Exam 2: The External and Internal Environments

Quartermaine University has just formed a board of trustees and invited 25 of its wealthiest alumni to join. In this example, Quartermaine University is demonstrating

Paul and his wife are investigating the possibility of starting a new restaurant in Beaufort, a small town in the South Carolina low country. It has been Paul's lifelong dream. Paul has won a lottery and is trying to decide if this is what he wants to do with the prize money. He decides to do an analysis of the competitive environment. After his analysis, he discovers several important issues. First, it will cost most of Paul's lottery winnings to finance a restaurant in Beaufort. Second, it will be difficult to attract new customers because they have so many eating choices available to them in Beaufort and the surrounding towns. Finally, the competition in the restaurant industry is considered fierce by industry analysts and this is frightening to someone, like Paul, who has never worked in that industry.The information that Paul has collected in his competitive analysis can be referred to as

April, a manager in a call center, encourages her employees to solve customers' problems without her approval of the particular situation. In this case, April is trying to empower her employees.

List actions and attitudes that result in excellent customer service.

Tim Compton, communications manager for SellRight Products, said to his CEO, "We must do some damage control, and we must act on our own, using an independent strategy. I recommend that we

A more diverse workforce presents managers with challenges as well as opportunities.

Hospitals and universities are very expensive to run, not only due to the capital equipment that is required for each but also due to the personnel, such as specialized medical doctors and researchers. The cost of these types of institutions is an example of

The set of important assumptions about an organization and its goals and practices that members of the company share is called organization

Which of the following would be a sign of a weak organizational culture?

A human resources manager is considering changing her company's vacation policy. Before she makes a proposal to the senior executive team, she researches the vacation policies of other leading companies in her industry. This is an example of

The recent legalization of same-sex marriage has major implications for how companies manage their labor force. For example, companies must now make sure their benefit packages include all types of family structures. This is an example of how ________ trends affect businesses.

As environmental uncertainties increase, managers must develop techniques and methods for collecting, sorting through, and interpreting information about the environment. Discuss four of these methods, explaining when and why each would be used.

Giving consumers what they want or need, the way they want it, the first time is known as

The process of sharing power with employees is called

Marla's Basement is a small retail store that specializes in antique figurines and decorative knickknacks. In analyzing the environment, Marla has uncovered the following interesting findings:1. Marla has recently purchased more inventory than in the past. The people from whom she buys are selling off more knickknacks because their children are not interested in this type of decorative items and they would prefer to liquidate unnecessary household items to help them with their daily expenses.2. Marla discovered that her business is in a historical preservation district. As she considers remodeling the shop, she realized that she must pay attention to the guidelines set forth in the governing laws.3. Marla's buyer-customer base seems to be changing. The tastes of the younger generation near her shop are shifting to modern decor, so the customer base to which she sells is shrinking.4. Marla has been told that she should consider selling her inventory via the Internet, but she does not own (or understand how to use)a computer.5. In reading a survey of regional business, Marla discovered that there are no other antique knickknack stores within 200 miles. Findings about changing customer preferences and others who sell antique knickknacks are associated with the

When investors bid up stock prices, companies have less capital to fuel their strategies.

Diego owns Signature Gifts, a store that specializes in items that businesses can customize with their company name or logo and then give away as advertising or customer-loyalty rewards. He is projecting that the economy will rebound this fall. He ordered additional holiday-themed gifts in February in anticipation of possible surge in sales during the holiday season. In this case, which of the following methods is Diego using to be sure that he has enough gifts for extra holiday customers?

Give an example of a current societal trend and how it might affect a specific business. Explain the impact by using specific details.

Marla's Basement is a small retail store that specializes in antique figurines and decorative knickknacks. In analyzing the environment, Marla has uncovered the following interesting findings:1. Marla has recently purchased more inventory than in the past. The people from whom she buys are selling off more knickknacks because their children are not interested in this type of decorative items and they would prefer to liquidate unnecessary household items to help them with their daily expenses.2. Marla discovered that her business is in a historical preservation district. As she considers remodeling the shop, she realized that she must pay attention to the guidelines set forth in the governing laws.3. Marla's buyer-customer base seems to be changing. The tastes of the younger generation near her shop are shifting to modern decor, so the customer base to which she sells is shrinking.4. Marla has been told that she should consider selling her inventory via the Internet, but she does not own (or understand how to use)a computer.5. In reading a survey of regional business, Marla discovered that there are no other antique knickknack stores within 200 miles. Which of the following elements of the macroenvironment was part of Marla's findings?

Parker Brothers is a high-end furniture manufacturer located in the Midwest. Mr. Herbert "Bud" Parker started the firm as a young man in the 1960s. The firm has grown, but with growth, it has never forgotten the vision of Mr. Parker: to be creative in all that the firm does while rewarding employees who show innovation and entrepreneurial leadership. Each year the Budding Genius Award is given to the employee who comes up with the best design or marketing idea. New employees are told of the organization's history of product innovation and are taken on a tour of the "Wall of Parker Legends," where pictures of outstanding employees are hung with descriptions of their accomplishments. Managers at the firm encourage their team members to take risks in proposing new ideas. The company prides itself on its product leadership.The stories about the "Parker Legends" and the organization's most innovative designs are all clues to understanding the