Question: Match the terms with the right definition. Group of answer choices Bazaar-Type Economy [ Choose ] It involves individuals and businesses seeking new ways to

Match the terms with the right definition.

Group of answer choices

Bazaar-Type Economy

[ Choose ]

It involves individuals and businesses seeking new ways to share underutilized resources and develop new business models that focus on selling the use of something rather than selling the item itself.

Is an economic institution in which location is a competitive advantage.

Is a social, cultural and economic system in which the physical clustering of vendors facilitates the consumer's comparative information search, by eliminating displacement time.

Is a cultural and economic system in which the virtual clustering of vendors facilitates the consumer's comparative information search, by eliminating displacement time.

Firm-Type Economy

[ Choose ]

Is an economic institution in which location is a competitive advantage.

Is a social, cultural and economic system in which the physical clustering of vendors facilitates the consumer's comparative information search, by eliminating displacement time.

Is a cultural and economic system in which the virtual clustering of vendors facilitates the consumer's comparative information search, by eliminating displacement time.

New Economy

[ Choose ]

Is an economic institution in which location is a competitive advantage.

Is a social, cultural and economic system in which the physical clustering of vendors facilitates the consumer's comparative information search, by eliminating displacement time.

Is a cultural and economic system in which the virtual clustering of vendors facilitates the consumer's comparative information search, by eliminating displacement time.

Sharing Economy

2 Which of the following is NOT a way that companies could benefit by engaging in the sharing economy?

Group of answer choices

Sell the ownership of a product than the use of it.

Provide customers with the opportunity to resell products they purchased.

By exploiting unused resources and capacities.

By providing repair and maintenance services.

By using collaborative consumption to target new customers.

By developing entirely new business models enabled by collaborative consumption.

3 When evaluating entrepreneurial opportunitiessometimes calledidea screeningan effective process involves assessing the various venture ideas being considered by applying different levels and types of analyses. Entrepreneurs starting ventures and running existing businesses should also regularly analyze their operating environments at the societal, industry, market, and firm-levels.

Match each of those levels with the right explanation.

Group of answer choices

Societal Level

[ Choose ]

At this level, both the internal organizational trends and the external market profile trends should both be analyzed. There are several tools for conducting an internal organizational analysis, and normally you should normally apply several of them.

At this level, use a tool to generate information about the part of the industry in which your business will compete. This tool might be in the form of a set of questions designed to uncover information that you need to know to help develop plans to improve the success of your proposed venture.

Apply Porter's (1985) Five Forces Model, or a similar tool designed to assess this level factors. This analysis will focus more specifically on the sector of the economy in which you intend to operate. Again, the right analysis tool must be used for the assessment to be effective and avoid technical jargon (i.e. threat of new entrants) and use simpler wording (i.e. difficulty of entering the market) or flip to an analysis of the threat (i.e. strategies to establish and maintain market share).

At this level, it is important to understand each of the political, economic, social, technological, environmental, and legal (PESTEL) factorsand, more specifically, the trends affecting those factorsthat will have an impact on a venture based on a particular idea. Some venture ideas might be screened-out and others might be worth pursuing at a particular time because of the trends occurring with those PESTEL factors. Avoid the use of technical jargon that may distract readers (i.e. rivalry among firms) and use simpler language (i.e. competitive environment).

Industry Level

[ Choose ]

Market Level

[ Choose ]

Firm Level

[ Choose ]

4 The Business _______________ tool is intended to be applied when business operations can be started on a small scale and adjustments can continually be made until the evolving business model ends up working in real life. This is in contrast to the more traditional approach of pre-planning everything and then going through the set-up and start-up processes and ending up with a business venture that opens for business one day without having proven at all that the business model it is founded upon will even work. These traditional start-ups sometimes flounder along as the owners find that their plans are not quite working out and they try to make adjustments on the fly. It can be difficult to make adjustments at this time because the processes are already set up.

Group of answer choices

Business Plan

Model Canvas

Strategy Plan

SWOT Analysis

5 Which of the following is NOT one of the lean-startup principles?

Group of answer choices

a start-up is more than the product or service; it is an institution that must be managed in a new way that promotes growth through innovation

startups are about learning "how to build a sustainable business by validating product or service design through frequent prototyping that allows entrepreneurs to test the concepts

startups must follow this process or feedback loop: create products and services; measure how the market reacts to them; and learn from that reaction to determine whether to pivot or to persevere with an outcome the market accepts

entrepreneurs are everywhere and anyone working in an environment where they seek to create new products or services under conditions of extreme certainty

entrepreneurial outcomes and innovation initiatives need to be measured through innovative accounting

6 Match the terms with the right definitions.

Group of answer choices

Micro organizational behavior

[ Choose ]

studies whole organizations and industries, including how they adapt, and the strategies, structures, and contingencies that guide them

leadership, decision making, team building, motivation, and job satisfaction

the extent to which a resource, such as electricity, is used for the intended purpose; the ratio of useful work to energy expended

refers to individual and group dynamics in an organizational setting

studies the impact individuals, groups, and structures have on human behavior within organizations

of, pertaining to, or using a standard

Macro organizational theory

[ Choose ]

studies whole organizations and industries, including how they adapt, and the strategies, structures, and contingencies that guide them

leadership, decision making, team building, motivation, and job satisfaction

the extent to which a resource, such as electricity, is used for the intended purpose; the ratio of useful work to energy expended

refers to individual and group dynamics in an organizational setting

studies the impact individuals, groups, and structures have on human behavior within organizations

of, pertaining to, or using a standard

Facets of organizational behavior and responsibilities of management

[ Choose ]

studies whole organizations and industries, including how they adapt, and the strategies, structures, and contingencies that guide them

leadership, decision making, team building, motivation, and job satisfaction

the extent to which a resource, such as electricity, is used for the intended purpose; the ratio of useful work to energy expended

refers to individual and group dynamics in an organizational setting

studies the impact individuals, groups, and structures have on human behavior within organizations

of, pertaining to, or using a standard

Organizational behavior

[ Choose ]

studies whole organizations and industries, including how they adapt, and the strategies, structures, and contingencies that guide them

leadership, decision making, team building, motivation, and job satisfaction

the extent to which a resource, such as electricity, is used for the intended purpose; the ratio of useful work to energy expended

refers to individual and group dynamics in an organizational setting

studies the impact individuals, groups, and structures have on human behavior within organizations

of, pertaining to, or using a standard

efficiency

[ Choose ]

studies whole organizations and industries, including how they adapt, and the strategies, structures, and contingencies that guide them

leadership, decision making, team building, motivation, and job satisfaction

the extent to which a resource, such as electricity, is used for the intended purpose; the ratio of useful work to energy expended

refers to individual and group dynamics in an organizational setting

studies the impact individuals, groups, and structures have on human behavior within organizations

of, pertaining to, or using a standard

normative

[ Choose ]

studies whole organizations and industries, including how they adapt, and the strategies, structures, and contingencies that guide them

leadership, decision making, team building, motivation, and job satisfaction

the extent to which a resource, such as electricity, is used for the intended purpose; the ratio of useful work to energy expended

refers to individual and group dynamics in an organizational setting

studies the impact individuals, groups, and structures have on human behavior within organizations

of, pertaining to, or using a standard

7 Match the terms with the right definitions.

Group of answer choices

micromanage

[ Choose ]

managers are more laissez-faire and allow employees more freedom in their work

found that workers were more strongly motivated by psychosocial factors than by economic or financial incentives

to rely on extreme supervision and close monitoring of employee work

managers assume employees are inherently lazy and, therefore, micromanage

created his hierarchy-of-needs theory, which showed that workers were motivated through a series of lower-level to higher-level needs

related to one's psychological development in, and interaction with, a social environment

psychosocial

[ Choose ]

managers are more laissez-faire and allow employees more freedom in their work

found that workers were more strongly motivated by psychosocial factors than by economic or financial incentives

to rely on extreme supervision and close monitoring of employee work

managers assume employees are inherently lazy and, therefore, micromanage

created his hierarchy-of-needs theory, which showed that workers were motivated through a series of lower-level to higher-level needs

related to one's psychological development in, and interaction with, a social environment

The Hawthorne studies

[ Choose ]

managers are more laissez-faire and allow employees more freedom in their work

found that workers were more strongly motivated by psychosocial factors than by economic or financial incentives

to rely on extreme supervision and close monitoring of employee work

managers assume employees are inherently lazy and, therefore, micromanage

created his hierarchy-of-needs theory, which showed that workers were motivated through a series of lower-level to higher-level needs

related to one's psychological development in, and interaction with, a social environment

Abraham Maslow

[ Choose ]

managers are more laissez-faire and allow employees more freedom in their work

found that workers were more strongly motivated by psychosocial factors than by economic or financial incentives

to rely on extreme supervision and close monitoring of employee work

managers assume employees are inherently lazy and, therefore, micromanage

created his hierarchy-of-needs theory, which showed that workers were motivated through a series of lower-level to higher-level needs

related to one's psychological development in, and interaction with, a social environment

In Theory X

[ Choose ]

managers are more laissez-faire and allow employees more freedom in their work

found that workers were more strongly motivated by psychosocial factors than by economic or financial incentives

to rely on extreme supervision and close monitoring of employee work

managers assume employees are inherently lazy and, therefore, micromanage

created his hierarchy-of-needs theory, which showed that workers were motivated through a series of lower-level to higher-level needs

related to one's psychological development in, and interaction with, a social environment

In Theory Y

[ Choose ]

managers are more laissez-faire and allow employees more freedom in their work

found that workers were more strongly motivated by psychosocial factors than by economic or financial incentives

to rely on extreme supervision and close monitoring of employee work

managers assume employees are inherently lazy and, therefore, micromanage

created his hierarchy-of-needs theory, which showed that workers were motivated through a series of lower-level to higher-level needs

related to one's psychological development in, and interaction with, a social environment

9 Match the terms with the right definitions.

Group of answer choices

top-down approach to management

[ Choose ]

of or relating to a perspective that progresses from a single, large basic unit to multiple, smaller subunits

an approach that focused on managerial practices that could minimize misunderstandings and increase efficiency in organizations

an ongoing, systematic process of implementing effective organizational change using theories from behavioral sciences

a company that facilitates the learning of its members and continuously transforms itself

a field focusing on topics such as hiring workers with personalities and mental abilities best suited to certain types of vocations

a theory in which an organization or individual questions the values, assumptions, and policies that led to a given situation

a theory that says individuals, groups, or organizations modify their actions according to the difference between expected and obtained outcomes

Fayolism

[ Choose ]

of or relating to a perspective that progresses from a single, large basic unit to multiple, smaller subunits

an approach that focused on managerial practices that could minimize misunderstandings and increase efficiency in organizations

an ongoing, systematic process of implementing effective organizational change using theories from behavioral sciences

a company that facilitates the learning of its members and continuously transforms itself

a field focusing on topics such as hiring workers with personalities and mental abilities best suited to certain types of vocations

a theory in which an organization or individual questions the values, assumptions, and policies that led to a given situation

a theory that says individuals, groups, or organizations modify their actions according to the difference between expected and obtained outcomes

organizational development

[ Choose ]

of or relating to a perspective that progresses from a single, large basic unit to multiple, smaller subunits

an approach that focused on managerial practices that could minimize misunderstandings and increase efficiency in organizations

an ongoing, systematic process of implementing effective organizational change using theories from behavioral sciences

a company that facilitates the learning of its members and continuously transforms itself

a field focusing on topics such as hiring workers with personalities and mental abilities best suited to certain types of vocations

a theory in which an organization or individual questions the values, assumptions, and policies that led to a given situation

a theory that says individuals, groups, or organizations modify their actions according to the difference between expected and obtained outcomes

Industrial Psychology

[ Choose ]

of or relating to a perspective that progresses from a single, large basic unit to multiple, smaller subunits

an approach that focused on managerial practices that could minimize misunderstandings and increase efficiency in organizations

an ongoing, systematic process of implementing effective organizational change using theories from behavioral sciences

a company that facilitates the learning of its members and continuously transforms itself

a field focusing on topics such as hiring workers with personalities and mental abilities best suited to certain types of vocations

a theory in which an organization or individual questions the values, assumptions, and policies that led to a given situation

a theory that says individuals, groups, or organizations modify their actions according to the difference between expected and obtained outcomes

single-loop learning

[ Choose ]

of or relating to a perspective that progresses from a single, large basic unit to multiple, smaller subunits

an approach that focused on managerial practices that could minimize misunderstandings and increase efficiency in organizations

an ongoing, systematic process of implementing effective organizational change using theories from behavioral sciences

a company that facilitates the learning of its members and continuously transforms itself

a field focusing on topics such as hiring workers with personalities and mental abilities best suited to certain types of vocations

a theory in which an organization or individual questions the values, assumptions, and policies that led to a given situation

a theory that says individuals, groups, or organizations modify their actions according to the difference between expected and obtained outcomes

learning organization

[ Choose ]

of or relating to a perspective that progresses from a single, large basic unit to multiple, smaller subunits

an approach that focused on managerial practices that could minimize misunderstandings and increase efficiency in organizations

an ongoing, systematic process of implementing effective organizational change using theories from behavioral sciences

a company that facilitates the learning of its members and continuously transforms itself

a field focusing on topics such as hiring workers with personalities and mental abilities best suited to certain types of vocations

a theory in which an organization or individual questions the values, assumptions, and policies that led to a given situation

a theory that says individuals, groups, or organizations modify their actions according to the difference between expected and obtained outcomes

double-loop learning

[ Choose ]

of or relating to a perspective that progresses from a single, large basic unit to multiple, smaller subunits

an approach that focused on managerial practices that could minimize misunderstandings and increase efficiency in organizations

an ongoing, systematic process of implementing effective organizational change using theories from behavioral sciences

a company that facilitates the learning of its members and continuously transforms itself

a field focusing on topics such as hiring workers with personalities and mental abilities best suited to certain types of vocations

a theory in which an organization or individual questions the values, assumptions, and policies that led to a given situation

a theory that says individuals, groups, or organizations modify their actions according to the difference between expected and obtained outcomes

10 Match the terms with the right definitions.

Group of answer choices

decision tree

[ Choose ]

a process-improvement method that focuses on statistical methods to reduce the number of defects in a process

often used to display data over time to explore any potential trends (either positive or negative) that require additional attention by management

thinking about problems as isolated events instead of considering problems as resulting from a system as a whole

the imitation of a real-world process or system over time

a technique that allows a manager to compare metrics, such as quality, time, and cost, across an industry and against competitors

a visualization of a complex decision-making situation in which the possible decisions and their likely outcomes are organized in the form of a graph that resembles a tree

a production strategy focused on eliminating all unnecessary waste in production

benchmarking

[ Choose ]

a process-improvement method that focuses on statistical methods to reduce the number of defects in a process

often used to display data over time to explore any potential trends (either positive or negative) that require additional attention by management

thinking about problems as isolated events instead of considering problems as resulting from a system as a whole

the imitation of a real-world process or system over time

a technique that allows a manager to compare metrics, such as quality, time, and cost, across an industry and against competitors

a visualization of a complex decision-making situation in which the possible decisions and their likely outcomes are organized in the form of a graph that resembles a tree

a production strategy focused on eliminating all unnecessary waste in production

simulation

[ Choose ]

a process-improvement method that focuses on statistical methods to reduce the number of defects in a process

often used to display data over time to explore any potential trends (either positive or negative) that require additional attention by management

thinking about problems as isolated events instead of considering problems as resulting from a system as a whole

the imitation of a real-world process or system over time

a technique that allows a manager to compare metrics, such as quality, time, and cost, across an industry and against competitors

a visualization of a complex decision-making situation in which the possible decisions and their likely outcomes are organized in the form of a graph that resembles a tree

a production strategy focused on eliminating all unnecessary waste in production

trend charts

[ Choose ]

a process-improvement method that focuses on statistical methods to reduce the number of defects in a process

often used to display data over time to explore any potential trends (either positive or negative) that require additional attention by management

thinking about problems as isolated events instead of considering problems as resulting from a system as a whole

the imitation of a real-world process or system over time

a technique that allows a manager to compare metrics, such as quality, time, and cost, across an industry and against competitors

a visualization of a complex decision-making situation in which the possible decisions and their likely outcomes are organized in the form of a graph that resembles a tree

a production strategy focused on eliminating all unnecessary waste in production

lean

[ Choose ]

a process-improvement method that focuses on statistical methods to reduce the number of defects in a process

often used to display data over time to explore any potential trends (either positive or negative) that require additional attention by management

thinking about problems as isolated events instead of considering problems as resulting from a system as a whole

the imitation of a real-world process or system over time

a technique that allows a manager to compare metrics, such as quality, time, and cost, across an industry and against competitors

a visualization of a complex decision-making situation in which the possible decisions and their likely outcomes are organized in the form of a graph that resembles a tree

a production strategy focused on eliminating all unnecessary waste in production

six sigma

[ Choose ]

a process-improvement method that focuses on statistical methods to reduce the number of defects in a process

often used to display data over time to explore any potential trends (either positive or negative) that require additional attention by management

thinking about problems as isolated events instead of considering problems as resulting from a system as a whole

the imitation of a real-world process or system over time

a technique that allows a manager to compare metrics, such as quality, time, and cost, across an industry and against competitors

a visualization of a complex decision-making situation in which the possible decisions and their likely outcomes are organized in the form of a graph that resembles a tree

a production strategy focused on eliminating all unnecessary waste in production

fragmented thinking

[ Choose ]

a process-improvement method that focuses on statistical methods to reduce the number of defects in a process

often used to display data over time to explore any potential trends (either positive or negative) that require additional attention by management

thinking about problems as isolated events instead of considering problems as resulting from a system as a whole

the imitation of a real-world process or system over time

a technique that allows a manager to compare metrics, such as quality, time, and cost, across an industry and against competitors

a visualization of a complex decision-making situation in which the possible decisions and their likely outcomes are organized in the form of a graph that resembles a tree

a production strategy focused on eliminating all unnecessary waste in production

11 Match the terms with the right definitions.

Group of answer choices

Contingency Viewpoint

[ Choose ]

theory of management that proposes that there is no standard for management practice, instead it should depend on the situation

involves determining the point of stress level in which a product will fail

a process by which products are tested to uncover defects and the results are reported to management, which makes the decision to allow or deny product release

an organizational concept that takes the best knowledge from individual employees and organizes it into a functional learning and education system that all employees can learn from

refers to planned and systematic activities implemented in a quality system to fulfill the quality requirements for a product or service

bases managerial decisions and organizational practices on the best available scientific evidence

thought to differ from a manager in that a leader's intention is to inspire and motivate while a manager's role is focused more on organization and planning

attempts to use strategies such as communication and training to help employees become more comfortable with organizational changes

Quality assurance