Amanda and Steve Wanted to Open a Convenience Store

question 45

Multiple Choice

Amanda and Steve wanted to open a convenience store. After conducting some research, they decided to open the store near one of the residential areas of the town that did not have any other convenience store. The people residing in the nearby residential area welcomed the idea of a store close by, and the venture was a success. Which of the following strategies did Amanda and Steve implement to start their business?

• A) The blue ocean strategy
• B) The cannibalization strategy
• C) The acquisition strategy
• D) The penetration strategy

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Definitions:

Decision Support System Technology

Decision support system technology comprises computer-based tools and applications designed to assist in making informed decisions by analyzing large amounts of data and presenting actionable information.

Vroom-Jago

A decision-making model that helps leaders choose the best course of action by considering the importance of the decision and the involvement of team members.

Group-Oriented

A focus on teamwork and collective goals rather than individual achievements.

Vroom-Jago Leader-Participation Model

A decision-making framework that helps leaders determine the level of involvement of team members in the decision-making process.