CH 3 - Planning & Strategic Management
A small coffee shop is known for a secret roasting process that gives its coffee a flavor competitors have tried—but failed—to copy.
What is Distinctive Competence?
A store manager automatically gives customers a refund when they return an unopened item within 30 days because that is the company's established policy.
What is a programmed decision?
A new gym decides not to compete for everyone in town. Instead, it designs its memberships, equipment, and classes specifically for women who are training for competitive powerlifting.
What is a niche market?
A company is losing productivity because its equipment is outdated, while frequent employee turnover is increasing hiring and training costs. During a SWOT analysis, management would place both of these factors in this category.
What are weaknesses?
What is the name of the ECCC president?
Who is Dr. Brent Gregory?
Walmart keeps costs low by buying products in huge quantities and operating efficiently, allowing it to offer lower prices than many competitors. This competitive strategy focuses on attracting customers through low prices.
What is overall cost leadership?
A manager chooses the first job candidate who meets all of the minimum requirements instead of interviewing every applicant to find the absolute best candidate.
What is satisficing?
A company is the first to introduce a new type of product to its market. By the time competitors offer similar products, the original company already has strong brand recognition and loyal customers.
What is first-mover advantage?
Disney operates in several industries, including movies, streaming, theme parks, resorts, and cruise lines. Decisions about which industries Disney should enter, remain in, or leave are examples of this type of strategy.
What is corporate-level strategy?
What year was ECCC founded?
What is 1928?
A clothing company realizes that a new competitor has opened nearby and is offering similar clothing at much lower prices. In the company's SWOT analysis, this competitor belongs here.
What is a threat?
A company has already spent $2 million developing a product customers clearly don't want. Management approves another $1 million because they don't want the original investment to “go to waste.”
What is escalation of commitment?
During a meeting, several managers believe the CEO's idea will fail, but no one says anything because everyone else appears to support it and they don't want to create conflict.
What is groupthink?
A company's product operates in a rapidly growing industry, but the company currently controls only a small percentage of the market. Management must decide whether investing heavily could turn it into a major competitor.
What is a Question Mark?
How many dorms are located on East Central’s main campus in Decatur?
What is 8?
A company owns a beverage brand with a large market share, but the overall market for that type of beverage is growing very slowly.
What is a cash cow?
A manager is choosing between three investments. She knows from historical data that Option A has a 70% chance of success, Option B has a 50% chance, and Option C has a 30% chance.
What is decision making under risk?
A small-business owner needs financing but cannot qualify for a traditional bank loan on their own. A federal agency may help by guaranteeing part of the loan for the lender.
What is the Small Business Administration (SBA)?
A manager ignores her “gut feeling” and instead studies customer surveys, sales reports, and industry research before deciding whether to discontinue a product.
What is evidence-based management?
What five counties are in ECCC’s district?
What are Leake, Neshoba, Newton, Scott, and Winston?
Before hurricane season, a hotel creates a backup plan for evacuating guests, communicating with employees, and continuing operations in case a major hurricane hits the area.
What is contingency planning?
A CEO asks several experts to predict how AI will affect the industry. Each expert submits answers anonymously, reviews a summary of the group's responses, and then participates in additional rounds without meeting face-to-face.
What is the Delphi technique?
This industry is the fastest-growing segment of small-business enterprise and can offer a higher return on time invested for start-ups and new ventures.
What is the service industry?
A company is considering launching a completely new product, but there is little reliable information about customer demand, competitors, or the likelihood of success. Managers cannot assign probabilities to the possible outcomes.
What is decision making under uncertainty?
How many collegiate athletic teams does ECCC have? (Not including intramural)
What is 12?