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Exam 5: Planning and Decision Making

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Question 21

Multiple Choice

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Pat has to decide which paper clips to purchase for her office. She looks at the office supply catalog and picks the first one that is priced reasonably. Which method of making a decision does she use?

A) Forecasting
B) Optimizing
C) Satisficing
D) Maximizing
E) Brainstorming

F) B) and C)
G) A) and E)

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Question 22

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Situational analysis, as part of the formal planning process, focuses on internal forces at work within the organization and examines influences from the external environment.

A) True
B) False

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Question 23

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Scenario C. Use the information given below to answer the following questions. Shine cosmetics, a global company, is considering its corporate strategy. Several people on the board of directors believe they have the "perfect" strategy for the company. Joe believes that the best option is to continue their present strategy of offering cosmetics to customers who like the "look" of the products. Martin wants the company to expand by purchasing the manufacturing plants that produce Shine products. Cathy wants to add products like skin care and perfume to the product line. Ruth wants to develop the company by opening restaurants or setting up an amusement park. -Which of the following corporate strategies does Martin advocate?

Standing plans are designed to achieve a set of goals that are not likely to be repeated in the future.

Resources are a source of competitive advantage only when they create customer value, are rare, are organized, and are:

A meeting attended by five executives was being held at a company. A decision needed to be made about the following year's marketing campaign. Tony, an outspoken and aggressive person, insisted that his ideas be followed since there could not be a better alternative. Nobody else contributed to the discussion, and Tony's views were accepted. This group discussion suffered from:

The process of identifying the specific procedures and processes required at lower levels of the organization is known as:

Anne is evaluating a new customer relationship management software solution for her business. She knows several business owners and managers who have implemented the software in their organizations. Instead of conducting a trial in her own company, she asks them for their advice. Anne is most likely searching for a(n) _____ solution to her problem.

Describe the two broad categories of resources and describe each one. Describe how resources can be a source of competitive advantage.

In the context of the levels of planning, the formal planning model is _____, with top-level strategies flowing down through the levels of the organization into more specific goals and plans.

Hot Pizza, a chain of full service pizzerias, periodically compares the quality of its food and service with its competitors in order to continually improve its performance. This corporate strategy is known as:

A strategic control system must encourage efficient operations while allowing flexibility to adapt to changing conditions.

The manager of a restaurant noticed that the number of customers in the evening was decreasing. She promptly ordered the chef to rewrite the evening menu. Later, customer feedback indicated that the problem was not the menu but poor service from the waitstaff. The manager's decision to have the menu revised suggests that she failed to:

Decision makers who search for custom-made solutions use ideas they have tried before or follow the advice of others who have faced similar problems.

List the six steps of a formal decision-making process.

In today's complex business environment, some experts advise that significant problems should never be tackled by groups.

Functional strategies are implemented only at the top levels of management.

In the context of the BCG matrix, a star represents a company:

A plan to integrate employees into a new payroll system, assuming that it is not likely to be repeated in the foreseeable future, is an example of a _____ plan.

An advantage of using a group for decision making is that disagreement is unlikely to happen, and this phenomenon is called groupthink.