Principles of Management
OER 2019 Edition
ISBN: 9780998625768
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 2, Problem 2CTQ
Do you think the sales growth will continue to be strong for vinyl sales? Why or why not?
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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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- Why do you think vinyl records are appealing to customers?arrow_forwardHave your own shopping habits changed with the ease of online shopping? If so, how? Do you expect them to change when you graduate and have more disposable income?arrow_forwardIn order for a market to exisit, there must be a need for a product, ability to pay, willing to buy, authority to buy, and be a group large enough to result in a profit. Without these, you do not have a viable market. What are some things a person can do to prevent not having a viable market?arrow_forward
- You work in a small coffee shop. The shop sells primarily three items: brewed coffee drinks, whole bean/ground coffee, and pastries. The shop owner has asked you to gather data on sales of the product mix. There has been discussion of whether the pastries are profitable and should they be discontinued. To complicate the matter your friend would like to sell pastries to the coffee shop and you would like the friendship to blossom into a closer relationship. After collecting the information, you learn that while the pastries are indeed not profitable, but they contribute to covering the overhead costs. And the customer draw potential of the pastries has not been tested. What do you recommend to the owner?arrow_forwardAside from drinking far too many cups of coffee each day, what are three reasons you (or your sources) think coffee gets a bad reputation (as being bad for your health)?arrow_forwardIs it possible to launch his product successfully without any well- coordinated marketing strategy? What are the possible disadvantages and consequences of this approach?arrow_forward
- How can the push-pull strategy be applied to marketing and sales management in a hypothetical business scenario, and what are the potential benefits and drawbacks of this approach in terms of attracting new customers, increasing sales revenue, and improving brand recognition and loyalty?arrow_forward3 (a) You are the author of a new novel. You can choose to self-publish by making your own website to with the help of a local developer for a cost of $15,000, or you can sell them via an existing publisher. There is a 10% chance the novel will be trending and sell 100,000 copies; but otherwise be a flop and sell only 6,000 copies. The publisher can produce at distribute copies at $10 each, will sell copies for $20 each and take a 50% cut of the profits. If you choose to self-publish, you can produce and distribute copies for $12 each and must sell at a cheaper price of $18 to attract buyers (but keep all of the profit). (i) Draw and evaluate a decision tree for this decision problem. Determine the best decision (based on the EMV criterion) and its value. (ii) What is the maximum you would pay for any information about whether the novel will become trending (i.e. the EVPI)? (b) Suppose you have the opportunity to hire a local literary critic to review your novel. Based on past surveys,…arrow_forwardPrepare a pitch to investors as to why they should invest in your product. Convince them that you understand your target audience and explain how you will reach them. Practice perspective- taking, and consider what it would be like if you were in your target customer's shoes. Why might you want the product? What might be some reasons you wouldn't buy the product? Create a slideshow presentation of your pitch to potential investors. Be sure to include the answers to these questions: What is your product, and how exactly does it promote good health? Who is your target audience, and what do you know about them? What are the ways you intend to advertise to your target audience? How will you use different aspects of media to sell your product? What makes you sure that your product will be a success within its target culture?arrow_forward
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