environment (2)

Question 1

____ is a system of shared values, assumptions, beliefs, and norms that unite the members of an organization. It reflects employees’ vies about “the way things are done around here”.

Answer 1

organizational culture

Question 2

____ gives meaning to actions and procedures within an organization and may be considered to be the personality of the organization.

Answer 2

culture

Question 3

What are the three aspects of an organization’ culture?

Answer 3

visible culture, espoused values, core values

Question 4

The most obvious is the _____ that an observer can hear, feel, or see.

Answer 4

visible culture

Question 5

At a deeper level, _____ are not readily observed but instead are the ways managers and employees explain and justify actions and decisions.

Answer 5

espoused values

Question 6

_____ are those values that are expressed on behalf of an organization or that are expressed as explanations for policies or actions.

Answer 6

espoused values

Question 7

At the center of organizational culture are ____ that are widely shared, operate unconsciously, and are considered non-negotiable.

Answer 7

core values

Question 8

Why is having a strong culture important?

Answer 8

For one thing, in organizations with strong cultures, employees are more loyal than are employees in organizations with weak cultures.
Research also suggests that strong cultures are associated with high organizational performance.
However, the drawback is that a strong culture also might prevent employees from trying new approaches especially when conditions are changing rapidly.

Question 9

_____ refers to factors and forces outside the organization that affect its performance.

Answer 9

external environment

Question 10

What are the six components of external organization?

Answer 10

economic component, demographic component, political/legal component, sociocultural component, technological component, global component

Question 11

____ is a component of the business environment, which is composed of various elements present inside the organization, that can affect or can be affected with, the choices, activities and decisions of the organization.

Answer 11

internal environment

Question 12

What are the four components of internal organization?

Answer 12

capital/financial resources, physical resources, human resources, technological resources

Question 13

____ are funds necessary to grow and sustain a business

Answer 13

capital/financial resources

Question 14

It also includes a country’s political conditions and stability.

Answer 14

political/legal component

Question 15

Scientific or industrial innovations.

Answer 15

technological component

Question 16

Issues associated with globalization and a world economy.

Answer 16

global component

Question 17

Tangible assets of the organization that play an important role in ascertaining the competitive capability of the company like equipment and manufacturing plant

Answer 17

physical resources

Question 18

Most valuable asset of the organization.

Answer 18

human resources

Question 19

Imply the technical know-how of the organization.

Answer 19

technological resources

Question 20

Defined as the growing interdependence among the components in the global economy.

Answer 20

globalization

Question 21

The term used to describe management in businesses and organizations with interests in more than one country is ______.

Answer 21

global management

Question 22

What are reasons for actively pursuing international business?

Answer 22

profits, customers, suppliers, labor, capital, risk

Question 23

A global firm does business in foreign countries with direct intent to help the local economy.

Answer 23

economic development

Question 24

The success of a foreign venture depends on ______>

Answer 24

who is in charge

Question 25

What are the three basic approaches to managing an international subsidiary?

Answer 25

ethnocentric, polycentric, geocentric

Question 26

_____ involves filling top management and other key positions with people from the home country.

Answer 26

ethnocentric approach

Question 27

In the ____, international subsidiaries are managed and staffed by personnel from the host country, or local nationals.

Answer 27

polycentric approach

Question 28

Nationality is deliberately downplayed in the _____ as the firm actively searches on a worldwide or regional basis for the best people to fill key positions.

Answer 28

geocentric approach

Question 29

What is workplace diversity?

Answer 29

"The collective strength of experiences, skills, talents, perspectives, and cultures that each agent and employee brings to the workplace" -State Farm, the number one provider of auto insurance in the United States

Question 30

____ is the ways in which people in an organization are different from and similar to one another.

Answer 30

workforce diversity

Question 31

Demographic diversity reflect _____, which are easily perceived difference that may trigger certain stereotypes, but that do not necessarily reflect the ways people think or feel.

Answer 31

surface-level

Question 32

As people get to know one-another, these surface-level differences become less important and ______ -- differences in values, personality, and work preferences--beccomes more important.

Answer 32

deep-level diversity

Question 33

Why is managing workforce diversity so important?

Answer 33

expand your talent pool, promote innovation, grow your business and improve your business reputation

Question 34

Employees will have different skills sets, backgrounds, and experiences

Answer 34

better use of employee talent

Question 35

Increased quality of team problem-solving efforts, ability to attract and retain employees of diverse background since they can collaborate together and learn from each other which will make them more well-rounded employees.

Answer 35

expand your talent pool

Question 36

Enhances problem-solving ability.

Answer 36

promote innovation

Question 37

Businesses with a diverse employee base are known to have an equally diverse customer base. Attract different types of customers which will help grow your business. Increased understanding of the marketplace, which improves the ability to better market to diverse consumers.

Answer 37

grow your business and improve your business reputation

Question 38

What are six types of workplace diversity?

Answer 38

age, gender, race and ethnicity, disabilities/abilities, religion, GLBT: sexual orientation and gender identity

Question 39

_____ is defined as the biological heritage (including physical characteristics such as one's skin color and associated traits) that people use to identify themselves.

Answer 39

race

Question 40

_____ is related to race, but it refers to social traits--such as one's cultural background or allegiance--that are shared by a human population.

Answer 40

ethnicity

Question 41

The acronym GLBT --which refers to

Answer 41

gay, lesbian, bisexual,a nd transgender peopl

Question 42

Federal laws have contributed to some of the social change over the last 50-plus years and have evolved to the level of diversity that currently exists. Failure to do so can be costly and damaging to an organization's bottom, line and reputation.

Answer 42

the legal aspect of workplace diversity

Question 43

Today's increasingly competitive marketplace underscore the reality that creating a diverse workplace has never been more important. It's equally important to make diversity and inclusion an integral part of the organization's culture.

Answer 43

top management commitment to diversity

Question 44

____ is a process where an experienced organizational member (a mentor) provides advice and guidance to a less-experience member (a protege.)

Answer 44

mentoring

Question 45

Mentors usually provide two unique forms of mentoring functions--

Answer 45

career development, social support

Question 46

A good mentor---

Answer 46

provides instruction, offers advice, gives constructive criticism, helps build appropriate skills, shares technical expertise, develops a high-quality, close, and supportive relationship with protege, keeps lines of communication open, knows when to "let go" and let the protege prove what he/she can do.

Question 47

Specialized training to educate employees about the importance of diversity and teach them skills for working in a diverse workplace.

Answer 47

diversity skills training

Question 48

Made up of employees connected by some common dimension of diversity.

Answer 48

employee resource groups

Question 49

____ provide an opportunity for those individuals to have a voice.

Answer 49

employee resource groups

Question 50

The term ____ describes strategic thinking and risk-taking behavior that results in the creation of new opportunities.

Answer 50

entrpreneurship

Question 51

A _____ is a risk-taking individual who takes action to pursue opportunities others fail to recognize, or even view as problems or threats.

Answer 51

classic entrpreneur

Question 52

____ start and run new ventures over and over again, moving from one interest and opportunity to the next.

Answer 52

serial entrepreneurs

Question 53

A common pattern among successful entrepreneurs is ____. They move quickly to spot, exploit, and deliver a product or service to a new market or an unrecognized niche in an existing one.

Answer 53

firt-mover advantage

Question 54

What are characteristics of entrepreneurs?

Answer 54

attitudes and personal interests; background experiences, and interests

Question 55

What are the eight attitudes and personal interests of entrepreneurs?

Answer 55

internal locus of control, high energy level, high need for achievement, tolerance for ambiguity, self-confidence, passion and action orientation, self-reliance and desire for independence, flexibility

Question 56

What are the background, experiences, and interests of entrepreneurs?

Answer 56

childhood experiences and family environment, career or work history, deeply embedded life interest

Question 57

Entrepreneurs believe that they are in control of their own destiny; they are self-directing and like autonomy.

Answer 57

internal locus of control

Question 58

Entrepreneurs are persistence, hardworking, and willing to exert extraordinary efforts to succeed.

Answer 58

high energy level

Question 59

Entrepreneurs are motivated to accomplish challenging goals; they thrive on performance feedback.

Answer 59

high need for achievement

Question 60

Entrepreneurs are risk takers; they tolerate situations with high degrees of uncertainty.

Answer 60

tolerance for ambiguity

Question 61

Entrepreneurs feel competent, believe in themselves, and are willing to make decisions.

Answer 61

self-confidence

Question 62

Entrepreneurs try to act ahead of problems; they want to get things done and not waste valuable time.

Answer 62

passion and action orientation

Question 63

Entrepreneurs want independence; they are self-reliant; they want to be their own bosses, not work for others.

Answer 63

self-reliance and desire for independence

Question 64

Entrepreneurs are willing to admit problems and errors, and are willing to change a course of action when plans aren't working.

Answer 64

flexibility

Question 65

Some entrepreneurs are with parents who were entrepreneurial and self-employed. And entrepreneurs are often raised in families that encourage responsibility, initiative, and independence.

Answer 65

childhood experiences and family environment

Question 66

Entrepreneurs who try one venture often go on to others. Prior work experience in the business area or industry being entered is helpful.

Answer 66

career or work history

Question 67

Entrepreneurs as having strong interest in starting things.

Answer 67

deeply embedded life interests

Question 68

A form of ethical entrepreneurship that seeks novel ways to solve pressing social problems.

Answer 68

social entrepreneurship

Question 69

The U.S. Small Business Administration (SBA) defines a _____ as one that had 500 or fewer employees, is independently owned and operated, and does not dominate its industry.

Answer 69

small business

Question 70

What are reasons why people start their own small businesses?

Answer 70

necessity, wanting to be your own boss, control your future, fulfill a dream

Question 71

Once a decision is made to go the small business route, the most common ways to get involved are to start one, buy an existing one, or buy and run a _____

Answer 71

franchise

Question 72

____ is where a business owner sells to another the right to operate the same business is another location.

Answer 72

franchise

Question 73

____ is a plan for making a profit by generating revenues that are greater than the costs of doing business.

Answer 73

business model

Question 74

Serial entrepreneur Steven Blank calls ____ temporary organizations that are trying "to discover a profitable, scalable business model." It's a new venture that the entrepreneur is hoping will take shape and prove successful as things move forward.

Answer 74

business starups

Question 75

What is the business plan outline?

Answer 75

executive summary, industry analysis, company description, products and services description, market description, marketing description, marketing strategy, operations description, staffing description, financial projection, capital needs, milestones

Question 76

Overview of the business purpose and the business model for making money.

Answer 76

executive summary

Question 77

Nature of the industry, including economic trends, important legal or regulatory issues, and potential risks.

Answer 77

industry analysis

Question 78

Mission, owners, and legal form.

Answer 78

company description

Question 79

Major goods or services, with competitive uniqueness.

Answer 79

products and services description

Question 80

Size of market, competitor strengths and weaknesses, five-year sales goals.

Answer 80

market description

Question 81

Product characteristics, distribution, promotion, pricing, and market research.

Answer 81

marketing stategy

Question 82

Manufacturing or service methods, supplies and suppliers, and control procedures.

Answer 82

operations description

Question 83

Management and staffing skills needed and available, compensation, and human resource systems.

Answer 83

staffing description

Question 84

Cash flow projections for one to five years, breakeven points, and phased investment capital.

Answer 84

financial projection

Question 85

Amount of funds needed to run the business, amount available, and amount requested from new sources.

Answer 85

capital needs

Question 86

A timetable of dates showing when key stages of the new venture will be completed.

Answer 86

milestones

Question 87

Why small businesses fail?

Answer 87

insufficient financing, lack of experience, lack of expertise, lack of strategy and strategic leadership, poor financial control, growing too fast, lack of commitment, ethical failure

Question 88

Not having enough money available to maintain operations while still building the business and gaining access to customers and markets.

Answer 88

insufficient financing

Question 89

Not having sufficient know how to run a business in the chosen market or geographical area.

Answer 89

lack of experience

Question 90

Not having expertise in the essentials of business operations, including finance, purchasing, selling, and production.

Answer 90

lack of expertise

Question 91

Not taking the time to craft a vision and mission, nor to formualte and properly implement a strategy.

Answer 91

lack of strategy and strategic leadership

Question 92

Not keeping track of the numbers, and failure to control business finances and use existing monies to best advantage.

Answer 92

poor financial control

Question 93

Not taking the time to consolidate a position, fine-tune the organization, and systematically meet the challenges of growth.

Answer 93

growing too fast

Question 94

Not devoting enough time to the rewuirements of running a competitive business.

Answer 94

lack of commitment

Question 95

Falling prey to the temptations of fraud, deception, and embezzlement.

Answer 95

ethical failure