Q&A Hero

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Q: Imagine that you are the president of Taco Rocket, a new and successful chain of 8 Mexican fast-food restaurants. The success you have experienced in the last 5 years has you thinking of what to do with the business next. Should you expand the business at the current rate? Open new and different restaurants? What?Xerox Corporation's study of Japanese competitors was the first effort by an American company at benchmarking.

Q: The breadth of a plan refers to ________ concerns.A) long-term versus short-termB) strategic versus tacticalC) specific versus directionalD) single use versus standing

Q: Customer service cannot be considered a strategic weapon for an organization.

Q: Which goal-setting sequence is correct for the following steps?1. Evaluate resources.2. Identify goals.3. Review the mission and job tasks.4. Communicate goals.5. Link rewards to goals.6. Build feedback mechanisms.A) 1, 2, 4, 6, 3, 5B) 4, 2, 5, 3, 1, 6C) 3, 4, 2, 6, 5, 1D) 3, 1, 2, 4, 6, 5

Q: A focus strategy seeks to appeal to a narrow segment of a market.

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Q: Innovation and super-high quality are typically the keys to a cost-leadership strategy.

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Q: "A distinctive edge" is a way of describing a competitive advantage.

Q: In management by objectives (MBO), goals ________.A) must be easily accomplishedB) are jointly determined by employees and managersC) are determined by top managementD) are developed by employees

Q: The most drastic renewal strategy an organization can carry out is a retrenchment strategy.

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Q: A company with a stability strategy will plan to dramatically increase market share in a highly competitive market.

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Q: A diversification strategy focuses on a company becoming its own supplier of inputs.

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Q: A corporate strategy may be a growth strategy, a stability strategy, or a renewal strategy.

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Q: The final three steps in the strategic management process involve the creation and implementation of strategies for realizing organizational goals.

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Q: SWOT analysis includes the identification of an organization's strengths, weaknesses, opportunities, and threats.

Q: Which of the following is an example of a strategic goal for a professional baseball team?A) to increase attendance by 5 percent over the next three yearsB) to increase television revenues over the next 5 yearsC) to decrease payroll by 20 million over the next 2 yearsD) to average over 90 wins a year for the next 5 years

Q: Capabilities are "what" an organization has; resources are "how" it uses what it has.

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Q: Core competencies include an organization's major capabilities and its resources.

Q: In reality, all organizations have ________.A) a single goalB) multiple goalsC) the same goalsD) the same single goal

Q: An external analysis will identify the threats to a company's well-being, but not opportunities for success.

Q: Which of the following best defines goals?A) likely outcomes for the futureB) unlikely outcomes for the futureC) desired outcomes for the futureD) short-term targets

Q: A mission statement for a kayak manufacturer might be as follows: To make the highest-quality kayaks and sell them at a competitive price.

Q: Which of the following best defines plans?A) documents that identify company problemsB) documents that define goalsC) documents that describe how goals will be metD) documents that identify how goals from the past were met

Q: The first step in the strategic management process is analyzing the external environment.

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Q: Strategic management is the act of figuring out how an organization will compete in the marketplace and attract loyal customers.

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Q: Imagine that you are the president of Taco Rocket, a new and successful chain of 8 Mexican fast-food restaurants. The success you have experienced in the last 5 years has you thinking of what to do with the business next. Should you expand the business at the current rate? Open new and different restaurants? What? For a limited time, Taco Rocket is thinking of coming out with a new Fifth Degree Burrito that is so hot it "burns a hole in the plate." Catering to the small segment of the market that likes super-hot food is an example of a ________. A) focus strategy B) cost leader strategy C) long-term strategy D) differentiation strategy

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Q: Imagine that you are the president of Taco Rocket, a new and successful chain of 8 Mexican fast-food restaurants. The success you have experienced in the last 5 years has you thinking of what to do with the business next. Should you expand the business at the current rate? Open new and different restaurants? What? Recently, Taco Rocket has considered buying a local competitor and the two would combine under the Taco Rocket name. This is an example of which of the following? A) stability B) vertical integration C) horizontal integration D) diversification

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Q: Imagine that you are the president of Taco Rocket, a new and successful chain of 8 Mexican fast-food restaurants. The success you have experienced in the last 5 years has you thinking of what to do with the business next. Should you expand the business at the current rate? Open new and different restaurants? What? You are thinking of buying a tortilla factory in a nearby state. This action would be an example of ________. A) forward vertical integration B) horizontal integration C) backward vertical integration D) forward diversification

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Q: Taco Rocket (Scenario)Imagine that you are the president of Taco Rocket, a new and successful chain of 8 Mexican fast-food restaurants. The success you have experienced in the last 5 years has you thinking of what to do with the business next. Should you expand the business at the current rate? Open new and different restaurants? What?Up to now your success has been based on selling high-quality tacos and burritos at a price that others can't match. Your business is pursuing which of Porter's strategies?A) differentiation strategyB) cost leadership strategyC) competitive advantage strategyD) focus strategy

Q: In a short essay, identify criticisms of formal planning.

Q: This term describes an electric shaver company that carefully observes its competitor's production line to look for ways to improve its own manufacturing process. A) trademarking B) benchmarking C) quality engineering D) reverse marketing

Q: Which of the following is NOT a way in which intuition guides people who are making decisions?A) Intuition provides ethics and values guidelines.B) Intuition provides a formal analysis method.C) Intuition provides experiences to draw from.D) Intuition draws on knowledge, skills, and training.

Q: Intuitive decision making ________.A) should be avoided by managers in making day to day decisionsB) is often described as conscious decision makingC) can complement other decision making approachesD) takes more time than other approaches as it requires managers to shift through feelings and emotions and place them in context with actual facts.

Q: What percentage of managers typically use intuitive decision making rather than formal analysis to make decisions?A) 95%B) 75%C) 50%D) less than 10%

Q: Compared to fully rational decision making, what is a major advantage of intuitive decision making?A) total reliabilityB) fully quantifiedC) thoroughnessD) speed

Q: Which model of decision making takes advantage of unconscious reasoning?A) rationalB) nonrationalC) intuitiveD) factual

Q: Escalation of commitment can occur when people don't ________.A) want to make a decisionB) want to admit that an earlier decision was flawedC) accept current conditionsD) understand that conditions have changed

Q: Sticking to a decision despite evidence that it is a mistake is called ________.A) escalation of commitmentB) escalation of rationalityC) satisficing commitmentD) error enhancement

Q: A person who satisfices fails to ________.A) maximize his or her decisionB) understand his or her positionC) accept the truth of a situationD) make any kind of decision

Q: Herbert Simon found that in making decisions, most people satisficed because they had limited ability to ________.A) be truthful and honest in situations that deal with other peopleB) think independentlyC) deal with difficult situationsD) grasp present conditions and anticipate future conditions

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Q: Which of the following is the best definition for the word satisfice?A) very satisfyingB) not sufficientC) accepts a less than perfect solutionD) requires a perfect solution

Q: In a short essay, describe how electronic meetings can help avoid groupthink and enhance creativity in group decision making.

Q: Herbert Simon won the Nobel Prize in economics for his work in describing ________.A) how people spend moneyB) how most people are perfectly rationalC) how people make decisionsD) how people avoid decisions

Q: In a short essay, describe how nominal group technique can help avoid groupthink and enhance creativity in group decision making

Q: Neural networks outperform expert systems in uncovering ________.A) credit card fraudB) false positives for pregnancyC) potential credit card customersD) credit problems in bank mortgages

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Q: Neural networks differ from expert systems in that they can ________.A) draw conclusions from dataB) ask questions to the decision makerC) perform sophisticated calculationsD) learn from experience

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Q: Neural networks are able to outdo the performance of humans by ________.A) analyzing symbolsB) handling up to three variables at onceC) handling hundreds of variables at onceD) reading facial expressions

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Q: Expert systems are primarily used to help what kinds of decision makers?A) lower-level managersB) top managersC) senior managersD) experts

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Q: Software programs that use a series of questions to aid humans in decision making are called ________.A) text reading softwareB) expert systemsC) group systemsD) support software

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Q: Which term best characterizes a decision that has bounded rationality?A) virtually perfectB) rigorous and comprehensiveC) not good enoughD) just good enough

Q: In a short essay, list and discuss the final four steps in the decision-making process. Give an example of each step.

Q: It is assumed that in most cases the decisions of all managers are limited by ________.A) greed and short-sightednessB) having too much informationC) not being able to analyze all information for all alternativesD) not being able to act rationally or in the best interests of their organization

Q: In a short essay, list and discuss the first four steps in the decision-making process. Give an example of each step.

Q: Which of the following is NOT assumed in a rational decision?A) a clear and specific goalB) a clear and unambiguous problemC) most alternatives and consequences are knownD) value is maximized

Q: Maximizing value for an organization means making sure that ________.A) the organization makes moneyB) the best interests of the organization are addressedC) the decision made is as rational as possibleD) the decision is as simple as possible

Q: What does it mean for a decision maker to maximize value?A) to make the decision to be as clear and logical as possibleB) to make the achievement of goals as likely as possibleC) to waste as little time and energy as possibleD) to make decision making as simple as possible