic management involves managers from ______ of the organization in the formulation and implementation of strategic goals and strategies.
all levels
The second step of the planning process should generate ______ goals and plans for the future.
alternative
In terms of business competition, a substitute is a(n) ______.
alternative to a product
If Nike launched a new advertising campaign with celebrity endorsements after determining that its rival, Reebok, had success with such an ad campaign, Nike's move would be an example of ______.
analyzing how a competitor competes
The first level of organizational culture that can be seen consists of visible
artifacts
An organization's deepest level of culture, which consists of strongly held beliefs that guide behavior in the company, are called unconscious .
assumptions
Conditions that prevent new companies from entering an industry are known as to entry. (Enter one word in the blank.)
barriers
Factors that make it difficult and costly for an organization to enter a particular task environment or industry are called ______.
barriers to entry
In order for a plan to be implemented successfully, managers and employees must understand the plan, ______, and have the resources to implement it.
be motivated to carry out the plan
Collecting information about your company's operations and those of your competitors in order to determine gaps is called ______.
benchmarking
Identifying the best-in-class performance by a company and then comparing your processes to theirs is called .
benchmarking
Creating a supply of excess resources to help an organization prepare for unpredictable needs is called ______.
buffering
Organizations that produce goods and services that are similar to another organization's goods and services are known as ______.
competitors
The BCG matrix categorizes businesses with a conglomerate's portfolio as dogs, stars, question marks, and __________.
cash cows
The state that exists when decision makers have accurate and comprehensive information is known as .
certainty
What name is given to the state that exists when decision makers have accurate and comprehensive information?
certainty
Better supply management helps businesses avoid holding large inventories while waiting for orders to come in.
chain
A group of local businesses that band together to curb environmental degradation is known as a(n) .
coalition
Two or more groups that come together and act jointly with respect to some set of issues for some period of time are using the cooperative strategy of ______.
coalition
When the resources of a firm create value for the customer, are rare, are difficult to imitate, and are well organized, they become a source of ______.
competitive advantage
The information necessary to decide how best to manage in the competitive environment is called ______.
competitive intelligence
When managers secure answers to questions posed during environmental scanning, they develop ______.
competitive intelligence
In order to cope with environmental uncertainty, organizations may adapt by ______ decision making and empowering their lower-level employees.
decentralizing
Age, gender, occupation, and income are all considered ______ characteristics.
demographic
Statistical characteristics of a group or population are called ______.
demographics
One method for encouraging different views involves assigning the role of ______ to criticize ideas to ensure the downsides are exploited.
devil's advocate
What strategy is a company using when it attempts to stand out by focusing on high product quality, outstanding marketing, or superior service?
differentiation
When competing firms cannot copy a company's business practices or provide similar customer benefits, the company is said to have a resource that is ______.
difficult to imitate
A firm's investment in different products, businesses, or geographic areas is known as ______.
diversification
Google's decision to develop different types of products, such as smart home devices and self-driving cars, is an example of ______.
diversification
Ford Motor Company's selling Land Rover and Jaguar to a foreign company is an example of ______.
divestiture
When a firm sells one or more businesses, it is called ______.
divestiture
Nintendo's decision to use its expertise in video games to enter another suitable market is an example of ______ selection.
domain
When a company in one market enters another suitable market, the company is said to be engaging in ______.
domain selection
What is a major focus of a company making use of a low-cost business strategy?
efficiency
The process of sharing power with employees, thereby enhancing their confidence in their ability to perform their jobs and their belief that they are influential contributors to the organization, is called ______.
empowerment
A resource is considered rare when it is not ____________ all competitors.
equally available to
Which management levels are involved in planning?
every level
Strategic plans have a strong ______ orientation and cover major portions of the organization.
external
True or false: Strong cultures are always healthy and productive cultures.
false
Which step in the strategic management process involves creating a mission, vision, and goals?
first
Guessing future changes in some variable(s) is called . (Enter one word in the blank.)
forecasting
Predicting exactly how some variable or variables will change in the future is called ______.
forecasting
Which stage in the formal decision making process involves making the choice among the alternatives?
fourth
The process of making decisions about goals and activities that an organization will pursue in the future is referred to as . (Enter one word in the blank.)
planning
What term describes the conscious, systematic process of making decisions about goals and activities that an individual, group, or organization will pursue in the future?
planning
Efforts to influence elected representatives to create a more favorable business environment or limit competition are called ______ action.
political
action occurs when an organization lobbies elected officials to achieve a more business friendly environment.
political
Independent action and cooperative action are two general types of ______ responses for the purpose of changing the environment.
proactive
Personal biases that interfere with objective rationality in decision making are called _______ biases.
psychological
The establishment and maintenance of favorable images of an organization in the minds of those making up the environment is called ______. Multiple choice question.
public relations
Cosmetics company Skinnit offers a unique eye cream formula that is touted by the industry as the best. Consumers are willing to pay a lot of money for the eye cream, and many consider the cream's benefits to be superior to all other eye creams. What is the term for the resource Skinnit is offering?
rare
The specific government organizations in a firm's more immediate task environment are known as ______.
regulators
Public involves establishing and maintaining a favorable image in the minds of others in a company's environment.
relations
The state that exists when the probability of an action succeeding is less than 100% and losses may occur is called .
risk
Which stage of the formal decision making process involves generating alternative solutions?
second
In the ______ stage, planners assemble and study all information relevant to the planning issue in question.
situational analysis
The leveling of normal fluctuations at the boundaries of the environment is called ______.
smoothing
When a retailer discounts its merchandise at the end of a season to make room for new merchandise, the retailer is _____ fluctuations in its environment.
smooting
When companies introduce family-supportive policies, including family leave, flexible working hours, and child care assistance, they are responding to ______.
social values
According to the BCG matrix, what name is given to a company with a strong competitive position in a high-growth market?
star
Businesses that need heavy investment but are able to perform well and generate needed revenues due to their strong competitive position in a high-growth market are ______.
stars
Changing an organization's environment is a form of maneuvering. (Enter one word in the blank.)
strategic
What term is used to describe the major targets or end results that relate to the long-term survival, value, and growth of an organization?
strategic goals
Making a conscious effort to change the boundaries of a business's competitive environment is called ______.
strategic maneuvering
Once completed, a SWOT analysis can formulate a strategy to capitalize on opportunities by leveraging organizational ___________.
strengths
When everyone understands and believes in the firm's goals, priorities, and practices, the organization has a ______ culture.
strong
A vertical integration strategy involves expanding the domain of the organization into _____ or to _____.
supply channels; distributors
The fixed costs that buyers face when they change suppliers are called ______ costs.
switching
Luis trained all his employees in WritePro software four years ago. Now, the best software for the department is WordME. The economic and psychological costs of changing from WritePro to WordME are called ______. Multiple choice question.
switching costs
The process of assessing a company's internal strengths and weaknesses, as well as determining external threats and opportunities is known as a ___________ analysis.
swot
The type of plan that translates broad strategic goals into specific goals that are relevant to a particular organizational function is known as a(n) ______ plan.
tactical
Which type of plan focuses on the specific actions a particular unit must take to fulfill its part of the strategic plan?
tactical
