MAN3025 EXAM 2 STUDYCUBE UCF Actual Questions With Correct Answers Success Guaranteed Pass At First Attempt.

Task environment - correct answer Set of forces that affect the organizations ability to acquire inputs and sell outputs. Forces that are dealt with daily, immediately and directly i.e. forces regarding suppliers, distributors, customers, and competitors General environment - correct answer forces resulting from global, economic, technological, sociocultural, demographic, political, and legal areas that affect the business difficult to identify the threats and opportunities 4 major forces in an organizations task environment - correct answer suppliers distributors customers competitors The main sources of barriers to entry - correct answer-Economies of scale -Gov't regulation -Brand loyalty -High capital requirements -Access to distribution channels -Differentiation economies of scale - correct answer barrier to entry "cost of advantage" a business has when they have so much volume to the point where the fixed cost per unit is highly minimized differentiation - correct answer a barrier to entry when existing firms have patent protection/unique products and services 5 Forces of the General Environment - correct answer-Economic forces -Technological forces -Sociocultural forces -Demographic forces -Political/Legal forces 2 Aspects of sociocultural forces in the general environment - correct answer National culture: i.e. collectivism vs individualism Social culture: i.e. how stratified the distinction between the classes are Globalization def. - correct answer the process by which nations are becoming increasingly similar due to the integration of economic, political, and social systems 4 types of capital flows in globalization - correct answer-Human capital -Financial capital -Resource capital -Political capital (power & influence) General Agreement of Tariffs and Trade (GATT) - correct answer international treaty that dramatically reduced tariffs among many of the worlds largest countries after WW2 replaced by WTO world trade organization When was NAFTA enacted and who does it involve - correct answer1994 u.s. canada mexico Two basic building blocks of National culture - correct answer values norms Values - correct answer ideas about what is right, desirable, or beautiful 2 types of norms - correct answer norms are informal codes of conduct on how to act Mores - norms central to a functioning society (i.e. prohibition of murder/theft) Folkways - everyday social conventions. i.e. using correct utensils, manners Hofstedes 5 Dimensions of national culture - correct answer-individualism vs. collectivism -power distance -achievement vs. nurturing orientation -uncertainty avoidance -long term v. short term orientation Power distance - correct answer one of the five Hostede national culture dimensions High power distance = poor/uneducated can't speak to the rich/educated link between power distance and individualism - correct answer rhigh power distancelow individualism low power distancehigh individualism Uncertainty avoidance - correct answer one of hostedes 5 national culture dimensions low uncertainty avoidance - value diversity and tolerate differences in personal beliefs high uncertainty avoidance - less tolerant of differences in personal beliefs and behaviors is the US long term or short term oriented? - correct answer short term i.e. low savings rate what do managers do - correct answer plan, organize, lead, control two types of decision making for managers - correct answer-programmed -non-programmed (i.e. intuition or reasoned judgement) 2 basic models for decision making - correct answer classical administrative classical decision making model - correct answer the manager can make the most optimum decision because they have the TIME, RESOURCES, and CAPABILITIES to gather all relevant info and alternatives and can evaluate all of the alternatives rationally administrative decision making model - correct answer James March & Herbert Simon realistically managers usually make satisfactory decisions rather than optimum decisions decision making is inherently uncertain and risky 3 components of the administrative decision making model - correct answer-Bounded rationality -Incomplete information -Satisficing Bounded rationality - correct answer an innate hindrance of arriving at the optimum decision because of a lack in cognitive ability Reasons for ~incomplete information~ in the administrative model - correct answer-Risk & uncertainty -Ambiguous information -Time constraints and information costs -Satisficing 6 Steps to decision making - correct answer1. recognize need for decision 2. generate alternatives 3. assess alternatives 4. choose among alternatives 5. implement a chosen alternative 6. learn from feedback four criteria for assessing alternatives (3rd step in decision making) - correct answer legality, ethicality, economic feasibility, practicality heuristic - correct answer a rule of thumb cognitive biases that lead to systematic error - correct answer-Prior hypothesis bias -Representativeness bias -Illusion of control -Escalating commitment Dialectical Inquiry - correct answer when a group is split into two and analyzes a separate alternative each so that they can then critique each other on their findings in order to possibly find a third alternative solution which is best Peter Senge's 5 principles to create a ~learning organization~ - correct answer-empower employees to gain a sense of personal mastery -encourage employees to develop and use complex mental models -encourage team learning -build a shared vision -systems thinking (i.e. employee is one part of a big picture) 3 ways to promote group creativity - correct answer Brainstorming Nominal group technique Delphi technique what is the downside of brainstorming - correct answer production blocking nominal group technique - correct answer way to develop group creativity through generating alternatives by having each member write their ideas and solutions down ideas and solutions are then read to the whole group and ranked structured brainstorming Delphi technique - correct answer way of developing group creativity through using a non face-to-face questionnaire consecutively in sequence until a decision is reached entrepreneur - correct answer someone who identifies opportunity and decides how to mobilize resources to take advantage of it intrapreneurship tools - correct answer PRODUCT CHAMPION - managers that develop ideas into a final product for customers through all the stages from beginning to end SKUNKWORKS - managers who are separated from normal operations so they may focus their efforts on developing new and innovative products REWARDS FOR INNOVATION what does planning involve - correct answer setting goals and making STRATEGIES to achieve them 3 steps in the planning process - correct answer1. strategic analysis... includes SWOT ("where are we now?")... mission statement 2. strategy formulation... business-level vs. corporate-level ("Where do we want to be?") 3. strategy implementation and control... ("How do we get there?") Fayol's 4 qualities of effective plans - correct answer Unity