Decision Makers (Ch. 2)
The first step in the decision-making process where a manager realizes a problem or opportunity exists.
What is recognizing the need for a decision (problem recognition)?
Technological, economic, political, and sociocultural forces are examples of this.
What is the macroenvironment?
This researcher developed the Cultural Dimensions Theory.
Who is Geert Hofstede?
This tool identifies activities that create value for customers.
What is the value chain?
Someone who creates a business by identifying opportunities and taking risks.
Who is an entrepreneur?
This occurs when people seek information that supports what they already believe.
What is confirmation bias?
A business adopts online ordering because customers expect convenience.
What is a technological force?
This cultural dimension measures how comfortable a society is with unequal distributions of power.
What is power distance?
Operations and marketing are examples of these types of value chain activities.
What are primary activities?
This planning tool helps entrepreneurs organize their business idea on one page.
What is the Lean Canvas?
This skill helps managers recognize and regulate emotions while making decisions.
What is emotional intelligence?
An increase in inflation causing businesses to raise prices is an example of this macro force.
What is an economic force?
Managers use this to better understand differences in communication and workplace expectations across cultures.
What is Hofstede's Cultural Dimensions Theory?
Human resource management and technology development are examples of these activities.
What are support activities?
This explains why customers should choose your product instead of a competitor's.
What is a unique value proposition?
After selecting the best alternative, this is the next step managers take.
What is implementing the decision?
Changes in consumer values, lifestyles, and demographics belong to this environmental force.
What is the sociocultural environment?
Adapting communication styles and respecting cultural differences are examples of this leadership skill.
What is cultural intelligence (or cultural awareness)?
Businesses achieve this when they provide greater value than competitors.
What is competitive advantage?
This group represents the people most likely to purchase a product or service.
What is the customer segment?
The final step of the decision-making process where managers determine if the decision achieved the desired outcome.
What is evaluating the decision?
Government regulations affecting businesses are part of this macro force.
What is the political/legal environment?
Listening actively, asking questions, and avoiding assumptions are effective ways to bridge these.
What are cultural differences?
This value chain activity focuses on delivering products or services to customers.
What is outbound logistics?
Testing an idea with customers before investing significant time or money is known as this.
What is validating the business idea (or customer validation)?