Organizational Politics and Stakeholders Chapter 8

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What is the definition of entrepreneurship?

The creation of a small business for the purpose of personal fulfillment

The creation of a new product for the purpose of market growth

The creation of an innovative organization for the purpose of economic gain or growth under conditions of risk or uncertainty (correct)

The creation of a new business for personal gain

Who are the stakeholders that can influence decision making in an organization?

Only customers and investors

Only customers and regulatory agencies

Only employees and investors

Multiple stakeholders with power such as customers, investors, employees, unions, suppliers, regulatory agencies, competitors, and legislative bodies (correct)

What is the importance of recognizing organizational politics?

It only applies to large organizations

It is a natural part of any enterprise and should be understood and navigated (correct)

It is a bad thing and should be avoided

It is a necessary evil that can be ignored

What is the focus of corporate-level strategy?

How to allocate resources to achieve business-level goals Signup and view all the answers

What is the purpose of resource allocation in an organization?

To allocate resources to achieve business-level goals Signup and view all the answers

What is diversification strategy?

A strategy to enter a new market or industry Signup and view all the answers

What is competitive advantage?

A condition where a firm performs better than its competitors Signup and view all the answers

What are the common components of entrepreneurship?

Something new, something better, new delivery system or distribution channel, entering an underserved or new market Signup and view all the answers

What is a common pitfall in problem definition, according to the text?

Focusing on symptoms as problems Signup and view all the answers

What is the main difference between the classical economist's approach and the satisficing idea?

The classical approach considers all possible alternatives, while satisficing evaluates a limited set Signup and view all the answers

What is one way to raise the level of satisficing, according to the text?

Using management science and computer-based decision-making techniques Signup and view all the answers

What is a consequence of inadequate problem definition?

Inefficient resource allocation Signup and view all the answers

What is a characteristic of the satisficing approach?

Evaluating alternatives until a reasonable result is expected Signup and view all the answers

What is a pitfall of limited search for alternatives, according to the text?

Stopping the search when an adequate option is found Signup and view all the answers

What is a consequence of limited information, according to the text?

Ignorance of relevant information or incorrect interpretation Signup and view all the answers

What is a characteristic of bounded rationality, according to the text?

Mighty shaky ways of evaluating alternatives Signup and view all the answers

What is a key aspect of resource allocation in formulating plans and strategies?

Allocating money through budgets for various purposes Signup and view all the answers

What is the primary goal of diversification strategies?

To strengthen existing businesses and address unmet medical needs Signup and view all the answers

Which of the following is an example of a corporate-level strategy?

Diversifying products and services to reach new markets Signup and view all the answers

What is the primary focus of business-level strategy?

Creating a competitive advantage through innovation Signup and view all the answers

What is the role of budgets in resource allocation?

To allocate money for various purposes Signup and view all the answers

What is the primary goal of a company's strategy for growth?

To strengthen existing businesses and address unmet medical needs Signup and view all the answers

What is the primary focus of a company's diversification strategy?

Diversifying products and services to reach new markets and strengthen existing businesses Signup and view all the answers

What is the key aspect of formulating plans and strategies according to Michael Porter?

Developing insight into how a number of choices fit together Signup and view all the answers

What is the primary purpose of a financial component in a business plan?

To estimate the budget and cash flow Signup and view all the answers

What is the primary goal of innovation initiatives in established firms?

To generate growth and profits under uncertain conditions Signup and view all the answers

What type of risks should be considered in the potential critical-risks component of a business plan?

Unfavorable industry-wide trends, design or manufacturing costs, and sales projections Signup and view all the answers

Who is a corporate entrepreneur?

Someone who champions turning new ideas into profitable realities Signup and view all the answers

What is the purpose of a milestone schedule component in a business plan?

To develop a timetable for the venture's completion Signup and view all the answers

What is a key factor favoring a global start-up?

Human resources are dispersed among countries Signup and view all the answers

What is the primary focus of strategic planning?

Diagnosing the organization's external and internal environments Signup and view all the answers

What is the purpose of contingency planning?

To prepare for unexpected changes in the environment Signup and view all the answers

What is a key recommendation for a successful family business?

Establish clear job responsibilities and authority Signup and view all the answers

What is the primary goal of diversification strategies?

To expand into new markets Signup and view all the answers

What is corporate entrepreneurship?

The process of creating new businesses or revenue streams within an existing company Signup and view all the answers

What is the key benefit of a generic competitive strategy?

It provides a competitive advantage Signup and view all the answers

What is the primary purpose of a business plan?

To outline the organizational structure and financial components Signup and view all the answers

What is a key benefit of using outside advisors or directors in a family business?

It can provide objective guidance and support Signup and view all the answers

What is the primary task of the strategic business-level planning process?

Creating and selecting general strategies Signup and view all the answers

What is the purpose of allocating resources in strategic planning?

To achieve the organization's goals Signup and view all the answers

Organizational Politics and Stakeholders Chapter 8

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Questions and Answers

What is the definition of entrepreneurship?

Who are the stakeholders that can influence decision making in an organization?

What is the importance of recognizing organizational politics?

What is the focus of corporate-level strategy?

What is the purpose of resource allocation in an organization?

What is diversification strategy?

What is competitive advantage?

What are the common components of entrepreneurship?

What is a common pitfall in problem definition, according to the text?

What is the main difference between the classical economist's approach and the satisficing idea?

What is one way to raise the level of satisficing, according to the text?

What is a consequence of inadequate problem definition?

What is a characteristic of the satisficing approach?

What is a pitfall of limited search for alternatives, according to the text?

What is a consequence of limited information, according to the text?

What is a characteristic of bounded rationality, according to the text?

What is a key aspect of resource allocation in formulating plans and strategies?

What is the primary goal of diversification strategies?

Which of the following is an example of a corporate-level strategy?

What is the primary focus of business-level strategy?

What is the role of budgets in resource allocation?

What is the primary goal of a company's strategy for growth?

What is the primary focus of a company's diversification strategy?

What is the key aspect of formulating plans and strategies according to Michael Porter?

What is the primary purpose of a financial component in a business plan?

What is the primary goal of innovation initiatives in established firms?

What type of risks should be considered in the potential critical-risks component of a business plan?

Who is a corporate entrepreneur?

What is the purpose of a milestone schedule component in a business plan?

What is a key factor favoring a global start-up?

What is the primary focus of strategic planning?

What is the purpose of contingency planning?

What is a key recommendation for a successful family business?

What is the primary goal of diversification strategies?

What is corporate entrepreneurship?

What is the key benefit of a generic competitive strategy?

What is the primary purpose of a business plan?

What is a key benefit of using outside advisors or directors in a family business?

What is the primary task of the strategic business-level planning process?

What is the purpose of allocating resources in strategic planning?

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