Principles of Management
OER 2019 Edition
ISBN: 9780998625768
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 2, Problem 1CRQ
What are some of the factors that enabled to Jen Rubio and Stephanie Korey to make good decisions when they established their luggage company, Away?
Expert Solution & Answer
Summary Introduction
To explain:
The factors that helped the founders to make good decisions when the luggage company was established.
Introduction:
Decision making is the process in which selection is done through various possible options. Members of the top management are the ones who are responsible to make a decision that affects the future of the organization. Some decisions taken are simple, but a manager's decision is often very complex as it has multiple options with uncertain outcomes.
Answer to Problem 1CRQ
The factors that helped the founders to make good decisions when the luggage company was established are prior experience in working for an e-commerce start-up company and their expertise in different fields such as marketing and operations.
Explanation of Solution
Both of the founders of the company "A" had prior experience in working for an e-commerce start-up company. One of the founder's background was more in marketing and branding. While the other founder was involved in supply chain management and operations.
Thus, each of the members brought their great expertise to various aspects of the business. They were successful in making good decisions as they made those decisions by relying on expertise, shared knowledge and lots of research before reaching a decision.
These are some of the factors that helped the founders to make good decisions when the luggage company was established.
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Chapter 2 Solutions
Principles of Management
Ch. 2.1 - What challenges does New Belgium Brewery face in...Ch. 2.1 - Can you think of any other examples of companies...Ch. 2.1 - Would you like to work for an organization that is...Ch. 2.1 - What are some positive outcomes of decision-making...Ch. 2.1 - How is managerial decision-making different from a...Ch. 2.1 - In addition to the owners of a business, who are...Ch. 2.2 - Explain the two systems used by the brain in...Ch. 2.2 - What is emotional intelligence, and why is it...Ch. 2.3 - Give an example of a programmed decision that a...Ch. 2.3 - Give an example of a nonprogrammed decision.
Ch. 2.3 - What are heuristics, and when are they helpful?Ch. 2.3 - How are programmed and nonprogrammed decisions...Ch. 2.4 - Do you think a culture focused on learning makes...Ch. 2.4 - What are the advantages of a culture that...Ch. 2.4 - The job of CEO means making big decisions that...Ch. 2.4 - Explain the concept of confirmation bias.Ch. 2.4 - List and describe at least three barriers to...Ch. 2.4 - When is conflict beneficial, and when is it...Ch. 2.5 - If you were faced with an ethical dilemma, from...Ch. 2.5 - Describe some decisions that might be good for an...Ch. 2.5 - What factors would you take into consideration if...Ch. 2.5 - Explain what satisficing is and when it may be a...Ch. 2.5 - What are the six steps in the decision-making...Ch. 2.5 - What are the four steps involved in ethical...Ch. 2.6 - Explain why group decision-making can be more...Ch. 2.6 - What are some things that can prevent groups from...Ch. 2.6 - As a manager, what can you do to enhance the...Ch. 2 - What are some of the factors that enabled to Jen...Ch. 2 - What are the two systems that the brain uses in...Ch. 2 - What is a heuristic, and when would it be...Ch. 2 - What is confirmation bias? Explain how it can be a...Ch. 2 - What is a logical fallacy?Ch. 2 - What are the two types of conflict? Which one is...Ch. 2 - What are the steps in the decision-making process?...Ch. 2 - What can individuals do to improve the quality of...Ch. 2 - What can groups or group leaders do to improve the...Ch. 2 - What are the benefits of decision-making in a...Ch. 2 - Why do you think vinyl records are appealing to...Ch. 2 - Do you think the sales growth will continue to be...Ch. 2 - What research would you want to conduct prior to...
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