Never mind, I figured out the answer to this problem: I unwittingly had created two macros and both were assigned to the same hotkey combination ...
I tried this but instead of going straight to the application it presents me with a little dialog:
(don't know if the screenshot made it into the message ...)
and I have to click one of the options, either of which gets me to the application.
But that's not really the idea of a hotkey shortcut, is it? What am I doing wrong?
I got this to work just as intended by using Open a File, Folder or Application but KM complained about that and suggested using Activate a Specific Application instead. What's really the right way here?