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Innovativeness - correct answer ✅The tendency to pursue novel ideas, creative processes, and experimentation. 3M has built its business around its mission statement: to solve unsolved problems innovatively. 3M employs over 7, researchers and more than 118,000 patents as of 2019, adding more than 4,000 patents annually. 3M's _______________has led it to develop thousands of products (such as Post-it notes and Scotch tape) that are sold in almost 200 countries. Proactiveness - correct answer ✅The tendency to anticipate and act on future opportunities rather than rely solely on existing products and services. Proactive Communications Inc. lives up to its name by focusing on emerging and unusual opportunities. The firm embraces contracts in war zones and natural disaster areas that are often avoided by other telecommunications firms.
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Risk Taking - correct answer ✅The tendency to take bold actions rather than being cautious. Richard Brandson's launching of Virgin Galactic—a company that plans to offer suborbital space flights to commercial passengers— reflects his love of high-risk, high-reward ventures. Intrapreneurship - correct answer ✅Entrepreneurship within an organization is called Entrepreneurial Orientation (EO) - correct answer ✅is a key concept when executives are crafting strategies in the hopes of doing something new and exploiting opportunities that other organizations cannot exploit. Refers to the processes, practices, and decision-making styles of organizations that act entrepreneurially (Lumpkin & Dess, 1996). Blue ocean strategy - correct answer ✅involves creating a new, untapped market rather than competing with rivals in an existing market (Kim & Mauborgne, 2004). Instead of trying to out maneuver its
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newest model of car are incremental innovations. No new markets are formed, and existing technology is used to make the car better. Disruptive Innovation - correct answer ✅an innovation that conflicts with, and threatens to replace, traditional approaches to competing within an industry. Architectural Innovation - correct answer ✅occurs when new products or services use existing technology to create new markets and/or new consumers that did not purchase that item before. For example, the smart watch used existing cell phone technology and was repackaged into a watch. Radical Innovation - correct answer ✅When new products or services are developed using new technology that open up new markets, the result is called ___________. The airplane is a good example. Foothold - correct answer ✅is a small position that a firm intentionally establishes within a market in which it does not yet compete. Swedish furniture seller IKEA is a firm that relies on _________. When IKEA enters a new country, it opens just one store. This store
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is then used as a showcase to establish IKEA's brand. Once IKEA gains brand recognition in a country, more stores are established Product Life Cycle Introduction - correct answer ✅The product is launched, with the hopes that it catches on. Sales are low. Product Life Cycle Growth - correct answer ✅The product catches on, and sales increase with time. Competitors jump in, but the rivalry among competitors is not really strong yet, and there are plenty of sales for all. Product Life Cycle Maturity - correct answer ✅Sales begin to level out, growth slows, and competition increases. Shake-out occurs, with some competitors leaving the market or being acquired by others. Product Life Cycle Decline - correct answer ✅Sales start declining. More consolidation occurs, with firms looking for exit strategies. A few firms remain.
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of a competitive rather than a cooperative move, this is where a firm's strength of entrepreneurial orientation (EO) comes into play, and when intrapreneurship is important. Instead of acquiring Fitbit, Google could have developed this wearable technology internally by hiring those with the expertise and paying for the research and development for product development to enter this market. Fighting Brand - correct answer ✅a lower-end brand that a firm introduces to try to protect the firm's market share without damaging the firm's existing brands. Corporate Strategy - correct answer ✅Specifies actions taken by the firm to gain a competitive advantage by selecting and managing a group of different businesses in several industries and/or product markets. Synergy - correct answer ✅in the business context means the cooperation or interaction of two or more business units so that they perform more effectively together than they would if independent. For example, if a larger company acquires a similar smaller company,
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some of the administrative overhead expenses such as accounting or human resources can be combined and operate more efficiently Related Diversification - correct answer ✅Diversifying into business lines in the same industry; Volkswagen acquiring Audi is an example. Unrelated Diversification - correct answer ✅—Diversifying into new industries, such as Amazon entering the grocery store business with its purchase of Whole Foods. Geographic Diversification - correct answer ✅Operating in various geographic markets, which is the corporate strategy of Starbucks, Target, and KFC. Core Competency - correct answer ✅is a skill set that is difficult for competitors to imitate, can be leveraged in different businesses, and contributes to the benefits enjoyed by customers within each business
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Forward Vertical Integration - correct answer ✅strategy involves a firm moving further down the value chain to enter a buyer's business. Disney has pursued _______ _______ _______ by operating more than three hundred retail stores that sell merchandise based on Disney's characters and movies. This allows Disney to capture profits that would otherwise be enjoyed by another store. diversification discount - correct answer ✅Investors often struggle to understand the complexity of diversified firms, and this can result in relatively poor performance by the stocks of such firms. This is known as a __________ __________. Executives sometimes attempt to unlock hidden shareholder value by breaking up diversified companies. International Strategy - correct answer ✅is determining how to do business outside the borders of a firm's home country. economies of scale - correct answer ✅factors that cause a producer's average cost per unit to fall as output rises
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Offshoring - correct answer ✅has become a popular yet controversial means for trying to reduce costs. ___________ involves relocating a business activity to another country. Many American companies have closed down operations at home in favor of creating new operations in countries such as China and India that offer cheaper labor. Reshoring - correct answer ✅whereby jobs that had been sent overseas are returning home. In some cases, the quality provided by workers overseas is not good enough. PESTEL - correct answer ✅Political Economic Social Technological Environmental Legal
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the target and home countries. The history of relationships between nations provides one source of explanation for the closeness (similarity) or distance (difference) between cultures. For instance, many countries suffered under the domination of imperial rule during colonial times with effects that are evident in their contemporary culture and influencing national relationships. Administrative Distance - correct answer ✅The legal and political systems of the home and target countries determine the administrative distance between the two. In countries where the political systems are different, for example, democracy versus communism, there is a greater distance and more uncertainty. Geographic Distance - correct answer ✅The literal physical distance between the home and target country are a key consideration of this dimension. The more miles the countries are apart, the longer and more costly it is to go there or to ship from one to the other. Economic Distance - correct answer ✅International business between two countries is also impacted by the differences in their economic factors. The
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greater the differences in the two economies, the more difficult it is to be successful. One way to measure the difference is by GDP per capita. Division of Labor - correct answer ✅is a process of splitting up a task into a series of smaller tasks, each of which is performed by a specialist. In ancient Greece, historian Xenophon wrote about the division of labor in shoe making: one person cut out the shoes, another sewed the uppers together, and a third person assembled the parts. Organizational Chart - correct answer ✅is a diagram that depicts a firm's structure. Informal Linkages - correct answer ✅are unofficial relationships such as friendships that do not appear in organizational charts. Examples are two department heads that build a relationship for better collaboration between their departments, a mentor relationship, or an experienced staff member taking a new employee "under their wing" to help them get off to a good start at the company.
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lower courts for easy-to resolve cases and the Supreme Court only handles the most difficult cases. Functional Structure - correct answer ✅Within a functional structure, employees are divided into departments that each handle activities related to a functional area of the business, such as marketing, production, human resources, information technology, and customer service. Multi-Divisional Structure - correct answer ✅In this type of structure, employees are divided into departments based on product areas and/or geographic regions. General Electric, for example, had six product divisions: Energy, Capital, Home & Business Solutions, Healthcare, Aviation, and Transportation. Matrix Structure - correct answer ✅The matrix structure can be thought of as a hybrid between functional and divisional structures. Complex organizations or firms that engage in projects of limited duration may use a matrix structure where employees can be put on different teams to maximize creativity and idea flow.
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Boundaryless Structure - correct answer ✅The ______________ organization is flat, with decentralized decision making and the use of many cross-functional teams. This structure works well in knowledge industries such as IT, where responsiveness to changing environmental and competitive forces must be quick. Output Control - correct answer ✅focuses on measurable results within an organization. Examples from the business world include the number of hits a website receives per day, the number of microwave ovens an assembly line produces per week, and the number of vehicles a car salesman sells per month. Behavioral Control - correct answer ✅focuses on controlling the actions that ultimately lead to results. In particular, various rules and procedures are used to standardize or to dictate behavior. Clan Control - correct answer ✅relies on shared traditions, expectations, values, and norms to lead people to work toward the good of their organization (Table 10.7). _________ _________ is often used
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executives. These executives may own a significant portion of the _____________'s stock, but this is not a legal requirement. S Corporation - correct answer ✅is designed for smaller companies.. Much like in a partnership, the firm's profits and losses are reported on owners' personal tax returns in proportion with each owner's share of the firm, so double taxation is avoided. Limited-Liablility Company (LLC) - correct answer ✅mix attractive features of corporations and partnerships. The owners of an ______ are not personally liable for debts that the ______ accumulates (like in a corporation) and the ______ can be run in a flexible manner (like in a partnership). When paying federal taxes, however, an ______ must choose to be treated as a corporation, a partnership, or a sole proprietorship. Sarbanes-Oxley Act - correct answer ✅contained 11 aspects that represented some of the most far-reaching reforms since the presidency of Franklin Roosevelt. These reforms create improved standards that affect all publicly traded firms in the United States. The key elements of each aspect of the act are summarized as follows:
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- Because accounting firms were implicated in corporate scandals, an oversight board was created to oversee auditing activities.
- Standards now exist to ensure auditors are truly independent and not subject to conflicts of interest in regard to the companies they represent.
- Enron executives claimed that they had no idea what was going on in their company, but the Sarbanes Oxley Act requires senior executives to take personal responsibility for the accuracy of financial statements.
- Enhanced reporting is now required to create more transparency in regard to a firm's financial condition.
- Securities analysts must disclose potential conflicts of interest.
- To prevent CEOs from claiming tax fraud is present at their firms, CEOs must personally sign the firm's tax return.
