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Intro to Management Exam 1 - Hamilton, Rutgers / Actual Exam Questions and Correct Answers, Exams of Nursing

Intro to Management Exam 1 - Hamilton, Rutgers / Actual Exam Questions and Correct Answers (Verified Answers) A+ Graded _____________Quiz____________? Business Model - Answerโœ“โœ“ Customer Value Proposition and Profit Formula _____________Quiz____________? Profit Formula - Answerโœ“โœ“ How effectively the company can deliver on the value proposition as a profit _____________Quiz____________? Customer Value Proposition - Answerโœ“โœ“ Company's approach to satisfying buyer needs to wants at a price the customer will consider a good value

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2024/2025

Available from 07/06/2025

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Intro to Management Exam 1 -
Hamilton, Rutgers / Actual Exam
Questions and Correct Answers
(Verified Answers) A+ Graded
_____________Quiz____________?
Business Model -
Answer
โœ“โœ“
Customer Value Proposition and Profit Formula
_____________Quiz____________?
Profit Formula -
Answer
โœ“โœ“
How effectively the company can deliver on the value proposition as a profit
_____________Quiz____________?
Customer Value Proposition -
Answer
โœ“โœ“
Company's approach to satisfying buyer needs to wants at a price the customer will consider a
good value
_____________Quiz____________?
Value-Price-Cost -
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Download Intro to Management Exam 1 - Hamilton, Rutgers / Actual Exam Questions and Correct Answers and more Exams Nursing in PDF only on Docsity!

Intro to Management Exam 1 -

Hamilton, Rutgers / Actual Exam

Questions and Correct Answers

(Verified Answers) A+ Graded

_____________Quiz____________? Business Model -

Answer โœ“โœ“

Customer Value Proposition and Profit Formula _____________Quiz____________? Profit Formula -

Answer โœ“โœ“

How effectively the company can deliver on the value proposition as a profit _____________Quiz____________? Customer Value Proposition -

Answer โœ“โœ“

Company's approach to satisfying buyer needs to wants at a price the customer will consider a good value _____________Quiz____________? Value-Price-Cost -

Answer โœ“โœ“

Value > Price Price > Cost _____________Quiz____________? Why a business model is important -

Answer โœ“โœ“

Attract customers Beat competition Survive due to lack of profitability _____________Quiz____________? Strategy -

Answer โœ“โœ“

Action plan for outperforming competitors and achieving profitability (needs to be distinct) _____________Quiz____________? Why is strategy important? -

Answer โœ“โœ“

Improve financial performance Strengthen its competitive position Gain competitive advantage _____________Quiz____________?

Strategic Vision vs. Mission -

Answer โœ“โœ“

Strategic - future oriented, aspirational, high level Mission - present oriented, focus on purpose not goal, more specific _____________Quiz____________? Values -

Answer โœ“โœ“

The beliefs, traits, and behavioral norms that employees are expected to display _____________Quiz____________? Objectives -

Answer โœ“โœ“

Organization's performance targets (financial and strategic) _____________Quiz____________? Financial Objectives -

Answer โœ“โœ“

financial performance targets _____________Quiz____________? Strategic Objectives -

Answer โœ“โœ“

targets that indicate a company is increasing its market standing

_____________Quiz____________? Effective Objectives -

Answer โœ“โœ“

  • "stretch objectives": set high enough to stretch an organization to perform at its full potential and deliver best possible results
  • Consists of both short term and long term objectives
  • Created at all levels
  • SMART goals _____________Quiz____________? SMART -

Answer โœ“โœ“

Specific Measurable Actionable Realistic Timely _____________Quiz____________? Deliberate Strategy -

PESTEL Analysis: goal is to identify factors that are important enough to have a bearing on the company's strategic decisions

  • Political
  • Economic
  • Sociocultural
  • Technological
  • Environmental
  • Legal _____________Quiz____________? Industry and Competitive Environment -

Answer โœ“โœ“

  • Five forces analysis: diagnose the principal competitive pressures in an industry and assess the potential for profitability
  • Driving forces
  • Key success factors
  • Industry outlook and profitability _____________Quiz____________? Driving Forces -

Answer โœ“โœ“

Cause of change in industry and competitive and competitive conditions

  1. Identify the driving forces
  2. Assess whether the drivers of change are acting to make the industry more/less attractive
  3. Determine what strategy changes are needed for the impact driving forces _____________Quiz____________? Key Success Factors (KSFs) -

Answer โœ“โœ“

The strategy elements, product attributes, operational approaches, resources, and competitive capabilities that are essential to surviving and thriving in an industry _____________Quiz____________? VRIN Test (for competitive advantage) -

Answer โœ“โœ“

Valuable Rare Inimitable Non-substitutable _____________Quiz____________? Value Chain Analysis -

Answer โœ“โœ“

The primary activities that create customer value

  • aimed at value conscious buyers who shy away from cheap low end products and expensive high end products
  • gives customers more value for money _____________Quiz____________? Corporate Governance -

Answer โœ“โœ“

the relationship among shareholders, management, and the board of directors in determining the direction and performance of the corp. (reward and compensation agreements) _____________Quiz____________? Control -

Answer โœ“โœ“

any process that directs the activities towards the achievement of goals _____________Quiz____________? Standard -

Answer โœ“โœ“

Expected performance for a given goal (target/benchmark) _____________Quiz____________? Bureaucratic Control -

Answer โœ“โœ“

  1. setting performance standards
  2. measuring performance
  3. comparing against standards
  4. taking action to correct a problem _____________Quiz____________? Feedforward Control -

Answer โœ“โœ“

collecting performance info before a task or project is done _____________Quiz____________? Concurrent -

Answer โœ“โœ“

collecting info while a task is being done (GPS tracking on UPS) _____________Quiz____________? Feedback -

Answer โœ“โœ“

collecting information after a project is done _____________Quiz____________? Bureaucratic Control Disadvantage -

Answer โœ“โœ“

  1. Resistance _____________Quiz____________? Rigid Bureaucratic Behavior -

Answer โœ“โœ“

  • people often act in ways that will help them look good on the control system's measures
  • Can result in inflexible behavior geared toward doing only what the system requires (ex: United Airlines) _____________Quiz____________? Tactical Behavior -

Answer โœ“โœ“

  • controls will be ineffective if employees try to beat the system
  • manipulating info or reporting false performance data _____________Quiz____________? Resistance -

Answer โœ“โœ“

People resist control systems

  • can decrease autonomy
  • can change expertise and power structures _____________Quiz____________? Effective Control Systems -

Answer โœ“โœ“

  1. establish valid performance standards
  2. provide adequate information to employees
  3. ensure acceptability to employees
  4. maintain open communication between managers and employees
  5. use multiple approaches _____________Quiz____________? Market Controls - Transfer pricing -

Answer โœ“โœ“

price charged by one business unit to another within the same organization _____________Quiz____________? Leadership -

Answer โœ“โœ“

The process of influencing and organized group toward achieving its goals _____________Quiz____________? Organizational Design -

Answer โœ“โœ“

process by which managers create a specific type of org. structure and culture so that a co. can operate in the most efficient and effective way in implementing its strategy. _____________Quiz____________?

_____________Quiz____________? Job Characteristic Model -

Answer โœ“โœ“

Create a structure of working relationships among employees to allow them to achieve an organization's goals effectively and efficiently _____________Quiz____________? Key Considerations in Designing Structures -

Answer โœ“โœ“

  • flow if info is supported
  • groups are able to effectively interact routinely and spontaneously
  • clarity of responsibility and authority
  • individual's role is clear
  • individual has a connection to the org. _____________Quiz____________? Problems with too many organizational levels -

Answer โœ“โœ“

  • communication: takes too long for decisions and orders from top to reach down
  • Distortion of messages
  • Too many managers (expensive) GOAL: minimum change of command

_____________Quiz____________? Why Integration and Coordination are Important -

Answer โœ“โœ“

  • Need unity of effort
  • Multiple individuals and working groups
  • Leverage different ideas
  • Avoid silo mentality _____________Quiz____________? Organization Culture -

Answer โœ“โœ“

Shared set of beliefs, expectations, values, and norms that influence how members of an org. relate to one another and cooperate to achieve the org.'s goal _____________Quiz____________? What are the issues? -

Answer โœ“โœ“

traditional model of integration (hierarchy & direct oversight), no longer adequate _____________Quiz____________? Human Resource Management -

Answer โœ“โœ“

All the activities managers engage in to attract and retain employees and to ensure that they perform at a high level and contribute to the accomplishment of organizational goals

Performance Feedback -

Answer โœ“โœ“

managers share performance appraisal info w/ their subordinates _____________Quiz____________? Pay Structure -

Answer โœ“โœ“

The arrangement of jobs into categories reflecting relative importance to the org. and its goals, levels of skill required _____________Quiz____________? Labor Relations -

Answer โœ“โœ“

The activities managers engage in to ensure they have effective working relationships with the labor unions that represent their employees interests _____________Quiz____________? Collective Bargaining -

Answer โœ“โœ“

Negotiations btwn labor unions and managers to resolve conflicts and disputes about important issues such as working hours, wages, working conditions and job security _____________Quiz____________? Human Resource Management -

Answer โœ“โœ“

activities managers engage in to attract and retain employees and to ensure that they perform at a high level and contribute to the accomplishment of organizational goals _____________Quiz____________? HRM System -

Answer โœ“โœ“

  1. Recruitment & selection
  2. Training & development
  3. Performance & appraisal
  4. Pay & benefits
  5. Labor relations _____________Quiz____________? Inner Work Life System -

Answer โœ“โœ“

every workers performance is affected by the constant interplay of perceptions, emotions, motivations triggered by workday events _____________Quiz____________? High Performance Drivers -

Answer โœ“โœ“

Creativity Productivity