30 terms

Management 100 Exam 2: Jeopardy

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Knowing all the facts, outcomes, and always choosing the best option for the organization.
Rational Decision Making
Complete the relationship: structured problem--> _____________
Programmed decision
A mental shortcut used in decision-making.
Heuristic
The steps of the decision-making process.
Step 1: Problem Identification
Step 2: Criteria Identification
Step 3: Weight Allocation
Step 4: Development of Alternatives
Step 5: Analysis of Alternatives
Step 6: Selection of Alternative
Step 7: Implementation
Step 8: Evaluation
Step-by-step directions for dealing with a problem.
Procedure
Outperforming rivals over the long term
Sustainable
Competitive
Advantage
The three levels of organizational strategy.
Corporate
Competitive
Functional
When Yahoo acquired Tumblr in 2013, this was an example of a __________ strategy through _________.
growth, diversification
Having unique products that are valued by consumers over competitors' products.
Differentiation Strategy
The two types of integration strategy.
Horizontal & Vertical
When vividness / recentness distorts our perception.
Availability Bias
Taking credit for the firm's successes and blaming others for its failures.
Self-serving Bias
When someone only pays attention to particular things.
Selective Perception Bias
Overreliance on early information when making a decision.
Anchoring Effect
Believing that we're more knowledgeable, more ethical, more effective than others.
Overconfidence Bias
Organizational-level goals for everything but finances.
Strategic Goals
Flexible, general guidelines are also known as _______.
Directional Plans- different from specific plans which are clearly defined and leave no room for interpretation.
Comparing firm performance to that of other firms.
Benchmarking: when a firm looks at its industry rivals and compares its own performance to them with the goal of identifying areas of improvement or areas of strength.
SWOT
Strengths, Weaknesses, Opportunities, Threats
These plans are typically for a duration of more than three years.
Long-Term Plans
Rationalization of facts that don't support assumptions, pressure to conform, and an illusion of unanimity are all symptoms of this.
Groupthink: a group dynamic in which individuals are under intense pressure to conform to the group views and refrain from dissenting from the group position.
A minority of members can dominate a group when this is true
There is unequal status among members.
Typically, the higher one is in the organization the more _________ the problem and ___________ the decision.
Unstructured , Non-programmed
Which is the least favorable environment for managers to make decisions in?
Uncertainty
This term describes choosing an option that is "just good enough."
Satisficing: is when people search for a solution until one that is good enough is found. This runs counter to the rational decision making model which states that individuals look for the best solution.
This view of decision making assumes that there are limits on how much an individual can know.
Bounded Rationality
Organizations in real trouble may adopt this kind of corporate strategy.
Renewal
In being able to maintain profit while selling products at a lower price, Wal Mart uses this type of competitive strategy.
Cost Leadership
When meeting lower-level goals helps fulfill higher-level goals.
Means-End Chain: is a view of goal setting that assumes the satisfying of lower level goals contributes to the satisfying of goals by the next higher unit.
This type of strategy involves targeting a niche market.
Focus: is a competitive strategy where the company tries to compete in a specific segment of the market (e.g., ultra wealthy consumers, low income shoppers, etc.).