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Intro to Management Exam 1 - Hamilton, Rutgers / Actual Exam Questions and Correct Answers (Verified Answers) A+ Graded _____________Quiz____________? Business Model - Answerโโ Customer Value Proposition and Profit Formula _____________Quiz____________? Profit Formula - Answerโโ How effectively the company can deliver on the value proposition as a profit _____________Quiz____________? Customer Value Proposition - Answerโโ Company's approach to satisfying buyer needs to wants at a price the customer will consider a good value
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_____________Quiz____________? Business Model -
Customer Value Proposition and Profit Formula _____________Quiz____________? Profit Formula -
How effectively the company can deliver on the value proposition as a profit _____________Quiz____________? Customer Value Proposition -
Company's approach to satisfying buyer needs to wants at a price the customer will consider a good value _____________Quiz____________? Value-Price-Cost -
Value > Price Price > Cost _____________Quiz____________? Why a business model is important -
Attract customers Beat competition Survive due to lack of profitability _____________Quiz____________? Strategy -
Action plan for outperforming competitors and achieving profitability (needs to be distinct) _____________Quiz____________? Why is strategy important? -
Improve financial performance Strengthen its competitive position Gain competitive advantage _____________Quiz____________?
Strategic Vision vs. Mission -
Strategic - future oriented, aspirational, high level Mission - present oriented, focus on purpose not goal, more specific _____________Quiz____________? Values -
The beliefs, traits, and behavioral norms that employees are expected to display _____________Quiz____________? Objectives -
Organization's performance targets (financial and strategic) _____________Quiz____________? Financial Objectives -
financial performance targets _____________Quiz____________? Strategic Objectives -
targets that indicate a company is increasing its market standing
_____________Quiz____________? Effective Objectives -
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
Cause of change in industry and competitive and competitive conditions
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) -
Valuable Rare Inimitable Non-substitutable _____________Quiz____________? Value Chain Analysis -
The primary activities that create customer value
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 -
any process that directs the activities towards the achievement of goals _____________Quiz____________? Standard -
Expected performance for a given goal (target/benchmark) _____________Quiz____________? Bureaucratic Control -
collecting performance info before a task or project is done _____________Quiz____________? Concurrent -
collecting info while a task is being done (GPS tracking on UPS) _____________Quiz____________? Feedback -
collecting information after a project is done _____________Quiz____________? Bureaucratic Control Disadvantage -
People resist control systems
price charged by one business unit to another within the same organization _____________Quiz____________? Leadership -
The process of influencing and organized group toward achieving its goals _____________Quiz____________? Organizational Design -
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 -
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 -
_____________Quiz____________? Why Integration and Coordination are Important -
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? -
traditional model of integration (hierarchy & direct oversight), no longer adequate _____________Quiz____________? Human Resource Management -
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 -
managers share performance appraisal info w/ their subordinates _____________Quiz____________? Pay Structure -
The arrangement of jobs into categories reflecting relative importance to the org. and its goals, levels of skill required _____________Quiz____________? Labor Relations -
The activities managers engage in to ensure they have effective working relationships with the labor unions that represent their employees interests _____________Quiz____________? Collective Bargaining -
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 -
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 -
every workers performance is affected by the constant interplay of perceptions, emotions, motivations triggered by workday events _____________Quiz____________? High Performance Drivers -
Creativity Productivity